Source: United States of America – The White House (video statements)
President Biden delivers remarks on how his Investing in America agenda is rebuilding our infrastructure, tackling the climate crisis, and creating good paying union jobs.
Baltimore, MD
Source: US GOIAM Union
IAM members from across Minnesota came together to actively engage with voters to make a difference in the upcoming election. Focusing on AFL-CIO-endorsed candidates who advocate for workers’ rights, union members and volunteers have been knocking on doors, phone banking, and connecting with community members, reminding them of the power of their vote and its impact on labor policies.
IAM District 77 members met with Congresswoman Betty McCollum, where she reaffirmed her commitment to workers’ rights and spoke on crucial issues impacting Minnesota’s workforce, such as fair wages, safe working conditions, and support for union organizing.
“Our collective action serves as a powerful reminder of what’s at stake and how crucial it is for voters to get involved,” said IAM District 77 Directing Business Representative Andrew Peltier, “When union members come together to support labor-friendly candidates, we are building a future where workers’ rights are valued and protected.”
Share and Follow:
Source: GlobeNewswire (MIL-OSI)
80% of respondents said they want the ability to pay for a medical bill in installments or as part of a payment plan
60% cannot afford to pay for an unexpected illness or injury in one lump sum
Additional Flywire research shows improving the patient payment experience can boost a hospital’s bottom line
BOSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, has released its new report, Is Paying for Healthcare Consumer Friendly Yet? examining the topic of healthcare affordability and accessibility among patients in the U.S. The research highlights a significant disconnect between patient expectations and current billing practices in U.S. healthcare, and uncovers opportunities for healthcare providers to both improve the patient payment experience and increase collections.
“Our research found that patients want medical statements that are easier to understand, the ability to pay bills securely online, and they want to pay in installments of longer than 12 months to better manage the high cost of healthcare,” said John Talaga, EVP and GM of Healthcare, Flywire. “By meeting these demands, hospitals and health systems can not only boost patient satisfaction but also protect the financial health of their organization, as we know that patients satisfied with the financial aspect of their care are more likely to pay their bill, return for service and refer their friends. Flywire helps providers engage patients at every stage of the financial journey, with easy to understand, affordable payment options – streamlining the collections process, while helping patients feel more in control of their medical expenses.”
Patients Are Stressed About High and Unexpected Medical Costs
With 89% of Americans concerned about rising medical costs, it’s no surprise that understanding bills has become a top priority for patients. 75% of those surveyed said medical bills are too complicated, up from 65% in 2021. Patients are also stressed about unexpected medical bills that may loom in the future: 60% of those surveyed said they cannot afford to pay for an unexpected illness or injury in one lump sum, which increased from 46% in 2021.
Patients also emphasized the need for bills to be clearer, with many expressing a desire for simplified, easy-to-read statements that outline charges and payment options more effectively. In fact, nearly everyone surveyed (95%) agreed that there needs to be a better way to simplify and pay for medical bills.
Patients want payment plans and financing options to help them afford medical bills
93% say it should be easier to pay their medical bills over time. Those with a child in the household are more likely to say they would want to pay in installments than those without a child in the household (84% vs. 79%).
81% said they would want to have the ability to pay for a medical expense over time – in installments or as part of a payment plan. Respondents cited both longer terms to pay and financing options as ways to make paying for medical bills more affordable, with 38% saying they would prefer to pay medical bills over 12 or 18 months, and 85% of respondents saying they wish they had consumer-friendly options, like buy-now, pay-later.
Patients weigh payment security in healthcare payment decisions
Security remains a top concern for American healthcare patients, with 67% of respondents worried about the potential for healthcare payment data breaches. This concern is exacerbated by the fact that 31% have already received notifications of a breach involving their healthcare or personal information, so it’s no surprise that 59% of patients are more concerned about payment security now than they were a few years ago.
7 ways Flywire solves patients’ biggest payment concerns and boost health systems’ bottom lines
Flywire’s solutions are designed to optimize the patient financial experience for health systems throughout the U.S., providing patients with a personalized pathway to pay off their balance that’s fully customized to meet every patient’s unique financial needs. And more data suggests that improving the payment experience is core to protecting the financial health of hospitals and health systems. A separate Total Economic Impact analysis showed that by using Flywire’s patient financial engagement platform, healthcare organizations increased revenue by 29% and reduced bad debt as a percentage of net revenue from 5.5% to 4%. Other Flywire clients have reported to reduce their cost per patient payment by 43%.
As one client put it:
“Implementing Flywire has been one of the best decisions we’ve made as an organization, because we have seen it in the feedback from our patients. We see, ‘Thank you for making the statements easy to understand,’ because patients weren’t understanding our statements. And ‘Thank you for having the option to go online and pay and be able to set up payment plans and make arrangements,’” said Sonya Turner, Senior Director Patient Accounting, Centra Healthcare
Additionally, Flywire helps healthcare systems:
1. Deliver more payment plan options with personalized payment plans that are tailored to patient financial capacity.
2. Extend collection terms beyond 12 months with non-recourse, integrated financing.
3. Provide a single platform for in-house and outsourced payment plans.
4. Provide a single portal to make payments by integrating with an EHR strategy for a single-sign on experience
5. Provide a secure way to pay online. Ensure compliance with regulatory and industry standards, such as HIPAA and PCI DSS v 4.0, and more.
6. Increase self-pay collection
7. Reduce time spent dealing with accounts receivable.
To view the complete report, please visit here
About Flywire
Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.
Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports more than 4,000 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s expectations regarding the benefits of its solutions to healthcare patients, Flywire’s business strategy and plans, market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, the factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, expected to be filed with the SEC in the fourth quarter of 2024. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Media Contacts
Sarah King
media@flywire.com
Investor Relations Contact:
Masha Kahn
IR@Flywire.com
Source: GlobeNewswire (MIL-OSI)
Chicago, IL., Oct. 29, 2024 (GLOBE NEWSWIRE) — Applied Systems® today announced that VT Insurance Agency LLC, a niche agency specializing in aerial application risks for fixed wing, rotor wing, and drone insurance, has selected Applied Digital Agency to automate the end-to-end commercial lines new business and remarketing workflows. VT Insurance Agency LLC leveraged the flexibility of Applied Epic and its Applied marketing, customer service, payments hub and submissions management applications to meet its unique business needs, reducing duplicative data entry and keeping information easily accessible to optimize the team’s operational and customer service efforts.
“As our agency grew, we experienced inefficiencies with our previous agency management system due to the number of unnecessary clicks and data re-entry needed to market and service accounts,” said Vaughn Tolbert, owner, VT Insurance Agency LLC and national board member of the Unmanned Pilots Associate for Safety and Standards (U-Pass). “Applied Epic’s modern, customizable technology stood out to us because we were able to integrate our marketing and policy workflows and build out aviation-specific forms that populate information directly from Applied Epic, allowing data to flow through each step of the workflow and give more time to our customers.”
Applied’s Digital Agency solution consists of a foundational management system, payment hub, online customer self-service and mobile technology, commercial lines application digitization and automation, and insurer connectivity, all hosted in the cloud. The fully integrated solution enables agencies to create higher-value business transactions and deliver superior customer experiences throughout the entire insurance lifecycle. By leveraging integrated applications that enable agencies to manage their entire business and eliminate duplicative work typically caused by multiple, disparate systems, digital agencies operate more efficiently, improve customer service, and accelerate growth and profitability across all lines of business.
“Independent agents with lean teams must be strategic about the technology they use to enable their unique workflows and keep their bottom line in check,” said Anupam Gupta, chief product officer, Applied Systems. “Applied Digital Agency’s connected workflows and flexible infrastructure allow niche agencies to easily reuse account and policy data they’ve entered once across fields and forms throughout the insurance lifecycle, helping them work smarter and faster, and ultimately increase profitability.”
# # #
The Applied products and logos are trademarks of Applied Systems, Inc., registered in the U.S.
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
About VT Insurance Agency LLC
VT Insurance Agency is the nation’s leading aerial application drone insurance agency, with a strong focus on agricultural drones. The agency carries 75%-80% of all legal aerial application drone policies, offering Property and Casualty insurance services such as aerial application drone/aircraft, pleasure and business drone/aircraft, aviation commercial general liability, products and completed operations, premises, commercial auto, workers’ compensation, and inventory. VT Insurance Agency is a proud national board member of the Unmanned Pilots Associate for Safety and Standards (U-Pass) and regularly helps push for regulation changes for drones in state and federal agencies.
Source: GlobeNewswire (MIL-OSI)
VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — Today, Foresight Canada is announcing the launch of the Advanced Manufacturing Engineers Upskilling Program (AME-UP). AME-UP is funded by Upskill Canada, powered by Palette Skills and the Government of Canada, and is part of the first wave of partnership agreements that are taking an industry-oriented approach to supporting Canadian workers. These agreements will help thousands of workers find new careers through skills training and job placement in some of the fastest-growing industries in Canada.
Canada’s advanced manufacturing sector faces pressure to adopt sustainable practices to meet climate targets and stay competitive. Traditional methods contribute to high emissions, waste, and inefficiencies, increasing the demand for greener, more efficient solutions. Cleantech innovations like energy-efficient technologies and waste reduction are crucial, but the transition requires a workforce equipped with specialized skills.
To address this need, Foresight Canada has launched the 16-week AME-UP program, which connects engineers with cleantech employers, offering hands-on experience, real-world projects, and industry-specific training. Employers benefit from access to skilled engineers through Work Integrated Learning (WIL), helping shape the future workforce while supporting the shift to sustainable manufacturing.
Upskill Canada, supported by funding from Innovation, Science and Economic Development Canada (ISED) as part of the Upskilling for Industry Initiative, is Canada’s most ambitious talent initiative. Central to all Upskill Canada programs is the role of community training providers, who work closely with industry to identify in-demand skills. Upskilling workers through Upskill Canada programs creates new career pathways for workers and better positions Canadian companies to compete both domestically and internationally.
Whether you’re an employer seeking top talent or a participant looking to upskill in cleantech, the AME-UP program is for you. Apply today to unlock new opportunities and drive sustainable growth.
Quick Facts
Foresight Canada’s mission is to accelerate adoption of the world’s best clean technologies. Since 2013, they have supported 1280+ cleantech ventures, 150+ industry partners, and 300+ investor firms to deploy $1.77 billion in capital, achieve $511 million in revenues, and create 8,760+ high-paying jobs. Their domestic and international engagement includes collaboration with 2,000+ partners and collaborators.
Quotes
“Programs like AME-UP are essential to uniting innovators and industry leaders, bridging the gap between technical talent and our cleantech industry, and preparing Canada’s workforce to drive our future economy forward. By fostering collaboration through market-driven programs, we equip engineering talent with the knowledge needed to advance innovation, drive adoption and ensure employers have access to a highly trained, ready-to-impact workforce.” — Jeanette Jackson, CEO, Foresight Canada
“Upskill Canada’s partnership with Foresight Canada will allow more workers to access jobs in Canada’s growing advanced manufacturing sector. Graduates of the AME-UP program will be in high demand, bringing the most up-to-date skills to a rapidly changing industry.” — Rhonda Barnet, CEO, Palette Skills
About Foresight Canada
Foresight Canada helps the world do more with less, sustainably. As Canada’s largest cleantech innovation and adoption accelerator, they de-risk and simplify public and private sector adoption of the world’s best clean technologies to improve productivity, profitability, and economic competitiveness, all while addressing urgent climate challenges.
About Upskill Canada
Upskill Canada is a national talent platform that helps fast-growing companies access the talent they need to compete and succeed globally while creating new career pathways for workers to rapidly transition into high-demand roles. Upskill Canada programs are focused on strengthening key growth sectors: digital technology, cybersecurity, agricultural technology, advanced manufacturing, clean technology and biomanufacturing.
Think you are a great fit for the AME-UP program? Apply now:
For Employers
For Participants
Questions about the program ? Reach out: upskill@foresightcac.com
Source: Government of Canada News (2)
Biodiversity loss poses a fundamental threat to our everyday lives, impacting clean water, air, fertile soil, food, medicine, the global economy and climate control. The climate crisis is affecting biodiversity as events like wildfires become more severe and frequent in Canada and around the world.
October 29, 2024 – Ottawa, Canada – Global Affairs Canada
Biodiversity loss poses a fundamental threat to our everyday lives, impacting clean water, air, fertile soil, food, medicine, the global economy and climate control. The climate crisis is affecting biodiversity as events like wildfires become more severe and frequent in Canada and around the world.
This week, delegations from around the world are meeting at the United Nations Biodiversity Conference (COP16) in Cali, Colombia, to advance the implementation of the Kunming-Montreal Global Biodiversity Framework (KMGBF) to achieve the international community’s goal of living in harmony with nature by 2050.
Canada is committed to working with all partners to halt and reverse the loss of nature and protect Indigenous rights. That’s why the Government of Canada supports conservation efforts to increase the resilience of communities in many parts of the world.
Today, the Honourable Ahmed Hussen, Minister of International Development, and the Honourable Steven Guilbeault, Minister of Environment and Climate Change, announced 7 projects, worth a total of $62 million, that aim to protect biodiversity in regions around the world, with a particular focus in Latin America. For example, Canada’s contribution will increase the resilience to climate change of Indigenous communities in the Amazon through the integration of ancestral practices to address climate variability.
These projects will be implemented in partnership with the following institutions:
“Canada recognizes that biodiversity loss poses a fundamental threat to people, the planet and the global economy. We share the environment and depend on it for our livelihoods, survival and well-being. Canada’s support for Indigenous peoples, women and girls, and all actors working to counter biodiversity loss will help ensure that our communities and ecosystems are resilient and able to thrive.”
– Ahmed Hussen, Minister of International Development
Source: Government of Canada News (2)
The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced sanctions under the Special Economic Measures (Burma) Regulations against 3 individuals and 4 entities for supplying weapons and military equipment to the Myanmar military.
October 29, 2024 – Ottawa, Ontario – Global Affairs Canada
The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced sanctions under the Special Economic Measures (Burma) Regulations against 3 individuals and 4 entities for supplying weapons and military equipment to the Myanmar military.
The sanctions announced today, in coordination with the United Kingdom and the European Union, respond to the ongoing and increasing aerial attacks by the Myanmar military regime. Over the last six months, military airstrikes killed almost 400 civilians, including more than 60 children, and injured more than 750 people
These attacks are a grave breach of international peace and security and violate the basic principles of democracy and respect for human rights. The conflict has resulted in a worsening humanitarian crisis and increased instability as the regime escalates violence to assert its authority.
Imposing these sanctions on individuals and entities under the Special Economic Measures Act (SEMA) is in direct response to these actions and to those supplying weapons, military equipment, key resources and revenue to the Myanmar military.
Canada continues to urge all countries to impose similar measures. We call on the international community to suspend all support to the Myanmar military, including the transfer of weapons, materiel, aviation fuel, equipment, and technical assistance to the Myanmar military.
Canada will continue to support the aspirations of the people of Myanmar and those who work peacefully to advance a peaceful, inclusive, democratic future.
Source: Government of Canada News
Effective October 29, 2024, Canada is imposing sanctions against the following individuals and entities for supplying weapons and military equipment to the Myanmar military during worsening attacks on civilians.
Effective October 29, 2024, Canada is imposing sanctions against the following individuals and entities for supplying weapons and military equipment to the Myanmar military during worsening attacks on civilians.
The Special Economic Measures (Burma) Regulations impose on listed persons a prohibition on any transaction (effectively, an asset freeze) by prohibiting persons in Canada and Canadians outside Canada from engaging in any activity related to any property of these listed persons or providing financial or related services to them.
The specific prohibitions are set out in the regulations.
Targeted individuals are senior figures in the Myanmar military responsible for such international humanitarian and human rights law violations. The names of the individuals and entities added to the schedule of these regulations are the following:
Individuals
Entities
Source: Government of Canada News
Today, during the United Nations Biodiversity Conference (COP16), the Honourable Ahmed Hussen, Minister of International Development, announced a total of $62 million in funding for the following projects
Today, during the United Nations Biodiversity Conference (COP16), the Honourable Ahmed Hussen, Minister of International Development, announced a total of $62 million in funding for the following projects:
Project: Critical Ecosystem Partnership Fund
Partner: Conservation International
Funding: $20 million for fiscal years 2024 to 2025 and 2025 to 2026
The Critical Ecosystem Partnership Fund aims to support the conservation and sustainable use of biodiversity in 3 biodiversity hot spots: the Cerrado in Brazil; countries in the Indo-Burma region, namely Cambodia, Laos and Thailand; and countries in the Tropical Andes region, namely Bolivia, Colombia, Ecuador and Peru. Canada’s contribution will advance gender equality by strengthening leadership skills among women conservationists and enhance locally driven conservation in key biodiversity areas through financial and technical support.
Project: Biodiversity Ecosystem Restoration for Community Resilience in the Chittagong Hill Tracts in Bangladesh
Partner: UN Development Programme
Funding: $12.5 million for fiscal years 2024 to 2025 and 2025 to 2026
This project aims to strengthen biodiversity conservation and resilient ecosystems in climate-vulnerable and marginalized communities in the Chittagong Hill Tracts region of Bangladesh. The project will work with these communities to develop and implement community-based biodiversity conservation plans. It will also increase women’s role in decision making and in implementing inclusive biodiversity ecosystem restoration plans with local government agencies, as well as improve the restoration of biodiversity ecosystems by vulnerable households and enhance resilient alternative livelihoods of ecosystem-dependent communities to improve market access and biodiversity conservation.
Project: Supporting the Protection of Marine Biodiversity Within the Eastern Tropical Pacific Ocean Through Dark Vessel Detection Technologies
Partner: Fisheries and Oceans Canada
Funding: $5 million for fiscal years 2024 to 2025 and 2025 to 2026
This project shares Canadian technical expertise to assist Colombia, Costa Rica, Ecuador, Panama and Peru in protecting their unique marine biodiversity and supporting coastal communities, specifically women, Indigenous people and Afro-descendants. The project will provide access to innovative Canadian satellite surveillance technology by MDA Space Ltd. to support monitoring and enforcement efforts to reduce the threats posed by illegal, unreported and unregulated fishing activities.
Project: Strengthening Marine Law Enforcement in the Eastern Tropical Pacific Ocean
Partner: WildAid
Funding: $5 million for fiscal years 2024 to 2025 to 2026 to 2027
This project will help improve the protection and sustainable use of marine ecosystems in Colombia, Costa Rica, Ecuador, Mexico, Panama and Peru. This will be achieved by strengthening the capacity of national marine authorities and government-endorsed community organizations to reduce the threats posed by illegal, unreported and unregulated fishing. The project will increase the effectiveness of maritime law enforcement by advocating for compliance through education, outreach and the creation of community-wide benefits.
Project: Enhancing Indigenous Peoples’ Resilience to Climate Change in Colombia
Partner: World Food Programme
Funding: $9.5 million for fiscal years 2023 to 2024 to 2027 to 2028
This project will help increase the resilience of Indigenous communities in the Amazon. The rich and diverse ecosystems in the southern Colombian Amazon rainforest are highly sensitive to climate change, facing rapid alterations in temperature and water availability. This degradation directly affects the food security and nutrition of forest-dependent communities, particularly Indigenous people and women. The project will focus on climate adaptation, sustainable agriculture and environmental management by combining ancestral practices with modern technology. It will promote sustainable agri-food value chains to improve food security and enhance the role of women in climate governance. Project activities will be carried out in Putumayo, Caquetá and Amazonas.
Project: Podong Indigenous Peoples Initiative
Partner: International Union for the Conservation of Nature
Funding: $7 million for fiscal years 2024 to 2025 and 2025 to 2026
This initiative is the result of a collaboration between the International Union for the Conservation of Nature, Indigenous leaders and the International Indigenous Forum on Biodiversity. Canada’s contribution will help Indigenous people build their capacity to implement gender-responsive biodiversity conservation actions, build leadership skills to engage in global environmental forums and negotiations, and address the barriers Indigenous peoples face in accessing funding for their self-determined climate and biodiversity priorities and actions.
This initiative will take place in Guatemala, Nepal, Panama and Tanzania. It advances the United Nations Declaration on the Rights of Indigenous Peoples Act, which emphasizes Indigenous peoples’ right to conservation and protection of the environment and the productive capacity of their land.
Project: Accelerating Systemic Change for Gender Equality and Biodiversity Conservation Through the National Biodiversity Strategies and Action Plans Accelerator Partnership
Partner: UN Environment Programme
Funding: $3 million for fiscal years 2024 to 2025 and 2025 to 2026
The National Biodiversity Strategies and Action Plans (NBSAPs) Accelerator Partnership is a global initiative launched in Montréal at COP15. It provides knowledge, technical and financial support to developing countries for the preparation and implementation of their national biodiversity strategies and action plans. NBSAPs are essential road maps that guide decision making and on-the-ground action to conserve and use biodiversity in a sustainable manner.
Canada’s support will help Antigua and Barbuda, Comoros, Costa Rica, Eswatini, Tajikistan, Thailand and Togo develop and update their NBSAPs and ensure that they are gender-responsive and inclusive.
Source: US Geological Survey
Of the $4.8 million to be awarded, $4.08 million comes from investments made by the Bipartisan Infrastructure Law. Every dollar awarded by the USGS is matched by state geological surveys, doubling the impact of the federal investment. This funding expands the capacity of the USGS NGGDPP to preserve physical samples (e.g., drill cores and geochemical samples) and earth-science assets, which are crucial for future scientific discovery, hazard mitigation, infrastructure development, critical mineral characterization, and climate resilience.
The U.S. relies heavily on critical minerals for uses ranging from smartphones and fertilizers to electric vehicles, defense and renewable energy. As supply chain vulnerabilities become a growing concern, interest in domestic resource potential has increased. Data and samples held by state geological surveys are key to identifying critical mineral potential, understanding groundwater resources and geologic hazards and supporting infrastructure projects.
Since 2007, the USGS NGGDPP has helped state geological surveys preserve data and samples through annual grants. This year’s funding includes more than $372,000 in appropriated funds from the USGS NGGDPP and an additional $328,000 from the USGS Earth Mapping Resources Initiative, on top of the $4.08 million from the Bipartisan Infrastructure Law. To support these preservation efforts, state geological surveys will contribute $4.8 million in matching funds.
The grants will preserve critical data by improving storage conditions for physical samples, advancing new technological methods to better characterize and use those samples, and driving the development of modern digital infrastructure that enhances public access to these important resources.
Summary of Successes: Why This Matters
Data Modernization: Updating data formats and improving digital access to these resources ensures that scientists, policymakers and the public can leverage this valuable information efficiently. An example is well log digitization and conversion to industry standard formats for web access (FL, ID, IN).
More information about the National Geological and Geophysical Data Preservation Program and its grants can be found at the NGGDPP website.
For more information about how the USGS is investing funding received from the Bipartisan Infrastructure Law can be found on the USGS BIL website.
Source: The Conversation – USA – By Lisa Bitel, Dean’s Professor of Religion & Professor of History, USC Dornsife College of Letters, Arts and Sciences
This time of year, I often run across articles proclaiming Halloween a modern form of the pagan Irish holiday of Samhain – pronounced SAW-en. But as a historian of Ireland and its medieval literature, I can tell you: Samhain is Irish. Halloween isn’t.
The Irish often get credit – or blame – for the bonfires, pranksters, witches, jack-o’-lanterns and beggars who wander from house to house, threatening tricks and soliciting treats.
The first professional 19th-century folklorists were the ones who created a through line from Samhain to Halloween. Oxford University’s John Rhys and James Frazer of the University of Cambridge were keen to find the origins of their national cultures.
They observed lingering customs in rural areas of Britain and Ireland and searched medieval texts for evidence that these practices and beliefs had ancient pagan roots. They mixed stories of magic and paganism with harvest festivals and whispers of human sacrifice, and you can still find echoes of their outdated theories on websites.
But the Halloween we celebrate today has more to do with the English, a ninth-century pope and America’s obsession with consumerism.
For two millennia, Samhain, the night of Oct. 31, has marked the turn from summer to winter on the Irish calendar. It was one of four seasonal signposts in agricultural and pastoral societies.
After Samhain, people brought the animals inside as refuge from the long, cold nights of winter. Imbolc, which is on Feb. 1, marked the beginning of the lambing season, followed by spring planting. Beltaine signaled the start of mating season for humans and beasts alike on May 1, and Lughnasadh kicked off the harvest on Aug. 1.
But whatever the ancient Irish did on Oct. 31 is lost to scholars because there’s almost no evidence of their pagan traditions except legends written by churchmen around 800 A.D., about 400 years after the Irish started turning Christian. Although they wrote about the adventures of their ancestors, churchmen could only imagine the pagan ways that had disappeared.
These stories about the pagan past told of Irish kings holding annual weeklong feasts, markets and games at Samhain. The day ended early in northwestern Europe, before 5 p.m., and winter nights were long. After sundown, people went inside to eat, drink and listen to storytellers.
The stories did not link Samhain with death and horror. But they did treat Samhain as a night of magic, when the otherworld – what, in Irish, was known as the “sí” – opened its portals to mortals. One tale, “The Adventure of Nera,” warned that if you went out on Samhain Eve, you might meet dead men or warriors from the sí, or you might unknowingly wander into the otherworld.
When Nera went out on a dare, he met a thirsty corpse in search of drink and unwittingly followed warriors through a portal into the otherworld. But instead of ghosts and terror, Nera found love. He ended up marrying a “ban sídh” – pronounced “BAN-shee” – an otherworldly woman. But here’s the medieval twist to the tale: He lived happily ever after in this otherworld with his family and farm.
The Irish otherworld was no hell, either. In medieval tales, it is a sunny place in perpetual spring. Everyone who lives there is beautiful, powerful, immortal and blond. They have good teeth. The rivers flow with mead and wine, and food appears on command. No sexual act is a sin. The houses sparkle with gems and precious metals. Even the horses are perfect.
The link between Oct. 31, ghosts and devils was really the pope’s fault.
In 834, Pope Gregory IV decreed Nov. 1 the day for celebrating all Christian saints. In English, the feast day became All Hallows Day. The night before – Oct. 31 – became known as All Hallows Eve.
Some modern interpretations insist that Pope Gregory created All Hallows Day to quell pagan celebrations of Samhain. But Gregory knew nothing of ancient Irish seasonal holidays. In reality, he probably did it because everyone celebrated All Saints on different days and, like other Popes, Gregory sought to consolidate and control the liturgical calendar.
In the later Middle Ages, All Hallows Eve emerged as a popular celebration of the saints. People went to church and prayed to the saints for favors and blessings. Afterward, they went home to feast. Then, on Nov. 2, they celebrated All Souls’ Day by praying for the souls of their lost loved ones, hoping that prayers would help their dead relatives out of purgatory and into heaven.
But in the 16th century, the Protestant rulers of Britain and Ireland quashed saints’ feast days, because praying to saints seemed idolatrous. Protestant ministers did their best to eliminate popular customs of the early November holidays, such as candle-lit processions and harvest bonfires.
In the minds of ministers, these customs smacked of heathenism.
Our Halloween of costumed beggars and leering jack-o’-lanterns descends from this mess of traditions, storytelling and antiquarianism.
Like our ancestors, we constantly remake our most important holidays to suit current culture.
Jack-o’-lanterns are neither ancient nor Irish. One of the earliest references is an 18th-century account of an eponymous Jack, who tricked the devil one too many times and was condemned to wander the world forever.
Supposedly, Jack, or whatever the hero was called, carved a turnip and stuck a candle in it as his lantern. But the custom of carving turnips in early November probably originated in England with celebrations of All Saints’ Day and another holiday, Guy Fawkes Day on Nov. 5, with its bonfires and fireworks, and it spread from there.
As for ancient bonfires, the Irish and Britons built them to celebrate Beltaine, but not Samhain – at least, not according to the medieval tales.
In 19th-century Ireland, All Hallows Eve was a time for communal suppers, games like bobbing for apples and celebrating the magic of courtship. For instance, girls tried to peel apples in one long peel; then they examined the peels to see what letters they resembled – the initials of their future husbands’ names. Boys crept out of the gathering, despite warnings, to make mischief, taking off farm gates or stealing cabbages and hurling them at the neighbors’ doors.
Across the Atlantic, these customs first appeared in the mid-19th century, when the Irish, English and many other immigrant groups brought their holidays to the U.S.
In medieval Scotland, “guisers” were people who dressed in disguise and begged for “soul cakes” on All Souls Day. These guisers probably became the costumed children who threatened – and sometimes perpetrated – mischief unless given treats. Meanwhile, carved turnips became jack-o’-lanterns, since pumpkins were plentiful in North America – and easier to carve.
Like Christmas, Valentine’s Day and Easter, Halloween eventually became a feast of consumerism. Companies mass-produced costumes, paper decorations and packaged candy. People in Britain and Ireland blamed the Americans for the spread of modern Halloween and its customs. British schools even tried to quash the holiday in the 1990s because of its disorderly and demonic connotations.
The only real remnant of Samhain in Halloween is the date. Nowadays, no one expects to stumble into a romance in the sí. Only those drawn to the ancient Celtic past sense the numinous opening of the otherworld at Samhain.
But who’s to say which reality prevails when the portals swing open in the dark of Oct. 31?
Lisa Bitel 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. The ancient Irish get way too much credit for Halloween – https://theconversation.com/the-ancient-irish-get-way-too-much-credit-for-halloween-239801
US Senate News:
Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Agriculture Committee, joined U.S. Senator Chuck Grassley (R-Iowa) in demanding answers from United States Department of Agriculture (USDA) Secretary Tom Vilsack regarding distribution and oversight of grants and loans following the recent bankruptcy filing of Pure Prairie Poultry.The Minnesota-based poultry processor received more than $45 million in USDA grants and loans intended to help meat and poultry processors start or expand processing capacity. However, Pure Prairie Poultry filed for bankruptcy after only a few short years of operation, which impacted up to 50 farmers and left more than 2 million chickens in Iowa, Minnesota, and Wisconsin without feed or the necessary processing capacity following the shutdown of their Charles City, Iowa plant.
“Pure Prairie Poultry’s abrupt closure shows the importance of proper vetting and oversight at USDA to ensure the agency’s multi-million dollar grants and loans are actually helping producers, rather than being flushed down the drain and harming entire rural communities in the process,” said Senator Ernst. “Encouraging the growth of meat processing and strengthening our supply chain is a cause I can support, but this lack of accountable spending hurts our farmers, livestock, and taxpayers.”“Over the past two years, USDA has provided $223 million in loan guarantees and grants to 30 meat and poultry processing companies,” the lawmakers wrote. “A press release from the USDA celebrated this funding as part of the Biden-Harris Administration’s ‘commitment to strengthen critical food supply chain infrastructure to create more thriving communities for the American people.’ Unfortunately, this investment has instead resulted in the loss of income, jobs, and poultry across three states.”“While we share USDA’s desired goals of expanding meat processing capacity and markets and building a robust national food supply chain, it is critical that livestock producers have resilient systems to ensure the production of healthy and affordable protein for both domestic and global consumption. Moreover, American taxpayers deserve the peace of mind that their dollars are being spent wisely,” the lawmakers concluded.
Click here to read the full letter.
Source: The Conversation – USA – By Heather MacIndoe, Associate Professor of Public Policy, UMass Boston
Afraid of partisan rancor, nonprofits are biting their tongues, with divisive politics hindering public policy engagement by social service organizations. This is one of our findings in a new study we conducted on behalf of Independent Sector – a coalition of nonprofits, foundations and corporate giving programs.
Although the law bars charitable nonprofits from endorsing political candidates, charities are allowed to engage in at least some advocacy, lobbying and public affairs work tied to issues that are relevant to their own work. For example, a food pantry can hold an event about food insecurity in its neighborhood. Or the executive director of a homeless shelter can lobby elected officials about proposed zoning changes that would interfere with a planned expansion.
Nonprofit advocacy involves attempts to influence government policy. This may include some lobbying, along with information-sharing activities, such as sponsoring events to raise public awareness of an issue, conducting research, or educating the public about policies that affect an organization.
We, scholars who research nonprofits, spoke with a diverse sample of nonprofit leaders to learn about their organizations’ policy engagement.
Some of the 40 executive directors of social service nonprofits across the nation whom we interviewed had engaged in advocacy, and others had not. The groups were of different sizes and were founded at different times. They were located in red, blue and purple states.
Our team set out to identify some of the causes of a decline in nonprofit advocacy through these interviews.
A few of these nonprofit leaders indicated that they lack expertise or don’t fully understand the restrictions they face regarding advocacy. We also heard many of these executives express concerns about partisanship and political polarization.
As this growing divisiveness has permeated even the most local aspects of American life, many food pantries, homeless shelters and other social service nonprofits are hesitating to take policy positions that may appear partisan to members of their local communities or donors.
When addressing a social media post about Israel and Palestine that had been misconstrued and sparked controversy, the leader of a legal services nonprofit remarked: “The more polarized we are as Americans, the harder it becomes for us to have an open conversation.”
Other nonprofits feared the consequences of any kind of engagement regarding policy questions.
“Nonprofits sometimes are afraid to engage with government officials,” a food security nonprofit leader said, because that advocacy might lead to “some form of retaliation” by the authorities.
Another concern they expressed: Advocacy might alienate donors who disagree with the nonprofit leaders’ stances.
“It’s like there’s no middle ground anymore,” said the executive director of an emergency housing center. Others discussed how polarization has led to more divisions in board rooms and the loss of donors. That makes it harder for these organizations to decide to take a public stand on many issues.
This study followed up on an earlier stage of our research, which showed that nonprofit advocacy and lobbying had declined over the past two decades.
Extreme partisanship weakens democracy and erodes social relationships.
We find this trend especially concerning because charitable nonprofits often serve as a voice for many people who don’t have one in American society.
As a result, when nonprofits fail to engage in the policy process, those voices go unheard, and their needs may become more likely to go unmet. One reason for this is that the people with direct expertise aren’t weighing in on policies that could reduce the need for those services in the first place.
“The loudest voices are the ones that get heard,” as one nonprofit leader put it. The “people we support don’t have a voice.”
We don’t know how polarization might affect longer-term engagement by the nonprofit sector.
Indeed, some of these organizations have stepped up their advocacy efforts over the past five years, and some took strategic steps to buffer their organizations from resistance to policy engagement, such as by replacing board members who were opposed to taking policy stances that represented their clients’ interests.
Future research is needed to understand these dynamics more fully and how nonprofits respond to prolonged contentious political discourse.
The Research Brief is a short take about interesting academic work.
Heather MacIndoe receives funding from Independent Sector and is a current Visiting Scholar with them.
Lewis Faulk previously received funding from Independent Sector, where he is also a former visiting scholar.
Mirae Kim previously received funding from Independent Sector. She is affiliated with the Association for Research on Nonprofit Organizations and Voluntary Action (ARNOVA) as a non-paid board member.
– ref. Rising partisanship is making nonprofits more reluctant to engage in policy debates − new research – https://theconversation.com/rising-partisanship-is-making-nonprofits-more-reluctant-to-engage-in-policy-debates-new-research-231225
Source: The Conversation – USA – By Vivek Astvansh, Associate Professor of Quantitative Marketing and Analytics, McGill University
Hoping to win over customers, businesses from Amazon to Zoom have taken to touting their good deeds in corporate social responsibility reports.
CSR reports let companies spotlight what they’ve done for workers, consumers, communities and the environment – essentially all their goals beyond simply making a profit. Research shows that CSR statements are linked to rising sales.
As a marketing professor, I thought that raised an interesting question: When companies find success with CSR disclosures, are they bringing in new customers – or are their extra sales coming from their existing base alone?
In a recent study of several hundred Chinese companies, a colleague and I put the question to the test. We found that a CSR disclosure lowers a business’s dependence on current customers by 2.1%.
That’s welcome news for businesses. It means those additional sales are coming from new customers, who are indeed impressed by the company’s CSR efforts.
But the findings weren’t all positive.
To sell more products, companies generally need to buy more supplies. So a logical follow-up question is: Does a company’s CSR disclosure lead it to source purchases from new suppliers?
In fact, we found the opposite. Companies that released CSR disclosures seemed to scare away new suppliers. This is probably because suppliers often bear the costs when a company chooses to prioritize social responsibility.
Becoming dependent on suppliers comes at a cost to businesses. When suppliers know a company depends on them, they tend to demand payment in cash rather than credit. That can hurt a company, because it now has less cash for investments.
So while CSR reports impress customers, they appear to antagonize suppliers – and that comes at a price.
Prior research has shown that CSR disclosures can boost sales, but it’s long been unclear whether these additional sales are sourced from old customers or newly acquired ones. Our work brings clarity that businesses can use in making decisions.
The findings are also of interest to lawmakers, regulators and corporate responsibility advocates who are debating making CSR reports mandatory.
The U.S. doesn’t require businesses to release CSR reports, but some countries do. One is China, which in 2008 mandated that all public companies submit annual CSR reports starting in 2009. This created the conditions for the nearly natural experiment we conducted.
Interestingly, the U.S. Securities and Exchange Commission has reportedly considered making some form of corporate social responsibility reporting mandatory. In the absence of requirements, many American corporations will continue to voluntarily report their CSR.
In other words, the need for empirical evidence on the cost and benefits of CSR disclosure is greater than ever.
The increasing incidence of extreme weather events and weather-related fatalities and injuries has piqued my interest in environmental responsibility. I have two ongoing research projects.
First, I’m using a company’s public disclosures to measure its environmental risks and the activities it has undertaken to mitigate them. Second, I am researching how CEO incentives shape a company’s environmental disclosure, activities and spending – or the lack thereof.
The Research Brief is a short take on interesting academic work.
Vivek Astvansh 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. Corporate social responsibility disclosures are a double-edged sword, new research suggests – https://theconversation.com/corporate-social-responsibility-disclosures-are-a-double-edged-sword-new-research-suggests-241540
Source: The Conversation – USA – By Shannon Van Zandt, Professor of Landscape Architecture and Urban Planning, Texas A&M University
In a pattern all too familiar to people affected by disasters, hurricanes Helene and Milton have disappeared from the headlines, just a few weeks after these disasters ravaged the Southeast. Although reporters have moved on, recovery is just beginning for people who were displaced.
According to government and private analysts, damages may exceed US$50 billion apiece for these two storms. The Red Cross estimates that over 7,200 homes were destroyed or severely damaged and that more than 1,200 people were living in shelters across the affected states as of late October 2024.
Staffers from the Federal Emergency Management Agency have been on the ground since before Helene and Milton hit, positioned to help as soon as the storms passed, along with state and local responders. But many people aren’t clear about how FEMA helps or what its responsibilities are.
This may be one reason why the agency has had to dispel rumors about its response to Helene in North Carolina, such as assertions that representatives were coming to seize damaged property.
We study the impacts of natural disasters and how communities recover. Here’s what FEMA does in zones battered by disasters like Helene and Milton:
FEMA works year-round helping communities prepare for disasters and training emergency management personnel to respond to these events. In the wake of declared federal disasters, it offers its Public Assistance and Individuals and Households programs.
Public Assistance Program funds are available to state and local governments and some nonprofits to help pay for things like removing debris, preventing further damage and restoring public infrastructure. Support from the Individuals and Households Program may include funds for temporary housing and for repairing or replacing primary residences, as well as provision of temporary housing units for people displaced from their homes.
FEMA launched a new form of flexible aid in March 2024 that provides quick cash payments of $750 per household for immediate needs, such as food, water, gasoline and emergency shelter. Contrary to rumors that have circulated in the wake of Helene, these payments are just a start, not the maximum support that FEMA offers.
Applicants have to file claims to receive further aid. These requests go through extensive review, such as inspections of home damage. FEMA then decides how much aid to provide, if any.
The agency will fund repairs intended to make the home safe to live in, but this work may not be enough to return the home to its pre-disaster state. Currently, the maximum FEMA aid for housing assistance is $42,500, plus an additional $42,500 for other disaster-related needs. For many, these amounts will be insufficient.
FEMA officials say the agency has enough funding to handle immediate response and recovery from both Helene and Milton. However,
until damage from both storms has been fully assessed, it is hard to know whether FEMA will need supplemental funds from Congress to support long-term recovery.
FEMA’s programs are intended to help with temporary housing and other needs that aren’t covered by insurance. Homeowners are expected to protect themselves against losing their dwellings by insuring their homes.
However, some natural disasters are not always covered by homeowners insurance. They include storm-driven flooding, earthquakes and wind damage from hurricanes and tornadoes.
In places that are vulnerable to these hazards, homeowners may have to seek separate coverage, either from private insurers or government-backed lenders of last resort. Households that don’t purchase special coverage, either because it costs too much or they don’t think they need it, will struggle to recover.
Another federal funding source for housing repair and replacement and other personal property losses is the Small Business Administration. But, unlike FEMA grants that don’t need to be repaid, the SBA only offers low-interest loans.
The main source of funding for long-term housing recovery is the U.S. Department of Housing and Urban Development’s Community Development Block Grant – Disaster Recovery grants. These funds must be approved by Congress following a disaster, so it can take months or years for funds to reach communities.
Awarding this money as block grants gives state and local governments more flexibility to meet the needs of affected communities. However, it also makes it easier to allocate the funds in ways that don’t address the housing needs of the people they are intended to help.
In recent years, we have seen many cases in which state or local officials have spent these funds inappropriately. For example, after Hurricane Katrina in 2005, Mississippi Governor Haley Barbour redirected most of his state’s HUD funds to economic development projects, including expanding the port of Gulfport, rather than rebuilding housing for storm survivors.
Fighting to direct funds to those who need them most often requires legal action, extending the wait for hard-hit communities that need it.
Disaster recovery programs often overlook renters, even though in many areas up to half of residents may rent their homes. Renters have little control over whether their homes are rebuilt at all, much less whether they will be allowed to return to them.
Our research has shown that owner-occupied housing generally recovers much more quickly than rental housing. Apartment buildings also face a more uncertain recovery than single-family homes.
Even after recent updates to its rules, FEMA still struggles to adequately meet the needs of the most vulnerable groups in society. This includes low-income and minority households, people with disabilities and those who are undocumented.
Poor households often live in homes that are in bad shape or that have gone through previous disasters without repair. In such cases, it can be hard for FEMA inspectors to determine how much damage was caused by the current disaster, which in turn can lead to claims being denied.
In south Texas, after hurricanes Dolly and Ike in 2008, thousands of low-income households’ claims were denied, leading to a class-action lawsuit that homeowners ultimately won. After Hurricane Maria devastated Puerto Rico in 2017, many homeowners were denied rebuilding aid because they couldn’t provide a title to prove ownership.
In response, FEMA created new rules in 2023 for demonstrating ownership. For example, FEMA has modified and expanded the types of documentation needed to prove ownership. The agency has also changed eligibility and assistance rules to make it easier to qualify for assistance.
Recent research suggests that, at least on the whole, FEMA’s Individual Assistance Program is not likely to underserve poor households. Nonetheless, as people across the Southeast take stock of losses from this year’s hurricanes, we believe it will be important to pay special attention to under-resourced households, whose needs may not be adequately addressed by federal programs.
Shannon Van Zandt receives funding from the U.S. Department of Housing & Urban Development and the National Institutes for Standards & Technology. She is a board member of Texas Housers, a non-profit that advocates for housing for low-income Texans.
Walter Gillis Peacock research has been funded by a number of agencies including the National Institute for Standards and Technology, the National Science Foundation, the National Oceanic and Atmospheric Administration, the Department of Homeland Security, and the U.S. Army Corps of Engineers.
– ref. Beyond bottled water and sandwiches: What FEMA is doing to get hurricane victims back into their homes – https://theconversation.com/beyond-bottled-water-and-sandwiches-what-fema-is-doing-to-get-hurricane-victims-back-into-their-homes-241176
Source: United Kingdom – Executive Government & Departments
The UK, EU and Canada have announced further sanctions targeting the Myanmar military’s access to military material, equipment and funds.
The UK, EU and Canada have announced a further round of sanctions to increase pressure on the Myanmar military regime and its associates.
UK sanctions target entities supplying aviation fuel and equipment to the Myanmar military. August 2024 saw the highest number of airstrikes on record by the Myanmar military, killing dozens of civilians.
The UK, EU and Canada have announced further sanctions targeting the Myanmar military’s access to military material, equipment and funds.
UK action will help to constrain the Myanmar military’s ability to conduct airstrikes on civilians, which amount to gross human rights violations.
The latest round of UK sanctions is against six entities involved either in providing aviation fuel to the Myanmar military or in the supply of restricted goods, including aircraft parts. Today’s announcement bolsters previous sanctions against suppliers of aviation fuel to the military in February and March 2023 and arms dealers in October 2023.
The UK will continue to work with partners to restrict the sale and transfer of arms and finance to the Myanmar military. Since the coup, the UK has provided more than £150 million for life-saving humanitarian assistance, healthcare, education and support for civil society and local communities in Myanmar.
Minister for the Indo-Pacific, Catherine West said:
The human rights violations taking place across Myanmar, including airstrikes on civilian infrastructure, by the Myanmar military is unacceptable and the impact on innocent civilians is intolerable.
That is why today the UK is announcing fresh sanctions targeting the suppliers of equipment and aviation fuel to the Myanmar military. Alongside the EU and Canada, we are today further constraining the military’s access to funds, equipment and resources.
These sanctions will increase pressure on the Myanmar military. The UK remains steadfast in our support for the Myanmar people and their aspirations for a peaceful and democratic future.
On 1 February 2021, the Myanmar military overthrew the democratically elected government, led by Aung San Suu Kyi, and installed a military regime. Since then, they have used violence and atrocities to maintain power and suppress any opposition voices. Increasingly brutal tactics have been implemented as the military continue to cling on to power, leading to the highest number of airstrikes on record by the Myanmar military this August (2024), killing dozens of civilians.
Over 3.4 million people are now displaced from their homes due to the fighting, over 18 million people are in need of humanitarian assistance, and Myanmar is now seeing a proliferation in serious and organised crime.
Since the coup, the UK has designated 25 individuals and 33 entities under the Myanmar Sanctions Regime. The UK continues to lead international efforts to undermine the regime’s credibility and constrain their access to revenue and arms.
Today the UK has sanctioned:
Asia Sun Group Company Limited – for being owned or controlled by Zaw Min Tun, a Myanmar businessman previously sanctioned by the UK in 2023 for making available economic resources, namely aviation fuel, directly or indirectly to or for the benefit of the Myanmar security forces.
Swan Energy Company Limited – for being associated with Asia Sun Trading Company Limited and by for making available economic resources (aviation fuel) directly or indirectly to or for the benefit of the Myanmar security forces.
Myan-Oil Company Limited – for being associated with Asia Sun Trading Company Limited.
Rich Ray Trading Company Limited – for being associated with Asia Sun Trading Company Limited and by making available economic resources (aviation fuel) directly or indirectly to or for the benefit of the Myanmar security forces.
Progress Technology Support Company (a.k.a Royal Shune Lei Co) – for being involved in the supply to Myanmar of restricted goods or restricted technology or of material related to such goods or technology.
King Royal Technologies Company Limited- for being involved in the supply to Myanmar of goods or technology which could contribute to a serious human rights violation or abuse.
Media enquiries
Email newsdesk@fcdo.gov.uk
Telephone 020 7008 3100
Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.
Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)
Today, Congresswoman Rosa DeLauro (CT-03) announced $1,100,000 secured for Marrakech, Inc. This investment will support renovations to Marrakech’s headquarters, ensuring the facility is safer and more accessible for people with disabilities. The project will address critical issues, such as deteriorating building conditions and unsafe parking areas, which pose risks to both employees and visitors. Marrakech is a nonprofit organization that has been providing human services for individuals throughout Connecticut since 1971, serving over 1,000 individuals every year.
“The funds I have secured for community projects go directly to communities and allow them to move forward with local infrastructure projects, foster new developments, invest in childcare, build climate resiliency, help our health care centers support their patients’ medical needs – and so much more,” said Congresswoman DeLauro. “The funding we are celebrating for Marrakech will help thoroughly renovate this facility, improving its efficiency, safety, and accessibility. It is my hope that this will improve both the working conditions forstaff and the visiting experience for their clients, creating a new community center for all those seeking a level up.”
“I cannot overstate enough how important the funding of this project is to Marrakech, Inc. Just when we felt we were out of options, learning of the investment that Congresswoman Rosa DeLauro recommended on behalf of Marrakech actually brought me to tears. The improvements in the efficiency, safety, and accessibility of our main building will not only positively impact the persons supported, their families, and the many employees who work in or frequent the building but will also affect the community around it as we improve the condition of the building. Marrakech has been committed to providing quality services to residents of Connecticut for over 50 years. The support of Marrakech’s project is further proof of the Congresswoman’s commitment to people with disabilities and her understanding of the gravity of this commitment.” – Heather LaTorra, Marrakech Inc. President and CEO.
Ranking Member of the House Appropriations Committee Rosa DeLauro (CT-03) secured over $16 million for local projects in Connecticut in the 2024 funding bill. A full breakdown of those projects is available here.
Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)
Today, Congresswoman Rosa DeLauro (CT-03) released a statement on Israel’s retaliatory strikes against Iran in response to Iran’s ballistic missile attacks:
“Israel was right to respond strongly to Iran’s ballistic missile attack to ensure its security. Iran should no longer be permitted to work for Israel’s destruction.
“Israel has had significant military victories in the last several weeks. Now is the time for a ceasefire and the release of the hostages. I regret that the Israeli government has escalated the war in Gaza with many civilian losses and blocked humanitarian aid. After October 7th, getting to negotiated security arrangements with moderate Arab states and moving to a two-state solution is the best way for Israel to achieve security and peace.”
Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)
Today, Congresswoman Rosa DeLauro (CT-03) released a statement in response to the U.S. Treasury Department finalizing its rule on U.S. outbound investments:
“The final rule issued by the Treasury Department on U.S. outbound investment is a meaningful step in strengthening U.S. competitiveness and safeguarding our national security and supply chains.
“As I have said, we cannot allow U.S. capital and capabilities to fuel the Chinese Communist Party’s policies. We have already seen the impact of offshoring crucial manufacturing and innovation capacity on our economy, national security, and industrial base in the form of job losses and shortages of critical materials. I fought hard to take action to turn this around – from pushing for my legislation, the National Critical Capabilities Defense Act, in the House-passed America COMPETES Act to securing funding in the 2022 appropriations bill to protect our critical capabilities.
“I’m encouraged that the Biden Administration is taking decisive action to protect our key capabilities and sustain American competitiveness, and I will continue fighting to enact legislation that strengthens their efforts.”
Source: Agenzia Fides – MIL OSI
Beijing (Agenzia Fides) – Prayers for peace in the world, donations for the mission, works of charity, pilgrimages, concerts and theatrical performances and sporting events. The participation of many Chinese Catholic communities in initiatives and moments of community during the World Missionary Month in October, which the Church dedicates in a special way to mission throughout the world was spontaneous and creative.The highlight of World Missionary Month in China was also World Mission Sunday, celebrated on the penultimate Sunday of the month (this year on Sunday 20 October). On that day, many parishes held the “Collection for the Missions” (which in China is carried out in addition to the usual collection of funds for charitable and missionary works on Palm Sunday). In the homilies of many priests, reference was made to the history and spirit of World Missionary Sunday, recalling the mandate of witness and proclamation of the Gospel that Jesus entrusted to all his disciples.On Sunday, October 27, a total of 26 priests, nuns and lay people from the Tangshan community took part in the “Tangshan Marathon 2024”. In the midst of 20,000 participants from 13 countries around the world, the Catholic marathon runners of Tangshan wanted to offer a simple public witness of the faith that unites them and drives them to proclaim the Gospel with perseverance and endurance, sharing with everyone the difficulties, joys and encounters along the way, as happens in a marathon.In the parish of Hushan (diocese of Ningbo), a play inspired by biblical themes was performed on the occasion of World Mission Sunday, also to celebrate 30 years of Bible courses in the parish and the Year of Sacred Scripture in the diocese. On Saturday, October 19, a concert centered on the devotion to Our Lady entitled “Our Lady of the Rosary” was organized at the Cathedral of the Diocese of Zhengding (Shijiazhuang) to encourage the baptized to follow in Our Lady’s footsteps and to become missionaries.On the last weekend of World Mission Month, the youth group of the Shanghai Cathedral made a pilgrimage to Suzhou Cathedral, where they prayed together with the local community. The youth of the parish of Lucheng (Diocese of Wenzhou) also made a pilgrimage along the Way of Our Lady of the Rosary, meeting a group of Dominican sisters at the Shrine in Fujian Province to pray the Rosary together.Fifteen Chinese bishops took part in the spiritual retreat on the theme of “Synodality and Encounter with the Lord” held at the National Seminary in Beijing during the World Mission Month, in the spirit of fraternal communion.In October, priestly ordinations were celebrated in the dioceses of Taizhou and Chifeng (Inner Mongolia), while nuns made their final vows in the diocese of Wuhan (Hubei province).On the occasion of the Feast of the Elderly, which in China falls during the World Mission Month (October 11), both parishes and communities of nuns organized moments of gathering with the elderly to show them the communities’ gratitude for the witness of faith they give in the circumstances of daily life. Throughout the World Mission Month, prayers for peace were held in the churches, often combined with the daily recitation of the Rosary. The communities also accepted Pope Francis’ invitation to participate in the day of prayer and fasting for peace, asking for the gift of peace and an end to conflicts in the world. (NZ) (Agenzia Fides, 29/10/2024)
Share:
Source: GlobeNewswire (MIL-OSI)
PORT ANGELES, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) —
CEO Commentary
“This was a quarter of mixed results. Progress on customer deposit gathering and the termination of the FDIC Consent Order was overshadowed by a quarterly loss driven by additional provisions primarily related to certain equity loans made to high net worth, accredited investors.
The teamwork and collaboration between Staff, Management and the Board to address the matters identified in the Consent Order is demonstrative of the qualifications, determination and capabilities of the First Fed team. We appreciate that the FDIC acknowledged the planning, monitoring and execution required to comply with the Order and validation that all of these matters were properly addressed. I am very proud of this accomplishment, and I would like to thank all of the many people within the bank who worked tirelessly to reach this achievement less than one year after the Order was issued.
Through an internal review of our loan portfolio and with consultation with our prudential regulators, it was determined that larger provisions were required in the second quarter of 2024. As a result, we decided it was appropriate to file a restated quarterly report on Form 10-Q for the quarter ended June 30, 2024, and identified a material weakness in the design of certain internal controls. The loans for which we increased reserves were originated between 2020 and 2023. More recent vintages of our loan portfolio are performing well as we have engaged in lending and partnerships that we have evaluated as having a relatively lower risk profile. The provision for credit losses after the amendment was $8.7 million in the second quarter of 2024.
Management and the Board of Directors take the reported material weakness very seriously. We have taken corrective action to address the basis for the restatement and are working to promptly remediate.
We also acknowledge the ongoing lawsuits filed by some of the Water Station equipment borrowers. We intend to vigorously defend against these claims, which we believe are meritless. We also intend to continue pursuing collection of all monies owed by the litigants using all available legal means.
Moving forward, the highly capable bankers at First Fed are focused on continuing to build relationships with small businesses and individuals in the communities we serve. We continue to pursue inroads in SBA, treasury, maritime lending, first and second mortgage lending and community banking. We are introducing products and services to meet our customers where they are and to enhance their overall experience with First Fed. We believe that focusing on these fundamentals of Community Banking will improve our results and our overall franchise value.”
— Matthew P. Deines, President and CEO, First Northwest Bancorp
| 2024 FINANCIAL RESULTS | 3Q 24 | 2Q 24 | 3Q 23 | 2024 YTD | 2023 YTD | |||||||||||||||
| OPERATING RESULTS (in millions) | ||||||||||||||||||||
| Net (loss) income | $ | (2.0 | ) | $ | (2.2 | ) | $ | 2.5 | $ | (3.8 | ) | $ | 7.8 | |||||||
| Pre-provision net interest income | 14.0 | 14.2 | 15.0 | 42.2 | 47.2 | |||||||||||||||
| Provision for credit losses | 3.1 | 8.7 | 0.4 | 12.8 | 0.2 | |||||||||||||||
| Noninterest expense | 15.8 | 15.6 | 14.4 | 45.8 | 44.5 | |||||||||||||||
| Total revenue, net of interest expense * | 15.8 | 21.6 | 17.9 | 53.5 | 54.2 | |||||||||||||||
| PER SHARE DATA | ||||||||||||||||||||
| Basic and diluted (loss) earnings | $ | (0.23 | ) | $ | (0.25 | ) | $ | 0.28 | $ | (0.43 | ) | $ | 0.87 | |||||||
| Book value | 17.17 | 16.81 | 16.20 | 17.17 | 16.20 | |||||||||||||||
| Tangible book value * | 17.00 | 16.64 | 16.03 | 17.00 | 16.03 | |||||||||||||||
| BALANCE SHEET (in millions) | ||||||||||||||||||||
| Total assets | $ | 2,255 | $ | 2,216 | $ | 2,154 | $ | 2,255 | $ | 2,154 | ||||||||||
| Total loans | 1,735 | 1,698 | 1,635 | 1,735 | 1,635 | |||||||||||||||
| Total deposits | 1,712 | 1,708 | 1,658 | 1,712 | 1,658 | |||||||||||||||
| Total shareholders’ equity | 161 | 159 | 156 | 161 | 156 | |||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Net charge-off ratio(1) | 0.10 | % | 1.70 | % | 0.30 | % | 0.67 | % | 0.10 | % | ||||||||||
| Nonperforming assets to total assets | 1.35 | 1.07 | 0.11 | 1.35 | 0.11 | |||||||||||||||
| Allowance for credit losses on loans | ||||||||||||||||||||
| to total loans | 1.27 | 1.14 | 1.04 | 1.27 | 1.04 | |||||||||||||||
| Nonaccrual loan coverage ratio | 72 | 82 | 714 | 72 | 714 | |||||||||||||||
| (1) Performance ratios are annualized, where appropriate. *See reconciliation of Non-GAAP Financial Measures later in this release. |
||||||||||||||||||||
| 2024 FINANCIAL RESULTS (Continued) | 3Q 24 | 2Q 24 | 3Q 23 | 2024 YTD | 2023 YTD | |||||||||||||||
| SELECTED RATIOS | ||||||||||||||||||||
| Return on average assets(1) | -0.36 | % | -0.40 | % | 0.46 | % | -0.23 | % | 0.50 | % | ||||||||||
| Return on average equity(1) | -4.91 | -5.47 | 6.17 | -3.14 | 6.50 | |||||||||||||||
| Return on average tangible common equity(1) * | -4.96 | -5.53 | 6.23 | -3.17 | 6.57 | |||||||||||||||
| Net interest margin | 2.70 | 2.76 | 2.97 | 2.74 | 3.22 | |||||||||||||||
| Efficiency ratio | 100.31 | 72.32 | 80.52 | 85.54 | 82.06 | |||||||||||||||
| Bank common equity tier 1 (CETI) ratio | 12.20 | 12.40 | 13.43 | 12.20 | 13.43 | |||||||||||||||
| Bank total risk-based capital ratio | 13.44 | 13.49 | 14.38 | 13.44 | 14.38 | |||||||||||||||
| (1) Performance ratios are annualized, where appropriate. *See reconciliation of Non-GAAP Financial Measures later in this release. |
||||||||||||||||||||
| 2024 Significant Items as of September 30, 2024 | |
| • | Year-to-date net loss of $3.8 million was primarily due to a provision for credit losses of $12.8 million as the collectability of a small number of loan relationships continued to deteriorate and additional reserves were taken on purchased loan pools. |
| • | First Fed Bank (“First Fed” or the “Bank”) balance sheet restructuring contributed to an improved year-to-date yield on earning assets by 16-basis points over the prior year end to 5.44%. |
| – Sale-leaseback transaction completed in the second quarter, resulting in a $7.9 million gain on sale of premises and equipment. | |
| – Sold $23.2 million of lower-yielding security investments which resulted in $2.1 million year-to-date loss on sale. | |
| – Purchased $53.3 million of higher-yielding security investments year-to-date. | |
| – Continued conversion of lower-yielding bank-owned life insurance (“BOLI”) with one conversion completed in the first quarter and an exchange in the third quarter. Two additional policy restructures expected to be completed by the end of the first quarter of 2025. | |
| • | Net interest margin decreased over the prior year end from 3.13% to 2.74%, impacted by the increase in deposit and borrowing costs outpacing increased yields on loans and investments. |
| • | Loan mix shifted away from construction and commercial real estate into commercial business, auto, multi-family real estate, one-to-four family and home equity compared to the prior year end. The weighted-average rate on new loans year-to-date was 8.5%. |
| • | Borrowings increased $14.1 million, or 4.4%, to $335.0 million at September 30, 2024, compared to $320.9 million at December 31, 2023. |
| • | Repurchased 214,132 shares during the first quarter, which closed out the October 2020 Stock Repurchase Plan. |
| • | Repurchased 98,156 shares during the third quarter under the new share repurchase plan approved in April 2024. |
| • | Year-to-date deposit growth of $34.7 million, or 2.0%, to $1.71 billion, with a $30.0 million shift from savings to money market accounts. Cost of total deposits increased over the prior year end from 1.66% to 2.49%. |
| • | Estimated insured deposits totaled $1.3 billion, or 77% of total deposits at September 30, 2024. Available liquidity to uninsured deposit coverage remained strong at 142% at September 30, 2024. |
| • | Classified loans increased to 2.71% of total loans at September 30, 2024, compared to 2.12% at December 31, 2023. |
| • | Nonperforming assets increased $11.7 million year-to-date mainly due to three commercial loan relationships included in commercial construction, commercial real estate and commercial business. |
| • | Completed a reduction-in-force impacting 9% of our workforce on July 24, 2024. This action, along with year-to-date headcount management through attrition, is expected to result in a reduction in current levels of compensation expense by approximately $820,000 per quarter starting in the fourth quarter of 2024. |
First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported a net loss of $2.0 million for the third quarter of 2024, compared to a net loss of $2.2 million for the second quarter of 2024 and net income of $2.5 million for the third quarter of 2023. Basic and diluted loss per share were $0.23 for the third quarter of 2024, compared to basic and diluted loss per share of $0.25 for the second quarter of 2024 and basic and diluted earnings per share of $0.28 for the third quarter of 2023. In the third quarter of 2024, the Company generated a return on average assets of -0.36%, a return on average equity of -4.91% and a return on average tangible common equity* of -4.96%. Loss before provision for income taxes was $3.2 million for the third quarter of 2024, compared to a loss before provision for income taxes of $2.8 million for the preceding quarter, a decrease of $417,000, or 15.1%, and decreased $6.3 million compared to income of $3.1 million for the third quarter of 2023.
The Bank recorded reserves on individually analyzed loans totaling $1.9 million due to the uncertain future cash flows from specific loan relationships in the third quarter of 2024. An additional credit loss on loans of $1.8 million was attributable to an increase in the reserve on pooled commercial business loans, with a reserve loss rate of 3.4% applied to that segment of the loan portfolio at period end. We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers. The provision for credit losses on loans had a significant negative impact on net income and was the only reason for the net loss recorded for the third quarter of 2024.
Steps taken to restructure the Bank’s balance sheet continue to have a positive impact. The fair value hedge on loans, tied to the compounded overnight index swap using the secured overnight financing rate index, established in the first quarter of 2024 added $946,000 to interest income year-to-date. The fair value hedge on loans reduces interest rate risk by reducing liability sensitivity while increasing interest income. We estimate that if rates remain unchanged, this hedge will add $1.3 million of annualized interest income in 2024. The estimated impact will be reduced if the Federal Reserve Board (“FRB”) implements additional rate cuts during the year. The Bank expects to maintain a positive carry on its derivative for up to 75-basis points of additional rate cuts.
The balance sheet restructure plan also includes the conversion of BOLI policies in order to reinvest in higher yielding products. The first $6.1 million policy earning 2.58% was surrendered during the first quarter and reinvested into a policy earning 5.18%. In the third quarter of 2024, a $1.3 million policy earning 3.18% was exchanged and reinvested into a policy earning 5.73%. The remaining surrender and exchange transactions are expected to be completed by the end of the first quarter of 2025.
Net Interest Income
Total interest income decreased $405,000 to $28.2 million for the third quarter of 2024, compared to $28.6 million in the previous quarter, and increased $2.4 million compared to $25.8 million in the third quarter of 2023. Interest income decreased in the third quarter of 2024 primarily due to interest reversals for loans placed on nonaccrual totaling $619,000. The interest adjustments were partially offset by higher yields on performing loans combined with increased loan volume. Interest and fees on loans increased year-over-year as the loan portfolio grew as a result of draws on new and existing lines of credit, originations of commercial real estate, commercial business and home equity loans, and auto and manufactured home loan purchases. Loan yields increased over the prior year due to higher rates on new originations as well as the repricing of variable and adjustable-rate loans tied to the Prime Rate or other indices.
Total interest expense decreased $190,000 to $14.2 million for the third quarter of 2024, compared to $14.4 million in the second quarter of 2024, and increased $3.3 million compared to $10.9 million in the third quarter of 2023. Interest expense for the three months ended September 30, 2024, was lower primarily due to lower rates on advances combined with decreased advance volumes. The decrease was partially offset by a 9-basis point increase in the cost of deposits to 2.56% for the quarter ended September 30, 2024, from 2.47% for the prior quarter as a result of customers continuing to shift deposit balances into higher earning products. The increase over the third quarter of 2023 was the result of a 71-basis point increase in the cost of deposits from 1.85% in the third quarter one year ago. A shift in the deposit mix from transaction and savings accounts to money market accounts and time deposits also added to the higher cost of deposits compared to the third quarter of 2023. Higher costs of brokered time deposits also contributed to additional deposit costs with a 57-basis point increase to 4.88% for the current quarter compared to 4.31% for the third quarter one year ago.
Net interest income before provision for credit losses for the third quarter of 2024 decreased $215,000, or 1.5%, to $14.0 million, compared to $14.2 million for the preceding quarter, and decreased $930,000, or 6.2%, from the third quarter one year ago. The impact of the September FRB rate cut will be reflected beginning with fourth quarter 2024 interest income and expenses.
The Company recorded a $3.1 million provision for credit losses on loans in the third quarter of 2024, primarily due to reserves taken individually analyzed loans and Current Expected Credit Loss model loss factor increases attributable to pooled commercial business and multi-family loans at quarter end. Credit loss provision increases were offset by decreases to the loss factors applied to consumer, commercial real estate and one-to-four family loans. Higher loss factors applied to unfunded commitments and a moderate increase in commitment balances also resulted in a provision for credit losses on unfunded commitments of $57,000 for the quarter. The total provision for credit loss recorded for the third quarter of 2024 was $3.1 million, compared to a credit loss provision of $8.7 million for the preceding quarter and a provision of $371,000 for the third quarter of 2023.
The net interest margin decreased to 2.70% for the third quarter of 2024, from 2.76% for the prior quarter, and decreased 27-basis points from 2.97% for the third quarter of 2023. The decrease over the linked quarter is primarily due to the accrued interest reversed on three nonperforming commercial loans during the three months ended September 30, 2024, partially offset by an increase in interest income earned on a higher volume of loans. Investment securities also had decreased volume due to regular payments and lower yields due to variable-rate securities compared to the preceding quarter. The Company reported reduced rates and declining volume of borrowings during the quarter which lowered costs; however, these savings were partially offset by an increase in cost due to a higher volume of retail customer deposits. The decrease in net interest margin from the same quarter one year ago is due to higher funding costs for deposits and borrowed funds. Organic loan production comprised 73% of new loan commitments for the third quarter with the remaining 27% added through purchases of higher-yielding loans from established third-party relationships. The Bank’s fair value hedging agreements on securities and loans added $188,000 and $395,000, respectively, to interest income for the third quarter of 2024.
The yield on average earning assets for the third quarter of 2024 decreased 11-basis points to 5.44% compared to 5.55% for the second quarter of 2024 and increased 30-basis points from 5.14% for the third quarter of 2023. The third quarter decrease is attributable to the accrued interest reversed on nonperforming loans, a lower yield and volume of investment securities and a decrease in the balance of Federal Home Loan Bank (“FHLB”) stock. The year-over-year increase in interest income was primarily due to higher average loan balances augmented by increases in yields on all earning assets, which were positively impacted by the higher rate environment.
The cost of average interest-bearing liabilities decreased 5-basis points to 3.23% for the third quarter of 2024, compared to 3.28% for the second quarter of 2024, and increased 63-basis points from 2.60% for the third quarter of 2023. Total cost of funds decreased to 2.82% for the third quarter of 2024 from 2.87% in the prior quarter and increased from 2.23% for the third quarter of 2023. Current quarter decreases were due to lower average balances and costs on borrowings. The Bank continues to offer higher rate specials on money market and CD accounts to attract and retain retail customer deposits. The average brokered CD balance decreased $5.5 million from the linked quarter with a 6-basis point decrease in the average rate paid on brokered funds.
The increase in cost of average interest-bearing liabilities over the same quarter last year was driven by higher rates paid on deposits and borrowings and higher average CD balances. The Company attracted and retained funding through the use of promotional products and a focus on digital account acquisition. The mix of retail deposit balances shifted from no or low-cost transaction and savings accounts towards higher cost term certificate and higher yield money market accounts. Retail CDs represented 29.3%, 26.8% and 27.6% of retail deposits at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Average interest-bearing deposit balances increased $44.8 million, or 3.2%, to $1.45 billion for the third quarter of 2024 compared to the second quarter of 2024 and increased $75.0 million, or 5.4%, compared to $1.38 billion for the third quarter of 2023.
| Selected Yields | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Loan yield | 5.51 | % | 5.62 | % | 5.51 | % | 5.38 | % | 5.31 | % | ||||||||||
| Investment securities yield | 4.90 | 5.01 | 4.75 | 4.53 | 4.18 | |||||||||||||||
| Cost of interest-bearing deposits | 3.00 | 2.91 | 2.86 | 2.52 | 2.22 | |||||||||||||||
| Cost of total deposits | 2.56 | 2.47 | 2.43 | 2.12 | 1.85 | |||||||||||||||
| Cost of borrowed funds | 4.35 | 4.76 | 4.52 | 4.50 | 4.45 | |||||||||||||||
| Net interest spread | 2.21 | 2.27 | 2.28 | 2.40 | 2.54 | |||||||||||||||
| Net interest margin | 2.70 | 2.76 | 2.76 | 2.84 | 2.97 | |||||||||||||||
Noninterest Income
Noninterest income decreased to $1.8 million for the third quarter of 2024 compared to $7.4 million for the second quarter of 2024. Nonrecurring second quarter transactions included a sale-leaseback transaction which resulted in a gain on sale of premises and equipment of $7.9 million, partially offset by a $2.1 million loss on the sale of lower-yielding available-for-sale securities. Income from the gain on sale of loans in the third quarter of 2024 includes $51,000 from SBA loans, compared to $116,000 in the prior quarter. Write-downs on sold loan servicing rights mark-to-market valuation totaled $161,000 for the third quarter of 2024 compared to $103,000 in the prior quarter. Other noninterest income includes a valuation gain on partnership investments of $279,000 compared to a loss of $56,000 in the preceding quarter.
Noninterest income decreased 38.7% from $2.9 million in the same quarter one year ago. The third quarter of 2023 included $750,000 in credit enhancements reimbursed to the Company on Splash charge-offs recorded in other noninterest income. The quarter ended September 30, 2023, also included a $102,000 gain on sale of mortgage loans, compared to a $6,000 gain in the third quarter of 2024.
| Noninterest Income | ||||||||||||||||||||
| $ in thousands | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Loan and deposit service fees | $ | 1,059 | $ | 1,076 | $ | 1,102 | 1,068 | $ | 1,068 | |||||||||||
| Sold loan servicing fees and servicing rights mark-to-market | 10 | 74 | 219 | 276 | 98 | |||||||||||||||
| Net gain on sale of loans | 58 | 150 | 52 | 33 | 171 | |||||||||||||||
| Net (loss) gain on sale of investment securities | — | (2,117 | ) | — | (5,397 | ) | — | |||||||||||||
| Net gain on sale of premises and equipment | — | 7,919 | — | — | — | |||||||||||||||
| Increase in cash surrender value of bank-owned life insurance | 315 | 293 | 243 | 260 | 252 | |||||||||||||||
| Other income | 337 | (48 | ) | 572 | 831 | 1,315 | ||||||||||||||
| Total noninterest income | $ | 1,779 | $ | 7,347 | $ | 2,188 | $ | (2,929 | ) | $ | 2,904 | |||||||||
Noninterest Expense
Noninterest expense totaled $15.9 million for the third quarter of 2024, compared to $15.6 million for the preceding quarter and $14.4 million for the third quarter a year ago. Increases were primarily due to one-time severance payouts of $704,000 during the three months ended September 30, 2024, partially offset by a decrease in occupancy due to the one-time tax assessment on the sale-leaseback of $359,000 paid in the previous quarter. Other expense increased this quarter primarily due to $161,000 of additional credit related expenses.
The increase in total noninterest expenses compared to the third quarter of 2023 is mainly due to current quarter one-time severance payouts of $704,000, additional payroll tax expense of $342,000 and additional medical benefit expense of $162,000. Payroll tax expense in the third quarter of 2023 included accretion of the employee retention credit (“ERC”) which reduced the expense by $293,000. In the fourth quarter of 2023, the Bank stopped the recognition of the ERC for the foreseeable future. Occupancy increased due to the additional rent of $416,000 from the previous quarter sale-leaseback transaction. Other increases compared to the third quarter of 2023 included $51,000 in stockholder communications, $103,000 of state taxes, $163,000 in FDIC insurance premiums, and $269,000 of additional credit related expenses. These increases were partially offset by lower legal fees of $204,000, consulting fees of $146,000 and advertising costs of $91,000. The Company continues to focus on controlling compensation expense and reducing advertising and other discretionary spending to improve earnings.
| Noninterest Expense | ||||||||||||||||||||
| $ in thousands | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Compensation and benefits | $ | 8,582 | $ | 8,588 | $ | 8,128 | $ | 7,397 | $ | 7,795 | ||||||||||
| Data processing | 2,085 | 2,008 | 1,944 | 2,107 | 1,945 | |||||||||||||||
| Occupancy and equipment | 1,553 | 1,799 | 1,240 | 1,262 | 1,173 | |||||||||||||||
| Supplies, postage, and telephone | 360 | 317 | 293 | 351 | 292 | |||||||||||||||
| Regulatory assessments and state taxes | 548 | 457 | 513 | 376 | 446 | |||||||||||||||
| Advertising | 409 | 377 | 309 | 235 | 501 | |||||||||||||||
| Professional fees | 698 | 684 | 910 | 1,119 | 929 | |||||||||||||||
| FDIC insurance premium | 533 | 473 | 386 | 418 | 369 | |||||||||||||||
| Other expense | 1,080 | 906 | 580 | 3,725 | 926 | |||||||||||||||
| Total noninterest expense | $ | 15,848 | $ | 15,609 | $ | 14,303 | $ | 16,990 | $ | 14,376 | ||||||||||
| Efficiency ratio | 100.31 | % | 72.32 | % | 88.75 | % | 150.81 | % | 80.52 | % | ||||||||||
Investment Securities
Investment securities increased $4.2 million, or 1.4%, to $310.9 million at September 30, 2024, compared to $306.7 million three months earlier, and increased $1.5 million compared to $309.3 million at September 30, 2023. The market value of the portfolio increased $8.1 million during the third quarter of 2024 primarily due to the market rally in the second half the third quarter which drove the yield curve lower. At September 30, 2024, municipal bonds totaled $81.4 million and comprised the largest portion of the investment portfolio at 26.2%. Agency issued mortgage-backed securities (“MBS agency”) were the second largest segment, totaling $78.5 million, or 25.3%, of the portfolio at quarter end. Included in MBS non-agency were $29.6 million of commercial mortgage-backed securities (“CMBS”), of which 89.8% were in “A” tranches and the remaining 10.2% were in “B” tranches. Our largest exposure in the CMBS portfolio at September 30, 2024, was to long-term care facilities, which comprised 65.0%, or $19.2 million, of our private label CMBS securities. All of the CMBS bonds had credit enhancements ranging from 28.8% to 71.8%, with a weighted-average credit enhancement of 55.3%, that further reduced the risk of loss on these investments.
The estimated average life of the securities portfolio was approximately 7.4 years at September 30, 2024, 7.8 years at the prior quarter end and 7.7 years for the third quarter of 2023. The effective duration of the portfolio was approximately 3.9 years at September 30, 2024, compared to 4.3 years in the prior quarter and 4.9 years at the end of the third quarter of 2023. Our recent investment purchases have primarily been floating rate securities to take advantage of higher short-term rates above those offered on cash and to reduce our liability sensitivity.
| Investment Securities Available for Sale, at Fair Value | ||||||||||||||||||||
| $ in thousands | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Municipal bonds | $ | 81,363 | $ | 78,825 | $ | 87,004 | $ | 87,761 | $ | 93,995 | ||||||||||
| U.S. Treasury notes | — | — | — | — | 2,377 | |||||||||||||||
| International agency issued bonds (Agency bonds) | — | — | — | — | 1,703 | |||||||||||||||
| U.S. government agency issued asset-backed securities (ABS agency) | 13,296 | 13,982 | 14,822 | 11,782 | — | |||||||||||||||
| Corporate issued asset-backed securities (ABS corporate) | 16,391 | 16,483 | 13,929 | 5,286 | — | |||||||||||||||
| Corporate issued debt securities (Corporate debt): | ||||||||||||||||||||
| Senior positions | 10,241 | 9,066 | 13,617 | 9,270 | 16,975 | |||||||||||||||
| Subordinated bank notes | 43,817 | 43,826 | 39,414 | 42,184 | 37,360 | |||||||||||||||
| U.S. Small Business Administration securities (SBA) | 9,317 | 9,772 | 7,911 | — | — | |||||||||||||||
| Mortgage-backed securities: | ||||||||||||||||||||
| U.S. government agency issued mortgage-backed securities (MBS agency) | 78,549 | 77,301 | 83,271 | 63,247 | 66,946 | |||||||||||||||
| Non-agency issued mortgage-backed securities (MBS non-agency) | 57,886 | 57,459 | 65,987 | 76,093 | 89,968 | |||||||||||||||
| Total securities available for sale, at fair value | $ | 310,860 | $ | 306,714 | $ | 325,955 | $ | 295,623 | $ | 309,324 | ||||||||||
Loans and Unfunded Loan Commitments
Net loans, excluding loans held for sale, increased $36.7 million, or 2.2%, to $1.71 billion at September 30, 2024, from $1.68 billion at June 30, 2024, and increased $96.4 million, or 6.0%, from $1.62 billion one year ago.
Commercial business loans increased $38.2 million, primarily attributable to a $29.0 million increase in our Northpointe Bank Mortgage Purchase Program participation, organic originations totaling $7.9 million and draws on existing lines of credit of $5.7 million which were partially offset by payments. One-to-four family loans increased $5.9 million during the third quarter of 2024 as a result of $14.2 million in residential construction loans that converted to permanent amortizing loans, partially offset by payoffs and scheduled payments. Home equity loans increased $4.3 million over the previous quarter due to organic home equity loan production of $5.5 million and draws on new and existing commitments of $4.6 million, partially offset by payoffs and scheduled payments. Multi-family loans increased $3.7 million during the current quarter. The increase was primarily the result of $9.2 million of construction loans converting into permanent amortizing loans, partially offset by payoffs and scheduled payments. Commercial real estate loans increased $497,000 during the third quarter of 2024 compared to the previous quarter as originations of $8.6 million were offset by payoffs and scheduled payments.
Construction loans decreased $11.6 million during the quarter, with $23.4 million converting into fully amortizing loans, partially offset by draws on new and existing loans. New single-family residence construction loan commitments totaled $4.1 million in the third quarter, compared to $2.7 million in the preceding quarter. Auto and other consumer loans decreased $4.4 million during the third quarter of 2024 as payoffs and scheduled payments were higher than $5.8 million of new auto loan purchases, a $4.3 million manufactured home loan pool and individual manufactured home loan purchases totaling $1.2 million.
The Company originated $3.4 million in residential mortgages during the third quarter of 2023 and sold $3.9 million, with an average gross margin on sale of mortgage loans of approximately 2.06%. This production compares to residential mortgage originations of $5.0 million in the preceding quarter with sales of $4.9 million, and an average gross margin of 2.05%. Single-family home inventory remained historically low and higher market rates on mortgage loans continued to limit saleable mortgage loan production through much of the third quarter.
| Loans by Collateral and Unfunded Commitments | ||||||||||||||||||||
| $ in thousands | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| One-to-four family construction | $ | 51,607 | $ | 49,440 | $ | 70,100 | $ | 60,211 | $ | 72,991 | ||||||||||
| All other construction and land | 45,166 | 58,346 | 55,286 | 69,484 | 71,092 | |||||||||||||||
| One-to-four family first mortgage | 469,053 | 434,840 | 436,543 | 426,159 | 409,207 | |||||||||||||||
| One-to-four family junior liens | 14,701 | 13,706 | 12,608 | 12,250 | 12,859 | |||||||||||||||
| One-to-four family revolving open-end | 48,459 | 44,803 | 45,536 | 42,479 | 38,413 | |||||||||||||||
| Commercial real estate, owner occupied: | ||||||||||||||||||||
| Health care | 29,407 | 29,678 | 29,946 | 22,523 | 22,677 | |||||||||||||||
| Office | 17,901 | 19,215 | 17,951 | 18,468 | 18,599 | |||||||||||||||
| Warehouse | 11,645 | 14,613 | 14,683 | 14,758 | 14,890 | |||||||||||||||
| Other | 64,535 | 56,292 | 55,063 | 61,304 | 57,414 | |||||||||||||||
| Commercial real estate, non-owner occupied: | ||||||||||||||||||||
| Office | 49,770 | 50,158 | 53,099 | 53,548 | 53,879 | |||||||||||||||
| Retail | 49,717 | 50,101 | 50,478 | 51,384 | 51,466 | |||||||||||||||
| Hospitality | 62,282 | 62,628 | 66,982 | 67,332 | 61,339 | |||||||||||||||
| Other | 82,573 | 84,428 | 93,040 | 94,822 | 96,083 | |||||||||||||||
| Multi-family residential | 354,118 | 350,382 | 339,907 | 333,428 | 325,338 | |||||||||||||||
| Commercial business loans | 86,904 | 79,055 | 90,781 | 76,920 | 75,068 | |||||||||||||||
| Commercial agriculture and fishing loans | 15,369 | 14,411 | 10,200 | 5,422 | 4,437 | |||||||||||||||
| State and political subdivision obligations | 404 | 405 | 405 | 405 | 439 | |||||||||||||||
| Consumer automobile loans | 144,036 | 151,121 | 139,524 | 132,877 | 134,695 | |||||||||||||||
| Consumer loans secured by other assets | 132,749 | 129,293 | 122,895 | 108,542 | 104,999 | |||||||||||||||
| Consumer loans unsecured | 4,411 | 5,209 | 6,415 | 7,712 | 9,093 | |||||||||||||||
| Total loans | $ | 1,734,807 | $ | 1,698,124 | $ | 1,711,442 | $ | 1,660,028 | $ | 1,634,978 | ||||||||||
| Unfunded commitments under lines of credit or existing loans | $ | 166,446 | $ | 155,005 | $ | 148,736 | $ | 149,631 | $ | 154,722 | ||||||||||
Deposits
Total deposits increased $3.4 million to $1.71 billion at September 30, 2024, compared to $1.71 billion at June 30, 2024, and increased $53.9 million, or 3.3%, compared to $1.66 billion one year ago. During the third quarter of 2024, total retail customer deposit balances increased $23.4 million and brokered deposit balances decreased $20.0 million. Compared to the preceding quarter, there were balance increases of $18.1 million in consumer time deposits, $17.7 million in business money market accounts, $7.9 million in consumer demand accounts and $7.7 million in business time deposits. These increases were partially offset by decreases in business demand accounts of $26.4 million, brokered time deposits of $20.0 million, consumer money market accounts of $7.4 million, business savings accounts of $6.5 million, consumer savings accounts of $5.3 million and public fund time deposits of $941,000, during the third quarter of 2024. Increases in time deposits and money market accounts were driven by customer behavior as they sought out higher rates. Overall, the current rate environment continues to contribute to greater competition for deposits with ongoing deposit rate specials offered to attract new funds.
The Company estimates that $401.0 million, or 23%, of total deposit balances were uninsured at September 30, 2024. Approximately $265.7 million, or 16%, of total deposits were uninsured business and consumer deposits with the remaining $135.3 million, or 8%, consisting of uninsured public funds at September 30, 2024. Uninsured public fund balances were fully collateralized. The Bank holds an FHLB standby letter of credit as part of our participation in the Washington Public Deposit Protection Commission program which covered $115.5 million of related deposit balances while the remaining $19.8 million of uninsured tribal accounts was fully covered through pledged securities at September 30, 2024.
As of September 30, 2024, consumer deposits made up 58% of total deposits with an average balance of $24,000 per account, business deposits made up 22% of total deposits with an average balance of $51,000 per account, public fund deposits made up 8% of total deposits with an average balance of $1.6 million per account and the remaining 12% of account balances are brokered time deposits. We have maintained the majority of our public fund relationships for over 10 years. Approximately 70% of our customer base is located in rural areas, with 18% in urban areas and the remaining 12% are brokered deposits as of September 30, 2024.
| Deposits | ||||||||||||||||||||
| $ in thousands | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Noninterest-bearing demand deposits | $ | 252,999 | $ | 276,543 | $ | 252,083 | $ | 269,800 | $ | 280,475 | ||||||||||
| Interest-bearing demand deposits | 167,202 | 162,201 | 169,418 | 182,361 | 179,029 | |||||||||||||||
| Money market accounts | 433,307 | 423,047 | 362,205 | 372,706 | 374,269 | |||||||||||||||
| Savings accounts | 212,763 | 224,631 | 242,148 | 253,182 | 260,279 | |||||||||||||||
| Certificates of deposit, retail | 441,665 | 398,161 | 443,412 | 410,136 | 379,484 | |||||||||||||||
| Total retail deposits | 1,507,936 | 1,484,583 | 1,469,266 | 1,488,185 | 1,473,536 | |||||||||||||||
| Certificates of deposit, brokered | 203,705 | 223,705 | 207,626 | 169,577 | 179,586 | |||||||||||||||
| Total deposits | $ | 1,711,641 | $ | 1,708,288 | $ | 1,676,892 | $ | 1,657,762 | $ | 1,653,122 | ||||||||||
| Public fund and tribal deposits included in total deposits | $ | 139,729 | $ | 138,439 | $ | 132,652 | $ | 128,627 | $ | 130,974 | ||||||||||
| Total loans to total deposits | 101 | % | 99 | % | 102 | % | 100 | % | 99 | % | ||||||||||
| Deposit Mix | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Noninterest-bearing demand deposits | 14.8 | % | 16.2 | % | 15.0 | % | 16.3 | % | 17.0 | % | ||||||||||
| Interest-bearing demand deposits | 9.8 | 9.5 | 10.1 | 11.0 | 10.8 | |||||||||||||||
| Money market accounts | 25.3 | 24.8 | 21.6 | 22.5 | 22.6 | |||||||||||||||
| Savings accounts | 12.4 | 13.1 | 14.4 | 15.3 | 15.7 | |||||||||||||||
| Certificates of deposit, retail | 25.8 | 23.3 | 26.5 | 24.7 | 23.0 | |||||||||||||||
| Certificates of deposit, brokered | 11.9 | 13.1 | 12.4 | 10.2 | 10.9 | |||||||||||||||
| Cost of Deposits for the Quarter Ended | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Interest-bearing demand deposits | 0.45 | % | 0.47 | % | 0.45 | % | 0.45 | % | 0.46 | % | ||||||||||
| Money market accounts | 2.65 | 2.40 | 2.08 | 1.48 | 1.22 | |||||||||||||||
| Savings accounts | 1.64 | 1.62 | 1.63 | 1.54 | 1.42 | |||||||||||||||
| Certificates of deposit, retail | 4.16 | 4.10 | 4.13 | 3.92 | 3.52 | |||||||||||||||
| Certificates of deposit, brokered | 4.88 | 4.94 | 4.94 | 4.72 | 4.31 | |||||||||||||||
| Cost of total deposits | 2.56 | 2.47 | 2.43 | 2.12 | 1.85 | |||||||||||||||
Asset Quality
The allowance for credit losses on loans (“ACLL”) increased $2.6 million from $19.3 million at June 30, 2024, to $22.0 million at September 30, 2024. The ACLL as a percentage of total loans was 1.27% at September 30, 2024, increasing from 1.14% at June 30, 2024, and increasing from 1.04% one year earlier. The current quarter increase can be attributed to $1.9 million of additional reserves taken on individually evaluated commercial business loans due uncertainty in the collectability of these loans. The pooled loan reserve increased $1.2 million due to higher loss factors applied to commercial business and multi-family loans, partially offset by lower loss factors applied to one-to-four family, commercial real estate, home equity, auto and other consumer loans. Loss factors were revised based on the results of an annual loss driver analysis, in conjunction with other relevant factors, to update each segment’s sensitivity to qualitative factors used in the calculation of the pooled reserve at September 30, 2024.
Nonperforming loans totaled $30.4 million at September 30, 2024, an increase of $6.8 million from June 30, 2024, primarily attributable to a $5.6 million delinquent commercial real estate relationship and two commercial business loans with an aggregate total of $1.7 million placed on nonaccrual due to credit concerns. The percentage of the allowance for credit losses on loans to nonperforming loans decreased to 72% at September 30, 2024, from 82% at June 30, 2024, and from 714% at September 30, 2023. This ratio continues to decline as higher balances of real estate loans are included in nonperforming assets with no significant corresponding increase to the ACLL as these secured loans are considered adequately reserved for based on information currently available.
Classified loans increased $7.2 million to $46.9 million at September 30, 2024, due to the downgrade of one $6.4 million commercial real estate loan and ten commercial business loans totaling $5.6 million during the third quarter, partially offset by loan payoffs totaling $5.0 million. An $11.2 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; an $8.1 million commercial construction loan relationship, which became classified in the previous quarter; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 55% of the classified loan balance at September 30, 2024. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral dependent relationships. The Bank is also closely monitoring certain equity program loans, with 14 loans totaling $5.9 million included in classified loans at September 30, 2024, and an additional nine loans totaling $3.1 million included in the special mention risk grading category.
| $ in thousands | 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | |||||||||||||||
| Allowance for credit losses on loans to total loans | 1.27 | % | 1.14 | % | 1.05 | % | 1.05 | % | 1.04 | % | ||||||||||
| Allowance for credit losses on loans to nonaccrual loans | 72 | 82 | 92 | 94 | 714 | |||||||||||||||
| Nonaccrual loans to total loans | 1.75 | 1.39 | 1.14 | 1.12 | 0.15 | |||||||||||||||
| Net charge-off ratio (annualized) | 0.10 | 1.70 | 0.19 | 0.14 | 0.30 | |||||||||||||||
| Total nonaccrual loans | $ | 30,376 | $ | 23,631 | $ | 19,481 | $ | 18,644 | $ | 2,374 | ||||||||||
| Reserve for unfunded commitments | $ | 704 | $ | 647 | $ | 548 | $ | 817 | $ | 828 | ||||||||||
Capital
Total shareholders’ equity increased to $160.8 million at September 30, 2024, compared to $158.9 million three months earlier, due to an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $6.3 million, partially offset by a net loss of $2.0 million, a decrease in the after-tax fair market values of derivatives of $1.2 million, share repurchases totaling $1.0 million and dividends declared of $659,000.
Book value per common share was $17.17 at September 30, 2024, compared to $16.81 at June 30, 2024, and $16.20 at September 30, 2023. Tangible book value per common share* was $17.00 at September 30, 2024, compared to $16.64 at June 30, 2024, and $16.03 at September 30, 2023.
Capital levels for both the Company and its operating bank, First Fed, remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at September 30, 2024. Common Equity Tier 1 and Total Risk-Based Capital Ratios at September 30, 2024, were 12.2% and 13.4%, respectively.
| 3Q 24 | 2Q 24 | 1Q 24 | 4Q 23 | 3Q 23 | ||||||||||||||||
| Equity to total assets | 7.13 | % | 7.17 | % | 7.17 | % | 7.42 | % | 7.25 | % | ||||||||||
| Tangible common equity to tangible assets * | 7.06 | 7.10 | 7.10 | 7.35 | 7.17 | |||||||||||||||
| Capital ratios (First Fed Bank): | ||||||||||||||||||||
| Tier 1 leverage | 9.39 | 9.38 | 9.74 | 9.90 | 10.12 | |||||||||||||||
| Common equity Tier 1 capital | 12.20 | 12.40 | 12.56 | 13.12 | 13.43 | |||||||||||||||
| Tier 1 risk-based | 12.20 | 12.40 | 12.56 | 13.12 | 13.43 | |||||||||||||||
| Total risk-based | 13.44 | 13.49 | 13.57 | 14.11 | 14.38 | |||||||||||||||
Share Repurchase Program and Cash Dividend
First Northwest continued to return capital to our shareholders through cash dividends and share repurchases during the third quarter of 2024. We repurchased 98,156 shares of common stock under the Company’s April 2024 Stock Repurchase Plan (“Repurchase Plan”) at an average price of $10.19 per share for a total of $1.0 million during the quarter ended September 30, 2024, leaving 846,123 shares remaining under the plan. In addition, the Company paid cash dividends totaling $652,000 in the third quarter of 2024.
____________________
* See reconciliation of Non-GAAP Financial Measures later in this release.
Awards/Recognition
The Company received several accolades as a leader in the community in the last year.
| In September 2024, the First Fed team was recognized in the 2024 Best of Olympic Peninsula surveys, winning Best Bank and Best Lender in Clallam County; Best Bank and Best Financial Advisor in the West End; and Best Lender in Jefferson County. First Fed was also a finalist for Best Bank, Best Customer Service, Best Employer and Best Financial Advisor in Jefferson County; Best Customer Service, Best Employer and Best Financial Advisor in Clallam County; and Best Customer Service and Best Employer in the West End. | |
| In May 2024, First Fed, along with the First Fed Community Foundation, were honored to be ranked second on the Puget Sound Business Journal Midsize Corporate Philanthropists list. | |
| In October 2023, the First Fed team was honored to bring home the Gold for Best Bank in the Best of the Northwest survey hosted by Bellingham Alive for the second year in a row. | |
| In September 2023, the First Fed team was recognized in the 2023 Best of Olympic Peninsula surveys as a finalist for Best Employer in Kitsap County and Best Bank and Best Financial Institution in Bainbridge. | |
About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.
Forward-Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; the risk of inaccuracies in the reporting of our financial condition as a result of the material weakness in our internal controls; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.
Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2024 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.
For More Information Contact:
Matthew P. Deines, President and Chief Executive Officer
Geri Bullard, EVP, Chief Financial Officer and Chief Operating Officer
IRGroup@ourfirstfed.com
360-457-0461
FIRST NORTHWEST BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data) (Unaudited)
| September 30, 2024 | June 30, 2024 | September 30, 2023 | Three Month Change | One Year Change | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 17,953 | $ | 19,184 | $ | 20,609 | -6.4 | % | -12.9 | % | ||||||||||
| Interest-earning deposits in banks | 64,769 | 63,995 | 63,277 | 1.2 | 2.4 | |||||||||||||||
| Investment securities available for sale, at fair value | 310,860 | 306,714 | 309,324 | 1.4 | 0.5 | |||||||||||||||
| Loans held for sale | 378 | 1,086 | 689 | -65.2 | -45.1 | |||||||||||||||
| Loans receivable (net of allowance for credit losses on loans $21,970, $19,343, and $16,945) | 1,714,416 | 1,677,764 | 1,618,033 | 2.2 | 6.0 | |||||||||||||||
| Federal Home Loan Bank (FHLB) stock, at cost | 14,435 | 13,086 | 12,621 | 10.3 | 14.4 | |||||||||||||||
| Accrued interest receivable | 8,939 | 9,466 | 8,093 | -5.6 | 10.5 | |||||||||||||||
| Premises and equipment, net | 10,436 | 10,714 | 17,954 | -2.6 | -41.9 | |||||||||||||||
| Servicing rights on sold loans, at fair value | 3,584 | 3,740 | 3,729 | -4.2 | -3.9 | |||||||||||||||
| Bank-owned life insurance, net | 41,429 | 41,113 | 40,318 | 0.8 | 2.8 | |||||||||||||||
| Equity and partnership investments | 14,912 | 15,085 | 14,623 | -1.1 | 2.0 | |||||||||||||||
| Goodwill and other intangible assets, net | 1,083 | 1,084 | 1,087 | -0.1 | -0.4 | |||||||||||||||
| Deferred tax asset, net | 10,802 | 12,216 | 16,611 | -11.6 | -35.0 | |||||||||||||||
| Prepaid expenses and other assets | 41,490 | 40,715 | 26,577 | 1.9 | 56.1 | |||||||||||||||
| Total assets | $ | 2,255,486 | $ | 2,215,962 | $ | 2,153,545 | 1.8 | % | 4.7 | % | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Deposits | $ | 1,711,641 | $ | 1,708,288 | $ | 1,657,762 | 0.2 | % | 3.3 | % | ||||||||||
| Borrowings | 334,994 | 302,575 | 300,416 | 10.7 | 11.5 | |||||||||||||||
| Accrued interest payable | 2,153 | 3,143 | 2,276 | -31.5 | -5.4 | |||||||||||||||
| Accrued expenses and other liabilities | 43,424 | 41,771 | 34,651 | 4.0 | 25.3 | |||||||||||||||
| Advances from borrowers for taxes and insurance | 2,485 | 1,304 | 2,375 | 90.6 | 4.6 | |||||||||||||||
| Total liabilities | 2,094,697 | 2,057,081 | 1,997,480 | 1.8 | 4.9 | |||||||||||||||
| Shareholders’ Equity | ||||||||||||||||||||
| Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | — | — | — | n/a | n/a | |||||||||||||||
| Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 9,365,979 at September 30, 2024; issued and outstanding 9,453,247 at June 30, 2024; and issued and outstanding 9,630,735 at September 30, 2023 | 94 | 94 | 96 | 0.0 | -2.1 | |||||||||||||||
| Additional paid-in capital | 93,218 | 93,985 | 95,658 | -0.8 | -2.6 | |||||||||||||||
| Retained earnings | 100,660 | 103,322 | 113,579 | -2.6 | -11.4 | |||||||||||||||
| Accumulated other comprehensive loss, net of tax | (26,424 | ) | (31,597 | ) | (45,850 | ) | 16.4 | 42.4 | ||||||||||||
| Unearned employee stock ownership plan (ESOP) shares | (6,759 | ) | (6,923 | ) | (7,418 | ) | 2.4 | 8.9 | ||||||||||||
| Total shareholders’ equity | 160,789 | 158,881 | 156,065 | 1.2 | 3.0 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 2,255,486 | $ | 2,215,962 | $ | 2,153,545 | 1.8 | % | 4.7 | % | ||||||||||
FIRST NORTHWEST BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data) (Unaudited)
| Quarter Ended | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | Three Month Change | One Year Change | ||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Interest and fees on loans receivable | $ | 23,536 | $ | 23,733 | $ | 21,728 | -0.8 | % | 8.3 | % | ||||||||||
| Interest on investment securities | 3,786 | 3,949 | 3,368 | -4.1 | 12.4 | |||||||||||||||
| Interest on deposits in banks | 582 | 571 | 524 | 1.9 | 11.1 | |||||||||||||||
| FHLB dividends | 302 | 358 | 214 | -15.6 | 41.1 | |||||||||||||||
| Total interest income | 28,206 | 28,611 | 25,834 | -1.4 | 9.2 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 10,960 | 10,180 | 7,699 | 7.7 | 42.4 | |||||||||||||||
| Borrowings | 3,226 | 4,196 | 3,185 | -23.1 | 1.3 | |||||||||||||||
| Total interest expense | 14,186 | 14,376 | 10,884 | -1.3 | 30.3 | |||||||||||||||
| Net interest income | 14,020 | 14,235 | 14,950 | -1.5 | -6.2 | |||||||||||||||
| PROVISION FOR CREDIT LOSSES | ||||||||||||||||||||
| Provision for credit losses on loans | 3,077 | 8,640 | 880 | -64.4 | 249.7 | |||||||||||||||
| Provision for (recapture of) credit losses on unfunded commitments | 57 | 99 | (509 | ) | -42.4 | 111.2 | ||||||||||||||
| Provision for credit losses | 3,134 | 8,739 | 371 | -64.1 | 744.7 | |||||||||||||||
| Net interest income after provision for credit losses | 10,886 | 5,496 | 14,579 | 98.1 | -25.3 | |||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Loan and deposit service fees | 1,059 | 1,076 | 1,068 | -1.6 | -0.8 | |||||||||||||||
| Sold loan servicing fees and servicing rights mark-to-market | 10 | 74 | 98 | -86.5 | -89.8 | |||||||||||||||
| Net gain on sale of loans | 58 | 150 | 171 | -61.3 | -66.1 | |||||||||||||||
| Net loss on sale of investment securities | — | (2,117 | ) | — | 100.0 | n/a | ||||||||||||||
| Net gain on sale of premises and equipment | — | 7,919 | — | -100.0 | n/a | |||||||||||||||
| Increase in cash surrender value of bank-owned life insurance | 315 | 293 | 252 | 7.5 | 25.0 | |||||||||||||||
| Other income | 337 | (48 | ) | 1,315 | 802.1 | -74.4 | ||||||||||||||
| Total noninterest income | 1,779 | 7,347 | 2,904 | -75.8 | -38.7 | |||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Compensation and benefits | 8,582 | 8,588 | 7,795 | -0.1 | 10.1 | |||||||||||||||
| Data processing | 2,085 | 2,008 | 1,945 | 3.8 | 7.2 | |||||||||||||||
| Occupancy and equipment | 1,553 | 1,799 | 1,173 | -13.7 | 32.4 | |||||||||||||||
| Supplies, postage, and telephone | 360 | 317 | 292 | 13.6 | 23.3 | |||||||||||||||
| Regulatory assessments and state taxes | 548 | 457 | 446 | 19.9 | 22.9 | |||||||||||||||
| Advertising | 409 | 377 | 501 | 8.5 | -18.4 | |||||||||||||||
| Professional fees | 698 | 684 | 929 | 2.0 | -24.9 | |||||||||||||||
| FDIC insurance premium | 533 | 473 | 369 | 12.7 | 44.4 | |||||||||||||||
| Other expense | 1,080 | 906 | 926 | 19.2 | 16.6 | |||||||||||||||
| Total noninterest expense | 15,848 | 15,609 | 14,376 | 1.5 | 10.2 | |||||||||||||||
| (Loss) income before (benefit) provision for income taxes | (3,183 | ) | (2,766 | ) | 3,107 | -15.1 | -202.4 | |||||||||||||
| (Benefit) provision for income taxes | (1,203 | ) | (547 | ) | 603 | -119.9 | -299.5 | |||||||||||||
| Net (loss) income | $ | (1,980 | ) | $ | (2,219 | ) | $ | 2,504 | 10.8 | % | -179.1 | % | ||||||||
| Basic and diluted (loss) earnings per common share | $ | (0.23 | ) | $ | (0.25 | ) | $ | 0.28 | 8.0 | % | -182.1 | % | ||||||||
FIRST NORTHWEST BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data) (Unaudited)
| Nine Months Ended September 30, | Percent | |||||||||||
| 2024 | 2023 | Change | ||||||||||
| INTEREST INCOME | ||||||||||||
| Interest and fees on loans receivable | $ | 70,036 | $ | 62,531 | 12.0 | % | ||||||
| Interest on investment securities | 11,367 | 9,886 | 15.0 | |||||||||
| Interest on deposits in banks | 1,798 | 1,545 | 16.4 | |||||||||
| FHLB dividends | 942 | 628 | 50.0 | |||||||||
| Total interest income | 84,143 | 74,590 | 12.8 | |||||||||
| INTEREST EXPENSE | ||||||||||||
| Deposits | 31,252 | 18,261 | 71.1 | |||||||||
| Borrowings | 10,708 | 9,092 | 17.8 | |||||||||
| Total interest expense | 41,960 | 27,353 | 53.4 | |||||||||
| Net interest income | 42,183 | 47,237 | -10.7 | |||||||||
| PROVISION FOR CREDIT LOSSES | ||||||||||||
| Provision for credit losses on loans | 12,956 | 1,195 | 984.2 | |||||||||
| (Recapture of) provision for credit losses on unfunded commitments | (113 | ) | (1,024 | ) | 89.0 | |||||||
| Provision for credit losses | 12,843 | 171 | 7,410.5 | |||||||||
| Net interest income after provision for credit losses | 29,340 | 47,066 | -37.7 | |||||||||
| NONINTEREST INCOME | ||||||||||||
| Loan and deposit service fees | 3,237 | 3,273 | -1.1 | |||||||||
| Sold loan servicing fees and servicing rights mark-to-market | 303 | 400 | -24.3 | |||||||||
| Net gain on sale of loans | 260 | 405 | -35.8 | |||||||||
| Net loss on sale of investment securities | (2,117 | ) | — | 100.0 | ||||||||
| Net gain on sale of premises and equipment | 7,919 | — | 100.0 | |||||||||
| Increase in cash surrender value of bank-owned life insurance | 851 | 668 | 27.4 | |||||||||
| Other income | 861 | 2,203 | -60.9 | |||||||||
| Total noninterest income | 11,314 | 6,949 | 62.8 | |||||||||
| NONINTEREST EXPENSE | ||||||||||||
| Compensation and benefits | 25,298 | 23,812 | 6.2 | |||||||||
| Data processing | 6,037 | 6,063 | -0.4 | |||||||||
| Occupancy and equipment | 4,592 | 3,596 | 27.7 | |||||||||
| Supplies, postage, and telephone | 970 | 1,082 | -10.4 | |||||||||
| Regulatory assessments and state taxes | 1,518 | 1,259 | 20.6 | |||||||||
| Advertising | 1,095 | 2,471 | -55.7 | |||||||||
| Professional fees | 2,292 | 2,619 | -12.5 | |||||||||
| FDIC insurance premium | 1,392 | 939 | 48.2 | |||||||||
| Other | 2,566 | 2,623 | -2.2 | |||||||||
| Total noninterest expense | 45,760 | 44,464 | 2.9 | |||||||||
| (Loss) income before (benefit) provision for income taxes | (5,106 | ) | 9,551 | -153.5 | ||||||||
| (Benefit) provision for income taxes | (1,303 | ) | 1,903 | -168.5 | ||||||||
| Net (loss) income | (3,803 | ) | 7,648 | -149.7 | ||||||||
| Net loss attributable to noncontrolling interest in Quin Ventures, Inc. | — | 160 | -100.0 | |||||||||
| Net (loss) income attributable to parent | $ | (3,803 | ) | $ | 7,808 | -148.7 | % | |||||
| Basic and diluted (loss) earnings per common share | $ | (0.43 | ) | $ | 0.87 | -149.4 | % | |||||
FIRST NORTHWEST BANCORP AND SUBSIDIARY
Selected Financial Ratios and Other Data
(Dollars in thousands, except per share data) (Unaudited)
| As of or For the Quarter Ended | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| Performance ratios:(1) | ||||||||||||||||||||
| Return on average assets | -0.36 | % | -0.40 | % | 0.07 | % | -1.03 | % | 0.46 | % | ||||||||||
| Return on average equity | -4.91 | -5.47 | 0.98 | -14.05 | 6.17 | |||||||||||||||
| Average interest rate spread | 2.21 | 2.27 | 2.28 | 2.40 | 2.54 | |||||||||||||||
| Net interest margin(2) | 2.70 | 2.76 | 2.76 | 2.84 | 2.97 | |||||||||||||||
| Efficiency ratio(3) | 100.3 | 72.3 | 88.8 | 150.8 | 80.5 | |||||||||||||||
| Equity to total assets | 7.13 | 7.17 | 7.17 | 7.42 | 7.25 | |||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 118.0 | 117.6 | 118.3 | 118.2 | 120.0 | |||||||||||||||
| Book value per common share | $ | 17.17 | $ | 16.81 | $ | 17.00 | $ | 16.99 | $ | 16.20 | ||||||||||
| Tangible performance ratios:(1) | ||||||||||||||||||||
| Tangible common equity to tangible assets(4) | 7.06 | % | 7.10 | % | 7.10 | % | 7.35 | % | 7.17 | % | ||||||||||
| Return on average tangible common equity(4) | -4.96 | -5.53 | 0.99 | -14.20 | 6.23 | |||||||||||||||
| Tangible book value per common share(4) | $ | 17.00 | $ | 16.64 | $ | 16.83 | $ | 16.83 | $ | 16.03 | ||||||||||
| Asset quality ratios: | ||||||||||||||||||||
| Nonperforming assets to total assets at end of period(5) | 1.35 | % | 1.07 | % | 0.87 | % | 0.85 | % | 0.11 | % | ||||||||||
| Nonaccrual loans to total loans(6) | 1.75 | 1.39 | 1.14 | 1.12 | 0.15 | |||||||||||||||
| Allowance for credit losses on loans to nonaccrual loans(6) | 72.33 | 81.85 | 92.18 | 93.92 | 713.77 | |||||||||||||||
| Allowance for credit losses on loans to total loans | 1.27 | 1.14 | 1.05 | 1.05 | 1.04 | |||||||||||||||
| Annualized net charge-offs to average outstanding loans | 0.10 | 1.70 | 0.19 | 0.14 | 0.30 | |||||||||||||||
| Capital ratios (First Fed Bank): | ||||||||||||||||||||
| Tier 1 leverage | 9.4 | % | 9.4 | % | 9.7 | % | 9.9 | % | 10.1 | % | ||||||||||
| Common equity Tier 1 capital | 12.2 | 12.4 | 12.6 | 13.1 | 13.4 | |||||||||||||||
| Tier 1 risk-based | 12.2 | 12.4 | 12.6 | 13.1 | 13.4 | |||||||||||||||
| Total risk-based | 13.4 | 13.5 | 13.6 | 14.1 | 14.4 | |||||||||||||||
| Other Information: | ||||||||||||||||||||
| Average total assets | $ | 2,209,333 | $ | 2,219,370 | $ | 2,166,187 | $ | 2,127,655 | $ | 2,139,734 | ||||||||||
| Average total loans | 1,718,402 | 1,717,830 | 1,678,656 | 1,645,418 | 1,641,206 | |||||||||||||||
| Average interest-earning assets | 2,061,970 | 2,072,280 | 2,027,821 | 1,980,226 | 1,994,251 | |||||||||||||||
| Average noninterest-bearing deposits | 252,911 | 251,442 | 249,283 | 259,845 | 276,294 | |||||||||||||||
| Average interest-bearing deposits | 1,452,817 | 1,408,018 | 1,422,116 | 1,379,059 | 1,377,734 | |||||||||||||||
| Average interest-bearing liabilities | 1,747,649 | 1,762,858 | 1,714,474 | 1,675,044 | 1,661,996 | |||||||||||||||
| Average equity | 160,479 | 163,079 | 161,867 | 155,971 | 160,994 | |||||||||||||||
| Average common shares — basic | 8,756,765 | 8,783,086 | 8,876,236 | 8,928,620 | 8,906,526 | |||||||||||||||
| Average common shares — diluted | 8,756,765 | 8,783,086 | 8,907,184 | 8,968,828 | 8,934,882 | |||||||||||||||
| Tangible assets(4) | 2,253,914 | 2,214,361 | 2,238,446 | 2,200,230 | 2,151,849 | |||||||||||||||
| Tangible common equity(4) | 159,217 | 157,280 | 158,932 | 161,773 | 154,369 | |||||||||||||||
| (1) | Performance ratios are annualized, where appropriate. |
| (2) | Net interest income divided by average interest-earning assets. |
| (3) | Total noninterest expense as a percentage of net interest income and total other noninterest income. |
| (4) | See reconciliation of Non-GAAP Financial Measures later in this release. |
| (5) | Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets. |
| (6) | Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due. |
FIRST NORTHWEST BANCORP AND SUBSIDIARY
Selected Financial Ratios and Other Data
(Dollars in thousands, except per share data) (Unaudited)
| As of or For the Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Performance ratios:(1) | ||||||||
| Return on average assets | -0.23 | % | 0.50 | % | ||||
| Return on average equity | -3.14 | 6.50 | ||||||
| Average interest rate spread | 2.25 | 2.83 | ||||||
| Net interest margin(2) | 2.74 | 3.22 | ||||||
| Efficiency ratio(3) | 85.54 | 82.06 | ||||||
| Equity to total assets | 7.13 | 7.25 | ||||||
| Average interest-earning assets to average interest-bearing liabilities | 117.9 | 121.0 | ||||||
| Book value per common share | $ | 17.17 | $ | 16.20 | ||||
| Tangible performance ratios:(1) | ||||||||
| Tangible common equity to tangible assets(4) | 7.06 | % | 7.17 | % | ||||
| Return on average tangible common equity(4) | -3.17 | 6.57 | ||||||
| Tangible book value per common share(4) | $ | 17.00 | $ | 16.03 | ||||
| Asset quality ratios: | ||||||||
| Nonperforming assets to total assets at end of period(5) | 1.35 | % | 0.11 | % | ||||
| Nonaccrual loans to total loans(6) | 1.75 | 0.15 | ||||||
| Allowance for credit losses on loans to nonaccrual loans(6) | 72.33 | 713.77 | ||||||
| Allowance for credit losses on loans to total loans | 1.27 | 1.04 | ||||||
| Annualized net charge-offs to average outstanding loans | 0.67 | 0.10 | ||||||
| Capital ratios (First Fed Bank): | ||||||||
| Tier 1 leverage | 9.4 | % | 10.1 | % | ||||
| Common equity Tier 1 capital | 12.2 | 13.4 | ||||||
| Tier 1 risk-based | 12.2 | 13.4 | ||||||
| Total risk-based | 13.4 | 14.4 | ||||||
| Other Information: | ||||||||
| Average total assets | $ | 2,198,337 | $ | 2,102,980 | ||||
| Average total loans | 1,705,088 | 1,698,394 | ||||||
| Average interest-earning assets | 2,054,052 | 1,959,946 | ||||||
| Average noninterest-bearing deposits | 251,218 | 284,282 | ||||||
| Average interest-bearing deposits | 1,427,743 | 1,333,696 | ||||||
| Average interest-bearing liabilities | 1,741,683 | 1,619,763 | ||||||
| Average equity | 161,803 | 160,573 | ||||||
| Average common shares — basic | 8,805,124 | 8,910,391 | ||||||
| Average common shares — diluted | 8,805,124 | 8,930,404 | ||||||
| Tangible assets(4) | 2,253,914 | 2,151,849 | ||||||
| Tangible common equity(4) | 159,217 | 154,369 | ||||||
| (1) | Performance ratios are annualized, where appropriate. |
| (2) | Net interest income divided by average interest-earning assets. |
| (3) | Total noninterest expense as a percentage of net interest income and total other noninterest income. |
| (4) | See reconciliation of Non-GAAP Financial Measures later in this release. |
| (5) | Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets. |
| (6) | Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due. |
FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Dollars in thousands) (Unaudited)
| September 30, 2024 | June 30, 2024 | September 30, 2023 | Three Month Change | One Year Change | ||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Real Estate: | ||||||||||||||||||||
| One-to-four family | $ | 395,792 | $ | 389,934 | $ | 369,950 | $ | 5,858 | $ | 25,842 | ||||||||||
| Multi-family | 353,813 | 350,076 | 325,496 | 3,737 | 28,317 | |||||||||||||||
| Commercial real estate | 376,008 | 375,511 | 381,508 | 497 | (5,500 | ) | ||||||||||||||
| Construction and land | 95,709 | 107,273 | 143,434 | (11,564 | ) | (47,725 | ) | |||||||||||||
| Total real estate loans | 1,221,322 | 1,222,794 | 1,220,388 | (1,472 | ) | 934 | ||||||||||||||
| Consumer: | ||||||||||||||||||||
| Home equity | 76,960 | 72,613 | 64,424 | 4,347 | 12,536 | |||||||||||||||
| Auto and other consumer | 281,198 | 285,623 | 248,786 | (4,425 | ) | 32,412 | ||||||||||||||
| Total consumer loans | 358,158 | 358,236 | 313,210 | (78 | ) | 44,948 | ||||||||||||||
| Commercial business | 155,327 | 117,094 | 101,380 | 38,233 | 53,947 | |||||||||||||||
| Total loans receivable | 1,734,807 | 1,698,124 | 1,634,978 | 36,683 | 99,829 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Derivative basis adjustment | (1,579 | ) | 1,017 | — | (2,596 | ) | (1,579 | ) | ||||||||||||
| Allowance for credit losses on loans | 21,970 | 19,343 | 16,945 | 2,627 | 5,025 | |||||||||||||||
| Total loans receivable, net | $ | 1,714,416 | $ | 1,677,764 | $ | 1,618,033 | $ | 36,652 | $ | 96,383 | ||||||||||
Selected loan detail:
| September 30, 2024 | June 30, 2024 | September 30, 2023 | Three Month Change | One Year Change | ||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Construction and land loans breakout | ||||||||||||||||||||
| 1-4 Family construction | $ | 43,125 | $ | 56,514 | $ | 63,371 | $ | (13,389 | ) | $ | (20,246 | ) | ||||||||
| Multifamily construction | 29,109 | 43,341 | 54,318 | (14,232 | ) | (25,209 | ) | |||||||||||||
| Nonresidential construction | 17,500 | 1,015 | 18,746 | 16,485 | (1,246 | ) | ||||||||||||||
| Land and development | 5,975 | 6,403 | 6,999 | (428 | ) | (1,024 | ) | |||||||||||||
| Total construction and land loans | $ | 95,709 | $ | 107,273 | $ | 143,434 | $ | (11,564 | ) | $ | (47,725 | ) | ||||||||
| Auto and other consumer loans breakout | ||||||||||||||||||||
| Triad Manufactured Home loans | $ | 129,600 | $ | 125,906 | $ | 101,339 | $ | 3,694 | $ | 28,261 | ||||||||||
| Woodside auto loans | 126,129 | 131,151 | 124,833 | (5,022 | ) | 1,296 | ||||||||||||||
| First Help auto loans | 15,971 | 17,427 | 5,079 | (1,456 | ) | 10,892 | ||||||||||||||
| Other auto loans | 2,064 | 2,690 | 5,022 | (626 | ) | (2,958 | ) | |||||||||||||
| Other consumer loans | 7,434 | 8,449 | 12,513 | (1,015 | ) | (5,079 | ) | |||||||||||||
| Total auto and other consumer loans | $ | 281,198 | $ | 285,623 | $ | 248,786 | $ | (4,425 | ) | $ | 32,412 | |||||||||
| Commercial business loans breakout | ||||||||||||||||||||
| PPP loans | $ | – | $ | 5 | $ | 45 | $ | (5 | ) | $ | (45 | ) | ||||||||
| Northpointe Bank MPP | 38,155 | 9,150 | 162 | 29,005 | 37,993 | |||||||||||||||
| Secured lines of credit | 37,686 | 28,862 | 35,833 | 8,824 | 1,853 | |||||||||||||||
| Unsecured lines of credit | 1,571 | 1,133 | 919 | 438 | 652 | |||||||||||||||
| SBA loans | 7,219 | 7,146 | 9,149 | 73 | (1,930 | ) | ||||||||||||||
| Other commercial business loans | 70,696 | 70,798 | 55,272 | (102 | ) | 15,424 | ||||||||||||||
| Total commercial business loans | $ | 155,327 | $ | 117,094 | $ | 101,380 | $ | 38,233 | $ | 53,947 | ||||||||||
FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Dollars in thousands) (Unaudited)
Non-GAAP Financial Measures
This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.
Calculation of Total Revenue:
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Net interest income | $ | 14,020 | $ | 14,235 | $ | 13,928 | $ | 14,195 | $ | 14,950 | ||||||||||
| Noninterest income | 1,779 | 7,347 | 2,188 | (2,929 | ) | 2,904 | ||||||||||||||
| Total revenue, net of interest expense(1) | $ | 15,799 | $ | 21,582 | $ | 16,116 | $ | 11,266 | $ | 17,854 | ||||||||||
| (1) We believe this non-GAAP metric provides an important measure with which to analyze and evaluate income available for noninterest expenses. | ||||||||||||||||||||
Calculations Based on Tangible Common Equity:
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Total shareholders’ equity | $ | 160,789 | $ | 158,881 | $ | 160,506 | $ | 163,340 | $ | 156,065 | ||||||||||
| Less: Goodwill and other intangible assets | 1,083 | 1,084 | 1,085 | 1,086 | 1,087 | |||||||||||||||
| Disallowed non-mortgage loan servicing rights | 489 | 517 | 489 | 481 | 609 | |||||||||||||||
| Total tangible common equity | $ | 159,217 | $ | 157,280 | $ | 158,932 | $ | 161,773 | $ | 154,369 | ||||||||||
| Total assets | $ | 2,255,486 | $ | 2,215,962 | $ | 2,240,020 | $ | 2,201,797 | $ | 2,153,545 | ||||||||||
| Less: Goodwill and other intangible assets | 1,083 | 1,084 | 1,085 | 1,086 | 1,087 | |||||||||||||||
| Disallowed non-mortgage loan servicing rights | 489 | 517 | 489 | 481 | 609 | |||||||||||||||
| Total tangible assets | $ | 2,253,914 | $ | 2,214,361 | $ | 2,238,446 | $ | 2,200,230 | $ | 2,151,849 | ||||||||||
| Average shareholders’ equity | $ | 160,479 | $ | 163,079 | $ | 161,867 | $ | 155,971 | $ | 160,994 | ||||||||||
| Less: Average goodwill and other intangible assets | 1,084 | 1,085 | 1,085 | 1,086 | 1,087 | |||||||||||||||
| Average disallowed non-mortgage loan servicing rights | 517 | 489 | 481 | 608 | 557 | |||||||||||||||
| Total average tangible common equity | $ | 158,878 | $ | 161,505 | $ | 160,301 | $ | 154,277 | $ | 159,350 | ||||||||||
| Net (loss) income | $ | (1,980 | ) | $ | (2,219 | ) | $ | 396 | $ | (5,522 | ) | $ | 2,504 | |||||||
| Common shares outstanding | 9,365,979 | 9,453,247 | 9,442,796 | 9,611,876 | 9,630,735 | |||||||||||||||
| GAAP Ratios: | ||||||||||||||||||||
| Equity to total assets | 7.13 | % | 7.17 | % | 7.17 | % | 7.42 | % | 7.25 | % | ||||||||||
| Return on average equity | -4.91 | % | -5.47 | % | 0.98 | % | -14.05 | % | 6.17 | % | ||||||||||
| Book value per common share | $ | 17.17 | $ | 16.81 | $ | 17.00 | $ | 16.99 | $ | 16.20 | ||||||||||
| Non-GAAP Ratios: | ||||||||||||||||||||
| Tangible common equity to tangible assets(1) | 7.06 | % | 7.10 | % | 7.10 | % | 7.35 | % | 7.17 | % | ||||||||||
| Return on average tangible common equity(1) | -4.96 | % | -5.53 | % | 0.99 | % | -14.20 | % | 6.23 | % | ||||||||||
| Tangible book value per common share(1) | $ | 17.00 | $ | 16.64 | $ | 16.83 | $ | 16.83 | $ | 16.03 | ||||||||||
| (1) We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles. | ||||||||||||||||||||
FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Dollars in thousands) (Unaudited)
| September 30, 2024 | September 30, 2023 | |||||||
| (Dollars in thousands, except per share data) | ||||||||
| Total shareholders’ equity | $ | 160,789 | $ | 156,065 | ||||
| Less: Goodwill and other intangible assets | 1,083 | 1,087 | ||||||
| Disallowed non-mortgage loan servicing rights | 489 | 609 | ||||||
| Total tangible common equity | $ | 159,217 | $ | 154,369 | ||||
| Total assets | $ | 2,255,486 | $ | 2,153,545 | ||||
| Less: Goodwill and other intangible assets | 1,083 | 1,087 | ||||||
| Disallowed non-mortgage loan servicing rights | 489 | 609 | ||||||
| Total tangible assets | $ | 2,253,914 | $ | 2,151,849 | ||||
| Average shareholders’ equity | $ | 161,803 | $ | 160,573 | ||||
| Less: Average goodwill and other intangible assets | 1,085 | 1,088 | ||||||
| Average disallowed non-mortgage loan servicing rights | 496 | 690 | ||||||
| Total average tangible common equity | $ | 160,222 | $ | 158,795 | ||||
| Net (loss) income | $ | (3,803 | ) | $ | 7,808 | |||
| Common shares outstanding | 9,365,979 | 9,630,735 | ||||||
| GAAP Ratios: | ||||||||
| Equity to total assets | 7.13 | % | 7.25 | % | ||||
| Return on average equity | -3.14 | % | 6.50 | % | ||||
| Book value per common share | $ | 17.17 | $ | 16.20 | ||||
| Non-GAAP Ratios: | ||||||||
| Tangible common equity to tangible assets(1) | 7.06 | % | 7.17 | % | ||||
| Return on average tangible common equity(1) | -3.17 | % | 6.57 | % | ||||
| Tangible book value per common share(1) | $ | 17.00 | $ | 16.03 | ||||
| (1) We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles. | ||||||||
Images accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e387e9e8-0a9a-4306-8623-41b739acb402
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a433c9b-6823-47f3-8843-0d8138f89182
https://www.globenewswire.com/NewsRoom/AttachmentNg/d5ca9bb6-4a5d-45aa-8336-dd1ae06f0786
https://www.globenewswire.com/NewsRoom/AttachmentNg/5b9aaf8c-4fd4-437d-af24-7ba8fc60616c
Source: Government of Canada News (2)
October 29, 2024 – Ottawa, Ontario – Department of National Defence
The Sexual Misconduct Support and Resource Centre (SMSRC) is committed to improving access to support services for individuals affected by sexual misconduct within the Defence community.
Today, the SMSRC launched its 2024-25 call for applications for the Community Support for Sexual Misconduct Survivors Grant Program. This initiative aims to broaden the availability of support services and strengthen collaboration between community-based organizations and Department of National Defence (DND) and Canadian Armed Forces (CAF) service providers.
Grant Details:
The goal of the Grant Program is to broaden the scope of support services accessible to those affected by sexual misconduct in the wider Defence community and increase the collaboration between community-based and DND/CAF service providers. The SMSRC’s Grant Program was developed based on the request of people in the Defence community affected by sexual misconduct to have access to a broad range of culturally competent, confidential, specialized care and support services.
The grant program is part of It’s Time: Canada’s Strategy to Prevent and Address Gender-Based Violence (the federal GBV Strategy).
For further information and to apply, please visit the SMSRC Grant Program website.
“Improving access to support services for members of the Defence Community who have been affected by sexual misconduct is a top priority for the Department of National Defence and the Canadian Armed Forces. By funding projects across Canada, the SMSRC’s Grant Program ensures that our people have access to a broader range of support services. The Defence Community works hard every day to keep Canadians safe and it is our duty to make sure we build an institution where everyone feels respected and empowered to reach their full potential.”
The Honourable Bill Blair, Minister of National Defence
“Survivors and individuals affected by sexual misconduct should be able to access the support services they need when and where they need them. This program helps expand access to critical support services close to home. By investing in community-based organizations, our government is empowering communities to provide the care and resources that survivors and their families can count on.”
The Honourable Ginette Petitpas Taylor, Minister of Veterans Affairs and Associate Minister of National Defence
“The SMSRC Community Support for Sexual Misconduct Survivors Grant Program is open to receiving applications from community-based service providers. I look forward to establishing grant agreements with organizations across the country to support those affected by sexual misconduct. Together, we can work to make sure that those affected have the support they need.”
Linda Rizzo-Michelin, Chief Operating Officer, Sexual Misconduct Support and Resource Centre (SMSRC), Department of National Defence
The Grant Program was first launched in the fall of 2022 and currently funds 32 projects in Alberta, British Columbia, Quebec, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Saskatchewan.
Eligible organizations include, but are not limited to, sexual assault centres, community support programs and counselling services who have the capacity and expertise to provide support to those that have been affected by sexual misconduct within the wider Defence community.
The “wider Defence community” includes current and former CAF members/Veterans, DND public service employees, Cadets, Junior Canadian Rangers, their families, supporters, and caregivers (age 16 and older).
The program seeks to support projects that address the needs of diverse populations, women, men, sexually and gender diverse people; Two Spirit, lesbian, gay, bisexual, transgender, queer, intersex and additionally sexually and gender diverse (2SLGBTQI+) people; Indigenous Peoples; Black, Asian and other racialized people; people living with disabilities; religious minorities; those living in an official language minority community; those living in northern, rural and remote communities; others with diverse identity factors; and/or people who cannot access services in person.
In addition to funding community support, the SMSRC provides support services to meet the needs of the wider Defence community.
Media Relations
Department of National Defence
613-904-3333
mlo-blm@forces.gc.ca
Source: Government of Canada News
Critical infrastructure operators in Canada now have an important new resource to help protect themselves against cyber threats.
October 29, 2024 – Ottawa, Ontario
The Government of Canada is committed to enhancing the security and resilience of critical infrastructure and exercising leadership in cyber security to foster collaboration. To that end, critical infrastructure operators in Canada now have an important new resource to help protect themselves against cyber threats.
Today, the Canadian Centre for Cyber Security (Cyber Centre), a part of the Communications Security Establishment Canada (CSE), is publishing a suite of voluntary guidelines designed to further protect essential services for people in Canada and enhance cyber security resilience overall.
Called the Cyber Security Readiness Goals (CRGs), this new resource offers a toolkit with 36 cross-sector cyber security practices — that build on available advice and guidance. The CRGs list important steps organizations can take toward goals that will improve their cyber security posture in the face of increasingly complex cyber security threats.
Designed to be an evergreen resource that can be used by all critical infrastructure sectors, the CRGs will be updated as the Cyber Centre based on feedback from partners and as the threat landscape evolves over time.
Critical infrastructure services and systems are increasingly vulnerable due to their reliance on complex networks of interdependent digital services, assets and facilities.
This flagship resource is yet another step forward in Canada’s ongoing efforts to remain at the leading edge of cyber security resilience and protect this country’s vital critical infrastructure systems.
For more information (media only) please contact:
Media Relations
Communications Security Establishment Canada
media@cse-cst.gc.ca
Source: US Geological Survey
RESTON, Va. – The U.S. Geological Survey has announced it will invest approximately $4.8 million in Bipartisan Infrastructure Law funding to collect high-resolution geophysical data focused on areas with potential for critical mineral resources across multiple parts of the nation.
The data collection will be conducted through the USGS Earth Mapping Resources Initiative (Earth MRI), a partnership between the USGS and state geological surveys that is revolutionizing our understanding of the nation’s geology and critical mineral resources which are vital to the U.S. economy, national security, and clean energy technology.
Lyndsay Ball, USGS geophysicist and co-technical lead for Earth MRI electromagnetic surveys, described the data collected through Earth MRI as foundational, with broad applications to multiple disciplines within the Earth sciences.
“The data not only provide insight into mineral resources, but they’re also needed for understanding water resources, hydrogeology, geothermal systems, and even geologic hazards,” said Ball.
These airborne geophysical surveys will collect electromagnetic data to provide cross section images of subsurface electrical resistivity that expand the fundamental knowledge of geology underpinning the areas in the following states and regions:
The electromagnetic sensors penetrate the shallow subsurface to about 300 to 500 meters (approximately 1,000 to 1,650 feet) deep and measure electrical resistivity, or how well the rocks conduct electricity. This method is particularly useful in mapping variations in sediment and rock type as well as groundwater salinity, which are markers of critical mineral resources such as brine potentially containing lithium, or graphite and clay deposits.
The various survey footprints were designed in close collaboration with respective state geological surveys with the aim of improving understanding of local geology and resources.
Officials from the various state geological surveys are optimistic the electromagnetic surveys will complement data generated through other types of Earth MRI surveys, including magnetic, radiometric, and hyperspectral, as well as their own ongoing mapping projects.
“This upcoming electromagnetic survey will focus on the tri-state area that has high prospectivity for critical mineral potential, and Earth MRI is the best tool to map the region,” said Ryan Clark, a geologist with the Iowa State Geological Survey. “The overlap in data will help us calibrate and validate the surveys through our own geochemical mapping.”
“The electromagnetic data will be a great complement to our mapping because we can take what we’re seeing at the surface and combine it with the subsurface data to get a more detailed look at our state’s geology,” said Erica Key, senior geologist at the California Geological Survey Mineral Resource Program.
The initial airborne geophysical surveys may be followed by additional investments, including new geologic maps, geochemical sampling, and other techniques to better understand the region’s geologic framework.
Since 2021, the Bipartisan Infrastructure Law has advanced scientific innovation through a $320 million investment for the USGS to better map the Nation’s mineral resources, both still in the ground and in mine wastes, and to preserve historical geologic data and samples. Through the end of fiscal year 2024, more than $160 million has been obligated for Earth MRI initiatives, propelling efforts to make “once-in-a-generation” advancements in the nation’s geologic and geophysical data collections and mapping.
Source: The Conversation – UK – By Amalendu Misra, Professor of International Politics, Lancaster University
After months of relentless gang violence, thousands of killings, and the unseating of a government, Haiti is faced with another heartbreaking issue which seems likely to prolong the Caribbean island nation’s woes for another generation. Testimonies collected by Amnesty International have uncovered how Haiti’s armed gangs are enlisting hundreds of children.
Ana Piquer, Americas director at Amnesty International, says: “We have documented heartbreaking stories of children forced to work for gangs: from running deliveries to gathering information and performing domestic tasks under threats of violence.”
Boys as young as six are being forced to work as lookouts, made to build street barriers, trained to use machine guns, and are being ordered to participate in kidnappings and other acts of violence. Girls in the possession of gangs are subjected to rape and other forms of sexual violence by older male gang members, according to Piquer.
Haiti’s 200 or so armed gangs currently control around 90% of the capital city, Port-au-Prince, and large parts of the country are ungovernable. The collapse in law and order has allowed gang leaders such as Jimmy “Barbecue” Chérizier to commit terrible atrocities largely unchallenged.
The involvement of children in Haiti’s gangs is not exactly new. According to Unicef, between 30% and 50% of children in Haiti are involved with armed groups in some capacity. There are several socioeconomic explanations for this.
Haiti was once the wealthiest European colony in the Americas – and staged the only ever successful slave rebellion against its French colonial masters before declaring independence in 1804. But modern Haiti is a failed state where more than half of the population now live below the World Bank’s poverty line.
According to figures published by the International Fund for Agricultural Development, Haiti has the highest prevalence of food insecurity in Latin America and the Caribbean. One-third of the population goes hungry every day.
Impoverishment and grinding poverty has made the population desperate. With limited options for survival, many children in Haiti are drawn into criminal groups. At times, the promise of a single meal can be enough to attract a child to join a gang.
That said, the breakdown of order throughout the country has undoubtedly encouraged the gangs to increase their recruitment of children. As with most conflict zones, once indoctrinated, child soldiers make for cheap and deadly combatants.
There is also one other specific social factor that contributes to some parents turning a blind eye to their children joining the gangs. The prevalence of child recruitment by gangs can be linked to a Haitian socioeconomic practice called restaveks.
A restavek, which is Creole for “to stay with”, is a child who is given away by impoverished parents with the unwritten understanding that they will be fed, looked after and will not die of hunger. It has become a form of modern-day slavery.
The End Slavery Now project has found that “more than 300,000 children are victims of domestic slavery” in Haiti today. Many of these children regularly undergo forms of physical and sexual violence.
Child sex slavery and sexual abuse are familiar occurrences in societies torn by civil war. It is more likely to take place in settings where the process of governance is weak or non-existent. This situation facilitates conditions of criminal impunity, leading various actors involved in conflict to sexually exploit children.
There is an established pattern of predatory child sexual slavery in Haiti. Following the devastating earthquake that struck Haiti in 2010 and the ensuing cholera epidemic, some members of the UN peacekeeping force stationed in the country were found to have been running a child sex racket.
In 2017, an investigation by the Associated Press revealed at least 134 Sri Lankan peacekeepers were involved. It has been documented that girls as young as 11 were sexually abused and impregnated by the peacekeepers, and then subsequently abandoned to raise their children alone. Impoverished and starving Haitian children fell victim to this racket in exchange for scraps of the peacekeepers’ leftover food.
According to its own admission, the UN peacekeeping force was responsible for “transactional sex” during its operations in the country.
In 2019, the UN secretary general, António Guterres, branded violence against children as a “silent emergency” of our time. Unfortunately, not much is being done to address this challenge, despite the urgency of Guterres’ statement.
There are many existential challenges facing Haiti. Some of them are homegrown, such as the prevalence of gangs and their terror techniques.
But, as it is located on a geological fault line in a region susceptible to severe storms, Haiti is particularly prone to natural disasters. A devastating earthquake in 2010 and a cholera epidemic in 2016 debilitated the country, and the knock-on effects will last decades.
To make matters worse, Haiti also suffers from a compassion deficit. A lack of real engagement from the international community has contributed to the erosion of the Haitian civil society and left the population at the mercy of gang violence.
Even the Kenyan-led policing mission tasked with restoring order is suffering from inadequate funding and equipment, which has affected its operational capacity. Only around US$400 million (£308 million) of the US$600 million that was originally pledged for the mission has materialised, with the US shouldering a disproportionate financial burden.
Preoccupied with more high-profile conflicts elsewhere, the international community appears to have little interest in the horrors that are unfolding under the tropical sun in the faraway Caribbean.
Amalendu Misra is a recipient of British Academy and Nuffield Foundation fellowships.
– ref. Haiti’s gangs turn to starving children to bolster their ranks – https://theconversation.com/haitis-gangs-turn-to-starving-children-to-bolster-their-ranks-241386
Source: The Conversation – UK – By Mario Saraceni, Associate Professor in English Language and Linguistics, University of Portsmouth
Our planet is getting hotter at an alarming rate. Climate change is one of the most serious global issues today. Its consequences affect every single human being on Earth. So it seems perfectly logical that scientific publications about global warming are written in the global language: English.
And yet, it is precisely because it is written in English, that climate science is largely inaccessible to the majority of people globally.
To explain this apparent contradiction, we need to look at some numbers. Nearly 90% of scientific publications globally are in English. This is a staggering dominance of just one language. But English, often called a global language, is only spoken by a minority of the world’s population.
Read more:
Indigenous languages must feature more in science communication
How do we know that most people in the world don’t speak English? English the main language of society in only a handful of countries: the UK, Ireland, the US, Canada, Australia and New Zealand. The population of these countries, combined, amounts to about 400 million – a very small percentage of the world’s population.
In many other former British colonies, such as India, Nigeria or Malaysia, English exists alongside other languages. In these contexts English tends to be an elite language, used mostly by urban, middle-class, well-educated people. Elsewhere, English functions as a lingua franca, used mostly in transnational communication.
Given these diverse scenarios, it is extremely difficult to estimate the number of speakers of English with any precision. About 20 years ago, linguist David Crystal suggested that the number may be somewhere between 1 and 2 billion. Even if we take the upper limit of that extremely large range, we’re talking about only one quarter of the world’s population. This means that three out of four people in the world do not speak English.
That means at least three quarters of the world’s population do not speak the language in which the science about climate change is disseminated globally. At the same time, languages other than English are marginalised and struggle to find space in the global communication of science.
So this linguistic inequality creates an imbalance in the distribution of scientific knowledge about climate change. But it also reinforces two other types of existing inequality.
One has to do with the production of scientific knowledge in general, which is disproportionately emanating from the two main Anglophone countries: the US and the UK. Out of the top 100 scientific journals for impact and prestige, 91 are based in these two countries.
The other form of inequality has to do with social injustice. Scientific literature is almost exclusively written in English. But this language is virtually unknown by most people, especially in developing countries. And so, societies who suffer more from climate change are precisely those where access to scientific literature about it is severely limited.
What is the solution? Unesco’s Open Science initiative, is attempting to tackle the problem. It aims to “make scientific research from all fields accessible to everyone for the benefits of scientists and society as a whole”. One of its objectives is to “ensure that scientific collaborations transcend the boundaries of geography, language and resources”.
Achieving the objectives set by Open Science is no easy task. One approach is to break the barrier of English monolingualism by promoting multilingualism.
On the one hand, opportunities must be created for scientists from around the world to communicate their research and their scholarship in languages other than English.
On the other, the great technological advancement made in machine translation, especially with the advent of AI, should be put to use in order to ensure that content is available in languages other than English. This is precisely the goal of Climate Cardinals, a non-profit organisation whose mission is to “make the climate movement more accessible to those who don’t speak English” by translating information into more than 100 languages.
These kinds of concrete efforts offer hope for climate literacy and, consequently, for action to lessen the impact of climate change.
Mario Saraceni 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. How language barriers influence global climate literacy – https://theconversation.com/how-language-barriers-influence-global-climate-literacy-241867
Source: United Kingdom – Royal Air Force
The Astra Awards celebrated innovation, challenge, and improvement across the RAF at the RAF Museum in London on 17 October 2024.
Astra is the RAF’s approach to grassroots innovation, which encompasses bureaucracy challenge and continuous improvement. The Astra Awards recognise some of the most inspirational people, ingenious ideas, and the incredible impact they’ve had on our operational output.
RAF Lossiemouth showcases the future of the Astra Network at a unit level. Enthusiastically grasping the direction to refocus Astra onto grassroots innovation, the team have already made a significant impact on the innovative mindset across the station. Proactively upskilling the existing Continuous Improvement personnel in unfamiliar areas such as additive manufacturing, computer-aided design, and virtual reality, the small team are already proving highly effective in all aspects of grassroots innovation. Positively impacting on people and the operational output across the unit, they are making best use of every asset and opportunity provided to them. To support their work, the team have created an exciting and engaging Astra Hub; a collaborative, innovative space that will allow the whole force to continue to deliver substantial benefits to RAF Lossiemouth and the RAF.
Project IMMERSIVE INSTRUCTOR TRAINING, known as I2T, is designed to enhance the delivery of training to Qualified Helicopter Instructors and Qualified Helicopter Crewman Instructors. Significantly modernising the outdated system, the project delivers training using immersive 360-degree video courseware accessed via virtual reality headsets. Developed by Flt Lt Rich Keeling and Dr Jon Allsop at the Central Flying School, it is being implemented by RAF Shawbury to great effect. It is proving to complement the existing training programme and allows instructors to gain skills through repeatable virtual scenarios and error analysis. It bridges the gap between theoretical and real-world flying in a sustainable manner and helps to ensure effective instructors for future helicopter aircrew.
Consistently championing change for the benefit of our whole force, Becky has been a driving force behind a challenge to amend outdated policy to support hundreds of individuals with shared parental responsibility. The previous policy only allowed leave to be shared between serving spouses, which did not reflect the changing nature of families and led to personal difficulties and an unstable environment for the children of Service personnel. Her challenge highlighted the negative impact of the policy and was integral to bringing about a significant change. The updated policy now allows leave to be transferred between serving personnel in all three Services who both have parental responsibility for a child, enabling them to use it for childcare purposes. The resulting increase in stability for Service children and the home environment cannot be underestimated, nor can its impact on retention and morale for our people.
The consolidation of key enablers into a centralised dispatch centre at RAF Brize Norton has greatly enhanced communication, professional relationships, and overall efficiency, saving over 15 minutes for every flight from the busy main operating base. The relocation of the Meteorological Office, Jet Plans, and MSC has reduced unnecessary movement and transportation waste, streamlining workflow. The elimination of ‘nav bags’ and the centralisation of Electronic Flight Bags further minimised motion waste. Additionally, process duplication has been removed, reducing rework, and allowing crews to plan without interruption. Crews also save a further 6-8 minutes by no longer needing to visit Load Control, and aircrew now book transport directly, reducing delays. The project has delivered efficiencies for all stakeholders throughout the process.
Recognising the need for rapid deployability in support of ACE, the RAF Marham team developed and delivered a deployable toolkit in support of the F-35 fleet. Employing Lean Six Sigma analysis and modelling high level tool usage across the fleet, they identified the full requirements to ensure the project would deliver a successful product. The team repurposed tools and test equipment from redundant issue centres, obtained funding for a laser etching machine, and procured mobile support units. Owing to their efforts, the F-35 now has a deployable tool capability that was used for the first time in the Iceland Air Policing operation. The capability has increased the potential operational output of the fleet, allowing it to operate effectively in two different locations with minimal impact to the flying programme.
Martyn has consistently demonstrated and embodied innovation, challenge, and improvement. His passion for making RAF Coningsby better through well-structured and benefit-led projects has ensured his small team have delivered a positive and lasting impact at unit level. Their demonstrable output adds value across the board. Alongside his commitment to RAF Coningsby, he actively collaborates with the whole force across the RAF, sharing his knowledge and experience and encouraging others to develop their innovative mindset. He created, organised, and delivered courses that developed an internal grassroots innovation network that spans all professions and sections. Furthermore, his exceptional work with industry partners such as BAE Systems has delivered projects that have improved and enhanced the operational output of the Typhoon fleet at both Coningsby and Lossiemouth.
Neil has shown significant determination and commitment to improvement. After identifying issues with the transportation of F-35 canopies across unit, Neil, alongside Sgt Richard James, developed the F-35 Canopy Transportation Trolley project, which has now been brought into service at RAF Marham. The innovative improvement project has already saved Defence over £600k. Continuing to engage with the Astra improvement process, Neil has submitted a further 13 ideas over the past two years. This includes the F-35 Ejection Seat Transportation Solution, which has once again delivered an effective solution that has delivered significant benefits, saving Defence £1.75m in the first 3 months by removing potential for damage and increasing resource efficiency.
Neil’s award was collected by Wg Cdr Williamson on his behalf and will be handed over formally on unit.
Beth is new to the Civil Service and the RAF whole force as the Continuous Improvement Facilitator at RAF St Mawgan, who has taken on the role of Astra Ambassador as well as CI Lead. Always keen to learn, she proactively approached the Headquarters CI Team to secure a place on the Lean Six Sigma training course to further develop her skills. Since completing the course, she has rapidly applied her newfound knowledge and skills to delivering improvements across the unit. She has embraced the Astra ethos and amalgamated innovation, challenge, and improvement across all functional areas on unit, developing a growing innovative mindset and culture. Her creation of a regular drumbeat of collaboration opportunities, where she shares insight into activity in other areas, is already proving popular and igniting ideas in others from every area across the unit. Beth epitomises the values and intentions of Astra and grassroots innovation in the RAF whole force.
Using the tools and techniques of Continuous Improvement, a full review and redesign of the State Demand form at RAF Coningsby was undertaken. The inefficient process saw at least 12 versions of the same form used on unit, with a significant administrative burden for all involved in submitting the 6000+ forms a year. The process was reviewed end-to-end and redesigned to remove unnecessary steps. Considering the needs of all stakeholders, it has simplified the communication flow and established an effective feedback loop. The project has significantly reduced the rejection rate for state demand forms and the potential misallocation of engineering spares. The redesigned form has also saved over 1600 hours per year just at RAF Coningsby and has also been used repeatedly and proven highly successful in the UK and on Op SHADER.
Ailidh Leather has been the lead for Project POST ROOM at RAF Cosford, which uses scanning technology to significantly enhance the experience of the Post Room staff and the hundreds of recipients on station. Several years ago, Ailidh identified how technology could transform how mail is processed. With increasing amounts of parcels due to online shopping and inefficient handwritten ledgers, the post room was being swamped with mail leading to long delays in items reaching their intended recipient. Her persistence, determination, and forward thinking have ensured that the project has reached the position it is in today despite numerous setbacks. Through her tenacity, the project is making a real difference to the lives of personnel at Cosford, with potential to be rolled out wider across the RAF.
Ross played a pivotal role in Project GAIA, seamlessly transforming it into a Digital Shadow for a deployed medical centre by connecting multiple devices to a central hub. Proactively learning a new programming language, and dedicating a significant amount of his personal time, he developed a working product that provides a critical capability – 24/7 monitoring for emergency medical items such as blood supplies. Ross’s innovative mindset and skillset ensured that the complex system could easily be used by non-technical staff, which is not an easy task. Additionally, as second in command of RAF Leeming‘s Makerspace, which is an integral part of the Astra Hub, he expanded user engagement. He swiftly solved a persistent station issue in just 4 hours, highlighting his technical expertise and commitment to innovation.
Hundreds gathered in Sunderland Hall at the RAF Museum for an evening of reward and recognition, showcasing grassroots innovation and sharing ideas. Grassroots innovation activities from the whole force were on display to ignite the innovative mindset of our people and encourage collaboration to bring meaningful change.
Personnel from across the whole force were joined by international allies from the United States Air Force (USAF), Royal Australian Air Force, and Royal Canadian Air Force. Members of the USAF currently based in the UK also joined RAF personnel in demonstrating grassroots innovation projects in their area. The USAF’s AFWERX team are working closely with the RAF’s Astra Team to encourage collaboration on common problem sets, with the first joint grassroots innovation projects already being planned.
Source: Government of Canada News (2)
45 highly skilled researchers join health system organizations to help address pressing priorities and improve care for people in Canada
October 29, 2024 | Ottawa, Ontario | Canadian Institutes of Health Research
Canadians deserve access to high-quality health care. To achieve this, improvements often begin with research that examines how health care services are organized, regulated, managed, financed, and delivered.
Today, the Honorable Mark Holland, Minister of Health, announced an investment of over $4.3M to help transform Canada’s health systems through the Health System Impact Program. This funding comes from the Canadian Institutes of Health Research (CIHR) and partners, Michael Smith Health Research BC and the Fonds de recherche du Québec – Santé.
The Health System Impact Program focuses on health system transformation to ensure that people in Canada have access to the highest quality care. Through this initiative, PhD trainees, postdoctoral researchers and early-career researchers will collaborate with health organizations across the country to lead projects aimed at generating evidence to improve Canada’s health systems, services and policies. For the 2024 cycle, CIHR is supporting 25 PhD trainees and 20 postdoctoral researchers who are embedded in 34 health organizations and connected to 19 universities across Canada.
These researchers will address a variety of critical health system issues, including optimizing primary health care, improving quality in long-term care homes, supporting the health workforce, advancing equity in cancer care, leveraging digital health opportunities, predicting antimicrobial resistance using machine learning, mitigating the health impacts of climate change, ensuring cultural safety in health care, enhancing mental health services, and more.
“I would like to congratulate the 2024 cohort of CIHR Health System Impact Fellows. It’s so exciting to see these future research leaders join health system organizations to help tackle pressing priorities and improve care for Canadians. Their dedication to evidence-informed health system improvement and improving access to care for all people in Canada is inspiring, and their skills will contribute to real-world solutions and stronger health systems.”
The Honourable Mark Holland
Minister of Health
“Each year, the contributions of Health System Impact Fellows invigorate our health systems with fresh insights and innovative solutions. It’s inspiring to see our next generation of health researchers thrive in this dynamic environment. They are not just advancing Learning Health Systems; they are helping to reshape the future of health care in Canada, ensuring it is more responsive, equitable, and driven by evidence.”
Dr. Tammy Clifford
Acting President, Canadian Institutes of Health Research
“Our long-standing partnership with CIHR on this fellowship is supporting researchers and strengthening evidence-informed policy throughout BC. The program equips PhD trainees and postdoctoral researchers to translate research into practice and drive positive outcomes in health care environments. That’s an important outcome — building both research and health system capacity.”
Dr. Bev Holmes
President & CEO, Michael Smith Health Research BC
CIHR’s Health System Impact program began in 2017 and to date, 328 fellows (111 PhD trainees and 217 postdoctoral researchers) and 12 early-career researchers have been or are currently embedded within 139 health system organizations and connected to 25 universities.
Through this program, fellows receive unparalleled mentorship from senior decision-makers from health system organizations and academic experts from across the country.
The Health System Impact program is led by the CIHR Institute of Health Services and Policy Research.
Matthew Kronberg
Press Secretary
Office of the Honourable Mark Holland
Minister of Health
343-552-5654
Media Relations
Canadian Institutes of Health Research
mediarelations@cihr-irsc.gc.ca
At the Canadian Institutes of Health Research (CIHR) we know that research has the power to change lives. As Canada’s health research investment agency, we collaborate with partners and researchers to support the discoveries and innovations that improve our health and strengthen our health care system.
Source: Government of Canada News
For our part, the CRTC imposes requirements that help CBC/Radio-Canada meet its mandate in both official languages, across all its services. The CRTC renewed CBC/Radio-Canada’s broadcasting licence in July 2022 and modified some of its requirements.
Ottawa, Ontario
October 29, 2024
Scott Shortliffe, Executive Director, Broadcasting
Canadian Radio-television and Telecommunications Commission (CRTC)
Check against delivery
Good morning and thank you for inviting us to appear before your committee.
Before I begin, I would like to thank the Algonquin Anishnaabeg people for having me here as a guest on their unceded, unsurrendered territory. I would also like to thank the Anishnaabeg people for being stewards of the land and waters in this area since time immemorial.
I am joined today by my colleague Michael Craig, Director of Television Programming.
As you know, the CRTC is an independent, quasi-judicial tribunal that regulates the Canadian communications sector in the public interest. The CRTC holds public consultations on telecommunications and broadcasting matters and makes decisions based on the public record.
On the broadcasting side, we are implementing the Online Streaming Act and modernizing Canada’s broadcasting framework. This is in addition to our ongoing work in broadcasting, which includes issuing licences and determining the conditions of service under which broadcasters are allowed to operate in Canada. One of those broadcasters, of course, is the Canadian Broadcasting Corporation, or CBC/Radio-Canada, whose programming is the subject of today’s meeting.
For our part, the CRTC imposes requirements that help CBC/Radio-Canada meet its mandate in both official languages, across all its services. The CRTC renewed CBC/Radio-Canada’s broadcasting licence in July 2022 and modified some of its requirements.
The CRTC imposed enhanced reporting requirements on CBC/Radio-Canada to allow stakeholders to assess its performance in meeting its mandate, in particular for Indigenous peoples, racialized persons, the 2SLGBTQI+ community, and others. At the same time, the CRTC removed some of the requirements where CBC/Radio-Canada had routinely exceeded those requirements, such as those on independent production. To ensure compliance, we receive detailed annual reports from CBC/Radio-Canada on different aspects of its licences, in addition to other reporting requirements.
In September 2022, the Governor in Council directed the CRTC to reconsider certain aspects of CBC/Radio-Canada’s licence conditions. This was after petitions were filed by stakeholders raising concerns about some of the conditions. Specifically, the Governor in Council asked how the CRTC would ensure that CBC/Radio-Canada would continue to make a significant contribution to local news, children’s programming, original French-language programming and independent programming.
Following the referral back, Parliament passed the Online Streaming Act. We are currently reviewing those elements of the licence touched on by the reconsideration, while also examining how the Online Streaming Act can help us ensure that these elements are addressed. We are continuing to monitor CBC/Radio-Canada’s activities through its annual reporting. Currently, these activities meet or exceed the CBC/Radio-Canada requirements.
While the review process is ongoing, let me assure the Committee that the CRTC prioritizes the issues connected to CBC programming that you are studying, especially the availability of local and regional radio, television, and online services. The availability of local content is a key priority of our work in implementing the Online Streaming Act.
The changes that are needed to the broadcasting framework are substantial and complex. There are many interconnected issues to be addressed. That’s why we are consulting widely while also moving quickly.
In June, we released a major decision that will require online streaming services to make a base contribution to Canadian broadcasting. That funding will go to funds that have a proven track record of successfully supporting regional and local news, independent and emerging artists, and other areas of immediate need.
Additionally, we will soon be launching public consultations on issues of importance to Canadians, such as providing more flexibility to traditional radio broadcasters by updating regulatory requirements, and updating the definition of Canadian content for the audiovisual sector. We will also have proceedings considering the relationships between small, medium and large players in the traditional broadcasting system, including online streaming companies, as well as looking at radio and audio streaming in Canada, including how to define audio content and how to support Canadian music.
We look forward to hearing from Canadians on these issues.
We have also prioritized our work around the Online New Act, noting that it will provide help to news organizations across Canada, including CBC/Radio-Canada. Just yesterday, we issued a decision on Google’s exemption request, clearing the way for it to provide funding to the Canadian Journalism Collective to be distributed to Canadian news organizations.
Thank you again for the opportunity to appear today. The CRTC is focused on what Canadians need from their broadcasters and broadcasting system.
Thank you.
