Business – Page 1743 – NewzIntel.com

MIL-OSI USA: IAM Union Members in Minnesota Hit the Ground to Support Pro-Labor Candidates

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:

MIL OSI USA News –

January 25, 2025

MIL-OSI: LPL Financial Welcomes Goodwin Petrilli Financial

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisors Randy Petrilli, Matt Goodwin, Travis Whitaker and Jeff McWhorter of Goodwin Petrilli Financial have joined LPL Financial’s broker-dealer, RIA and custodial platforms. The advisors reported having approximately $205 million in advisory, brokerage and retirement plan assets*. They join LPL from Cambridge Investment Research.

Based in Fort Collins, Co., the firm was founded in 1992 by Harry Goodwin, Matt’s father, who retired last year after serving clients for more than three decades. The ensemble practice offers a comprehensive range of financial planning and investment management services to individuals, families and businesses throughout Northern Colorado.

“We have a strong local presence and have built our business through a solid referral network,” Goodwin said. “The team has a long history of working with educators in northern Colorado by helping them manage retirement assets and plan for retirement. Over the years, we’ve worked with multiple generations of clients who want to preserve their family legacies.”

As client expectations continue to rise, the team at Goodwin Petrilli Financial turned to LPL for the next chapter of their business.

“We were highly impressed by LPL’s technology, which allows us to provide more personalized and efficient services,” Petrilli said. “Our clients benefit by having one place where they can find all their account information, and we appreciate how programs work together in ClientWorks to manage our daily tasks — from meeting minutes to planning software. We are excited about LPL’s commitment to providing us with the resources and support we need to grow our business and deliver more value to clients.”

Scott Posner, LPL Executive Vice President, Business Development, said, “On behalf of the entire LPL community, I’d like to extend a warm welcome to Randy, Matt, Travis and Jeff. We are committed to delivering innovative technology, robust resources and strategic support to enable advisors to provide personalized advice and run thriving practices. We look forward to supporting the entire team at Goodwin Petrilli Financial for years to come.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Goodwin Petrilli Financial and LPL are separate entities.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Value approximated based on asset and holding details provided to LPL from end of year, 2023.

Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840

Tracking #649120

The MIL Network –

January 25, 2025

MIL-OSI: ibex Unveils Wave iX AI Virtual Agent; Setting a New Standard for AI-Powered Customer Support

Source: GlobeNewswire (MIL-OSI)

WASHINGTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced the launch of ibex Wave iX AI Virtual Agent, a sophisticated AI solution designed for seamless and scalable automated customer and brand interactions.

ibex Wave iX AI Virtual Agent provides AI-driven voice and text conversations that are customized to align with a brand’s persona and specific business needs. It offers human-like, infinitely scalable, and hyper-personalized customer experiences while integrating seamlessly with existing agent support systems to facilitate swift escalation and efficient resolution of more complex customer issues.

“ibex Wave iX AI Virtual Agent is more than a new AI solution, it is a transformative approach to the future of customer engagement,” said Bob Dechant, CEO of ibex. “ibex Wave iX AI Virtual Agent integrates the scalability and efficiency of AI with the necessary brand alignment, enabling businesses need to deliver exceptional, empathetic, and uniquely tailored customer experiences.”

ibex Wave iX AI Virtual Agent is a new groundbreaking AI-driven, digital-first customer experience solution within the ibex Wave iX solution suite, which comprises three strategic components—Agent^AI, Customer^AI, and Insights^A^I—and leverages cutting-edge Generative AI technology to deliver the next generation of AI and agent-assisted customer experience.

A significant advantage of ibex Wave iX AI Virtual Agent is its capacity for scalability on-demand. This flexibility enables businesses to dynamically adjust their customer service resources, ensuring optimal allocation during peak periods or unforeseen surges in demand. Coupled with the virtual agent’s empathetic and patient approach, this adaptability ensures that routine interactions are efficiently managed by ibex Wave iX AI Virtual Agent, allowing human customer service agents to concentrate of resolving more complex issues.

Seamless customer interactions

ibex Wave iX AI Virtual Agent also breaks down communication barriers by offering true omnichannel and multilanguage support. This capability ensures that businesses can effectively communicate with customers across any platform, in their preferred language, creating a seamless and inclusive experience.

While ibex Wave iX AI Virtual Agent is designed to handle a wide range of customer inquiries autonomously, it also features a smooth escalation process to human agents when necessary.

Businesses can easily customize ibex Wave iX AI Virtual Agent to match their unique brand personality. The platform allows for the creation of channel-specific personas, ensuring consistency across every customer interaction and enabling brands to achieve their desired impact, at scale.

Always getting smarter

ibex Wave iX AI Virtual Agent goes beyond simple query resolution. The platform is designed to understand multiple intents and complex tasks, learning and improving with each interaction. This sophisticated approach allows the virtual agent to gain a deep and accurate understanding of customer actions and patterns, enabling businesses to make rapid, informed choices that drive customer satisfaction and loyalty.

To ensure data security and regulatory compliance ibex has implemented strict governance measures in ibex Wave iX AI Virtual Agent.

For more information about ibex Wave iX AI Virtual Agent or to schedule a demo, please visit here.

About ibex

ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

Media Contact:
Dan Burris
daniel.burris@ibex.co

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c3b6ba9-0829-4dbc-96ea-4a56a032a004

The MIL Network –

January 25, 2025

MIL-OSI: Savi Financial Corporation Earns $205,000 in the Third Quarter of 2024; Results Highlighted by NIM Expansion

Source: GlobeNewswire (MIL-OSI)

MOUNT VERNON, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) — Savi Financial Corporation, Inc. (OTC Pink: SVVB), the bank holding company for SaviBank, today reported net income of $205,000, or $0.05 per diluted share, for the third quarter of 2024. This compared to a net loss of $5,000, or a loss of $0.00 per diluted share, in the second quarter of 2024, and net income of $558,000, or $0.13 per diluted share, in the third quarter of 2023. In the first nine months of 2024, the Company reported a net loss of $216,000, or a loss of $0.05 per diluted share, compared to net income of $1.59 million, or $0.36 per diluted share, in the first nine months of 2023. All results are unaudited.

“We reported improved third quarter 2024 operating results, compared to the preceding quarter, driven by increases in net interest income, lower non-interest expense and net interest margin expansion,” said Michal D. Cann, Chairman and President of Savi Financial Corporation. “Overall, loan growth was muted during the quarter, in part due to a slowdown in the local economy and uncertainties surrounding the election and future economic growth. However, we are seeing improvements in our loan pipeline, particularly with SBA loan originations. Further, we experienced good growth in core deposits during the quarter, with an increase in core deposits from local municipalities, which will allow us to reduce our reliance on brokered deposits to fund future growth.”

“Loan growth was relatively flat compared to the preceding quarter and up 5% compared to a year ago. However, we did see good growth in the loan pipelines,” said Andrew Hunter, President and CEO of SaviBank. “We continue to seek out lending opportunities from our customers and anticipate slower than historic loan growth for the remainder of the year.”

“The increase in loan yields during the quarter contributed to net interest margin (NIM) expansion of four basis points during the current quarter,” said Rob Woods, Chief Financial Officer of SaviBank. “We anticipate funding costs are near their peak and will continue to stabilize and should improve over the next few quarters if interest rates continue to decrease.” The Company’s NIM was 3.52% in the third quarter of 2024, compared to 3.48% in the preceding quarter, and 3.66% in the third quarter a year ago. The NIM remains higher than the peer average of 3.21% posted by the 171 banks that comprised the Dow Jones U.S. Microcap Bank Index as of June 30, 2024. The cost of funds increased to 244 basis points during the third quarter of 2024, compared to 238 basis points in the preceding quarter.

Merger

On March 22, 2024, the Company announced that it had signed a Purchase and Assumption agreement whereby Lakewood, WA. based Harborstone Credit Union will acquire SaviBank in an all-cash transaction. The transaction is structured as a purchase agreement with Harborstone Credit Union purchasing substantially all assets and assuming substantially all liabilities of SaviBank. The transaction is anticipated to be completed in the spring of 2025, subject to receiving all regulatory approvals. Shareholders of Savi Financial have approved the acquisition.

“We look forward to working with Harborstone Credit Union to continue our tradition of having a positive impact in our local communities,” said Cann. “We are deeply focused on providing resources and services for our customers to succeed, and believe that the additional services, products and locations Harborstone Credit Union provides will help us continue to meet the financial needs of our customers. Through the unique structure of this acquisition by Harborstone Credit Union, we believe we are maximizing value to our shareholders who have supported us over the years.”

Third Quarter 2024 Highlights:

The Company reported net income of $205,000 for the third quarter of 2024, compared to net loss of $5,000 for the second quarter of 2024, and net income of $558,000 for the third quarter of 2023.
Earnings per diluted share were $0.05 in the third quarter of 2024, compared to losses per diluted share of $0.00 in the preceding quarter, and earnings per diluted share of $0.13 in the third quarter of 2023.
Net interest income was $5.06 million in the third quarter of 2024, compared to $4.86 million in the second quarter of 2024, and $5.03 million in the third quarter of 2023.
Total revenue, consisting of net interest income and non-interest income, was $5.88 million in the third quarter of 2024, compared to $6.04 million in the preceding quarter and $5.89 million in the third quarter a year ago.
Non-interest expense was $5.57 million in the third quarter of 2024, compared to $5.82 million in the preceding quarter, and $5.56 million in the third quarter a year ago. The decrease in non-interest expense during the third quarter of 2024 was largely due to lower salary and employee benefits compared to the prior quarter.
Average third quarter 2024 total loans increased 2% to $512.8 million, compared to $503.8 million in the second quarter of 2024, and increased 8% from $473.6 million in the third quarter of 2023. Total loans at September 30, 2024, decreased to $509.5 million from $512.1 million at June 30, 2024, and increased 5% compared to $487.2 million at September 30, 2023.
SBA and USDA loan production for the twelve months ended September 30, 2024, totaled 22 loans for $14.5 million, compared to production of 18 loans for $14.8 million in the year-ago period.
Average third quarter 2024 total deposits grew 2% to $502.5 million, from $490.8 million in the preceding quarter, and increased 6% from $474.1 million in the third quarter a year ago. Total deposits increased 4% to $512.9 million, at September 30, 2024, compared to $492.1 million at June 30, 2024, and increased 7% compared to $481.5 million at September 30, 2023.
The Company recorded an $86,000 provision for credit losses in the third quarter of 2024, compared to a $255,000 provision in the second quarter of 2024, and a $350,000 credit to the provision in the third quarter of 2023.
Allowance for loan losses, as a percentage of total loans, was 1.18% at September 30, 2024, compared to 1.19% at June 30, 2024, and 1.16% at September 30, 2023.
Nonperforming loans, as a percentage of total loans, was 0.26% at September 30, 2024, compared to 0.24% at June 30, 2024, and 0.09% at September 30, 2023.
Nonperforming assets, as a percentage of total assets, was 0.21% at September 30, 2024, compared to 0.20% at June 30, 2024, and 0.19% a year ago.
Net charge-offs were $214,000 in the third quarter of 2024, compared to $35,000 in the second quarter of 2024, and $77,000 in the third quarter a year ago.
SaviBank capital levels remained above the threshold for well-capitalized institutions with a tier-1 leverage ratio of 8.19% at September 30, 2024.

About Northwest Washington

SaviBank currently operates six branches in Skagit County, two branches in Island County, one branch in Whatcom County and one branch in San Juan County. The Skagit, Whatcom, Island and San Juan counties region stretches north from the greater Seattle/Everett/Bellevue metropolis to the Canadian border.

The housing market in Skagit, Island, Whatcom and San Juan counties remains stable, although it has fallen off the record high levels from the past few years. According to the Northwest Multiple Listing Service, the average home in Skagit County sold for $560,000, up 1.91% in September 30, 2024, compared to a year ago, and there was a 2.37 month supply of homes on the market. For Island County, the average house sold for $605,000, down 0.82% from a year ago and supply totaled 3.18 months. For Whatcom County, the average home sold for $611,000, up 10.38% from a year ago and supply totaled 2.61 months. For San Juan County, the average home sold for $829,000, down from 13.65% a year ago and supply totaled 9.05 months.

Skagit’s population is projected to grow 3.84% from 2024 through 2029, and median household income is projected to increase by 11.41% during the same time frame. Whatcom County’s population is projected to grow 4.97% from 2024 through 2029, and median household income is projected to increase by 10.99%. Island County’s population is projected to grow 2.24% from 2024 through 2029, and median household income is projected to increase by 12.83%. San Juan County’s population is projected to grow 6.78% from 2024 through 2029, and median household income is projected to increase by 10.88%.

Sources:
https://www.nwmls.com/real-estate-news/monthly-market-snapshot/

https://www.capitaliq.spglobal.com/

About Savi Financial Corporation Inc. and SaviBank

Savi Financial Corporation is the bank holding company which owns SaviBank. The Bank began operations April 11, 2005, and has 10 branch locations in Anacortes, Burlington, Bellingham, Concrete, Mount Vernon (2), Oak Harbor, Freeland, Sedro-Woolley, and Friday Harbor, Washington. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Skagit, Island, Whatcom and San Juan counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits.
For additional information about SaviBank, visit: www.SaviBank.com.

About Harborstone Credit Union

Harborstone Credit Union is a Washington-chartered and federally insured credit union headquartered in Lakewood, Washington. Founded in 1955 as McChord Federal Credit Union, serving airmen on McChord Air Force Base (now Joint Base Lewis McChord), Harborstone Credit Union has grown to become one of the largest credit unions in Washington State with over 91,000 members and approximately $2.1 billion in total assets. Harborstone Credit Union has sixteen branches located throughout King, Pierce, and Thurston counties and offers members a full range of products and services with the aim to assist members in achieving financial well-being through innovative financial solutions that foster thriving communities and economic vitality. For more information, please visit www.harborstone.com.

Forward Looking Statements

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as the businesses of Harborstone Credit Union and SaviBank may not be integrated successfully or such integration may take longer to accomplish than expected, the expected cost savings and any revenue synergies from the acquisition may not be fully realized within the expected timeframes, disruption from the acquisition may make it more difficult to maintain relationships with customers, associates, or suppliers, the required governmental approvals of the acquisition may not be obtained on the proposed terms and schedule, or Savi Financial shareholders may not approve the acquisition, any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the companies or any person that the future events, plans, or expectations contemplated by the companies will be achieved. All subsequent written and oral forward-looking statements concerning the companies or any person acting on their behalf is expressly qualified in its entirety by the cautionary statements above. None of Harborstone Credit Union, Savi Financial or SaviBank undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, to reflect circumstances or events that occur after the date the forward-looking statements are made.


SELECTED FINANCIAL DATA
(In thousands of dollars, except for ratios and per share amounts)
Unaudited
	Three Months Ended													Nine Months Ended
	September 30, 2024			September 30, 2023			Var %		June 30, 2024			Var %		September 30, 2024			September 30, 2023			Var %
SUMMARY OF OPERATIONS
Interest income	$	8,756		$	7,573		16	%	$	8,371		5	%	$	24,962		$	21,092		18	%
Interest expense		(3,698	)		(2,539	)	46			(3,509	)	5			(10,411	)		(6,092	)	71
Net interest income		5,058			5,034		0			4,862		4			14,551			15,000		(3	)
Provision for loan losses		(86	)		350		(125	)		(255	)	(66	)		(578	)		539		(207	)

NII after loss provision		4,972			5,384		(8	)		4,607		8			13,973			15,539		(10	)
Non-interest income		825			852		(3	)		1,181		(30	)		2,587			2,796		(7	)
Non-interest expense		(5,566	)		(5,559	)	0			(5,823	)	(4	)		(16,920	)		(16,415	)	3
Income before tax		231			677		(66	)		(35	)	(760	)		(360	)		1,920		(119	)
Federal income tax expense		26			119		(78	)		(30	)	(187	)		(144	)		333		(143	)
Net income	$	205		$	558		(63	)%	$	(5	)	(4,200	)%	$	(216	)	$	1,587		(114	)%

PER COMMON SHARE DATA
Number of shares outstanding (000s)		3,465			3,460		0	%		3,465		—	%		3,465			3,460		0.14	%
Earnings per share, basic	$	0.06		$	0.16		(63	)	$	(0.00	)	(4,200	)	$	(0.06	)	$	0.46		(114	)
Earnings per share, diluted	$	0.05		$	0.13		(63	)	$	(0.00	)	(4,201	)	$	(0.05	)	$	0.36		(114	)
Market value		14.50			6.86		111			14.79		(2	)		14.50			6.86		111
Book value		10.93			10.95		(0	)		10.61		3			10.93			10.95		(0	)
Market value to book value		132.63	%		62.65	%	112			139.40	%	(5	)		132.63	%		62.65	%	112

BALANCE SHEET DATA
Assets	$	623,637		$	591,370		5	%	$	621,191		0	%	$	623,637		$	591,370		5	%
Investments securities		36,629			35,140		4			34,698		6			36,629			35,140		4
Total loans		509,535			487,184		5			512,080		(0	)		509,535			487,184		5
Total deposits		512,912			481,476		7			492,140		4			512,912			481,476		7
Borrowings		52,500			52,500		–			72,000		(27	)		52,500			52,500		–
Sub Debt – Savi Financial Only		17,000			17,000		–			17,000		–			17,000			17,000		–
Shareholders’ equity		37,881			37,887		(0	)		36,777		3			37,881			37,887		(0	)

AVERAGE BALANCE SHEET DATA
Average assets	$	622,414		$	583,931		7	%	$	612,262		2	%	$	608,559		$	557,460		9	%
Average total loans		512,751			473,590		8			503,793		2			502,860			459,765		9
Average total deposits		502,526			474,076		6			490,753		2			498,373			456,093		9
Average shareholders’ equity		37,329			37,812		(1	)		36,678		2			37,534			37,082		1

ASSET QUALITY RATIOS
Net (charge-offs) recoveries	$	(214	)	$	(77	)	N/M		$	(35	)	N/M		$	(422	)	$	(266	)	N/M
Net (charge-offs) recoveries to average loans		(0.17	)%		(0.07	)%	N/M			(0.03	)%	N/M			(0.11	)%		(0.08	)%	N/M
Non-performing loans as a % of loans		0.26			0.09		183			0.24		6			0.26			0.09		183
Non-performing assets as a % of assets		0.21			0.19		10			0.20		4			0.21			0.19		10
Allowance for loan losses as a % of total loans		1.18			1.16		2			1.19		(1	)		1.18			1.16		2
Allowance for loan losses as a % of non-performing loans		462.69			1,223.59		(62	)		492.30		(6	)		462.69			1,223.59		(62	)

FINANCIAL RATIOSSTATISTICS
Return on average equity		2.20	%		5.90	%	(63	)%		-0.05	%	(4,128	)%		-0.77	%		5.71	%	(113	)%
Return on average assets		0.13			0.38		(66	)		(0.00	)	(4,133	)		(0.05	)		0.38		(112	)
Net interest margin		3.52			3.66		(4	)		3.48		1			3.47			3.77		(8	)
Efficiency ratio		81.59			92.23		(12	)		83.37		(2	)		85.53			92.24		(7	)
Average number of employees (FTE)		136			145		(6	)		140		(3	)		142			146		(3	)

CAPITAL RATIOS

Tier 1 leverage ratio — Bank		8.19			8.24		(1	)%		8.27		(1	)%		8.19			8.24		(1	)%
Common equity tier 1 ratio — Bank		9.59			9.08		6			9.36		2			9.59			9.08		6
Tier 1 risk-based capital ratio — Bank		9.59			9.08		6			9.36		2			9.59			9.08		6
Total risk-based capital ratio –Bank		10.78			10.22		5			10.56		2			10.78			10.22		5

Contact:
Michal D. Cann
Chairman & President
Savi Financial Corporation
(360) 399-7001

The MIL Network –

January 25, 2025

MIL-OSI: insightsoftware Eases Reporting for Finance Teams Using Workday, Freeing Time for More Strategic Work

Source: GlobeNewswire (MIL-OSI)

RALEIGH, N.C., Oct. 29, 2024 (GLOBE NEWSWIRE) — insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today launched insightsoftware Reporting for Workday. Establishing a live connection with Workday enables finance teams to speed up report production so they can spend more time on strategic analysis. CFOs, controllers, financial analysts, accountants, operations, and IT managers can report financial data in near real time.

Finance teams are increasingly seeking to go beyond their native ERP reporting capabilities to create custom reports that are perfectly adapted to their business needs. Consequently, finance professionals often devote considerable time to report creation or rely heavily on IT for support. Research conducted by insightsoftware found that 75% of finance professionals spend at least five to six hours weekly recreating financial reports, totaling 300 hours annually. This underscores the need for more adaptable and user-friendly reporting solutions that allow finance teams to extract greater value from their ERP data using familiar tools like Excel.

insightsoftware Reporting for Workday empowers finance teams with live connectivity, facilitating more effective reporting on financial data. Built on insightsoftware’s robust connected data Platform, it leverages deep domain expertise with integrated business logic and context, enabling seamless reporting on general ledger data. Finance professionals can efficiently generate financial reports in Excel and delve into transaction details to resolve issues promptly.

“We are thrilled to offer Workday users a new, more flexible approach to fulfilling their financial reporting needs. Finance teams can now streamline their reporting processes to drive impactful business decisions across their organizations,” said Lee An Schommer, Chief Product Officer and General Manager, FP&A at insightsoftware. “Developing this live connection with Workday demonstrates our ongoing commitment to providing finance teams with exactly what they need to help fuel organizational growth.”

insightsoftware Reporting for Workday offers finance teams a more flexible and intuitive environment for report creation in Excel, delivering the essential context and business understanding needed for crucial decision-making. This goes beyond what is possible with standard ERP and financial system reporting.

insightsoftware Reporting for Workday is available across North America, EMEA, and APAC regions, ensuring global reach and support. Visit the insightsoftware website to learn more.

About insightsoftware
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.

Media Contacts
Inkhouse for insightsoftware
insightsoftware@inkhouse.com

Daniel Tummeley
Corporate Communications Manager
PR@insightsoftware.com

The MIL Network –

January 25, 2025

MIL-OSI: Flywire Survey Uncovers Increasing Demand for Flexible, Patient-Centric Payment Solutions in U.S. Healthcare

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

The MIL Network –

January 25, 2025

MIL-OSI: Tabnine Unveils Industry-First, Hyper-Personalized AI Code Review Agent

Source: GlobeNewswire (MIL-OSI)

TEL AVIV, Israel, Oct. 29, 2024 (GLOBE NEWSWIRE) — Tabnine, the originators of the AI code assistant category, today unveiled the Tabnine Code Review Agent; introducing a first-of-its-kind AI software validation agent that enables organizations to produce higher quality, more secure code by leveraging and enforcing any given team’s unique best practices and standards for software development.

This is the first in a wave of highly advanced AI agents and a suite of product capabilities within Tabnine that provides direct coaching and guidance to how the AI behaves. Tabnine’s Code Review Agent makes it effortless for organizations to codify their institutional knowledge, corporate policies, and software development standards, including best practices and patterns found in their “golden code repos.” The Tabnine Code Review Agent will then enforce adherence to those rules across the software development process. This explicit guidance builds on Tabnine’s personalized approach to AI code generation through awareness and understanding of both locally available code and data in the integrated development environment (IDE) and a company’s software repository. The combination allows Tabnine to fully adapt to and reflect the unique methods and preferences of each engineering team.

“AI in software development is about much more than just generating more code; it’s greatest power might be in helping improve the quality, security, and compliance of code in real time as we work. By reviewing code at the pull request and ensuring that the code presented matches each team’s unique expectations, we are saving engineering teams significant time and effort while applying a level of rigor to the automation of code review that was never possible with static code analysis,” said Peter Guagenti, President at Tabnine. “Using a set of rules personalized to each given organization, the Tabnine Code Review Agent sets a new bar for the category. Tabnine’s unique approach to personalization allows our agents to behave like a fully onboarded member of your engineering team that is steeped in your team’s ways of working.”

Tabnine Code Review Agent enables companies to provide the specific parameters they would like to see their code comply with via plain language, with no complex setup required. Tabnine converts this provided knowledge into a set of comprehensive rules. Additionally, Tabnine offers a vast array of predefined rules any team can activate, including commonly used industry standards, as well as language or product-specific best practices.

When developers create a pull request, the Code Review Agent checks the code in the pull request against the rules established by their team. If any aspect of the code doesn’t conform with those rules, then the Agent flags it to the code reviewer, providing guidance on the issue and suggested edits to fix it. All of the rules are in plain English, which makes it easy to review and maintain over time. Tabnine administrators have complete control and can enable or disable specific rules, and set the severity of rules.

Tabnine’s Code Review Agent will also soon be available within the full array of IDEs the company supports. The Agent passively reviews code as a developer works; flagging issues and offering suggestions as appropriate inside the code editor.

The Code Review Agent is in Private Preview and open to any Tabnine enterprise customer. You can request early access by contacting Tabnine. Learn more about the Tabnine Code Review Agent and see it in action here.

About Tabnine
Tabnine helps development teams of every size use AI to accelerate and improve the software development life cycle. As the original AI coding assistant, Tabnine has been used by millions of developers around the world to boost code quality and developer happiness using generative AI. Unlike other coding assistants, Tabnine is the AI that you control; it is extensively personalized to your engineering team, private and secure (easily running in your controlled environments), never stores or trains on your company’s code or user data, and offers models trained exclusively on open-source code with permissive licenses to eliminate IP risks. Learn more at tabnine.com or follow us on LinkedIn.

Contact
press@tabnine.com

The MIL Network –

January 25, 2025

MIL-OSI: Canadian Engineers to Receive High-Demand Skills Training Through Innovative New Platform

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

The MIL Network –

January 25, 2025

MIL-OSI: BlackLine Honored with Multiple Consecutive Industry Accolades

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 29, 2024 (GLOBE NEWSWIRE) — BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, has been honored with the 2024 ‘Tech Cares’ and ‘Buyer’s Choice’ awards from TrustRadius, a leading B2B software peer review platform. BlackLine has once again demonstrated its commitment to delivering industry-leading solutions while driving corporate social responsibility, marking its fifth consecutive year of recognition for exceptional employee and community programs.

As a ‘Tech Cares’ award winner, BlackLine is one of 100 B2B technology companies recognized for outstanding dedication to sustainability, volunteerism, diversity, equity, and inclusion (DEI), generous donations, community impact, employee well-being and development, support for women in technology, and educational support.

BlackLine’s TrustRadius Buyer’s Choice Award reinforces its position as a trusted platform for finance and accounting professionals. Based on real customer feedback and satisfaction ratings, the accolade highlights BlackLine’s ability to deliver significant ROI, ease of use, and strong customer support. These prestigious awards underscore BlackLine’s commitment to delivering customer-centric innovation that drives continuous transformation, providing immediate impact and sustained value to its global customer base.

In addition to the TrustRadius honors, BlackLine was also recognized for the fifth consecutive year by G2, the world’s largest software marketplace, winning the Best Accounting & Finance Software award. This accolade reflects BlackLine’s success in delivering future-ready financial operations for the Office of the CFO, offering solutions that are accurate, efficient, and intelligent. The award, driven by overwhelmingly positive feedback from verified users, highlights BlackLine’s continued leadership in the market with its Financial Close Management solution.

“We are honored to receive these recognitions from TrustRadius and G2 for both our market-leading solutions and our commitment to social impact,” said Therese Tucker, Founder and Co-CEO of BlackLine. “At BlackLine, our mission is to inspire, power, and guide digital finance transformation, and our values—Think, Create, Serve—are at the core of how we achieve this. We continually challenge ourselves to think critically, create innovative solutions, and serve both our customers and communities with purpose. These awards are a testament to the hard work of our BlackLiners and the trust our customers place in us as we continue to deliver future-ready financial operations globally.”

Visit BlackLine’s site here to learn more about the company’s industry solutions. To read what customers are saying about BlackLine, visit the company’s page on TrustRadius here, and on G2’s website here.

About BlackLine

BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

For more information, please visit blackline.com.

Media Contact:

Samantha Darilek

VP, Communications

BlackLine

samantha.darilek@blackline.com

BlackLine Forward-looking Statements

This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release include statements regarding our growth plans, strategies and opportunities.

Any forward-looking statements contained in this press release are based upon BlackLine’s current plans, estimates and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Company’s ability to execute on its strategies, attract new customers, enter new geographies and develop, release and sell new features and solutions; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Annual Report on Form 10-K. Additional information will also be set forth in our Quarterly Reports on Form 10-Q.

Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

The MIL Network –

January 25, 2025

MIL-OSI Asia-Pac: Economic, trade policies explained

Source: Hong Kong Information Services

Secretary for Commerce & Economic Development Algernon Yau today briefed members of the Trade & Industry Advisory Board on major initiatives related to economic and trade developments in the 2024 Policy Address.

Mr Yau said that the Policy Address announced a series of initiatives, including a reduction of the duty rate for liquor, to create new impetus for Hong Kong’s economic development.

Currently, the import prices of about 85% of duty-paid liquor in Hong Kong stand at $200 or below, meaning that such products will not benefit from the duty reduction.

The commerce chief pointed out that this can avoid providing an incentive for citizens to increase liquor consumption as a result of the duty deduction, adding that the proposal has struck a balance between various policy considerations such as facilitating high-end liquor trade, maintaining healthy public finances and safeguarding public health.

Mr Yau also briefed the members on the proposal introduced in the Policy Address to build a high value-added supply chain service centre.

He noted that Invest Hong Kong and the Trade Development Council will set up a mechanism and enhance their interfaces for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong for managing offshore trading and supply chains, and providing one-stop diversified professional advisory services for enterprises in Hong Kong looking to go global.

Mr Yau also highlighted that the Policy Address rolled out various support measures for small and medium-sized enterprises (SMEs), including relaunching the principal moratorium arrangement under the SME Financing Guarantee Scheme, as well as raising the maximum indemnity ratio of the Hong Kong Export Credit Insurance Corporation to 95%.

Separately, the Trade & Industry Department briefed the meeting attendees on the Second Agreement Concerning Amendment to the Mainland & Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services (Amendment Agreement II).

Mr Yau said the series of measures will provide better support for SMEs while further promoting economic and trade developments, thereby enabling the steady advancement of Hong Kong’s economy.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: Statement regarding the proposed issue of a prospectus

Source: GlobeNewswire (MIL-OSI)

Statement regarding the proposed issue of a prospectus

LEI Code 213800OVSRDHRJBMO720

Albion Enterprise VCT PLC, Albion Technology & General VCT PLC and Albion Crown VCT PLC (“The Companies”)

Statement regarding the proposed issue of a prospectus for the Albion VCTs Prospectus Top Up Offers

The Companies are pleased to announce that, subject to obtaining the requisite regulatory approval, the Companies intend to launch prospectus top up offers of new ordinary shares for subscription in the 2024/2025 tax year (the “Offers”).

The current intention is for the Companies, in aggregate, to raise up to £50 million, with over-allotment facilities of up to a further £30 million in aggregate, before issue costs, as follows:

	Amount to be raised under each Offer	Over-allotment facility
Albion Enterprise VCT PLC Offer	£10 million	£10 million
Albion Technology & General VCT PLC Offer	£20 million	£10 million
Albion Crown VCT PLC Offer	£20 million	£10 million

Full details of the Offers will be contained in a prospectus that is expected to be made available in November 2024 on the Albion Capital website (www.albion.capital). Application for shares under the Offers will open in early January 2025.

Enquiries:

Will Fraser-Allen
Managing Partner, Albion Capital
Investment Manager
Tel: 0207 601 1850

29 October 2024

The MIL Network –

January 25, 2025

MIL-OSI Global: The ancient Irish get way too much credit for Halloween

Source: The Conversation – USA – By Lisa Bitel, Dean’s Professor of Religion & Professor of History, USC Dornsife College of Letters, Arts and Sciences

The Celtic festival of Samhain celebrates a time of year when the division between Earth and the otherworld collapses, allowing spirits to pass through. Matt Cardy/Getty Images

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.

A changing of the seasons

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.

A neopagan celebration of Samhain in October 2021.
Wikimedia Commons, CC BY-SA

An otherworld more utopian than terrifying

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.

Clampdown on pagan customs

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.

A mishmash of traditions

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.

Guy Fawkes Day, an annual celebration in Great Britain, features fireworks and bonfires and is observed on Nov. 5.
Hulton-Deutsch Collection/Corbis via Getty Images

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.

Halloween with an American sheen

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

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI USA: Ernst Demands Answers on USDA Oversight Following Pure Prairie Poultry’s Abrupt Closure

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.

MIL OSI USA News –

January 25, 2025

MIL-OSI Global: Corporate social responsibility disclosures are a double-edged sword, new research suggests

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.

Why it matters

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.

What’s next

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

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Beyond bottled water and sandwiches: What FEMA is doing to get hurricane victims back into their homes

Source: The Conversation – USA – By Shannon Van Zandt, Professor of Landscape Architecture and Urban Planning, Texas A&M University

Two people survey their beachfront home and business, which was destroyed in Hurricane Milton, on Manasota Key, Fla., Oct. 13, 2024. AP Photo/Rebecca Blackwell

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:

This FEMA video explains how to initiate claims after federally declared disasters.

Quick cash grants, then funding for repairs

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.

Insurance plays a key role

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.

According to FEMA, only 4% of U.S. homeowners have flood insurance, while 99% of U.S. counties have experienced flooding since 1996.

Other federal funding sources

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.

Renters have few options

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.

Helping the neediest victims

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

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI United Kingdom: UK, EU and Canada impose new sanctions targeting Myanmar military regime and its associates

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.

Background

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.

Published 29 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Europe: The EBA asks for input to entities falling within the scope of initial margin model authorisation under the revised European Market Infrastructure Regulation

Source: European Banking Authority

The European Banking Authority (EBA), in cooperation with the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), launched today a short survey addressed to entities within the scope of the initial margin (IM) model authorisation regime introduced by the upcoming revised European Market Infrastructure Regulation (EMIR 3). The deadline for submitting responses is Friday 29 November 2024.

EMIR 3 will introduce important novelties, such as:

an authorisation regime for IM models used by counterparties in the EU;
a new EBA central validation function for pro-forma margin models (such as ISDA SIMM);
a supervision of IM models with greater focus on larger counterparties.

The EBA, in cooperation with ESMA and EIOPA, is seeking general information on entities within the scope of IM model authorisation, as well as specific information relevant for fee calculation and on initial margins and IM models used.

This information will guide the EBA in the setup of its central validation function and inform the EBA’s response to the EU Commission’s Call for advice on a possible Delegated Act on fees received on 31 July 2024. The information will also be used to develop proportionate requirements for entities within the scope of IM model authorisation, especially for smaller entities (the so called “Phase 5” and “Phase 6” entities) – as part of upcoming mandates under EMIR 3.

Consultation process

Entities currently subject to the requirement to exchange initial margin – in accordance with EMIR and under Article 36 of Commission Delegated Regulation (EU) 2016/2251 (the joint ESAs RTS on uncleared OTC derivatives) – and using at least one IM model to comply with that requirement, are expected to fill in the survey. All entities of a group that are subject to this requirement are expected to fill in the survey separately, at entity level.

Responses should be submitted by Friday, 29 November 2024, via the online tool that can be accessed under the following link: https://ec.europa.eu/eusurvey/runner/IMMVEMIR3

To access the survey, a password must be used, which can be obtained from trade associations and competent authorities. Non-supervised entities can contact eba-immv@eba.europa.eu.

Questions on the survey should be submitted via the contact form available in the online survey tool.

Next steps

Closer to the EMIR 3 publication, the EBA will publish on its website operational clarifications aimed to ensure a smooth, convergent entry into force of EMIR 3 requirements in the EU.

Legal basis and background

On 7 December 2022, the Commission published its proposal to amend EMIR as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets. On 7 February 2024, the European Parliament and the Council reached a political agreement on a compromise text (EMIR 3), which was formally endorsed by the two institutions respectively on 4 March 2024 and 14 February 2024.

EMIR 3 is expected, in accordance with its Article 11(12a), to grant EBA the additional task to set up a central validation function for the elements and general aspects of pro-forma models (such as ISDA SIMM), and changes thereto, used or to be used by a subset of financial and non-financial counterparties as part of the risk mitigation techniques used on their portfolios of non-centrally cleared OTC derivatives.

On 31 July 2024, the EBA received a Call for advice on a possible Delegated Act on fees to be charged to financial and non-financial counterparties requiring the validation by EBA of pro-forma models, with the request to submit its response by Q2 2025. As part of its response, the EBA is requested to provide a ‘quantitative and qualitative cost-benefit analysis of all the options considered and proposed’ and to ‘widely consult market participants’.

MIL OSI Europe News –

January 25, 2025

MIL-OSI: First Financial Northwest, Inc. Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

RENTON, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported a net loss of $608,000, or $(0.07) per diluted share, for the quarter ended September 30, 2024, compared to net income of $1.6 million, or $0.17 per diluted share, for the quarter ended June 30, 2024, and net income of $1.5 million, or $0.16 per diluted share, for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company reported a net loss of $128,000, or $(0.01) per diluted share, compared to net income of $5.1 million, or $0.56 per diluted share, for the comparable period in 2023.

The net loss for the quarter was primarily the result of a $1.6 million provision for credit losses. Our allowance for credit losses (“ACL”) analysis determined that a provision for credit losses of $1.6 million was appropriate as of September 30, 2024. This provision mainly relates to two participation loans totaling $6.0 million, for which we are not the lead lender. These loans, secured by short-term rehabilitation and assisted living facilities, have been individually evaluated and classified as “substandard” since March 2022 due to a decline in demand for the services provided at such facilities post-COVID. While payments on the loans were current as of September 30, 2024, updated appraisals received during the quarter resulted in an increase in our ACL. The loan guarantors are under contract to sell another property, with the sale expected to close in the fourth quarter of 2024. Proceeds from this sale are expected to be applied to the two loans, which would improve our position. Additionally, the guarantors reported interest from a national real estate developer in purchasing one of the facilities, though no purchase agreement was entered into as of September 30, 2024. The ACL was also impacted by higher forecasted unemployment rates and increased construction and land development loan balances. Additionally, reserves for unfunded commitments increased by $75,000 due to increased construction lending activity during the quarter.

“While we recorded a provision for credit losses during the quarter ended September 30, 2024, our credit quality remained strong, with only $853,000 in nonaccrual loans relative to our $1.14 billion total loan portfolio. Our strong credit quality is directly related to our top-notch lending department employees who originate, document and underwrite these loans,” stated Joseph W. Kiley III, President and CEO.

“We also continue to work closely with Global Federal Credit Union (“Global”) to prepare for the closing of the pending transaction and to ensure a smooth transition for our customers and employees. I truly appreciate the efforts and patience of our employees, customers, and shareholders as we await the final required approval from the National Credit Union Administration before we can close the transaction,” concluded Kiley.

Highlights for the quarter ended September 30, 2024:

Net loans receivable totaled $1.13 billion at September 30, 2024, down $8.9 million from the prior quarter end.
Book value per share was $17.39 at September 30, 2024, compared to $17.51 at June 30, 2024, and $17.35 at September 30, 2023.
The Bank’s Tier 1 leverage and total capital ratios were 10.9% and 16.7% at September 30, 2024, compared to 10.9% and 16.6% at June 30, 2024, and 10.3% and 16.0% at September 30, 2023, respectively.
Credit quality remained strong with nonaccrual loans totaling only $853,000, or 0.07% of total loans.
A $1.6 million provision for credit losses was recorded in the current quarter, compared to a $200,000 recapture of provision for credit losses in the prior quarter and a $300,000 recapture of provision for credit losses in the comparable quarter in 2023.

Deposits totaled $1.17 billion at September 30, 2024, compared to $1.09 billion at June 30, 2024, and $1.21 billion at September 30, 2023. The $79.2 million increase in deposits at September 30, 2024, compared to June 30, 2024, was due primarily to a $81.9 million increase in retail certificates of deposit and a $624,000 increase in noninterest-bearing demand deposits, partially offset by a $1.5 million, $1.4 million, $392,000, and $104,000 decline in interest-bearing demand deposits, money market deposits, savings and brokered deposits, respectively. The increased deposits were used to pay down our FHLB advances to $100.0 million at September 30, 2024, from $176.0 million at June 30, 2024.

Advances from the FHLB totaled $100.0 million at September 30, 2024, down from $176.0 million at June 30, 2024, and $125.0 million at September 30, 2023, as the increase in deposits during the current quarter allowed us to reduce our reliance on FHLB advances. At September 30, 2024, the $100.0 million in FHLB advances were tied to cash flow hedge agreements where the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. These cash flow hedge agreements had a weighted average remaining term of 30.8 months and a weighted average fixed interest rate of 1.93% as of September 30, 2024. The average cost of borrowings was 3.19% for the quarter ended September 30, 2024, compared to 2.64% for the quarter ended June 30, 2024, and 2.42% for the quarter ended September 30, 2023.

The following table presents a breakdown of our total deposits (unaudited):

	Sep 30, 2024		Jun 30, 2024		Sep 30, 2023		Three Month Change			One Year Change
Deposits:	(Dollars in thousands)
Noninterest-bearing demand	$	100,466	$	99,842	$	104,164	$	624		$	(3,698	)
Interest-bearing demand		55,506		57,033		60,816		(1,527	)		(5,310	)
Savings		17,031		17,423		18,844		(392	)		(1,813	)
Money market		495,978		497,345		501,168		(1,367	)		(5,190	)
Certificates of deposit, retail		447,474		365,527		349,446		81,947			98,028
Brokered deposits		50,900		51,004		175,972		(104	)		(125,072	)
Total deposits	$	1,167,355	$	1,088,174	$	1,210,410	$	79,181		$	(43,055	)

The following tables present an analysis of total deposits by branch office (unaudited):

September 30, 2024
	Noninterest-bearing demand		Interest-bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	29,388	$	14,153	$	10,654	$	305,836	$	315,721	$	–	$	675,752
Landing		3,442		1,660		237		8,348		12,733		–		26,420
Woodinville		1,968		2,234		959		8,852		11,522		–		25,535
Bothell		2,965		1,151		401		1,536		5,918		–		11,971
Crossroads		14,770		2,039		107		31,665		18,136		–		66,717
Kent		5,417		10,502		44		16,053		8,562		–		40,578
Kirkland		10,967		1,890		206		11,243		2,240		–		26,546
Issaquah		1,186		294		18		2,547		6,580		–		10,625
Total King County		70,103		33,923		12,626		386,080		381,412		–		884,144
Snohomish County
Mill Creek		3,990		2,171		384		14,628		10,312		–		31,485
Edmonds		9,254		6,831		330		18,549		13,281		–		48,245
Clearview		5,587		5,242		1,462		21,206		12,251		–		45,748
Lake Stevens		3,970		4,282		1,244		23,257		15,571		–		48,324
Smokey Point		2,994		1,664		969		29,353		11,387		–		46,367
Total Snohomish County		25,795		20,190		4,389		106,993		62,802		–		220,169
Pierce County
University Place		2,940		53		4		1,848		1,458		–		6,303
Gig Harbor		1,628		1,340		12		1,057		1,802		–		5,839
Total Pierce County		4,568		1,393		16		2,905		3,260		–		12,142

Brokered deposits		–		–		–		–		–		50,900		50,900

Total deposits	$	100,466	$	55,506	$	17,031	$	495,978	$	447,474	$	50,900	$	1,167,355

June 30, 2024
	Noninterest-bearing demand		Interest-bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	30,336	$	14,380	$	11,186	$	306,176	$	246,076	$	–	$	608,154
Landing		2,079		566		113		7,895		9,881		–		20,534
Woodinville		1,953		2,949		987		10,931		10,845		–		27,665
Bothell		3,336		847		398		1,595		6,055		–		12,231
Crossroads		13,585		2,858		28		25,599		17,748		–		59,818
Kent		7,729		8,142		42		14,525		7,448		–		37,886
Kirkland		8,326		1,789		210		15,007		1,752		–		27,084
Issaquah		1,287		232		22		3,971		6,202		–		11,714
Total King County		68,631		31,763		12,986		385,699		306,007		–		805,086
Snohomish County
Mill Creek		5,823		2,306		420		15,209		9,578		–		33,336
Edmonds		10,418		9,470		402		20,255		12,753		–		53,298
Clearview		4,810		4,888		1,444		18,695		9,504		–		39,341
Lake Stevens		4,111		4,445		1,171		22,618		14,090		–		46,435
Smokey Point		2,700		3,152		982		31,808		10,435		–		49,077
Total Snohomish County		27,862		24,261		4,419		108,585		56,360		–		221,487
Pierce County
University Place		2,385		41		2		1,819		1,503		–		5,750
Gig Harbor		964		968		16		1,242		1,657		–		4,847
Total Pierce County		3,349		1,009		18		3,061		3,160		–		10,597

Brokered deposits		–		–		–		–		–		51,004		51,004

Total deposits	$	99,842	$	57,033	$	17,423	$	497,345	$	365,527	$	51,004	$	1,088,174

Net loans receivable totaled $1.13 billion at September 30, 2024, compared to $1.14 billion at June 30, 2024, and $1.17 billion at September 30, 2023. During the quarter ended September 30, 2024, loan repayments outpaced new loan fundings across all loan categories except construction and land development. The average balance of net loans receivable totaled $1.13 billion for the quarter ended September 30, 2024, compared to $1.14 billion for the quarter ended June 30, 2024, and $1.17 billion for the quarter ended September 30, 2023.

The ACL represented 1.42% of total loans receivable at September 30, 2024, compared to 1.29% at both June 30, 2024, and September 30, 2023.

Nonaccrual loans totaled $853,000 at September 30, 2024, compared to $4.7 million at June 30, 2024, and $201,000 at September 30, 2023. The decrease compared to the prior quarter was due primarily to the payoff of a $4.1 million commercial real estate loan that had been reported as nonaccrual as of June 30, 2024. The Bank did not incur any loss related to this credit. Additionally, there was no other real estate owned at September 30, 2024, June 30, 2024, or September 30, 2023.

Net interest income totaled $8.5 million for the quarter ended September 30, 2024, compared to $9.0 million for the quarter ended June 30, 2024, and $9.7 million for the quarter ended September 30, 2023.

Total interest income was $19.4 million for the quarter ended September 30, 2024, compared to $19.3 million for the quarter ended June 30, 2024, and $19.7 million for the quarter ended September 30, 2023. The increase in total interest income during the current quarter was primarily due to interest income on interest-earning deposits held with banks which increased to $863,000 in the quarter ended September 30, 2024, up 79.0% from $482,000 in the quarter ended June 30, 2024, partially offset by decreases in interest income on loans and investments of $147,000 or 0.9% and $142,000 or 7.5%, respectively. The decrease in total interest income during the current quarter compared to the comparable quarter in 2023, was primarily due to decreases in interest income on loans of $260,000 or 1.5% and on investments of $374,000 or 17.7%, partially offset by increases in interest income on interest-earning deposits held with banks and dividends on FHLB stock of $338,000 or 64.4% and $37,000 or 32.7%, respectively.

Yield on loans decreased to 5.86% during the recent quarter from 5.93% for the quarter ended June 30, 2024, and increased from 5.73% for the quarter ended September 30, 2023. During the June 30, 2024 quarter, the Bank modified over $130 million in loans under its agreement with Global, resulting in a $214,000 increase in net deferred loan fees and costs, which increased the loan yield. In the most recent quarter, these fees and costs decreased by $266,000. The yield on investment securities for the current quarter was 4.30%, down from 4.38% last quarter and up from 3.98% a year ago.

Total interest expense was $11.0 million for the quarter ended September 30, 2024, compared to $10.3 million for the quarter ended June 30, 2024, and $10.0 million for the quarter ended September 30, 2023. The increase from the quarters ended June 30, 2024 and September 30, 2023, was due to increases in funding costs. Interest expense on deposits increased $250,000 or 2.6% to $9.7 million, while interest expense on other borrowings increased $364,000 or 42.9% to $1.2 million during the current quarter, compared to the prior quarter. The increase in interest expense on deposits was primarily due to a $32.5 million increase in the average balances of certificates of deposit, partially offset by declines of $28.9 million and $10.7 million in the average balances of brokered deposits and money market deposits, respectively. In addition, the average cost of interest-bearing deposits was 3.80% for the quarter ended September 30, 2024, up from 3.71% for the quarter ended June 30, 2024. The increase in interest expense on other borrowings was due to a $22.4 million increase in the average balance of borrowings, coupled with a 55-basis point increase in the average cost of other borrowings to 3.19% during the quarter ended September 30, 2024, compared to the prior quarter. The increase in interest expense during the current quarter compared to the same quarter in 2023, was also due to increases in both the average balance and cost of outstanding borrowings, which increased by $26.1 million and 77 basis points, respectively.

Net interest margin was 2.46% for the quarter ended September 30, 2024, compared to 2.66% for the quarter ended June 30, 2024, and 2.69% for the quarter ended September 30, 2023. The decrease in the net interest margin for the quarter ended September 30, 2024, was due primarily to continued pressure on funding costs. The average yield on interest-earning assets decreased seven basis points to 5.66% during the quarter ended September 30, 2024, from 5.73% during the quarter ended June 30, 2024, and increased 20 basis points from 5.46% during the quarter ended September 30, 2023. The average cost of interest-bearing liabilities increased 13 basis points to 3.72% during the quarter, from 3.59% during the quarter ended June 30, 2024, and increased 48 basis points from 3.24% during the quarter ended September 30, 2023. The net interest margin for the month of September 2024 was 2.49%.

Noninterest income for the quarter ended September 30, 2024, totaled $677,000, up slightly from $673,000 for the quarter ended June 30, 2024, and unchanged from $677,000 for the quarter ended September 30, 2023. The increase compared to the quarter ended June 30, 2024, was primarily due to fluctuations related to our fintech focused venture capital investment more than offsetting the decreases in BOLI income, wealth management revenue and deposit and loan related fees in the quarter.

Noninterest expense totaled $8.5 million for the quarter ended September 30, 2024, compared to $7.9 million for the prior quarter, and $8.8 million for the same period in 2023. The increase from the June 30, 2024 quarter was primarily due to a $789,000 increase in salaries and employee benefits. This was because the June 2024 quarter included $939,000 in deferred loan costs related to loan modifications, which reduced salary and employee benefit expenses, compared to $117,000 in deferred loan costs in the quarter ended September 30, 2024. Partially offsetting this was a $411,000 refund from the defined benefit plan buyout following a final census review of remaining plan participants. Professional fees also declined by $164,000 in the current quarter, largely due to a $101,000 decline in transaction-related expenses and a $54,000 decline in legal fees. Compared to the September 30, 2023 quarter, the decline in noninterest expense was primarily due to a $412,000 decrease in salaries and employee benefits, a $51,000 decrease in marketing expenses, a $35,000 decline in regulatory assessments, and $10,000 in lower occupancy and equipment expense. These reductions were partially offset by higher data processing, other general and administrative expenses and professional fees.

First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; an FDIC insured Washington State-chartered commercial bank headquartered in Renton, Washington, serving the Puget Sound Region through 15 full-service banking offices. For additional information about us, please visit our website at ffnwb.com and click on the “Investor Relations” link at the bottom of the page.

Forward-looking statements:
When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, our pending transaction with Global Federal Credit Union (“Global”) whereby Global, pursuant to the definitive purchase and assumption agreement (the “P&A Agreement”), will acquire substantially all of the assets and assume substantially all of the liabilities of the Bank, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based on current management expectations and may, therefore, involve risks and uncertainties. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the right of one or all of the parties to terminate the P&A Agreement; delays in completing the P&A Agreement; the failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the Global transaction, including the P&A Agreement, on a timely basis or at all; delays or other circumstances arising from the dissolution of the Bank and the Company following completion of the P&A Agreement; diversion of management’s attention from ongoing business operations and opportunities during the pending Global transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the Global transaction; adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including increases or decreases in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures; legislative and regulatory changes; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; effects of critical accounting policies and judgments, including the use of estimates in determining the fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the Securities and Exchange Commission – that are available on our website at www.ffnwb.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 are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. 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.

For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
(425) 255-4400

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands) (Unaudited)

Assets	Sep 30, 2024			Jun 30, 2024			Sep 30, 2023			Three Month Change		One Year Change

Cash on hand and in banks	$	8,423		$	10,811		$	8,074		(22.1	)%	4.3	%
Interest-earning deposits with banks		72,884			48,173			49,618		51.3		46.9
Investments available-for-sale, at fair value		156,609			160,693			204,975		(2.5	)	(23.6	)
Investments held-to-maturity, at amortized cost		2,462			2,456			2,450		0.2		0.5
Loans receivable, net of allowance of $16,265, $14,796, and $15,306 respectively		1,126,146			1,135,067			1,168,079		(0.8	)	(3.6	)
Federal Home Loan Bank (“FHLB”) stock, at cost		5,403			8,823			6,803		(38.8	)	(20.6	)
Accrued interest receivable		6,638			6,632			7,263		0.1		(8.6	)
Deferred tax assets, net		2,690			2,360			3,156		14.0		(14.8	)
Premises and equipment, net		18,584			19,007			19,921		(2.2	)	(6.7	)
Bank owned life insurance (“BOLI”), net		38,661			38,368			37,398		0.8		3.4
Prepaid expenses and other assets		8,898			11,447			13,673		(22.3	)	(34.9	)
Right of use asset (“ROU”), net		2,473			2,670			2,818		(7.4	)	(12.2	)
Goodwill		889			889			889		0.0		0.0
Core deposit intangible, net		326			357			451		(8.7	)	(27.7	)
Total assets	$	1,451,086		$	1,447,753		$	1,525,568		0.2		(4.9	)

Liabilities and Stockholders’ Equity

Deposits
Noninterest-bearing deposits	$	100,466		$	99,842		$	104,164		0.6		(3.6	)
Interest-bearing deposits		1,066,889			988,332			1,106,246		7.9		(3.6	)
Total deposits		1,167,355			1,088,174			1,210,410		7.3		(3.6	)
Advances from the FHLB		100,000			176,000			125,000		(43.2	)	(20.0	)
Advance payments from borrowers for taxes and insurance		5,211			2,764			4,760		88.5		9.5
Lease liability, net		2,673			2,866			3,011		(6.7	)	(11.2	)
Accrued interest payable		294			1,117			2,646		(73.7	)	(88.9	)
Other liabilities		15,340			16,139			20,506		(5.0	)	(25.2	)
Total liabilities		1,290,873			1,287,060			1,366,333		0.3		(5.5	)

Commitments and contingencies

Stockholders’ Equity
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding		–			–			–		n/a		n/a
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding
9,213,969 shares at September 30, 2024; 9,179,825 shares at June 30, 2024; and 9,179,510 shares at September 30, 2023		92			92			92		0.0		0.0
Additional paid-in capital		72,916			72,953			72,926		(0.1	)	(0.0	)
Retained earnings		93,692			94,300			96,206		(0.6	)	(2.6	)
Accumulated other comprehensive loss, net of tax		(6,487	)		(6,652	)		(9,989	)	(2.5	)	(35.1	)
Total stockholders’ equity		160,213			160,693			159,235		(0.3	)	0.6
Total liabilities and stockholders’ equity	$	1,451,086		$	1,447,753		$	1,525,568		0.2	%	(4.9	)%

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Income Statements (Dollars in thousands, except per share data) (Unaudited)

	Quarter Ended
	Sep 30, 2024			Jun 30, 2024			Sep 30, 2023			Three Month Change		One Year Change
Interest income
Loans, including fees	$	16,658		$	16,805		$	16,918		(0.9	)%	(1.5	)%
Investments		1,744			1,886			2,118		(7.5	)	(17.7	)
Interest-earning deposits with banks		863			482			525		79.0		64.4
Dividends on FHLB Stock		150			144			113		4.2		32.7
Total interest income		19,415			19,317			19,674		0.5		(1.3	)
Interest expense
Deposits		9,748			9,498			9,205		2.6		5.9
Other borrowings		1,213			849			766		42.9		58.4
Total interest expense		10,961			10,347			9,971		5.9		9.9
Net interest income		8,454			8,970			9,703		(5.8	)	(12.9	)
Provision (recapture of provision) for credit losses		1,575			(200	)		(300	)	(887.5	)	(625.0	)
Net interest income after provision (recapture of provision) for credit losses		6,879			9,170			10,003		(25.0	)	(31.2	)

Noninterest income
BOLI income		295			310			244		(4.8	)	20.9
Wealth management revenue		42			54			53		(22.2	)	(20.8	)
Deposit related fees		236			240			247		(1.7	)	(4.5	)
Loan related fees		96			97			79		(1.0	)	21.5
Other income (expense), net		8			(28	)		54		(128.6	)	(85.2	)
Total noninterest income		677			673			677		0.6		0.0

Noninterest expense
Salaries and employee benefits		4,606			3,817			5,018		20.7		(8.2	)
Occupancy and equipment		1,183			1,225			1,193		(3.4	)	(0.8	)
Professional fees		585			749			553		(21.9	)	5.8
Data processing		838			856			742		(2.1	)	12.9
Regulatory assessments		165			170			200		(2.9	)	(17.5	)
Insurance and bond premiums		113			118			111		(4.2	)	1.8
Marketing		46			47			97		(2.1	)	(52.6	)
Other general and administrative		952			959			856		(0.7	)	11.2
Total noninterest expense		8,488			7,941			8,770		6.9		(3.2	)
(Loss) income before federal income tax (benefit) provision		(932	)		1,902			1,910		(149.0	)	(148.8	)
Federal income tax (benefit) provision		(324	)		347			409		(193.4	)	(179.2	)
Net (loss) income	$	(608	)	$	1,555		$	1,501		(139.1	)%	(140.5	)%

Basic (loss) earnings per share	$	(0.07	)	$	0.17		$	0.16
Diluted (loss) earnings per share	$	(0.07	)	$	0.17		$	0.16
Weighted average number of common shares outstanding		9,190,146			9,168,414			9,127,568
Weighted average number of diluted shares outstanding		9,190,146			9,235,446			9,150,059

The following table presents a breakdown of the loan portfolio (unaudited):

	September 30, 2024					June 30, 2024					September 30, 2023
	Amount			Percent		Amount			Percent		Amount			Percent
	(Dollars in thousands)
Commercial real estate:
Residential:
Multifamily	$	132,811		11.6	%	$	134,302		11.7	%	$	140,022		11.7	%
Total multifamily residential		132,811		11.6			134,302		11.7			140,022		11.7

Non-residential:
Retail		118,840		10.4			118,154		10.4			130,101		11.0
Office		73,778		6.5			74,032		6.4			72,773		6.1
Hotel / motel		54,716		4.8			55,018		4.8			63,954		5.4
Storage		32,443		2.8			32,636		2.8			33,229		2.8
Mobile home park		22,443		2.0			23,159		2.0			21,285		1.8
Warehouse		18,743		1.6			18,868		1.6			19,446		1.6
Nursing Home		11,407		1.0			11,474		1.0			11,676		1.0
Other non-residential		30,719		2.7			32,139		2.8			42,227		3.7
Total non-residential		363,089		31.8			365,480		31.8			394,691		33.4

Construction/land:
One-to-four family residential		42,846		3.8			39,908		3.5			43,532		3.7
Multifamily		7,227		0.6			6,078		0.5			2,043		0.2
Land development		10,148		0.8			9,800		0.8			9,766		0.8
Total construction/land		60,221		5.2			55,786		4.8			55,341		4.7

One-to-four family residential:
Permanent owner occupied		279,744		24.5			283,516		24.7			260,970		22.1
Permanent non-owner occupied		221,127		19.4			225,423		19.6			232,238		19.6
Total one-to-four family residential		500,871		43.9			508,939		44.3			493,208		41.7

Business:
Aircraft		–		0.0			–		0.0			1,981		0.2
Small Business Administration (“SBA”)		1,745		0.2			1,763		0.2			1,810		0.3
Paycheck Protection Plan (“PPP”)		238		0.0			316		0.0			551		0.0
Other business		12,416		1.1			12,984		1.1			23,633		1.9
Total business		14,399		1.3			15,063		1.3			27,975		2.4

Consumer:
Classic, collectible and other auto		58,085		5.1			56,758		4.9			59,955		5.1
Other consumer		12,935		1.1			13,535		1.2			12,193		1.0
Total consumer		71,020		6.2			70,293		6.1			72,148		6.1

Total loans		1,142,411		100.0	%		1,149,863		100.0	%		1,183,385		100.0	%
Less:
ACL		16,265					14,796					15,306
Loans receivable, net	$	1,126,146				$	1,135,067				$	1,168,079

Concentrations of credit: ⁽¹⁾
Construction loans as % of total capital		36.8	%				34.8	%				37.8	%
Total non-owner occupied commercial real estate as % of total capital		296.2	%				298.8	%				328.1	%

_{⁽¹⁾ Concentrations of credit percentages are for First Financial Northwest Bank only using classifications in accordance with FDIC regulatory guidelines.}

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)

	At or For the Quarter Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
		2024			2024			2024			2023			2023
	(Dollars in thousands, except per share data)
Performance Ratios: ⁽¹⁾
Return on assets		(0.17	)%		0.43	%		(0.29	)%		0.31	%		0.39	%
Return on equity		(1.50	)		3.88			(2.67	)		2.97			3.71
Dividend payout ratio		0.00			76.47			(108.33	)		100.00			79.26
Equity-to-assets ratio		11.04			11.10			10.91			10.74			10.44
Tangible equity ratio ⁽²⁾		10.97			11.02			10.83			10.66			10.36
Net interest margin		2.46			2.66			2.55			2.54			2.69
Average interest-earning assets to average interest-bearing liabilities		116.46			117.01			116.40			115.84			116.94
Efficiency ratio		92.96			82.35			116.97			85.17			84.49
Noninterest expense as a percent of average total assets		2.32			2.21			3.05			2.18			2.29
Book value per common share	$	17.39		$	17.51		$	17.46		$	17.61		$	17.35
Tangible book value per share ⁽²⁾		17.26			17.37			17.32			17.47			17.20

Capital Ratios: ⁽³⁾
Tier 1 leverage ratio		10.86	%		10.91	%		10.41	%		10.18	%		10.25	%
Common equity tier 1 capital ratio		15.43			15.39			14.98			14.90			14.75
Tier 1 capital ratio		15.43			15.39			14.98			14.90			14.75
Total capital ratio		16.68			16.64			16.24			16.15			16.00

Asset Quality Ratios: ⁽⁴⁾
Nonaccrual loans as a percent of total loans		0.07	%		0.41	%		0.02	%		0.02	%		0.02	%
Nonaccrual loans as a percent of total assets		0.06			0.32			0.01			0.01			0.01
ACL as a percent of total loans		1.42			1.29			1.30			1.28			1.29
Net charge-offs to average loans receivable, net		0.00			0.00			0.00			0.00			0.00

Allowance for Credit Losses:
ACL ‒ loans
Beginning balance	$	14,796		$	14,996		$	15,306		$	15,306		$	15,606
Provision (recapture of provision) for credit losses		1,500			(200	)		(300	)		–			(300	)
Charge-offs		(31	)		–			(10	)		–			–
Recoveries		–			–			–			–			–
Ending balance	$	16,265		$	14,796		$	14,996		$	15,306		$	15,306

Allowance for unfunded commitments
Beginning balance	$	564		$	564		$	439		$	439		$	439
Provision for credit losses		75			–			125			–			–
Ending balance	$	639		$	564		$	564		$	439		$	439

Provision (recapture of provision) for credit losses
ACL – loans	$	1,500		$	(200	)	$	(300	)	$	–		$	(300	)
Allowance for unfunded commitments		75			–			125			–			–
Total	$	1,575		$	(200	)	$	(175	)	$	–		$	(300	)

_{⁽¹⁾ Performance ratios are calculated on an annualized basis.}
_{⁽²⁾ Non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.}
_{⁽³⁾ Capital ratios are for First Financial Northwest Bank only.}
_{⁽⁴⁾ Loans are reported net of undisbursed funds.}

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)

	At or For the Quarter Ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
		2024			2024			2024			2023			2023
	(Dollars in thousands)
Yields and Costs: ⁽¹⁾
Yield on loans		5.86	%		5.93	%		5.88	%		5.83	%		5.73	%
Yield on investments		4.30			4.38			4.11			4.11			3.98
Yield on interest-earning deposits		5.27			5.25			5.28			5.32			5.18
Yield on FHLB stock		7.73			8.63			7.79			7.29			6.57
Yield on interest-earning assets		5.66	%		5.73	%		5.62	%		5.56	%		5.46	%

Cost of interest-bearing deposits		3.80	%		3.71	%		3.69	%		3.62	%		3.33	%
Cost of borrowings		3.19			2.64			2.65			2.40			2.42
Cost of interest-bearing liabilities		3.72	%		3.59	%		3.58	%		3.50	%		3.24	%

Cost of total deposits ⁽²⁾		3.47	%		3.38	%		3.38	%		3.31	%		3.03	%
Cost of funds ⁽³⁾		3.44	%		3.30	%		3.31	%		3.23	%		2.97	%

Average Balances:
Loans	$	1,131,473		$	1,139,017		$	1,160,156		$	1,167,339		$	1,171,483
Investments		161,232			173,102			202,106			206,837			211,291
Interest-earning deposits		65,149			36,959			37,032			65,680			40,202
FHLB stock		7,719			6,714			6,554			6,584			6,820
Total interest-earning assets	$	1,365,573		$	1,355,792		$	1,405,848		$	1,446,440		$	1,429,796

Interest-bearing deposits	$	1,021,041		$	1,029,608		$	1,082,168		$	1,127,690		$	1,097,324
Borrowings		151,478			129,126			125,604			120,978			125,402
Total interest-bearing liabilities		1,172,519			1,158,734			1,207,772			1,248,668			1,222,726
Noninterest-bearing deposits		96,003			101,196			99,173			102,869			109,384
Total deposits and borrowings	$	1,268,522		$	1,259,930		$	1,306,945		$	1,351,537		$	1,332,110

Average assets	$	1,453,431		$	1,446,207		$	1,495,753		$	1,538,955		$	1,522,224
Average stockholders’ equity		161,569			161,057			161,823			159,659			160,299

_{⁽¹⁾ Yields and costs are annualized.}
_{⁽²⁾ Includes noninterest-bearing deposits.}
_{⁽³⁾ Includes total borrowings and deposits (including noninterest-bearing deposits).}

Non-GAAP Financial Measures

In addition to financial results presented in accordance with generally accepted accounting principles (“GAAP”) utilized in the United States, this earnings release contains non-GAAP financial measures that include tangible equity, tangible assets, tangible book value per share, and the tangible equity-to-assets ratio. The Company believes that these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of goodwill and core deposit intangible, net and provides an alternative view of the Company’s performance over time and in comparison to the Company’s competitors. Non-GAAP financial measures have limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation and are not a substitute for other measures in this earnings release that are presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

The following tables provide a reconciliation between the GAAP and non-GAAP measures:

	Quarter Ended
		Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
	(Dollars in thousands, except per share data)
Tangible equity to tangible assets and tangible book value per share:

Total stockholders’ equity (GAAP)	$	160,213		$	160,693		$	160,183		$	161,660		$	159,235
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		326			357			388			419			451
Tangible equity (Non-GAAP)	$	158,998		$	159,447		$	158,906		$	160,352		$	157,895

Total assets (GAAP)	$	1,451,086		$	1,447,753		$	1,468,350		$	1,505,082		$	1,525,568
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		326			357			388			419			451
Tangible assets (Non-GAAP)	$	1,449,871		$	1,446,507		$	1,467,073		$	1,503,774		$	1,524,228

Common shares outstanding at period end		9,213,969			9,179,825			9,174,425			9,179,510			9,179,510

Equity-to-assets ratio (GAAP)		11.04	%		11.10	%		10.91	%		10.74	%		10.44	%
Tangible equity-to-tangible assets ratio (Non-GAAP)		10.97			11.02			10.83			10.66			10.36
Book value per common share (GAAP)	$	17.39		$	17.51		$	17.46		$	17.61		$	17.35
Tangible book value per share (Non-GAAP)		17.26			17.37			17.32			17.47			17.20

The MIL Network –

January 25, 2025

MIL-OSI: Jamf Ventures invests in LifeSaver Mobile

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced it has invested in LifeSaver Mobile, a leader in Distracted Driving Solutions, through its Jamf Ventures Investment Fund.

Announced in October 2022, Jamf Ventures strives to grow the Jamf and Apple ecosystem faster and more comprehensively than Jamf could do alone. The Fund facilitates Jamf partnerships with early-stage founders, entrepreneurs and innovators across the globe that focus on increasing security to further enhance the transformational power of Apple.

“We’re thrilled to be a Jamf Ventures portfolio company and are excited to continue working with Jamf to eliminate the distracted operation of vehicles caused by our constant addiction to mobile device usage,” said Ted Chen, Co-Founder and CEO of LifeSaver Mobile. “When we first integrated with Jamf back in 2019, we knew we had something special. Our business customers, who typically include fleet managers, safety managers and risk managers, are reporting improved employee compliance, drops in fleet insurance claims and less distracted driving incidents. Our software platform can be used in any use case involving human operation of vehicles like rail transportation, above and below the wing aviation, and forklift operation, and joining Jamf’s family of portfolio companies just makes us more excited about where we could go next.”

The road for Jamf and LifeSaver Mobile so far
In March of 2022, Jamf announced the LifeSaver Mobile integration, meant to maximize driver safety easily and without gizmos and gadgets that added more hardware to the vehicle.

The LifeSaver Mobile solution consists of a mobile application deployed to employees’ phones, with each app managed by a cloud-based fleet portal used by the company’s managers to administer the LifeSaver program. With Jamf, admins can streamline that deployment and prevent employees from deleting the app off of their devices, thus improving employee compliance. Further, LifeSaver gets an added layer of device restriction through real-time locking of iOS devices behind the wheel. The Jamf + LifeSaver Mobile integration prevents screen access, while still allowing phone calls and access to navigation, maximizing driver productivity.

Why move from integration to investment now?
According to the CDC, approximately 3,000 people die in accidents involving distracted driving each year. A significant percentage of these accidents are directly related to mobile device usage or texting while driving, and almost 40% of workplace-related fatalities result from transportation incidents.

With mobile device adoption growing in the transportation sector and states nationwide cracking down even harder on distracted driving, there’s no better time to take the wheel than now.

“Any time we see an opportunity for technology to make our lives safer, we immediately look for ways to help,” said Jake Mosey, VP of Business Development and Integrations at Jamf. “This investment into LifeSaver is a direct reflection of the hard work and mission-driven innovation Ted and his team have continued to produce. We couldn’t be more excited to work with them to achieve their mission of eliminating distracted driving through mobile solutions.”

The investment and ongoing partnership with LifeSaver demonstrate Jamf’s ongoing commitment to providing the deskless workforce with optimized and secure mobile devices that empower them to succeed at work. After all, nearly 80% of the world’s workforce – or 2.7 billion people – don’t sit at a desk.

Customers of the Jamf + LifeSaver integration can rest easy knowing the devices they’re deploying are keeping their employees safe, minimizing costs and empowering their workers to perform their jobs effectively, regardless of their whereabouts.

LifeSaver joins cloud platform provider SwiftConnect, leading communications platform for hospitality brands Monscierge, and leading browser security provider Conceal as a member of Jamf Ventures.

Learn more about Jamf and LifeSaver Mobile here and more about Jamf Ventures here.

About Jamf
Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit www.jamf.com.

Media Contact:
Natali Brockett | media@jamf.com

Investor Contact:
Jennifer Gaumond | ir@jamf.com

The MIL Network –

January 25, 2025

MIL-OSI: SECU Foundation Awards $1 Million to SPCA Wake for State’s First Regional Campus for Pets & People

Source: GlobeNewswire (MIL-OSI)

RALEIGH, N.C., Oct. 29, 2024 (GLOBE NEWSWIRE) — A $1 million challenge grant from SECU Foundation to SPCA of Wake County (SPCA Wake) will help the largest animal welfare organization in North Carolina establish a Regional Campus for Pets & People. The site will serve as a community hub to expand affordable pet care services and will include a new Learning Center that will provide more space to grow SPCA’s training capacity for new or potential pet owners and develop partnerships and programming for animal shelter professionals across the state.

SPCA Wake supports 59 counties, including many rural and under-resourced communities, to help match homeless pets with families, prevent animals from entering area shelters, and address animal suffering, neglect, and overpopulation. In 2022, SPCA placed over 4,250 pets in new homes, provided over 7,300 spay or neuter surgeries, managed 6,700 pet helpline requests, and supplied over 159,000 pet meals to owners in need.

“Pets bring people together and can provide a great source of comfort. It is our hope that the Foundation’s grant will shed light on the phenomenal work of SPCA Wake and the significant need for the new campus facility,” said SECU Foundation Board Chair Chris Ayers. “Our support along with that of many others will undoubtedly help SPCA Wake make a transformative impact in our communities.”

“We are honored to be a part of SECU Foundation’s legacy of positive impact across North Carolina, and we are humbled to be the first animal welfare organization to receive funding for a capital project,” said SPCA of Wake County President and CEO Kim Janzen. “Thanks to the incredible generosity of our community and the members of State Employees’ Credit Union, we have raised $20.3 million toward the total project goal of $27.5 million.”

About SECU and SECU Foundation

A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $56 billion in assets. It serves more than 2.8 million members through 275 branch offices, over 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high-impact projects in the areas of housing, education, healthcare, and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $300 million for initiatives to benefit North Carolinians statewide.

Contact: Jama Campbell, Executive Director, secufoundation@ncsecu.org

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f58a4914-50cd-44f1-8449-116e398af036

The MIL Network –

January 25, 2025

MIL-OSI: Federal Home Loan Bank of Indianapolis announces 2024 Board of Directors election results

Source: GlobeNewswire (MIL-OSI)

INDIANAPOLIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) today announced the results of the election of two Indiana Member Directors and three Independent Directors to its Board of Directors (“Board”). The following individuals were elected to the Board and will each serve four-year terms beginning Jan. 1, 2025.

The new Indiana Member Directors are:

Dan L. Moore, executive chairman, Home Bank, S.B., Martinsville, Ind. Previously, Moore served as its chairman, president and CEO and director. Moore served on the Board from 2011 to 2022 and was Board Chair from 2019 to 2022. He also served as Chairman of the Council of Federal Home Loan Banks in 2022.
Jamie R. Shinabarger, CEO, Springs Valley Bank & Trust Co., Jasper, Ind. Shinabarger also serves on the bank’s board of directors and of SVB&T Corp., the bank’s holding company in French Lick, Ind.

The new Independent Directors are:

Kathryn M. Dominguez, professor of public policy and economics, University of Michigan’s Gerald R. Ford School of Public Policy in Ann Arbor, Mich. She also serves as the school’s Associate Dean for Academic Affairs and is the co-faculty director of the Center on Finance, Law and Policy. Dominguez was appointed to the Board as an Independent Director to fill a partial term in 2023, and currently serves as the Vice Chair of the Risk Oversight Committee.
Charlotte C. Henry, former chief information technology officer for the UAW Retiree Medical Benefits Trust, Detroit. Henry has been an Independent Director on the Board since 2017. She currently serves as the Vice Chair of the Board’s Security and Technology Committee, and formerly served as the Chair of that committee.
Todd E. Sears (Public Interest Independent Director), vice president of development, Cohen Esrey, Indianapolis. Previously, Sears served as chief investment officer and chief financial officer of Valeo Financial Advisors and was executive vice president of research, policy and strategy at Kittle Property Group, Inc., in Indianapolis. Sears previously served as the executive vice president for the non-profit CDFI, Indianapolis Neighborhood Housing Partnership. He has served as an Independent Director on the Board since 2021 and previously served on the Board’s Affordable Housing Advisory Council from 2012-2018.

Annually, the Director of the Federal Housing Finance Agency determines the size of the Board and designates at least a majority, but no more than 60%, of the directorships as member directorships and the remainder as independent directorships. Independent directors are nominated by the Board after consultation with the Bank’s Affordable Housing Advisory Council and the Federal Housing Finance Agency.

Media contact:
Scott Thien, Sr. Communications Lead
317-902-3103
sthien@fhlbi.com

Building Partnerships. Serving Communities
FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn, and Instagram and X at @FHLBankIndy.

The MIL Network –

January 25, 2025

MIL-OSI: First Northwest Bancorp Reports Third Quarter 2024 Financial Results

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

The MIL Network –

January 25, 2025

MIL-OSI Global: Scotland’s approach to special needs education is more inclusive than the rest of the UK – but it doesn’t always work in practice

Source: The Conversation – UK – By Joan Mowat, Reader in the School of Education, University of Strathclyde

nimito/Shutterstock

Across the UK, how children are identified with special educational needs, and how they are then supported, differs according to where they live. There are broad similarities in the approaches in Wales, England and Northern Ireland. But in Scotland things are done differently.

Northern Ireland, Wales and England define children with learning needs as those who have significantly greater difficulty in learning than their peers.

Scotland takes a more distinctive approach, using the term “Additional Support Needs” (ASN). A child or young person has ASN if they are unable, without the provision of additional support, to benefit from the school education provided.

This much broader definition means that there is a wide range of reasons a learner could have ASN. These could be permanent or temporary in nature: they could be, for instance, experiencing family bereavement or bullying. Unsurprisingly, Scotland’s broader definition has meant that it has a significant proportion of learners identified with ASN – 37% in 2023.

Across a wide range of policy documentation, inclusive education in Scotland is understood broadly to encompass an extensive range of issues, such as addressing discrimination more widely – not just related to disability.

This is underpinned by a presumption of mainstreaming in Scottish law. This is the assumption that, with the exception of specific circumstances, children identified with additional support needs will be educated in mainstream schools.

Making inclusivity work

There is a broad consensus from parents, children, teachers, politicians and others that the Scottish approach to inclusive education is the correct way forward. However, there is significant divergence between policy intent and practice.

An independent 2020 review investigated how provision for additional support needs worked in practice – and found many failures.

The review showed that the needs of children and young people for additional support were not being met adequately. There were disconnects between the system’s intentions and what children and young people were actually experiencing.

The report established that not all children, young people and those who support them flourish or are equally valued within the education system. Their voices are not being heard by those who have the power to make a difference. Service providers and senior leaders in schools experience significant challenges in being able to meet needs, but this is not recognised sufficiently at a higher level.

A subsequent inquiry, concluded in 2024, found many reasons for this divergence between policy and practice. These included a lack of resources, the need for ongoing professional training for school staff and issues with school culture.

The inquiry heard that resourcing for Additional Support for Learning had decreased over time. It found that many recently built schools had not been designed to be accessible to all. It heard about the need for school leaders to have training which has equity, inclusion and social justice at its heart to effect the necessary cultural change.

Learning from practice

Across the UK and in Ireland, an issue of concern is the lack of a clear definition of what inclusive education means and entails and how it should be implemented in practice. This is reflected in the current crisis in the growing demand for specialist provision.

A recent review of special educational needs education in England by the National Audit Office has pointed out that mainstream schooling needs to be much more inclusive, that schools are not incentivised to prioritise it, and that the Department of Education should “develop a vision and long-term plan for inclusivity across mainstream education”.

In Scotland, in contrast to the other nations, greater attention has been devoted to coming to a shared understanding of what an inclusive education system constitutes. This is reflected within the National Framework for Inclusion, the third edition of which was published in 2022. This framework underpins the professional standards for teachers and informs policy more generally.

The Framework, produced under the auspices of the Scottish Universities Inclusion Group and influenced by the work of inclusive education expert Lani Florian and colleagues on inclusive pedagogy, offers a series of reflective questions to promote inclusive practice. This is indicative of a more consensual and collaborative approach towards educational policy making in general. But it is clear that more work needs to be done to make this understanding of inclusivity a widespread reality in schools.

The differences in policy approaches to additional support and learning needs mean that the profile of a child identified with special educational needs will vary depending on which country they live in. Furthermore, the variations in the education systems themselves will affect the child’s placement and the support they may receive.

Collaborative cross-nation work is essential to gain a stronger understanding of the strengths and weaknesses of different approaches to meeting the additional learning needs of children and young people.

Carmel Conn has received funding from Welsh Government.

Brahm Norwich and Joan Mowat do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Scotland’s approach to special needs education is more inclusive than the rest of the UK – but it doesn’t always work in practice – https://theconversation.com/scotlands-approach-to-special-needs-education-is-more-inclusive-than-the-rest-of-the-uk-but-it-doesnt-always-work-in-practice-240257

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Haiti’s gangs turn to starving children to bolster their ranks

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.

A set pattern

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

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: The supernatural beliefs of medieval people – from elves and fairies to abductions and the undead

Source: The Conversation – UK – By Anne Lawrence-Mathers, Professor in Medieval History, University of Reading

Medieval people have a reputation for being superstitious – and many of the supernatural phenomena found in the pages of medieval chronicles, miracle stories and romances are still alive in modern culture. Think ghosts, werewolves, demons, vampires, fairies and witches. But while (almost all) people today regard these beings as entirely fictional, many medieval people believed in them.

Christian theologians accepted the existence of the supernatural, categorising such beings broadly as “fallen angels” who viewed humanity as a battleground in their ongoing conflict with God. Their enormous power meant they could even appear as deities, including the pagan gods and goddesses – they were seen to take on a monstrous appearance mainly when claiming the souls of the damned or being defeated by a Christian leader.

The smaller and less powerful supernatural creatures known in Old and Middle English as “elves”, however, were seen to have less straightforward explanations.

Elves, fairies and sirens

Medieval elves were not usually as powerful as the glamorous beings envisioned centuries later by J.R.R. Tolkien. They merged with demons in some accounts and with fairies in others.

A siren and a centaur depicted in a bestiary (1278–1300).
Courtesy of the Getty Open Content Program

For the 13th-century English priest Layamon, it was elves (alven) who gave King Arthur magical gifts and who, in the form of beautiful women, carried him away to the mythical island of Avalun to heal. However, Layamon was careful to say that this was the belief of “the Britons” (Celtic people), which he was simply recording.

Fairies first appeared in French-language accounts and quickly blended with other categories of supernatural being. They were apparently more human in appearance than elves, though wings were added later.

They formed one category of the large group of tempting, supernatural female creatures who lured human men into dangerous relationships. Perhaps most famous is the fairy Melusine, who was strongly linked to water.

Melusine’s Secret Discovered, from Le Roman de Mélusine (circa 1450).
National Library of France

Melusine was half-human, half-serpent and was both beautiful and powerful. She brought prosperity and numerous sons to her human husband, but forbade him to see her at a specified time (Saturdays). When he broke his promise, Melusine’s true form was revealed, and she left forever.

It is unclear whether the chroniclers and readers who enjoyed such stories entirely believed them, but it seems likely that fairies were considered more real in the middle ages than now.

Medieval abductions and miracles

For medieval people, elves, fairies and sirens inhabited the ambiguous territory between fact and fiction. The same may be said of mysterious beings who abducted unsuspecting humans, often women, and carried them off to strange and frightening regions. Those who allegedly reported these experiences believed them to be real, although they were condemned as demonic illusions by moralists.

Depiction of a miracle from 1531.
The Book of Miracles

Being taken high above the Earth is a recurring theme in medieval writing, including tales of witches deliberately flying on the backs of animals. These abduction tales could be compared to modern accounts of alien abductions.

While tales of abduction by fairies were sometimes dismissed as delusions, stories of saints’ miracles and natural marvels were usually accepted as true. It might be tempting to compare the powers of miracle-working saints with those of modern superheroes – but miracles were considered overt demonstrations of the power of God, whereas superheroes tend to result from scientific or technological extremes.

A revenant rises from his grave (16th-century facsimile).
Bavarian State Library, Munich

A particularly sensational example was recorded in the Life of St Modwenna (an early Irish princess and abbess), written by the abbot Geoffrey of Burton circa 1120-1150. In his account, two tenants of Burton Abbey stirred up a violent feud between the abbot and Count Roger the Poitevin. The troublemakers died suddenly and were buried in haste, but apparently reappeared at sunset carrying their own coffins, before transforming into terrifying animals.

These revenants (spirits or animated corpses) reportedly brought death to the village – only three people were left alive. When the graves of the runaways were opened, they were found to be bloodstained but intact. A formal apology to the abbey and the saint was followed by ritual dismembering of these corpses and burning of their hearts. This apparently led to the expulsion of an evil spirit and the recovery of the surviving peasants.

Natural marvels

“Natural marvels” were medieval phenomena which were accepted as parts of God’s creation, but could not be scientifically explained. Many of the creatures found in bestiaries (medieval encyclopedias of animals both real and mythological) fitted here, such as dragons, unicorns and basilisks.

Dragons and unicorns remain popular fantasy characters today, but basilisks are less well known – although a giant one once proved a fearsome opponent for Harry Potter. Basilisks were said to be so poisonous that their scent, their fiery breath and even their gaze could kill. They were attested not only by bestiaries but by the Roman philosopher and botanist Pliny in his book Natural History (circa AD77). They were found in the province of Cyrene, in modern Libya.

A basilisk depicted in a bestiary (circa 1200-1225).
British Library

Similarly, different regions of the Earth were characterised by natural marvels recorded in works such as priest and historian Gerald of Wales’s book, The History and Topography of Ireland (1185-88).

Gerald noted that some readers would find his stories “impossible or ridiculous”, but testified to their accuracy. They included strange islands where no female creature could survive and nobody could die a natural death, as well as strange creatures and humans forced to transform periodically into wolves by the power of St Natalis (an Irish monk and saint).

Medieval people believed in a wide array of supernatural beings. While today we mostly see them as the stuff of nightmarish fiction, our enthusiasm for this diversity hasn’t waned – just look at the breadth of supernatural costumes on display every Halloween.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

Anne Lawrence-Mathers 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. The supernatural beliefs of medieval people – from elves and fairies to abductions and the undead – https://theconversation.com/the-supernatural-beliefs-of-medieval-people-from-elves-and-fairies-to-abductions-and-the-undead-240756

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Palestine’s economy teeters on the brink after a year of war and unrelenting destruction

Source: The Conversation – UK – By Dalia Alazzeh, Lecturer in Accounting and Finance, University of the West of Scotland

The Palestinian economy has been devastated beyond recognition. Israel’s intense military operations in Gaza have led to unprecedented destruction, wiping out much of the enclave’s essential infrastructure, private property and agricultural resources.

Meanwhile, the occupied West Bank is also under severe strain. Similar patterns of destruction, alongside rising settler violence, land confiscations and expanding settlements, have left its economy buckling under the pressure of mounting public debt, unemployment and poverty.

Gaza’s economy was being suffocated even before the war. A blockade imposed by Israel in 2007 has severely restricted the import and export of goods, while fishermen were limited to a six-mile zone, crippling their ability to earn a livelihood.

The blockade caused Gaza’s GDP per capita (a measure of the wealth of a country) to shrink by 27% between 2006 and 2022, with unemployment rising to 45.3%. This gave rise to a situation where 80% of the population depended on international aid.

In addition to the economic blockade, Gaza suffered massive physical destruction due to Israeli military operations in 2008–2009, 2012, 2014, 2021 and 2022. Yet the cumulative effects of 16 years of blockade and military attacks are minor compared to the sheer destruction caused by the current war.

A report by the UN’s trade and development wing (Unctad) has revealed that in the space of just eight months, between October 2023 and May 2024, Gaza’s GDP per capita was fell by more than half. The economic situation now is almost certainly worse.

According to the report, which was released in September 2024, Gaza’s GDP dropped by 81% in the final quarter of 2023 alone. The report concluded that the war had left Gaza’s economy in “utter ruin”, warning that even if there was an immediate ceasefire and the 2007–2022 growth trend of 0.4% returns, it will take 350 years just to restore the GDP levels of 2022.

The only sectors still functioning are health and humanitarian services. All other industries, including agriculture, are at a near standstill. The destruction of between 80% and 96% of agricultural assets has led to rampant food insecurity.

The scale of destruction in Gaza is unprecedented in modern times and is happening under the world’s gaze. From October 2023 to January 2024 alone, the total cost of damage reached approximately US$18.5 billion (£14.2 billion) – equivalent to seven times Gaza’s GDP in 2022.

A separate report by the UN Development Programme, which was published in May, predicts that it will take more than 80 years to rebuild just Gaza’s housing stock if it repeats the rate of restructuring seen after Israeli military operations in 2014 and 2021. Merely clearing the debris could take up to 14 years.

The war has displaced almost all of Gaza’s population, and has thrown people into dire poverty. Unemployment surged to 80%, leaving most households without any source of income. And prices of basic commodities have increased by 250%, which is contributing to famine across the Strip.

The Gaza Strip is in ruins after more than a year of relentless bombardment.
Anas-Mohammed / Shutterstock

The economic crisis has also extended to the West Bank, where GDP has fallen sharply. Military checkpoints, cement blocks and iron gates at the entrances to Palestinian towns and cities, as well as the denial of work permits for Palestinians in Israeli settlements, have resulted in more than 300,000 job losses since the start of the war.

The Unctad report reveals that the rate of unemployment in the West Bank has tripled to 32% since the start of the conflict, with labour income losses amounting to US$25.5 million. Poverty is rising rapidly.

Israeli forces have also continued to confiscate Palestinian homes and land. Over the past year alone, 24,000 acres of land in the West Bank have been seized, and over 2,000 Palestinians have been displaced.

This devastation has been exacerbated by Israel’s decision to withhold the tax revenue it collects for the Palestinian Authority, which typically accounts for between 60% and 65% of the Palestinian public budget, as well as a significant decline in international aid. Aid to Palestine has dropped drastically over the past decade or so, falling from the equivalent of US$2 billion in 2008 to just US$358 million by 2023.

The Palestinian Authority is facing a massive budget deficit, which is projected to increase by 172% in 2024 compared to the previous year. This financial strain has crippled the Palestinian government’s ability to provide essential services, pay salaries and meet the needs of a population battered by war, displacement and severe poverty.

The road to recovery

For the Palestinian economy to have any chance at recovery, several immediate steps are necessary.

First, international aid should flow into Gaza uninterrupted, and pressure must be applied to ensure that humanitarian aid – particularly food aid – reaches those in need. Data analysis by organisations working in Gaza suggests that Israel is currently blocking 83% of food aid from reaching Gaza.

Second, the destruction of homes, schools and infrastructure must cease. However, this seems improbable as Israel continues to pursue its military goal of destroying Hamas – an objective most analysts believe to be unachievable.

And third, the economic restrictions imposed on Gaza and the West Bank must be lifted. Sustainable development – and any prospect for recovery – cannot be achieved without granting the Palestinian people the right to self-determination and sovereignty over their resources.

This would require new peace agreements, an outcome that appears unlikely at present. But without these crucial interventions, the Palestinian economy will be completely devastated and the humanitarian crisis will worsen, making any future recovery within the lifetime of anyone currently living in Gaza virtually impossible to imagine.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Palestine’s economy teeters on the brink after a year of war and unrelenting destruction – https://theconversation.com/palestines-economy-teeters-on-the-brink-after-a-year-of-war-and-unrelenting-destruction-241607

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: How language barriers influence global climate literacy

Source: The Conversation – UK – By Mario Saraceni, Associate Professor in English Language and Linguistics, University of Portsmouth

Creativa Images/Shutterstock

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.

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.

Out of 100 top scientific journals, 91 are published in the UK and the US.
Sergei25/Shutterstock

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”.

Breaking language barriers

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

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Canada: Scott Shortliffe to the Standing Senate Committee on Transport and Communications

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.

MIL OSI Canada News –

January 25, 2025

MIL-OSI: Sono Group N.V. to Present at the AI & Technology Virtual Investor Conference October 31st

Source: GlobeNewswire (MIL-OSI)

MUNICH, Oct. 29, 2024 (GLOBE NEWSWIRE) — The solar technology company Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH or “Sono Motors”) is pleased to announce that George O’Leary, Managing Director, CEO and CFO of Sono, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31^st, 2024.

DATE: October 31^st
TIME: 1:00 – 1:30 pm ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings: November 1, 4 and 5

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

About Sono Group N.V.

Sono Group N.V. (OTCQB: SEVCF) and its wholly owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Their disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. The companies’ unmatched solar technology has multiple applications in commercial vehicles such as buses, trailers, trucks, vans and recreational vehicles.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:
Sono Group N.V.
Press:
press@sonomotors.com | ir.sonomotors.com/news-events
Investors:
ir@sonomotors.com | ir.sonomotors.com
LinkedIn:
https://www.linkedin.com/company/sonogroupnv

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

January 25, 2025

MIL-OSI: World’s Lowest Fee Bitcoin and Ether ETPs (Ticker: BTC, Ticker: ETH) Garner $750,000,000 Inflows in First Three Months of Trading

Source: GlobeNewswire (MIL-OSI)

STAMFORD, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Grayscale Investments^®, an asset management firm with over a decade of expertise in crypto investing, offering more than 25 crypto investment products, and manager of Grayscale^® Bitcoin Mini Trust (NYSE Arca: BTC) and Grayscale^® Ethereum Mini Trust (NYSE Arca: ETH), today announced that its lowest-fee* Bitcoin and Ether ETPs – symbols: BTC and ETH – have together garnered more than $750,000,000 inflows since the products launched on July 31, 2024, and July 23, 2024, respectively, just three months ago.

Grayscale Bitcoin Mini Trust (“BTC”) and Grayscale Ethereum Mini Trust (“ETH”), exchange traded products, are not registered under the Investment Company Act of 1940 (or the ’40 Act) and therefore are not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds.

“Crypto is still in the very early stages of adoption, and the success of BTC and ETH to-date is emblematic of strong client demand for low-cost ETPs that enable simple, convenient, flexible exposure to top crypto assets,” said John Hoffman Grayscale Managing Director, Head of Distribution and Partnerships. “Grayscale has long prioritized bridging the gap between traditional finance and the crypto ecosystem because we believe our clients deserve the ability to gain exposure to digital assets through the trusted ETP wrapper. The Grayscale team is focused on helping all investors navigate the digital asset class, as they seek to future-proof their financial portfolios and practices.”

Since July 2024:

Grayscale^® Bitcoin Mini Trust (NYSE Arca: BTC) is the lowest-cost Bitcoin ETP in the world with over $2B AUM, as of October 24, 2024, at 0.15% (15bps) annually.
Grayscale^® Ethereum Mini Trust (NYSE Arca: ETH) is the lowest-fee Ether ETP in the world with over $1B AUM, as of October 24, 2024, at 0.15% (15bps) annually.
Combined, BTC and ETH, have generated net inflows of over $750,000,000 to-date.

Symbols: BTC and ETH are the most cost-effective financial products for investors looking to gain exposure to Bitcoin and Ether, the market-leading assets in the transformational blockchain technology industry.

The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.

For additional information about BTC, please visit: https://etfs.grayscale.com/btc

For additional information about ETH, please visit: https://etfs.grayscale.com/eth

* BTC is low cost based on gross expense ratio at 0.15%. ETH is low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the Trust reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. See prospectus for additional fee waiver information. Brokerage fees and other expenses may still apply.

Please read the prospectuses carefully before investing in BTC and ETH (the “Trusts”). Foreside Fund Services, LLC is the Marketing Agent for the Trusts.

An investment in the Trusts is subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Trusts is not an investment in Ether or Bitcoin. Investing involves significant risk, including possible loss of principle.

About Grayscale Investments^®

Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.

Media Contact
Jennifer Rosenthal
press@grayscale.com

Client Contact
866-775-0313
info@grayscale.com

The MIL Network –

January 25, 2025

Category: Business

A changing of the seasons

An otherworld more utopian than terrifying

Clampdown on pagan customs

A mishmash of traditions

Halloween with an American sheen

Why it matters

What’s next

Quick cash grants, then funding for repairs

Insurance plays a key role

Other federal funding sources

Renters have few options

Helping the neediest victims

Background

Share this page

Updates to this page

Consultation process

Next steps

Legal basis and background

Making inclusivity work

Learning from practice

A set pattern

Elves, fairies and sirens

Medieval abductions and miracles

Natural marvels

The road to recovery

Breaking language barriers