Commerce – Page 465 – NewzIntel.com

MIL-OSI USA: Disaster Recovery Center Opening in Oconee County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opening in Oconee County

Disaster Recovery Center Opening in Oconee County

A Disaster Recovery Center will open in Oconee County to provide in-person assistance to South Carolinians affected by Hurricane Helene. Oconee CountyBountyland Education Campus100 Vocational DriveSeneca, SC 29672Open Oct. 23-25, 8 a.m.- 7 p.m. Additional Disaster Recovery Centers are scheduled to open in other South Carolina counties. Click here to find centers that are already open in South Carolina. You can visit any open center to meet with representatives of FEMA, the state of South Carolina and the U.S. Small Business Administration. No appointment is needed. To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. Homeowners and renters in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation can apply for federal assistance.The quickest way to apply is to go online to DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in many languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. For a video with American Sign Language, voiceover and open captions about how to apply for FEMA assistance, select this link.FEMA programs are accessible to survivors with disabilities and others with access and functional needs.
kwei.nwaogu
Wed, 10/23/2024 – 21:18

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Welch Joins Students, GE Aerospace Foundation in Rutland for Discussion on Workforce Training, Celebrates Donation to Stafford Technical Center

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

RUTLAND, VT– Today, Senator Peter Welch (D-Vt.) joined students and educators at Stafford Technical Center, Rutland Mayor Mike Doenges, GE Aerospace and GE Aerospace Foundation in Rutland to celebrate Vermont’s strong Career and Technical Education (CTE) programs—and celebrate GE Aerospace Foundation’s announcement of a new $200,000 grant to Stafford to support its workforce training programs.
This funding, provided as part of a larger $2.3 million donation by GE Aerospace and the GE Aerospace Foundation to similar organizations in the U.S. and globally, will help Stafford Technical Center purchase two advanced machines used in manufacturing: the Pick & Place machine, which helps maintain accuracy in repetitive tasks; and a Coordinate Measuring Machine, which is used to check the dimensions of assemblies and parts ensuring they meet the design intent. Around 100 students will train on these new advanced machines every year.
“Students need the hands-on skills training that Stafford Technical Center provides to be competitive in today’s job market. Stafford’s programs set Vermont students apart from the rest, and should be a model for other communities as we look to educate workers in critical industries like manufacturing and engineering,” said Senator Welch, a member of the Senate Commerce Committee. “This donation from the GE Aerospace Foundation will prepare students for good-paying manufacturing jobs here in Vermont by giving them the skills they need before they enter the workforce, and it also continues GE’s commitment to Rutland and Vermont’s economic success. These partnerships and investments in our communities are incredibly valuable and will support the education and skills for hundreds of students, wherever life takes them, for years to come.”
“We are making this donation because skills are the number one factor in worker success and retention in manufacturing. No matter where they work, the entire manufacturing industry will benefit from these students learning on the latest machinery,” said GE Aerospace Rutland Site Leader Dan Shelley. “GE Aerospace and its Foundation will continue to invest in the workforce so they can build the future of flight, just as we have for more than 50 years in Rutland.”
The Stafford Technical Center opened in 1973 and recently celebrated its 50th anniversary. The school offers programs to high-school aged students, as well as adult leaders looking to build on current skills or re-skill. Today, the school offers students 14 programs, including: construction technology; automative technology; welding and metal fabrication; engineering; electrical and plumbing; auto body repair; education and human services; natural resources and forestry; public safety and criminal justice; video communications; digital arts; cosmetology; culinary arts; health careers.
Earlier this year, GE Aerospace announced plans to invest nearly $25 million in its Rutland facility.
View photos from the event below:

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: SBA Disaster Loans Available in South Carolina for Private Non-Profit Organizations

Source: United States Small Business Administration

ATLANTA -The U.S. Small Business Administration (SBA) announced today that certain Private Non-Profit organizations (PNPs) in South Carolina that do not provide critical services of a governmental nature may be eligible to apply for low-interest disaster loans for damages as a result of Hurricane Helene that began on Sept. 25.

Eligible PNP organizations in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Calhoun, Cherokee, Chester, Colleton, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Lancaster, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union, Williamsburg and York counties and the Catawba Indian Nation may apply. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.

PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The interest rate is 3.25%, with terms up to 30 years.

On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.

The SBA also offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for PNP organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.

PNP organizations are urged to contact their county’s Emergency Manager to provide information about their organization. The information will be submitted to FEMA to determine eligibility for a Public Assistance grant or whether the PNP should be referred to SBA for disaster loan assistance.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to submit applications for physical property damage is Dec. 5, 2024. The deadline to submit economic injury applications is July 7, 2025.

###

About the U.S. Small Business Administration 

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

MIL OSI USA News –

January 25, 2025

MIL-OSI New Zealand: Business – The Sustainable Business Council celebrates 25 years of ambition and progress

Source: Sustainable Business Council

25 years ago, a group of business leaders with bold ambitions got together and put a stake in the ground on sustainability.

The Sustainable Business Council (SBC) was first conceived in 1999 as a coalition of leading businesses with a mandate that reflected the era and a shared commitment to sustainable development.

Current SBC Chair, Claire Walker, commented on the value of keeping an eye on the long game.

“Reaching 25 years is something to celebrate. Over that time SBC has provided a place for business to learn, to forge powerful partnerships and to be challenged and stretch – the role it has played has adapted to different environments,” said Walker.

Then known as the New Zealand Business Council for Sustainable Development (NZBCSD), the organisation was (and remains) the only NZ-based Global Network Partner of the World Business Council for Sustainable Development, headquartered in Geneva.

The next significant era involved BusinessNZ, the peak body for New Zealand business, which in 2009 established a Sustainability Forum.

SBC Executive Director Mike Burrell noted, “The idea was to provide a platform for companies wanting to define and lead sustainable business matters rather than simply respond to government-led initiatives.”

Two years later, NZBCSD merged with the Sustainability Forum and became SBC.

“Many current SBC members have been part of the membership since very early days – and the fact that we have stood the test of time is a credit to them,” said Burrell. “This includes Deloitte, Fonterra, Meridian, The Warehouse Group, Toyota NZ, and more.

“Our focus now is on leadership, action on climate, nature, and thriving people. We support the fundamentals, advocate for change, and help broker large scale projects led by SBC member businesses who include some of the biggest organisations in New Zealand.”

Significant milestones include the establishment of the Climate Leaders Coalition (CLC) – a CEO-led community of around 80 organisations leading the response to climate change. The combined emissions reduction achieved by current CLC signatories between signing up to the Coalition and November 2023 is 3.6 million tCO2e, a cumulative reduction of 29%.

Another key achievement is the establishment of AgriZeroNZ, which began as an SBC-led collaboration and has gone on to become a world-first public-private partnership helping farmers reduce emissions, while maintaining profitability and productivity.

“SBC member businesses have made big strides over the years, in terms of how they operate,” said Burrell.

“The conversation has shifted a lot – from whether climate change is real, to the need to measure and report on an organisation’s operations, to levers for supporting sustainable decision making more broadly.”

Sir Stephen Tindall, founder of The Warehouse Group and founding member of SBC also noted the shift since its formation.

“When we set up the Sustainable Business Council we had no idea how much climate change would have advanced,” said Tindall.

“Business needs to play its part along with bipartisan government to attempt to slow down global warming. We can only do this by working collaboratively with everybody to create a real ‘nationwide ambition’.”

SBC will formally mark the milestone of 25 years with an Anniversary event at Parliament hosted by Minister of Climate Change, Simon Watts, on 22 October 2024.

“Not only can businesses lead – it’s in our interests, and will mean New Zealand continues to achieve its potential over the next 25 years and beyond,” said Burrell.

MIL OSI New Zealand News –

January 25, 2025

MIL-Evening Report: King Charles arrives in Samoa for ‘resilient environment’ CHOGM

By Susana Suisuiki, RNZ Pacific journalist in Apia

King Charles III and his wife Queen Camilla have landed in Apia, Samoa.

The monarch has been greeted by a guard of honour at the airport before being escorted to his accommodation in Siumu.

Local villagers have lined the roadsides with lanterns to welcome His Royal Highness.

King Charles will deliver an address to the Commonwealth Heads of Government Meeting (CHOGM) on Friday.

The royal office said as well as attending CHOGM, the King’s programme in Samoa would be supportive of one of the meeting’s key themes, “a resilient environment”, and the meeting’s focus on oceans.

The King and Queen were to be formally welcomed by an ‘Ava Fa’atupu ceremony before meeting people at an engagement to highlight aspects of Samoan traditions and culture.

As we head towards Apia, we can’t wait to visit Samoa for the first time together and to experience the warmth of ancient traditions with your remarkable people. Feiloa’i ma le manuia! 🇼🇸

– Charles R & Camilla R.

— The Royal Family (@RoyalFamily) October 23, 2024

Charles will also attend the CHOGM Business Forum to hear about progress on sustainable urbanisation and investment in solutions to tackle climate change.

He will visit a mangrove forest, a National Park, and Samoa’s Botanical Garden, where he will plant a tree marking the opening of a new area within the site, which will be called ‘The King’s Garden’.

Queen Camilla’s engagements include visiting an aoga faifeau to see first-hand how pupils are taught to read and write, and will visiting the Samoa Victim Support Group, an organisation which assists survivors of domestic violence and sexual abuse.

Page one: Thursday, 24th October 2024.

Photo: Junior S Ami / Samoa Observer
Design: Terry Tovio / Samoa Observer

Story:https://t.co/8qqBwGqAnP pic.twitter.com/ZfJUIm8IF7

— Samoa Observer (@samoaobserver) October 23, 2024

Since 1969, King Charles III has visited 44 of 53 Commonwealth countries, many of them on several occasions.

His visits to the Pacific — before he was King — included representing his mother, Queen Elizabeth II, at Fiji’s independence celebrations in 1970; and visiting Papua New Guinea, Australia and New Zealand as part of the Queen’s Diamond Jubilee celebrations in 2012.

Queen Elizabeth II visited the Pacific multiple times during her reign.

This article is republished under a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI USA: Disaster Recovery Center Opens in Rutherford County

Source: US Federal Emergency Management Agency 2

strong>RALEIGH, N.C. –  A Disaster Recovery Center (DRC) will open Thursday, Oct. 24 in Lake Lure (Rutherford County) to assist North Carolina survivors who experienced loss from Tropical Storm Helene.
The Rutherford County DRC is located at:
Mountains Branch Library (Rutherford County Library System)
150 Bills Creek Rd.
Lake Lure, N.C. 28746
Open: 8 a.m. – 7 p.m., Monday through Sunday
A DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more.
FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs such as childcare, transportation, medical needs, funeral or dental expenses.
Centers are already open in Asheville, Bakersville, Boone, Brevard, Hendersonville, Lenoir, Marion, Sylva, Waynesville, Jefferson, Newland, Old Fort, Sparta, Morganton and Charlotte. To find those center locations, go to fema.gov/drc or text “DRC” and a zip code to 43362. Additional recovery centers will be opening soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.  
Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed. 
It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service such as video relay, captioned telephone or other service, give FEMA your number for that service.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: “Grave Concern”: Senator Reverend Warnock and Rep. Johnson Question BioLab’s Leadership Over Safety Concerns at Conyers Facility

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

“Grave Concern”: Senator Reverend Warnock and Rep. Johnson Question BioLab’s Leadership Over Safety Concerns at Conyers Facility

In a letter to Michael Sload, CEO of KIK Consumer Products, the owner of the lab, Senator Reverend Warnock requested details regarding the September fire and what the company is doing to ensure it doesn’t happen again
Additionally, the lawmakers inquired about the company’s plans to work with residents in the community that were impacted by the smoke plume
ICYMI from the AJC: Sen. Warnock, Rep. Johnson want answers from BioLab as pressure mounts following fire
Senator Reverend Warnock, lawmakers: “This fire is just one of BioLab’s safety violations, and BioLab cannot continue to put the Rockdale community in this position”
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), led a bicameral push alongside U.S. Congressman Hank Johnson (D-GA-04) to Michael Sload, the CEO of KIK Consumer Products, the company that owns and operates the BioLab in Conyers, GA, urging responses to a series of questions about the company’s plans to address long-standing safety lapses and prevent future emergencies at the facility, as well as its efforts to compensate local families following the September 29th fire that produced a chemical smoke plume over the surrounding area and impacted local residents.
“We write with grave concern regarding BioLab’s September 29, 2024, fire at the company’s Conyers, Georgia facility, the resulting chemical plume and debris, and the immediate and potential long-term effects on communities in Georgia. This fire is just one of BioLab’s safety violations, and BioLab cannot continue to put the Rockdale community in this position,” wrote the lawmakers.
“While any fire of this magnitude is concerning, we are particularly alarmed that the September 2024 fire was the third major chemical event at BioLab’s Conyers facility in the past two decades. In May 2004 and again in September 2020, chemical incidents at this exact facility caused residential evacuations and shut down U.S. Interstate 20 (I-20)—just as we saw on September 29. Chemical incidents are not the only failures to occur at BioLab.” continued the lawmakers.
Specifically, the lawmakers requested the company’s leadership respond in detail to questions regarding the events of September 29, BioLab’s prior safety failures and workplace violations, and BioLab’s plan to address any financial, health, and potential environmental harms to the Rockdale County and metro Atlanta community.
“BioLab must correct its pattern of safety failures to prevent similar incidents from occurring in the future,” the lawmakers concluded.
This latest effort to hold BioLab accountable for the September 29 fire and its impact on the local community follows a letter sent recently, led by Senator Warnock and Congressman Johnson urging the Environmental Protection Agency (EPA) to strengthen federal oversight of facilities manufacturing or storing certain hazardous chemicals. The lawmakers pushed EPA Administrator Michael Regan to enhance federal oversight of facilities that manufacture and/or store Trichloroisocyanuric Acid (TCCA), which is at the heart of the incident at the BioLab plant in Conyers.
The letter can be found HERE.

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: Qube’s proposed acquisition of MIRRAT raises preliminary concerns

Source: Australian Competition and Consumer Commission

The ACCC has published a Statement of Issues outlining preliminary competition concerns with Qube Holdings Limited’s (ASX:QUB) proposed acquisition of Melbourne International RoRo & Auto Terminal Pty Ltd (MIRRAT).

The ACCC is also seeking views on a court-enforceable undertaking offered by Qube, which it has put forward to remedy competition concerns.

MIRRAT operates the automotive/Roll-on Roll-off terminal at Webb Dock West in Melbourne. The proposed acquisition would permit Qube to acquire sole operating rights for roll-on roll-off trade through the Port of Melbourne.

Qube, through its wholly owned subsidiary, Australian Amalgamated Terminals Pty Ltd (AAT), operates automotive cargo terminals at the Port of Brisbane and Port Kembla, as well as a general cargo terminal at Appleton Dock at the Port of Melbourne.

Qube is Australia’s largest provider of import and export logistics services including port-related activities of terminal management, stevedoring, processing, pre-delivery inspection (PDI) and delivery.

Webb Dock West is the key facility for the processing of automotive and roll on-roll off cargo through the Port of Melbourne, according to feedback received by the ACCC.

“The proposed acquisition would result in Qube, which is one of Australia’s largest integrated terminal and freight logistics providers, owning a further interest in a critical component of the automotive delivery supply chain at the Port of Melbourne,” ACCC Commissioner Dr Philip Williams said.

“We are concerned that the proposed acquisition may have a significant effect on competition in downstream services such as automotive stevedoring and pre-delivery inspection (PDI) services.”

“If this transaction goes ahead, Qube would be operating the terminal while also being in active competition with other automotive stevedores or PDI providers,” Dr Williams said.

The ACCC is concerned that Qube could raise the costs of access for rival stevedores and PDI operators, preventing them from competing effectively.

Qube could do this by restricting access to the terminal or related services, raising prices and lowering the quality of terminal services.

Concerns were also raised with the ACCC that Qube would have access to rivals’ commercially sensitive information as the terminal operator.

Proposed undertaking

Qube’s proposed undertaking, which would vary the current court-enforceable undertakings in place at Port Kembla and Port Brisbane, would:

require AAT to not discriminate between terminal users in favour of its own interests in the automotive supply chain by providing for certain price and non-price dispute resolution processes, ring fencing certain confidential information and report periodically on its compliance with the undertaking
provide independent oversight (including by an independent auditor), and
impose restrictions on AAT’s ability to introduce or change certain tariffs.

“We are now seeking feedback on both the preliminary competition concerns associated with the acquisition identified in the Statement of Issues and the proposed undertaking, which has been put forward by Qube,” Dr Williams said.

“While the ACCC has decided to publicly consult on the undertaking, this should not be interpreted to mean that this or any undertaking will ultimately be accepted.”

The Statement of Issues and proposed undertaking is available on the ACCC’s public register here: Qube Holdings Limited (Qube) – Melbourne International RoRo & Auto Terminal Pty Ltd (MIRRAT).

The ACCC invites submissions in response to the Statement of Issues by 7 November 2024.

Background

MIRRAT’s ultimate parent company is Wallenius Wilhelmsen ASA (WW). WW is a Norway-based global provider of roll on roll off shipping and vehicle logistics and operates automotive terminals in Europe, the UK, the US and the Asia-Pacific. MIRRAT’s only operation in Australia is the automotive/RoRo terminal at Webb Dock West.

MIRRAT operates Webb Dock West subject to a section 87B undertaking accepted by the ACCC on 27 March 2014 (MIRRAT Undertaking). The MIRRAT Undertaking was accepted by the ACCC in relation to MIRRAT’s acquisition of a long-term lease to operate the Webb Dock West Roll on Roll off terminal at Port Melbourne. The MIRRAT Undertaking commenced on 1 January 2018. It expires when MIRRAT ceases to operate the Terminal, which may occur on or before 30 June 2040, and when the ACCC confirms this in writing.

The MIRRAT Undertaking includes a provision regarding change of control of MIRRAT’s business (that is, the operation of the Roll On Roll Off terminal at Webb Dock West). Under the change of control provision, control of the operation of the automotive terminal at Webb Dock West may only change to a new person or entity, if that person or entity has given a s87B undertaking to the ACCC that:

requires it to comply with the same obligations as are imposed on MIRRAT pursuant to the MIRRAT Undertaking, or
on terms that are otherwise acceptable to the ACCC,

unless the ACCC has notified MIRRAT in writing that a s87B undertaking under the change of control provision is not required.

The full text of the existing MIRRAT Undertaking can be found on the ACCC’s s87B undertakings register.

Qube is Australia’s largest integrated provider of import and export logistics services. Its port-related activities include facilities management, stevedoring, processing, PDI and delivery. It manages and develops strategic properties such as inland rail terminals and related logistics facilities. It provides road and rail transport of freight to and from ports, operation of container parks, customs and quarantine services, warehousing, intermodal terminals, and international freight forwarding.

In addition to being a terminal operator, Qube provides general stevedoring, automotive stevedoring and PDI services at each of its eastern seaboard ports. It provides general and automotive stevedoring through its affiliated entity ‘Qube Ports’. Qube provides PDI services through its 50% interest in K Line Auto Logistics which owns and operates PrixCar.

AAT (Qube) operates automotive cargo terminals in Port of Brisbane and Port Kembla, as well as a general cargo terminal at Appleton Dock in Port of Melbourne. The facilities are operated under a s87B undertaking accepted by the ACCC in 2016 (AAT Undertaking).

The AAT Undertaking was accepted in relation to Qube’s acquisition of a 50 per cent shareholding in AAT, resulting in Qube holding 100 per cent of AAT. The AAT Undertaking commenced on 23 November 2016 (and was varied on 25 June 2018). It has no end date.

The AAT Undertaking requires that any stevedore or transport operator may apply to have access to the site to service their customers. The access is on a non-discriminatory basis so that all parties are provided services to the same level. Stevedores or transport operators seeking access to the terminal can apply through AAT who will provide a stevedore licence or permit access to approved applicants. The full text of the AAT Undertaking can also be found on the ACCC’s s87B undertakings register.

The proposed acquisition will give rise to a Change of Control for the purpose of the MIRRAT Undertaking. AAT does not propose to enter a section 87B undertaking with identical terms to the MIRRAT Undertaking. Instead, AAT (Qube) proposes that its operation of the Terminal would be subject to the AAT Undertaking already in place for its existing terminals with additional clauses including in relation to the Price Dispute Resolution Process.

MIL OSI News –

January 25, 2025

MIL-OSI: Northfield Bancorp, Inc. Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

NOTABLE ITEMS FOR THE QUARTER INCLUDE:

DILUTED EARNINGS PER SHARE WERE $0.16 FOR THE CURRENT QUARTER COMPARED TO $0.14 FOR THE TRAILING QUARTER, AND $0.19 FOR THE THIRD QUARTER OF 2023.
NET INTEREST MARGIN REMAINED RELATIVELY STABLE AT 2.08% FOR THE CURRENT QUARTER AS COMPARED TO 2.09% FOR THE TRAILING QUARTER.
AVERAGE YIELD ON INTEREST-EARNING ASSETS DECREASED ONE BASIS POINT TO 4.38%, WHILE THE AVERAGE COST OF INTEREST-BEARING LIABILITIES REMAINED STABLE AT 2.95% FOR THE CURRENT QUARTER AS COMPARED TO THE TRAILING QUARTER.
DEPOSITS (EXCLUDING BROKERED) DECREASED MODESTLY BY $5.1 MILLION, OR LESS THAN 1% ANNUALIZED, COMPARED TO JUNE 30, 2024, AND INCREASED $15.0 MILLION, OR 0.5% ANNUALIZED, FROM DECEMBER 31, 2023. COST OF DEPOSITS AT SEPTEMBER 30, 2024 WAS 2.07% AS COMPARED TO 2.10% AT JUNE 30, 2024.
LOAN BALANCES DECLINED BY $27.2 MILLION, OR 2.7% ANNUALIZED, FROM JUNE 30, 2024, WITH DECREASES IN COMMERCIAL, MULTIFAMILY AND RESIDENTIAL REAL ESTATE LOANS OFFSET BY INCREASES IN HOME EQUITY, CONSTRUCTION AND LAND, AND COMMERCIAL AND INDUSTRIAL LOANS.
ASSET QUALITY REMAINS STRONG DESPITE AN INCREASE IN NON-PERFORMING LOANS IN THE CURRENT QUARTER. NON-PERFORMING LOANS TO TOTAL LOANS WAS 0.75% AT SEPTEMBER 30, 2024 AND 0.42% AT JUNE 30, 2024.
THE COMPANY MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $597 MILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $699 MILLION.
THE COMPANY REPURCHASED 560,683 SHARES FOR A COST OF $6.3 MILLION. THERE IS NO REMAINING CAPACITY UNDER THE CURRENT REPURCHASE PROGRAM.
CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON NOVEMBER 20, 2024, TO STOCKHOLDERS OF RECORD AS OF NOVEMBER 6, 2024.

WOODBRIDGE, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $6.5 million, or $0.16 per diluted share for the three months ended September 30, 2024, compared to $6.0 million, or $0.14 per diluted share, for the three months ended June 30, 2024, and $8.2 million, or $0.19 per diluted share, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net income totaled $18.7 million, or $0.45 per diluted share, compared to $29.4 million, or $0.67 per diluted share, for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, net income reflected $795,000, or $0.02 per share, of additional tax expense related to options that expired in June 2024, and $683,000, or $0.01 per share, of severance expense related to staffing realignments. For the nine months ended September 30, 2023, net income reflected $440,000, or $0.01 per share of severance expense. The decrease in net income for the nine months ended September 30, 2024, compared to the comparable prior year period was primarily the result of a decrease in net interest income, which was negatively impacted by higher funding costs, partially offset by improved interest and non-interest income.

Commenting on the quarter, Steven M. Klein, the Company’s Chairman, President and Chief Executive Officer stated, “In the third quarter, the Northfield team continued to focus on financial performance, serving the businesses and consumers in our marketplace, and improving upon our operating efficiencies.” Mr. Klein continued, “We delivered solid financial performance for the quarter, increasing our net income, and earnings per share, as we manage our strong capital levels, core deposit and loan relationships, asset quality, and operating expenses. While significant risks remain, the decrease in short-term market interest rates late in the third quarter should provide increased economic activity in our marketplace and opportunities for our Company.”

Mr. Klein further noted, “I am pleased to announce that the Board of Directors has declared a cash dividend of $0.13 per common share, payable on November 20, 2024 to stockholders of record on November 6, 2024.”

Results of Operations

Comparison of Operating Results for the Nine Months Ended September 30, 2024 and 2023

Net income was $18.7 million and $29.4 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. Significant variances from the comparable prior year period are as follows: a $10.9 million decrease in net interest income, a $1.3 million increase in the provision for credit losses on loans, a $1.5 million increase in non-interest income, a $3.2 million increase in non-interest expense, and a $3.1 million decrease in income tax expense.

Net interest income for the nine months ended September 30, 2024, decreased $10.9 million, or 11.4%, to $84.8 million, from $95.7 million for the nine months ended September 30, 2023 due to a $34.8 million increase in interest expense, which was partially offset by a $23.9 million increase in interest income. The increase in interest expense was largely driven by the cost of interest-bearing liabilities, which increased by 96 basis points to 2.93% for the nine months ended September 30, 2024, from 1.97% for the nine months ended September 30, 2023, driven primarily by a 114 basis point increase in the cost of interest-bearing deposits from 1.42% to 2.56% for the nine months ended September 30, 2024, and a 31 basis point increase in the cost of borrowings from 3.58% to 3.89% due to rising market interest rates and a shift in the composition of the deposit portfolio towards higher-costing certificates of deposit and a greater reliance on borrowings. The increase in interest expense was also due to a $277.1 million, or 7.0%, increase in the average balance of interest-bearing liabilities, including an increase of $149.8 million in the average balance of borrowed funds and a $127.1 million increase in average interest-bearing deposits. The increase in interest income was primarily due to a $156.1 million, or 2.9%, increase in the average balance of interest-earning assets coupled with a 47 basis point increase in the yield on interest-earning assets, which increased to 4.35% for the nine months ended September 30, 2024, from 3.88% for the nine months ended September 30, 2023, due to the rising rate environment. The increase in the average balance of interest-earning assets was primarily due to increases in the average balance of interest-earning deposits in financial institutions of $111.7 million, the average balance of other securities of $91.6 million, and the average balance of mortgage-backed securities of $88.5 million, partially offset by a decrease in the average balance of loans of $133.4 million.

Net interest margin decreased by 34 basis points to 2.07% for the nine months ended September 30, 2024, from 2.41% for the nine months ended September 30, 2023. The decrease in net interest margin was primarily due to interest-bearing liabilities repricing at a faster rate than interest-earning assets. The net interest margin was negatively affected by approximately 12 basis points due to a $300 million low risk leverage strategy implemented in the first quarter of 2024. In January 2024, the Company borrowed $300.0 million from the Federal Reserve Bank through the Bank Term Funding Program at favorable terms and conditions and invested the proceeds in interest-bearing deposits in other financial institutions and investment securities. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $1.1 million for the nine months ended September 30, 2024, as compared to $1.0 million for the nine months ended September 30, 2023. Net interest income for the nine months ended September 30, 2024, included loan prepayment income of $648,000 as compared to $1.3 million for the nine months ended September 30, 2023.

The provision for credit losses on loans increased by $1.3 million to $2.3 million for the nine months ended September 30, 2024, compared to $1.1 million for the nine months ended September 30, 2023, primarily due to an increase in the specific reserve component of the allowance for credit losses, which was partially offset by a decrease in the general reserve component of the allowance for credit losses. The increase in the specific reserve was related to a single commercial and industrial relationship totaling $12.5 million that experienced credit deterioration and was placed on non-accrual during the current quarter, which has a specific reserve of $1.3 million and incurred a charge-off of $878,000. The decline in the general reserve component of the allowance for credit losses resulted from a decline in loan balances and an improvement in the macroeconomic forecast for the current period within our Current Expected Credit Loss (“CECL”) model, partially offset by an increase in reserves related to changes in model assumptions, including the slowing of prepayment speeds, and an increase in reserves in the commercial and industrial and home equity and lines of credit portfolios related to an increase in non-performing loans in these portfolios and higher loan balances. Net charge-offs were $4.7 million for the nine months ended September 30, 2024, primarily due to $3.9 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $5.2 million for the nine months ended September 30, 2023. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $31.0 million at September 30, 2024.

Non-interest income increased by $1.5 million, or 18.7%, to $9.8 million for the nine months ended September 30, 2024, compared to $8.3 million for the nine months ended September 30, 2023. The increase was primarily due to increases of $790,000 in fees and service charges for customer services, related to an increase in overdraft fees and service charges on deposit accounts, $260,000 in income on bank owned life insurance, and $874,000 in gains on trading securities, net. Partially offsetting the increases was a $303,000 decrease in other income, primarily due to lower swap fee income. Gains on trading securities in the nine months ended September 30, 2024, were $1.6 million, as compared to $723,000 in the nine months ended September 30, 2023. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation. Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

Non-interest expense increased $3.2 million, or 5.2%, to $65.7 million for the nine months ended September 30, 2024, compared to $62.5 million for the nine months ended September 30, 2023. The increase was primarily due to a $3.3 million increase in employee compensation and benefits, primarily attributable to higher salary expense, related to annual merit increases and higher medical expense, and an increase of $874,000 in deferred compensation expense, which is described above, and had no effect on net income. Employee compensation and benefits expense also includes severance expense of $683,000 for the nine months ended September 30, 2024, as compared to $440,000 for the nine months ended September 30, 2023. During the second quarter of 2024, due to current economic conditions, the Company implemented a workforce reduction plan which included modest layoffs and staffing realignments. The annual estimated cost savings of this plan is $2.0 million, pre-tax. Partially offsetting the increase was a $461,000 decrease in stock compensation expense related to performance stock awards not expected to vest. Additionally, non-interest expense included a $727,000 increase in credit loss expense/(benefit) for off-balance sheet exposure due to a provision of $337,000 recorded during the nine months ended September 30, 2024, as compared to a benefit of $390,000 for the comparative prior year period. The benefit in the prior year period was attributable to a decrease in the pipeline of loans committed and awaiting closing. Partially offsetting the increases was a $552,000 decrease in advertising expense due to a change in marketing strategy and the timing of specific deposit and lending campaigns.

The Company recorded income tax expense of $7.9 million for the nine months ended September 30, 2024, compared to $11.0 million for the nine months ended September 30, 2023, with the decrease due to lower taxable income partially offset by a higher effective tax rate. The effective tax rate for the nine months ended September 30, 2024, was 29.7% compared to 27.2% for the nine months ended September 30, 2023. In June 2024, options granted in 2014 expired and resulted in additional tax expense of $795,000, contributing to the higher effective tax rate for the nine months ended September 30, 2024.

Comparison of Operating Results for the Three Months Ended September 30, 2024 and 2023

Net income was $6.5 million and $8.2 million for the quarters ended September 30, 2024 and September 30, 2023, respectively. Significant variances from the comparable prior year quarter are as follows: a $1.5 million decrease in net interest income, a $2.4 increase in the provision for credit losses on loans, a $1.5 million increase in non-interest income, a $189,000 decrease in non-interest expense, and a $513,000 decrease in income tax expense.

Net interest income for the quarter ended September 30, 2024, decreased $1.5 million, or 4.9%, to $28.2 million, from $29.7 million for the quarter ended September 30, 2023, due to an $8.0 million increase in interest expense, partially offset by an $6.6 million increase in interest income. The increase in interest expense was largely driven by the impact of rising market interest rates and a $227.0 million, or 5.7%, increase in the average balance of interest-bearing liabilities, including increases of $158.4 million and $68.4 million in the average balance of interest-bearing deposits and borrowed funds, respectively. The increase in interest income was primarily due to a $155.1 million, or 3.0%, increase in the average balance of interest-earning assets coupled with a 38 basis point increase in yields on interest-earning assets due to the rising rate environment. The increase in the average balance of interest-earning assets was due to increases in the average balance of mortgage-backed securities of $240.3 million, the average balance of other securities of $64.0 million, and the average balance of interest-earning deposits in financial institutions of $26.8 million, partially offset by decreases in the average balance of loans outstanding of $172.8 million and the average balance of Federal Home Loan Bank of New York stock of $3.2 million.

Net interest margin decreased by 17 basis points to 2.08% for the quarter ended September 30, 2024, from 2.25% for the quarter ended September 30, 2023, primarily due to the cost of interest-bearing liabilities increasing faster than the repricing of interest-earning assets. The cost of interest-bearing liabilities increased by 64 basis points to 2.95% for the quarter ended September 30, 2024, from 2.31% for the quarter ended September 30, 2023, driven primarily by a 77 basis point increase in the cost of interest-bearing deposits from 1.82% to 2.59%, and a 30 basis point increase in the cost of borrowings from 3.63% to 3.93%. The increase in the cost of interest-bearing liabilities was partially offset by an increase in the yield on interest-earning assets, which increased by 38 basis points to 4.38% for the quarter ended September 30, 2024, from 4.00% for the quarter ended September 30, 2023. Net interest income for the quarter ended September 30, 2024, included loan prepayment income of $87,000, as compared to $183,000 for the quarter ended September 30, 2023. The Company accreted interest income related to PCD loans of $327,000 for the quarter ended September 30, 2024, as compared to $325,000 for the quarter ended September 30, 2023.

The provision for credit losses on loans increased by $2.4 million to $2.5 million for the quarter ended September 30, 2024, from a provision of $188,000 for the quarter ended September 30, 2023, primarily due to an increase in the specific reserve component of the allowance for credit losses, which was partially offset by a decrease in the general reserve component of the allowance for credit losses. The increase in the specific reserve was related to a single commercial and industrial relationship that experienced credit deterioration and was placed on non-accrual during the current quarter, which has a specific reserve of $1.3 million and incurred a charge-off of $878,000. The decline in the general reserve component of the allowance for credit losses resulted from a decline in loan balances and an improvement in the macroeconomic forecast for the current period within our CECL model, partially offset by an increase in reserves related to changes in model assumptions, including the slowing of prepayment speeds, and an increase in reserves in the commercial and industrial portfolio related to an increase in non-performing loans and higher loan balances. Net charge-offs were $2.1 million for the quarter ended September 30, 2024, and included $1.4 million in net charge-offs on small business unsecured loans, as compared to net charge-offs of $2.9 million for the quarter ended September 30, 2023.

Non-interest income increased by $1.5 million, or 68.7%, to $3.6 million for the quarter ended September 30, 2024, from $2.1 million for the quarter ended September 30, 2023, primarily due to a $294,000 increase in fees and service charges, primarily related to higher overdraft fees, a $1.0 million increase in gains on trading securities, net, and a $185,000 increase in other income, primarily due to higher swap fee income. For the quarter ended September 30, 2024, gains on trading securities, net, were $710,000, compared to losses of $295,000 in the quarter ended September 30, 2023. Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of, changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the Plan.

Non-interest expense decreased by $189,000, or 0.9%, to $20.4 million for the quarter ended September 30, 2024, from $20.6 million for the quarter ended September 30, 2023. The decrease was primarily due to decreases of $386,000 in occupancy expense, attributable to lower real estate taxes, common area maintenance and electricity costs, $214,000 in data processing costs, attributable to a decrease in ongoing core processing costs related to a prior technology-related contract renewed at favorable terms, and $132,000 in advertising expense. Partially offsetting the decreases was a $504,000 increase in compensation and employee benefits, which included a $1.0 million increase in expense related to the Company’s deferred compensation plan which is described above, and had no effect on net income, that was offset by lower medical expense.

The Company recorded income tax expense of $2.4 million for the quarter ended September 30, 2024, compared to $2.9 million for the quarter ended September 30, 2023, with the decrease due to lower taxable income. The effective tax rate for the quarter ended September 30, 2024 was 26.6%, compared to 26.0% for the quarter ended September 30, 2023.

Comparison of Operating Results for the Three Months Ended September 30, 2024 and June 30, 2024

Net income was $6.5 million and $6.0 million for the quarters ended September 30, 2024, and June 30, 2024, respectively. Significant variances from the prior quarter are as follows: an $458,000 decrease in net interest income, a $3.2 million increase in the provision for credit losses on loans, a $719,000 increase in non-interest income, a $2.6 million decrease in non-interest expense, and an $850,000 decrease in income tax expense.

Net interest income for the quarter ended September 30, 2024, decreased by $458,000, or 1.6%, primarily due to a $902,000 decrease in interest income, partially offset by a $444,000 decrease in interest expense on deposits and borrowings. The decrease in interest income was primarily due to a $124.4 million decrease in the average balance of interest-earning assets. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of interest-earning deposits in financial institutions of $91.6 million, the average balance of other securities of $60.5 million, and the average balance of loans outstanding of $48.1 million, partially offset by an increase in the average balance of mortgage-backed securities of $76.5 million. The decrease in interest expense on deposits and borrowings was primarily due to a $105.8 million, or 2.5%, decrease in the average balance of interest-bearing liabilities attributable to a $73.2 million decrease in the average balance of interest-bearing deposits and a $32.7 million decrease in the average balance of borrowed funds.

Net interest margin decreased by one basis point to 2.08% from 2.09% for the quarter ended June 30, 2024, primarily due to a one basis point decrease in yields on interest-earning assets whereas the cost of interest-bearing liabilities remained level. Net interest income for the quarter ended September 30, 2024, included loan prepayment income of $87,000 as compared to $210,000 for the quarter ended June 30, 2024. The Company accreted interest income related to PCD loans of $327,000 for the quarter ended September 30, 2024, as compared to $321,000 for the quarter ended June 30, 2024.

The provision for credit losses on loans increased by $3.2 million to $2.5 million for the quarter ended September 30, 2024, from a benefit of $618,000 for the quarter ended June 30, 2024. The increase in the provision for the current quarter was primarily due to an increase in the specific reserve component of the allowance for credit losses, attributable to a single commercial and industrial relationship that experienced credit deterioration and was placed on non-accrual during the current quarter, higher reserves related to changes in model assumptions during the current quarter, including the slowing of prepayment speeds and higher net-charge-offs. Net charge-offs were $2.1 million for the quarter ended September 30, 2024, as compared to net charge-offs of $1.6 million for the quarter ended June 30, 2024.

Non-interest income increased by $719,000, or 25.1%, to $3.6 million for the quarter ended September 30, 2024, from $2.9 million for the quarter ended June 30, 2024. The increase was primarily due to a $522,000 increase in gains on sales of trading securities, net, and a $192,000 increase in other income, primarily due to higher swap fee income. For the quarter ended September 30, 2024, gains on trading securities, net, were $710,000, compared to gains of $188,000 for the quarter ended June 30, 2024.

Non-interest expense decreased by $2.6 million, or 11.4%, to $20.4 million for the quarter ended September 30, 2024, from $23.0 million for the quarter ended June 30, 2024. The decrease was primarily due to a $2.0 million decrease in compensation and employee benefits, primarily attributable to a decrease in salaries and medical expense due to lower employee headcount, partially offset by a $522,000 increase in expense related to the Company’s deferred compensation plan which had no effect on net income. Also contributing to the decrease were decreases of $192,000 in occupancy expense, $397,000 in data processing costs, attributable to a decrease in ongoing core processing costs resulting from a prior technology-related contract renewed at favorable terms, $200,000 in advertising expense, and $122,000 in other non-interest expense. Partially offsetting the decreases was a $262,000 increase in professional fees, primarily due to an increase in outsourced audit services.

The Company recorded income tax expense of $2.4 million for the quarter ended September 30, 2024, compared to $3.2 million for the quarter ended June 30, 2024. The effective tax rate for the quarter ended September 30, 2024 was 26.6%, compared to 35.0% for the quarter ended June 30, 2024. During the quarter ended June 30, 2024, options granted in 2014 expired and resulted in additional tax expense of $795,000, contributing to the higher effective tax rate for the quarter ended June 30, 2024.

Financial Condition

Total assets increased by $132.5 million, or 2.4%, to $5.73 billion at September 30, 2024, from $5.60 billion at December 31, 2023. The increase was primarily due to increases in available-for-sale debt securities of $268.0 million, or 33.7%, and cash and cash equivalents of $3.4 million, or 1.5%, partially offset by a decrease in loans receivable of $139.7 million, or 3.3%.

Cash and cash equivalents increased by $3.4 million, or 1.5%, to $232.9 million at September 30, 2024, from $229.5 million at December 31, 2023. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

Loans held-for-investment, net, decreased by $139.7 million, or 3.3%, to $4.06 billion at September 30, 2024 from $4.20 billion at December 31, 2023, primarily due to decreases in multifamily, commercial and one-to-four family residential real estate loans, partially offset by increases in home equity and lines of credit, construction and land, and commercial and industrial loans. The decrease in loan balances reflects the Company remaining strategically focused on both managing the concentration of its commercial and multifamily real estate loan portfolios and disciplined loan pricing, as well as lower customer demand in the recent elevated interest rate environment. Multifamily loans decreased $110.1 million, or 4.0%, to $2.64 billion at September 30, 2024 from $2.75 billion at December 31, 2023, commercial real estate loans decreased $51.4 million, or 5.5%, to $878.2 million at September 30, 2024 from $929.6 million at December 31, 2023, one-to-four family residential loans decreased $11.1 million, or 6.9%, to $149.7 million at September 30, 2024 from $160.8 million at December 31, 2023, and other loans decreased $925,000, or 35.8%, to $1.7 million at September 30, 2024 from $2.6 million at December 31, 2023. Partially offsetting these decreases were increases in commercial and industrial loans of $19.1 million, or 12.3%, to $174.4 million at September 30, 2024 from $155.3 million at December 31, 2023, home equity and lines of credit of $8.4 million, or 5.2%, to $171.9 million at September 30, 2024 from $163.5 million at December 31, 2023, and construction and land loans of $2.1 million, or 6.6%, to $33.0 million at September 30, 2024 from $31.0 million at December 31, 2023.

As of September 30, 2024, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 447%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which include monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At September 30, 2024, office-related loans represented $183.6 million, or 4.5% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 59%. Approximately 41% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.7% in New York, 47.8% in New Jersey and 1.5% in Pennsylvania. At September 30, 2024, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.9 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At September 30, 2024, multifamily loans that have some form of rent stabilization or rent control totaled approximately $447.5 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 51%. At September 30, 2024, our largest rent-regulated loan had a principal balance of $16.9 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

PCD loans totaled $9.3 million and $9.9 million at September 30, 2024 and December 31, 2023, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $327,000 and $1.1 million attributable to PCD loans for the three and nine months ended September 30, 2024, respectively, as compared to $325,000 and $1.0 million for the three and nine months ended September 30, 2023, respectively. PCD loans had an allowance for credit losses of approximately $2.9 million at September 30, 2024.

Loan balances are summarized as follows (dollars in thousands):

	September 30, 2024		June 30, 2024		December 31, 2023
Real estate loans:
Multifamily	$	2,640,944	$	2,665,202	$	2,750,996
Commercial mortgage		878,173		896,157		929,595
One-to-four family residential mortgage		149,682		151,948		160,824
Home equity and lines of credit		171,946		167,852		163,520
Construction and land		33,024		32,607		30,967
Total real estate loans		3,873,769		3,913,766		4,035,902
Commercial and industrial loans		174,253		165,586		154,984
PPP loans		160		202		284
Other loans		1,660		2,322		2,585
Total commercial and industrial, PPP, and other loans		176,073		168,110		157,853
Loans held-for-investment, net (excluding PCD)		4,049,842		4,081,876		4,193,755
PCD loans		9,264		9,344		9,899
Total loans held-for-investment, net	$	4,059,106	$	4,091,220	$	4,203,654

The Company’s available-for-sale debt securities portfolio increased by $268.0 million, or 33.7%, to $1.06 billion at September 30, 2024, from $795.5 million at December 31, 2023. The increase was primarily attributable to purchases of securities, partially offset by paydowns, maturities and calls. At September 30, 2024, $869.4 million of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $74.9 million in U.S. Government agency securities, $118.5 million in corporate bonds, substantially all of which were investment grade, and $684,000 in municipal bonds at September 30, 2024. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $19.6 million and $219,000, respectively, at September 30, 2024, and $32.5 million and $279,000, respectively, at December 31, 2023.

Equity securities were $10.7 million at September 30, 2024 and $10.6 million at December 31, 2023. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program.

Total liabilities increased $132.3 million, or 2.7%, to $5.03 billion at September 30, 2024, from $4.90 billion at December 31, 2023. The increase was primarily attributable to an increase in borrowings of $131.6 million, partially offset by a decrease in total deposits of $2.9 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

Deposits decreased $2.9 million, or 0.1%, to $3.88 billion at September 30, 2024 as compared to December 31, 2023. Brokered deposits decreased by $17.9 million, or 17.9%, due to maturities that were replaced by borrowings. Deposits, excluding brokered deposits, increased $15.0 million, or 0.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $80.9 million in time deposits, partially offset by decreases of $14.9 million in transaction accounts, $14.7 million in savings accounts, and $36.3 million in money market accounts. Growth in time deposits was attributable to the current interest rate environment and offering competitive interest rates to attract deposits. Estimated gross uninsured deposits at September 30, 2024 were $1.71 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $859.3 million, leaving estimated uninsured deposits of approximately $852.2 million, or 22.0%, of total deposits. At December 31, 2023, estimated uninsured deposits totaled $869.9 million, or 22.4% of total deposits.

Deposit account balances are summarized as follows (dollars in thousands):

	September 30, 2024		June 30, 2024		December 31, 2023
Transaction:
Non-interest bearing checking	$	681,741	$	685,574	$	694,903
Negotiable orders of withdrawal and interest-bearing checking		1,230,176		1,251,342		1,231,943
Total transaction		1,911,917		1,936,916		1,926,846
Savings and money market:
Savings		911,067		916,598		925,744
Money market		265,800		255,550		302,122
Brokered money market		—		—		50,000
Total savings		1,176,867		1,172,148		1,277,866
Certificates of deposit:
$250,000 and under		585,606		568,809		525,454
Over $250,000		119,033		120,601		98,269
Brokered		82,146		—		50,000
Total certificates of deposit		786,785		689,410		673,723
Total deposits	$	3,875,569	$	3,798,474	$	3,878,435

Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

	September 30, 2024		June 30, 2024		December 31, 2023

Business customers	$	869,990	$	866,403	$	893,296
Municipal (governmental) customers	$	799,249	$	815,086	$	768,556

Borrowed funds increased to $1.05 billion at September 30, 2024, from $920.5 million at December 31, 2023. The increase in borrowings for the period was primarily due to a $205.5 million increase in borrowings under the Federal Reserve Bank Term Funding Program, which included favorable terms and conditions as compared to FHLB advances. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at September 30, 2024 (dollars in thousands):

Year	Amount ⁽¹⁾	Weighted Average Rate
2024	$25,000	4.71%
2025	483,184	4.00%
2026	148,000	4.36%
2027	173,000	3.19%
2028	154,288	3.96%
	$983,472	3.92%

__________________________________________________
⁽¹⁾ Borrowings maturing in 2025 include $300.0 million of FRB borrowings that can be repaid without any penalty.

Total stockholders’ equity increased by $119,000 to $699.6 million at September 30, 2024, from $699.4 million at December 31, 2023. The increase was attributable to net income of $18.7 million for the nine months ended September 30, 2024, a $14.1 million increase in accumulated other comprehensive income, associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio due to the increase in market interest rates, and a $1.9 million increase in equity award activity, partially offset by $18.1 million in stock repurchases and $16.5 million in dividend payments. On April 24, 2024, the Board of Directors of the Company approved a $5.0 million stock repurchase program, which was completed in May 2024, and on June 14, 2024, the Board of Directors of the Company approved a $10.0 million stock repurchase program. During the nine months ended September 30, 2024, the Company repurchased 1.8 million of its common stock outstanding at an average price of $10.03 for a total of $18.1 million pursuant to the approved stock repurchase programs. As of September 30, 2024, the Company had no remaining capacity under its current repurchase program.

The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the FHLB and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of September 30, 2024 was 16.4%.

The Company had the following primary sources of liquidity at September 30, 2024 (dollars in thousands):

Cash and cash equivalents⁽¹⁾	$	218,733
Corporate bonds⁽²⁾	$	104,633
Multifamily loans⁽²⁾	$	699,343
Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)⁽²⁾	$	491,985

__________________________________________________
(1) Excludes $14.2 million of cash at Northfield Bank.
(2) Represents estimated remaining borrowing potential.

The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. The CBLR replaces the risk-based and leverage capital requirements in the generally applicable capital rules. At September 30, 2024, the Company and the Bank’s estimated CBLR ratios were 12.03% and 12.26%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

Asset Quality

The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at September 30, 2024, June 30, 2024, and December 31, 2023 (dollars in thousands):

	September 30, 2024			June 30, 2024			December 31, 2023
Non-accrual loans:
Held-for-investment
Real estate loans:
Multifamily	$	2,651		$	2,691		$	2,709
Commercial		8,823			10,244			6,491
One-to-four family residential		66			69			104
Home equity and lines of credit		1,123			1,124			499
Commercial and industrial		15,117			2,570			305
Other		6			6			7
Total non-accrual loans		27,786			16,704			10,115
Loans delinquent 90 days or more and still accruing:
Held-for-investment
Real estate loans:
Multifamily		—			—			201
Commercial		1,161			—			—
One-to-four family residential		304			136			406
Home equity and lines of credit		343			467			711
Commercial and industrial		835			—			—
Total loans held-for-investment delinquent 90 days or more and still accruing		2,643			603			1,318
Total non-performing loans/assets	$	30,429		$	17,307		$	11,433
Non-performing loans to total loans		0.75	%		0.42	%		0.27	%
Non-performing assets to total assets		0.53	%		0.30	%		0.20	%
Accruing loans 30 to 89 days delinquent	$	16,057		$	6,265		$	8,683

The Company’s non-performing loans at September 30, 2024 totaled $30.4 million, or 0.75%, of total loans as compared to $11.4 million, or 0.27%, at December 31, 2023. The $19.0 million increase in non-performing loans was primarily attributable to an increase in non-performing commercial and industrial loans of $15.6 million and an increase of $3.5 million in non-performing commercial real estate loans. One commercial and industrial relationship with an outstanding balance of $12.5 million at September 30, 2024, experienced credit deterioration and was placed on non-accrual status during the third quarter of 2024. The loan is currently in the process of being restructured and we expect to receive a partial payment of $10.0 million on or before October 31, 2024, with the remaining $2.5 million to be repaid over three years. The loan was individually evaluated for impairment, we charged off $878,000 and provided a specific reserve of $1.3 million. Additionally, management evaluated the collateral from the Company and assets subject to personal guarantees and, based on current estimates, believes there is adequate collateral and assets to support the current value of the loan absent the expected repayment of $10.0 million. Another commercial and industrial relationship with an outstanding balance of $750,000 is in the process of maturity extension. Additionally, there was an increase in non-performing unsecured small business loans. Unsecured small business loans totaled $31.0 million and $37.4 million at September 30, 2024 and December 31, 2023, respectively. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio.

The increase in non-performing commercial real estate loans was primarily attributable to one loan with a balance of $4.4 million, which was put on non-accrual status during the first quarter of 2024. Based on the results of the impairment analysis for this loan, no impairment reserve was necessary as the loan is adequately covered by collateral (a private residence and retail property, both located in New Jersey), with aggregate appraised values totaling $8.7 million.

Accruing Loans 30 to 89 Days Delinquent

Loans 30 to 89 days delinquent and on accrual status totaled $16.1 million, $6.3 million and $8.7 million at September 30, 2024, June 30, 2024, and December 31, 2023, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at September 30, 2024, June 30, 2024, and December 31, 2023 (dollars in thousands):

	September 30, 2024		June 30, 2024		December 31, 2023
Held-for-investment
Real estate loans:
Multifamily	$	2,259	$	168	$	740
Commercial		5,689		1,557		1,010
One-to-four family residential		2,286		1,769		3,339
Home equity and lines of credit		1,369		786		817
Commercial and industrial loans		4,450		1,977		2,767
Other loans		4		8		10
Total delinquent accruing loans held-for-investment	$	16,057	$	6,265	$	8,683

The increase in multifamily delinquent loans was primarily due to two relationships totaling $1.5 million that became current subsequent to September 30, 2024. The increase in commercial real estate delinquent loans was primarily due to two participation loans totaling $5.6 million that matured, and the lead bank is in the process of extending their maturity and should become current in the fourth quarter of 2024. The increase in commercial and industrial delinquent loans from December 31, 2023, was primarily due to two loans to one borrower totaling $1.5 million which we expect to become current in the fourth quarter of 2024, and, to a lesser extent, an increase in delinquencies in unsecured small business loans.

Subsequent to the quarter end, $1.1 million of home equity and lines of credit loans, $1.5 million of one-to-four family residential loans, and $1.5 million of commercial and industrial loans became current.

PCD Loans (Held-for-Investment)

The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.3 million at September 30, 2024 and $9.9 million at December 31, 2023, respectively) as accruing, even though they may be contractually past due. At September 30, 2024, 2.1% of PCD loans were past due 30 to 89 days, and 24.6% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2023.

Our multifamily loan portfolio at September 30, 2024 totaled $2.64 billion, or 65% of our total loan portfolio, of which $447.5 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

% Rent Regulated	Balance		% Portfolio Total NY Multifamily Portfolio		Average Balance		Largest Loan		LTV^*	Debt Service Coverage Ratio (DSCR)^*	30-89 Days Delinquent		Non-Accrual		Special Mention		Substandard
0	$	286,728	39.1	%	$	1,166	$	16,603	51.0%	1.57x	$	1,709	$	534	$	782	$	874
>0-10		4,745	0.7			1,582		2,128	51.4	1.46		—		—		—		—
>10-20		18,681	2.5			1,437		2,865	49.2	1.59		—		—		—		—
>20-30		19,585	2.7			2,176		5,512	54.1	1.64		—		—		—		—
>30-40		15,183	2.1			1,265		3,088	48.3	1.63		—		—		—		—
>40-50		22,208	3.0			1,306		2,740	48.2	1.84		—		—		—		—
>50-60		9,452	1.3			1,575		2,341	39.9	2.03		—		—		—		—
>60-70		19,201	2.6			3,200		11,339	53.0	1.46		—		—		—		—
>70-80		22,405	3.1			2,489		4,914	48.0	1.53		—		—		—		—
>80-90		20,820	2.8			1,157		3,148	46.6	1.71		—		—		—		—
>90-100		295,256	40.1			1,779		16,909	52.6	1.65		—		2,117		1,204		4,482
Total	$	734,264	100.0	%	$	1,454	$	16,909	51.2%	1.62x	$	1,709	$	2,651	$	1,986	$	5,356

The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

County	Balance		LTV^*	DSCR^*
Bronx	$	118,400	51.7%	1.64x
Kings		191,745	51.5%	1.66
Nassau		2,176	36.2%	1.88
New York		49,871	47.3%	1.64
Queens		38,864	44.3%	1.81
Richmond		28,790	60.6%	1.64
Westchester		17,689	61.8%	1.37
Total	$	447,535	51.4%	1.65x

* Weighted Average

None of the loans that are rent-regulated in New York are interest only. During the remainder of 2024, one loan with an aggregate principal balance of $1.8 million will re-price.

About Northfield Bank

Northfield Bank, founded in 1887, operates 38 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, competition among depository and other financial institutions, including with respect to fees and interest rates, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, changes in asset quality, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, cyber security and fraud risks against our information technology and those of our third-party providers and vendors, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, adverse changes in the securities markets, and the effects of the COVID-19 pandemic. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.


(Tables follow)

NORTHFIELD BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA (Dollars in thousands, except per share amounts) (unaudited)

							At or For the
	At or For the Three Months Ended						Nine Months Ended
	September 30,				June 30		September 30,
	2024		2023		2024		2024		2023
Selected Financial Ratios:
Performance Ratios ⁽¹⁾
Return on assets (ratio of net income to average total assets)	0.46	%	0.59	%	0.41	%	0.43	%	0.71	%
Return on equity (ratio of net income to average equity)	3.74		4.74		3.45		3.59		5.69
Average equity to average total assets	12.24		12.49		12.00		12.09		12.44
Interest rate spread	1.42		1.69		1.44		1.42		1.91
Net interest margin	2.08		2.25		2.09		2.07		2.41
Efficiency ratio ⁽²⁾	64.07		64.65		72.89		69.44		60.06
Non-interest expense to average total assets	1.43		1.49		1.60		1.53		1.50
Non-interest expense to average total interest-earning assets	1.50		1.56		1.68		1.60		1.57
Average interest-earning assets to average interest-bearing liabilities	128.75		132.21		128.47		128.63		133.66
Asset Quality Ratios:
Non-performing assets to total assets	0.53		0.19		0.30		0.53		0.19
Non-performing loans ⁽³⁾ to total loans ⁽⁴⁾	0.75		0.24		0.42		0.75		0.24
Allowance for credit losses to non-performing loans	115.67		378.67		200.96		115.67		378.67
Allowance for credit losses to total loans held-for-investment, net ⁽⁵⁾	0.87		0.91		0.85		0.87		0.91

(1)	Annualized where appropriate.
(2)	The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
(3)	Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
(4)	Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
(5)	Includes originated loans held-for-investment, PCD loans, and acquired loans.


NORTHFIELD BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share amounts) (unaudited)

	September 30, 2024			June 30, 2024			December 31, 2023
ASSETS:
Cash and due from banks	$	14,193		$	14,575		$	13,889
Interest-bearing deposits in other financial institutions		218,733			138,914			215,617
Total cash and cash equivalents		232,926			153,489			229,506
Trading securities		13,759			12,939			12,549
Debt securities available-for-sale, at estimated fair value		1,063,486			1,119,439			795,464
Debt securities held-to-maturity, at amortized cost		9,681			9,749			9,866
Equity securities		10,699			13,964			10,629
Loans held-for-sale		4,897			—			—
Loans held-for-investment, net		4,059,106			4,091,220			4,203,654
Allowance for credit losses		(35,197	)		(34,780	)		(37,535	)
Net loans held-for-investment		4,023,909			4,056,440			4,166,119
Accrued interest receivable		19,299			19,343			18,491
Bank-owned life insurance		174,482			173,483			171,543
Federal Home Loan Bank of New York stock, at cost		37,269			41,785			39,667
Operating lease right-of-use assets		28,943			29,305			30,202
Premises and equipment, net		22,973			23,628			24,771
Goodwill		41,012			41,012			41,012
Other assets		47,516			51,785			48,577
Total assets	$	5,730,851		$	5,746,361		$	5,598,396

LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits	$	3,875,569		$	3,798,474		$	3,878,435
Securities sold under agreements to repurchase		—			—			25,000
Federal Home Loan Bank advances and other borrowings		990,871			1,089,727			834,272
Subordinated debentures, net of issuance costs		61,386			61,331			61,219
Lease liabilities		33,529			34,035			35,205
Advance payments by borrowers for taxes and insurance		22,492			26,113			25,102
Accrued expenses and other liabilities		47,440			43,657			39,718
Total liabilities		5,031,287			5,053,337			4,898,951

STOCKHOLDERS’ EQUITY:
Total stockholders’ equity		699,564			693,024			699,445
Total liabilities and stockholders’ equity	$	5,730,851		$	5,746,361		$	5,598,396

Total shares outstanding		42,904,342			43,466,961			44,524,929
Tangible book value per share ⁽¹⁾	$	15.35		$	15.00		$	14.78

(1)

Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $90, $111, and $154 at September 30, 2024, June 30, 2024, and December 31, 2023, respectively, and are included in other assets.


NORTHFIELD BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except share and per share amounts) (unaudited)

	For the Three Months Ended									For the Nine Months Ended
	September 30,						June 30,			September 30,
		2024			2023			2024			2024			2023
Interest income:
Loans	$	46,016		$	46,213		$	45,967		$	138,030		$	135,220
Mortgage-backed securities		8,493			3,664			7,355			20,246			11,170
Other securities		2,684			1,095			3,506			10,031			3,593
Federal Home Loan Bank of New York dividends		914			933			935			2,819			2,125
Deposits in other financial institutions		1,211			831			2,457			7,060			2,225
Total interest income		59,318			52,736			60,220			178,186			154,333
Interest expense:
Deposits		20,304			13,614			20,664			60,241			31,918
Borrowings		9,949			8,593			10,041			30,653			24,182
Subordinated debt		836			837			828			2,492			2,484
Total interest expense		31,089			23,044			31,533			93,386			58,584
Net interest income		28,229			29,692			28,687			84,800			95,749
Provision/(benefit) for credit losses		2,542			188			(618	)		2,339			1,082
Net interest income after (benefit)/provision for credit losses		25,687			29,504			29,305			82,461			94,667
Non-interest income:
Fees and service charges for customer services		1,611			1,317			1,570			4,796			4,006
Income on bank-owned life insurance		999			920			976			2,939			2,679
(Losses)/gains on available-for-sale debt securities, net		(7	)		—			1			(6	)		(17	)
Gains/(losses) on trading securities, net		710			(295	)		188			1,597			723
Gain on sale of loans		—			99			51			51			134
Other		265			80			73			441			744
Total non-interest income		3,578			2,121			2,859			9,818			8,269
Non-interest expense:
Compensation and employee benefits		11,424			10,920			13,388			37,577			34,310
Occupancy		3,030			3,416			3,222			9,805			10,032
Furniture and equipment		450			479			477			1,411			1,393
Data processing		1,780			1,994			2,177			6,104			6,308
Professional fees		943			883			681			2,433			2,622
Advertising		282			414			482			1,282			1,834
Federal Deposit Insurance Corporation insurance		626			591			649			1,863			1,763
Credit loss expense/(benefit) for off-balance sheet exposures		151			160			103			337			(390	)
Other		1,692			1,710			1,814			4,891			4,598
Total non-interest expense		20,378			20,567			22,993			65,703			62,470
Income before income tax expense		8,887			11,058			9,171			26,576			40,466
Income tax expense		2,364			2,877			3,214			7,882			11,019
Net income	$	6,523		$	8,181		$	5,957		$	18,694		$	29,447
Net income per common share:
Basic	$	0.16		$	0.19		$	0.14		$	0.45		$	0.67
Diluted	$	0.16		$	0.19		$	0.14		$	0.45		$	0.67
Basic average shares outstanding		41,028,213			42,866,246			41,999,541			41,794,149			43,848,873
Diluted average shares outstanding		41,088,637			42,918,174			42,002,650			41,829,230			43,927,350


NORTHFIELD BANCORP, INC. ANALYSIS OF NET INTEREST INCOME (Dollars in thousands) (unaudited)

	For the Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
	Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾
Interest-earning assets:
Loans ⁽²⁾	$	4,079,974	$	46,016	4.49	%	$	4,128,105	$	45,967	4.48	%	$	4,252,752	$	46,213	4.31	%
Mortgage-backed securities ⁽³⁾		901,042		8,493	3.75			824,498		7,355	3.59			660,753		3,664	2.20
Other securities ⁽³⁾		273,312		2,684	3.91			333,855		3,506	4.22			209,341		1,095	2.08
Federal Home Loan Bank of New York stock		38,044		914	9.56			38,707		935	9.72			41,278		933	8.97
Interest-earning deposits in financial institutions		99,837		1,211	4.83			191,470		2,457	5.16			73,005		831	4.52
Total interest-earning assets		5,392,209		59,318	4.38			5,516,635		60,220	4.39			5,237,129		52,736	4.00
Non-interest-earning assets		275,342						265,702						248,315
Total assets	$	5,667,551					$	5,782,337					$	5,485,444

Interest-bearing liabilities:
Savings, NOW, and money market accounts	$	2,417,725	$	12,717	2.09	%	$	2,490,372	$	13,183	2.13	%	$	2,408,218	$	8,865	1.46	%
Certificates of deposit		700,763		7,587	4.31			701,272		7,481	4.29			551,904		4,749	3.41
Total interest-bearing deposits		3,118,488		20,304	2.59			3,191,644		20,664	2.60			2,960,122		13,614	1.82
Borrowed funds		1,008,338		9,949	3.93			1,041,035		10,041	3.88			939,922		8,593	3.63
Subordinated debt		61,350		836	5.42			61,294		828	5.43			61,127		837	5.43
Total interest-bearing liabilities		4,188,176		31,089	2.95			4,293,973		31,533	2.95			3,961,171		23,044	2.31
Non-interest bearing deposits		683,283						691,384						739,266
Accrued expenses and other liabilities		102,233						103,082						100,103
Total liabilities		4,973,692						5,088,439						4,800,540
Stockholders’ equity		693,859						693,898						684,904
Total liabilities and stockholders’ equity	$	5,667,551					$	5,782,337					$	5,485,444

Net interest income			$	28,229					$	28,687					$	29,692
Net interest rate spread ⁽⁴⁾					1.42	%					1.44	%					1.69	%
Net interest-earning assets ⁽⁵⁾	$	1,204,033					$	1,222,662					$	1,275,958
Net interest margin ⁽⁶⁾					2.08	%					2.09	%					2.25	%
Average interest-earning assets to interest-bearing liabilities					128.75	%					128.47	%					132.21	%

(1)	Average yields and rates are annualized.
(2)	Includes non-accruing loans.
(3)	Securities available-for-sale and other securities are reported at amortized cost.
(4)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6)	Net interest margin represents net interest income divided by average total interest-earning assets.

	For the Nine Months Ended
	September 30, 2024						September 30, 2023
	Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾
Interest-earning assets:
Loans ⁽²⁾	$	4,127,409	$	138,030	4.47	%	$	4,260,827	$	135,220	4.24	%
Mortgage-backed securities ⁽³⁾		791,850		20,246	3.42			703,320		11,170	2.12
Other securities ⁽³⁾		332,831		10,031	4.03			241,280		3,593	1.99
Federal Home Loan Bank of New York stock		38,781		2,819	9.71			41,093		2,125	6.91
Interest-earning deposits in financial institutions		184,420		7,060	5.11			72,683		2,225	4.09
Total interest-earning assets		5,475,291		178,186	4.35			5,319,203		154,333	3.88
Non-interest-earning assets		269,180						244,319
Total assets	$	5,744,471					$	5,563,522

Interest-bearing liabilities:
Savings, NOW, and money market accounts	$	2,457,320	$	38,231	2.08	%	$	2,443,400	$	19,194	1.05	%
Certificates of deposit		685,510		22,010	4.29			572,283		12,724	2.97
Total interest-bearing deposits		3,142,830		60,241	2.56			3,015,683		31,918	1.42
Borrowed funds		1,052,589		30,653	3.89			902,802		24,182	3.58
Subordinated debt		61,294		2,492	5.43			61,164		2,484	5.43
Total interest-bearing liabilities	$	4,256,713		93,386	2.93		$	3,979,649		58,584	1.97
Non-interest bearing deposits		691,406						788,991
Accrued expenses and other liabilities		101,639						102,765
Total liabilities		5,049,758						4,871,405
Stockholders’ equity		694,713						692,117
Total liabilities and stockholders’ equity	$	5,744,471					$	5,563,522

Net interest income			$	84,800					$	95,749
Net interest rate spread ⁽⁴⁾					1.42	%					1.91	%
Net interest-earning assets ⁽⁵⁾	$	1,218,578					$	1,339,554
Net interest margin ⁽⁶⁾					2.07	%					2.41	%
Average interest-earning assets to interest-bearing liabilities					128.63	%					133.66	%

(1)	Average yields and rates are annualized.
(2)	Includes non-accruing loans.
(3)	Securities available-for-sale and other securities are reported at amortized cost.
(4)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6)	Net interest margin represents net interest income divided by average total interest-earning assets.

Company Contact:
William R. Jacobs
Chief Financial Officer
Tel: (732) 499-7200 ext. 2519

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Only purchase safe and legal e-bikes: new Government safety campaign urges public

Source: United Kingdom – Executive Government & Departments

A new safety campaign to raise awareness about the dangers of buying faulty and unsafe e-bikes, e-scooters and components such as batteries has been launched

Campaign image for DBT’s Buy Safe, Be Safe campaign

New campaign urges public to buy safe e-bikes and e-scooters and avoid rogue online sellers
E-bike and e-scooter causing fires every two days according to London Fire Brigade
New Product Regulation Bill beginning work to tackle dangerous goods sold online

A new safety campaign to raise awareness about the dangers of buying faulty and unsafe e-bikes, e-scooters and components such as batteries has been launched today (Thursday 24 October).

The Department for Business & Trade’s new “Buy Safe, Be Safe” campaign has been designed to urge the public to buy safe e-bikes and e-scooters and avoid rogue online sellers.

E-bikes can be a cheap, healthy and modern method of travel throughout our towns and cities. However, unsafe e-bikes have resulted in hundreds of deadly fires and injured dozens of people across the UK. In 2023, the London Fire Brigade a fire every two days as a result of e-bike and e-scooter-related fires.

Many of these fires are caused by parts incompatible with e-bikes and scooters, as well as the purchase of defective or poorly manufactured parts sold by rogue online sellers.

The campaign focuses on three key areas encouraging consumers to only buy safe products from reputable sellers, only replace items with products recommended by the manufacturer and finally to seek professional help when converting or repairing e-bikes and e-scooters.

The Department is partnering with retailers, manufacturers as well as online marketplaces, trade associations, consumer groups and businesses to promote the campaign. Find out more about the campaign here.

Product Safety Minister Justin Madders said:

E-bikes can be a great way to travel around the city, but we’ve all seen the tragic stories of unsafe e-bikes and e-scooters causing dangerous fires and taking lives.

That’s why we’re urging everyone to check what you’re buying, check where you’re buying it from and ensure it’s safe to use.

Local Transport Minister Simon Lightwood said:

E-bikes have transformed our urban areas by giving people an accessible and healthy way to travel, but this is being ruined by a handful of untrustworthy online retailers.

These rogue sellers not only risk bringing defective and dangerous batteries into people’s homes, but undermine confidence in active travel as a whole.

That’s why I’m delighted that we are launching this campaign to make sure that people have peace of mind buying e-bikes and e-scooters from reliable sources.

Under current laws, e-scooters are banned on public land from use except in Government rental trial areas, while e-bikes are legal to use across the country but must not exceed an output of 250 watts or travel faster than 15.5 mph.

The public can expect to see an ongoing social media campaign including how-to video guides, as well as information materials being made available for retailers to use in stores and online to support consumers.

The campaign comes off the back of wider efforts to tackle dangerous goods being sold in online marketplaces. In September, the Government unveiled the new Product Regulation and Metrology Bill aimed at allowing the UK to take charge of its product regulations, boosting consumer safety and helping to further grow the economy.

The Bill will also address the sharp rise in safety concerns around e-bikes and lithium-ion batteries and how they are sold via online marketplaces. The Bill will enable Government to better protect consumers who have for too long been at the mercy of unscrupulous suppliers, holding sellers and the online marketplaces to account if they fail to meet their responsibilities.

And it will ensure products sold online or placed on the UK market are safe, while enabling market enforcement officials to clamp down on the sale of the product or the sellers where they are not.

London Fire Brigade’s Assistant Commissioner for Prevention and Protection, Craig Carter, said:

E-bikes and e-scooters are a green and sustainable way to travel around our city. However, e-bikes and e-scooters can pose a significant fire risk and particularly the batteries used to power them have become one of London’s fastest-growing fire risks. They have destroyed homes and families have sadly lost loved ones in these fires.

From our investigations, we know many of the fires we’ve attended have involved second-hand vehicles or the bike has been modified using parts bought online.

At this time, there is not the same level of regulation of products for e-bikes and e-scooters sold via online marketplaces or auction sites when compared to high street shops, so we cannot be confident that products meet the correct safety standard. We understand that people are trying to save money, but if you spot a deal that looks too be good to be true, it probably is.

Halfords Head of Quality, Chris Hall, said:

E-bikes offer numerous benefits for a healthier, greener commute. When e-bikes are purchased from reputable retailers, they’re properly certified and safe to use. Our priority is to ensure that everyone can enjoy the benefits of e-bikes without compromising on safety. The fire safety issues we’ve seen are linked to poorly manufactured, uncertified products typically bought online, as well as the use of incompatible components.

Lesley Rudd, chief executive of consumer safety charity, Electrical Safety First said:

E-bikes, e-scooters and their batteries are generally safe when purchased from reputable manufacturers and used correctly. However, poor-quality products – often sold via online marketplaces – improper charging, or misuse can cause ferocious fires and pose a serious risk to the buyer. Safety starts with where you shop. Sticking to reputable sellers will provide confidence that your e-bike is safe and manufactured to a high standard.

It’s equally as important to ensure you use a charger that is designed to be compatible with your battery to avoid the risk of overcharging which may destabilise the battery and lead to a fire. We also urge consumers considering converting their push bike into e-bike to source a high-quality kit and that it is installed by a competent professional.”

Inga Becker-Hansen, Product Safety Advisor at the BRC, said:

The popularity of e-bikes and e-scooters has greatly increased the number on our streets and in our homes. These products provide a convenient method of transport for many of us. However, consumers should ensure they purchase from reputable and responsible retailers, who will ensure that appropriate batteries are used and all necessary safety standards are met. We urge the public to follow government guidance and take appropriate storage and maintenance measures to ensure the safety and longevity of their purchases.

Find full details about the ‘Buy Safe, Be Safe’ campaign here

For our information on buying safely, how to store your product safely and best practice for charging, you can also find more information from the London Fire Brigade’s #ChargeSafe campaign.

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI New Zealand: $100m NZ-Brazil trade boost through 13 key partnerships

Source: New Zealand Government

Minister for Trade Todd McClay, today announced the signing of 13 Memorandums of Understanding (MOUs) between New Zealand and Brazilian companies as part of the New Zealand Trade Mission to São Paulo this week.
“These partnerships mark a significant step in strengthening the trade relationship between the two nations and are set to generate over $100 million in revenue over the next three years,” Mr McClay says.
“This will boost our economy and contribute towards achieving the ambitious target of doubling trade by value in 10 years.
“These MOU’s will continue to increase market access to Latin America and deepen our people-to-people connections, while also contributing to Brazil’s economic growth. This is a win-win for both countries.
The 13 MOUs signed today cover a broad range of sectors, including technology, healthcare, advanced manufacturing, and education, showcasing New Zealand’s diverse offerings and Brazil’s growing interest in Kiwi expertise.
The MOUs include:

New Zealand Brazil Business Council (NZBBC) and NZBBC Brazil – Establishing the NZBBC office in Brazil to foster further business ties.
AD Instruments and UNESP Jaboticabal – Supplying telemetry technology to universities in São Paulo.
AD Instruments and ANIMA Educacao – Renewing educational technology in ANIMA Group’s medical schools.
Foot Science and IMPEC – Partnering to distribute Foot Science’s products across Brazil.
Framecad and Placlux – Providing advanced construction technology to the InovaSteel Group.
Framecad and Steel Corp – Delivering two Framecad systems to Steel Corp for further innovation in building systems.
Gallagher Animal Management and D&Q Law – Launching Gallagher’s animal management operations in Brazil.
Les Mills and Brazilian Trainer – Introducing Les Mills Pilates classes across Brazil.
Loadscan and ASBZ – Expanding Loadscan’s presence with a new Brazilian entity.
MindHive and ASBZ – Establishing MindHive’s Brazilian office to drive innovation and collaborative solutions.
MindHive and JBS – Establishing MindHive’s technology in JBS processing.
AROA and Nexgeen – Enhancing healthcare services with Nexgeen, a key healthcare provider in Brazil.
Tait Communications and Santos Futebol Clube – Supplying communication systems to Santos Futebol ClubAROA and Nexgeen – Enhancing healthcare services with Nexgeen, a key healthcare provider in Brazil.

“These partnership agreements highlight the importance of trade missions in driving collaboration and underscore the Government’s commitment to enhancing opportunities for innovation, trade, and shared prosperity.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: Asheville Disaster Recovery Center Moving; Temporary Centers Available to Help

Source: US Federal Emergency Management Agency

Headline: Asheville Disaster Recovery Center Moving; Temporary Centers Available to Help

Asheville Disaster Recovery Center Moving; Temporary Centers Available to Help

RALEIGH, N.C. – The Disaster Recovery Center (DRC) at A.C. Reynolds High School in Asheville will be closing 7 p.m., Oct. 24 to allow the school to open and students to resume learning. A new fixed site in Buncombe County will be announced soon.In addition to a fixed site, Mobile Disaster Recovery Centers (M-DRCs) are opening with the first on Oct. 24 to provide in-person support. M-DRCs can be found at the following locations and operational hours:Swannanoa Fire Rescue – Bee Tree Fire Sub Station510 Bee Tree Rd. Swannanoa, NC 28778Open: Oct. 24 – 27, 8 a.m. – 7 p.m. Buncombe County Sports Park (Parking Lot)58 Apac Dr. Asheville, NC 28806Open: Oct. 28 – 31, 8 a.m. – 5 p.m. A Disaster Recovery Center is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more. Centers are already open across areas affected by Helene. To find those center locations go to fema.gov/drc or text “DRC” and a zip code to 43362. You can visit any open center. No appointment is needed.  It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service.
krystin.ventura
Wed, 10/23/2024 – 23:06

MIL OSI USA News –

January 25, 2025

MIL-OSI: Northrim BanCorp Earns $8.8 Million, or $1.57 Per Diluted Share, in Third Quarter 2024

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, Oct. 23, 2024 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, compared to $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, and $8.4 million, or $1.48 per diluted share, in the third quarter a year ago. The increase in third quarter 2024 profitability as compared to the third quarter a year ago was primarily the result of an increase in mortgage banking income and higher net interest income, which was only partially offset by higher other operating expenses and a higher provision for credit losses.

Dividends per share in the third quarter of 2024 increased to $0.62 per share as compared to $0.61 per share in the second quarter of 2024 and $0.60 per share in the third quarter of 2023.

“We had strong deposit-funded loan growth in the third quarter,” said Mike Huston, Northrim’s President and Chief Executive Officer. “Deposits and loans both increased 7% from the end of the second quarter. Our deposit market share increased by 4% in the past year and by 42% in the past five years as our investments in people, expanded branch network, and differentiated service continue to attract new customers and strengthen existing relationships.”

Third Quarter 2024 Highlights:

Net interest income in the third quarter of 2024 increased 7% to $28.8 million compared to $27.1 million in the second quarter of 2024 and increased 9% compared to $26.4 million in the third quarter of 2023.

Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.35% for the third quarter of 2024, up 5-basis points from the second quarter of 2024 and up 14-basis points from the third quarter a year ago.

Return on average assets (“ROAA”) was 1.22% and return on average equity (“ROAE”) was 13.69% for the third quarter of 2024.

Portfolio loans were $2.01 billion at September 30, 2024, up 7% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships, expanding market share, and to retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”), in the loan portfolio.

Total deposits were $2.63 billion at September 30, 2024, up 7% from the preceding quarter, and up 8% from $2.43 billion a year ago. Non-interest bearing demand deposits increased 8% from the preceding quarter and decreased slightly year-over-year to $763.6 million at September 30, 2024 and represent 29% of total deposits.

The average cost of interest-bearing deposits was 2.24% at September 30, 2024, up from 2.21% at June 30, 2024 and 1.75% at September 30, 2023.

Mortgage loan originations increased to $248.0 million in the third quarter of 2024, up from $181.5 million in the second quarter of 2024 and $153.4 million in the third quarter a year ago. Mortgage loans funded for sale were $210.0 million in the third quarter of 2024, compared to $152.3 million in the second quarter of 2024 and $131.9 million in the third quarter of 2023.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	September 30, 2024			June 30, 2024		March 31, 2024					December 31, 2023			September 30, 2023
Total assets	$2,963,392			$2,821,668		$2,759,560					$2,807,497			$2,790,189
Total portfolio loans	$2,007,565			$1,875,907		$1,811,135					$1,789,497			$1,720,091
Total deposits	$2,625,567			$2,463,806		$2,434,083					$2,485,055			$2,427,930
Total shareholders’ equity	$260,050			$247,200		$239,327					$234,718			$225,259
Net income	$8,825			$9,020		$8,199					$6,613			$8,374
Diluted earnings per share	$1.57			$1.62		$1.48					$1.19			$1.48
Return on average assets		1.22	%		1.31		%		1.19	%		0.93	%		1.22	%
Return on average shareholders’ equity		13.69	%		14.84		%		13.84	%		11.36	%		14.67	%
NIM		4.29	%		4.24		%		4.16	%		4.06	%		4.15	%
NIMTE^*		4.35	%		4.30		%		4.22	%		4.12	%		4.21	%
Efficiency ratio		66.11	%		68.78		%		68.93	%		72.21	%		66.64	%
Total shareholders’ equity/total assets		8.78	%		8.76		%		8.67	%		8.36	%		8.07	%
Tangible common equity/tangible assets^*		8.28	%		8.24		%		8.14	%		7.84	%		7.54	%
Book value per share	$47.27			$44.93				$43.52			$42.57			$40.60
Tangible book value per share^*	$44.36			$42.03				$40.61			$39.68			$37.72
Dividends per share	$0.62			$0.61				$0.61			$0.60			$0.60
Common stock outstanding		5,501,943			5,501,562				5,499,578			5,513,459			5,548,436

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

Alaska Economic Update
(Note: sources for information included in this section are included on page 12.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in August of 2024 was 4.6% compared to the U.S. rate of 4.2%. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.8% or 6,400 jobs between August of 2023 and August of 2024.

According to the DOL, the Construction sector had the largest growth in new jobs through August compared to the prior year. The Construction sector added 2,600 positions for a year over year growth rate of 12.9% between August of 2023 and 2024. The larger Health Care sector grew by 2,000 jobs for an annual growth rate of 4.9% over the same period. The Oil & Gas sector increased by 6.5% or 500 new direct jobs. Professional and Business Services added 1,000 jobs year over year through August of 2024, up 3.4%. The Government sector grew by 700 jobs for 0.9% growth, adding 500 Federal jobs and 200 Local government positions in Alaska. The only sectors to decline between August 2023 and August 2024 were Manufacturing (primarily seafood processing) shrinking 1,300 positions and Information, down 200 jobs.

Alaska’s Gross State Product (“GSP”) in the second quarter of 2024, was estimated to be $69.8 billion in current dollars, according to the Federal Bureau of Economic Analysis (“BEA”). Alaska’s inflation adjusted “real” GSP increased 6.5% in 2023, placing Alaska fifth best of all 50 states. However, in the second quarter of 2024 Alaska decreased at an annualized rate of 1.1%, compared to the average U.S. growth rate of 3%. Alaska’s real GSP decline in the second quarter of 2024 was primarily caused by a slowdown in the Mining, Oil & Gas; and Transportation and Warehousing sectors.

The BEA also calculated Alaska’s seasonally adjusted personal income at $55.4 billion in the second quarter of 2024. This was an annualized improvement of 4% for Alaska, compared to the national average of 5.3%.

The monthly average price of Alaska North Slope (“ANS”) crude oil was at an annual high of $89.05 in April of 2024 and averaged $74.06 in September of this year. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 479 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2023 and declined to 461 thousand bpd in Alaska’s fiscal year 2024. Starting in fiscal year 2025 it is projected to grow to 477 thousand bpd. The DOR projects the number to grow rapidly and reach 640 thousand bpd by fiscal year 2033. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 5.2% in 2023 to $480,207, following a 7.6% increase in 2022. This was the sixth consecutive year of price increases. In the first nine months of 2024 the average price continues to increase 6.8% to an average sale of
$512,815.

The average sales price for single family homes in the Matanuska Susitna Borough rose 4% in 2023 to $397,589, after increasing 9.9% in 2022. This continues a trend of average price increases for more than a decade in the region. In the first nine months of 2024 the average sales price increased 4.6% in the Matanuska Susitna Borough to $415,709. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 1.2% decrease in the number of units sold in Anchorage when comparing January to September of 2023 and 2024. There were 5.4% less homes sold in the Matanuska Susitna Borough for the same nine month time period in 2024 compared to the prior year.

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

Review of Income Statement

Consolidated Income Statement

In the third quarter of 2024, Northrim generated a ROAA of 1.22% and a ROAE of 13.69%, compared to 1.31% and 14.84%, respectively, in the second quarter of 2024 and 1.22% and 14.67%, respectively, in the third quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $28.8 million in the third quarter of 2024 compared to $27.1 million in the second quarter of 2024 and increased 9% compared to $26.4 million in the third quarter of 2023. Interest expense on deposits increased to $10.1 million in the third quarter of 2024 compared to $9.5 million in the second quarter and $7.1 million in the third quarter of 2023.

NIMTE^* was 4.35% in the third quarter of 2024 up from 4.30% in the preceding quarter and 4.21% in the third quarter a year ago. NIMTE^* increased 14 basis points in the third quarter of 2024 compared to the third quarter of 2023 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher earning-assets, and higher yields on those assets which were only partially offset by an increase in costs on interest-bearing deposits. The weighted average interest rate for new loans booked in the third quarter of 2024 was 7.24% compared to 7.90% in the second quarter of 2024 and 7.44% in the third quarter a year ago. The yield on the investment portfolio in the third quarter of 2024 decreased slightly to 2.80% from 2.82% in the second quarter of 2024 and increased from 2.43% in the third quarter of 2023. “We continue to see the benefit of new loan volume and repricing outweigh the modest increase in deposit costs in the third quarter of 2024,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.13% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of June 30, 2024.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $2.1 million in the third quarter of 2024, which was comprised of of a $325,000 provision for credit losses on unfunded commitments and a provision for credit losses on loans of $1.7 million. The provision for unfunded commitments was primarily due to an increase in unfunded commitments, as well as an increase in estimated loss rates due to changes in mix and management’s assessment of economic conditions. The increase to the provision for credit losses on loans was primarily a result of loan growth, as well as an increase in the provision for loans individually evaluated and an increase in estimated loss rates. This compares to a benefit to the provision for credit losses of $120,000 in the second quarter of 2024, and provision for credit losses of $1.2 million in the third quarter a year ago.

Nonperforming loans, net of government guarantees, increased slightly during the quarter to $5.0 million at September 30, 2024, compared to $4.8 million at June 30, 2024, and decreased from $5.1 million at September 30, 2023.

The allowance for credit losses on loans was 394% of nonperforming loans, net of government guarantees, at the end of the third quarter of 2024, compared to 365% three months earlier and 326% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $11.6 million, or 29% of total third quarter 2024 revenues, as compared to $9.6 million, or 26% of revenues in the second quarter of 2024, and $8.0 million, or 23% of revenues in the third quarter of 2023. The increase in other operating income in the third quarter of 2024 as compared to the preceding quarter and the third quarter of 2023 was primarily the result of an increase in mortgage banking income due to a higher volume of mortgage activity. See further discussion regarding mortgage activity during the second quarter contained under “Home Mortgage Lending” below. The fair market value of marketable equity securities increased $576,000 in the third quarter of 2024 compared to a decrease of $60,000 in the prior quarter and an increase of $12,000 in the third quarter of 2023. The increase in other operating income in the third quarter of 2024 as compared to the third quarter a year ago was due primarily to an increase in mortgage banking income as a result of higher volume of mortgage activity due to our expansion in Arizona, Colorado, and the Pacific Northwest markets, as well as an increase in fair value of marketable equity securities.

Other Operating Expenses

Operating expenses were $26.7 million in the third quarter of 2024, compared to $25.2 million in the second quarter of 2024, and $22.9 million in the third quarter of 2023. The increase in other operating expenses in the third quarter of 2024 compared to the second quarter of 2024 was primarily due to an increase in salaries and other personnel expense, including $653,000 in mortgage commissions expense due to higher mortgage volume and a $979,000 increase in profit share expense, which was partially offset by a $836,000 decrease in medical claims expense. The increase in other operating expenses in the third quarter of 2024 compared to a year ago was primarily due to an increase in salaries and other personnel expense, as well as an increase in OREO expense due to a gain on sale recorded in the third quarter of 2023 for proceeds received related to a government guarantee on an OREO property sold in December 2022.

Income Tax Provision

In the third quarter of 2024, Northrim recorded $2.8 million in state and federal income tax expense for an effective tax rate of 24.2%, compared to $2.5 million, or 21.9% in the second quarter of 2024 and $1.9 million, or 18.4% in the third quarter a year ago. The increase in the tax rate in the third quarter of 2024 as compared to the third quarter of 2023 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2024 as compared to 2023.

Community Banking

In the most recent deposit market share data from the FDIC, Northrim’s deposit market share in Alaska increased to 15.66% of Alaska’s total deposits as of June 30, 2024 compared to 15.04% of Alaska’s total deposits as of June 30, 2023. This represents 62 basis points of growth in market share percentage for Northrim during that period while, according to the FDIC, the total deposits in Alaska were up 2.3% during the same period. Northrim opened a branch in Kodiak in the first quarter of 2023, a loan production office in Homer in the second quarter of 2023, a permanent branch in Nome in the third quarter of 2023, and a branch in Homer in the first quarter of 2024. See below for further discussion regarding the Company’s deposit movement for the quarter.

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

Net interest income in the Community Banking segment totaled $25.9 million in the third quarter of 2024, compared to $24.3 million in the second quarter of 2024 and $24.1 million in the third quarter of 2023. Net interest income increased 7% in the third quarter of 2024 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by higher interest expense on deposits and borrowings and lower interest income on portfolio investments.

Other operating expenses in the Community Banking segment totaled $19.1 million in the third quarter of 2024, up $588,000 or 3% from $18.5 million in the second quarter of 2024, and up $2.1 million or 13% from $16.9 million in the third quarter a year ago. The increase in the third quarter of 2024 as compared to the prior quarter was mostly due to an increases in salaries and other personnel expense, marketing expense, and professional fees. The increase in the third quarter of 2024 as compared to the third quarter a year ago was primarily due to an increase in OREO expense due to a gain on sale recorded in the third quarter of 2023 for proceeds received related to a government guarantee on an OREO property sold in December 2022, as well as increases in salaries and other personnel expense and marketing expense.

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

	Three Months Ended
	September		March 31,		December		September
(Dollars in thousands, except per share data)	30, 2024	June 30, 2024		2024		31, 2023		30, 2023
Net interest income	$25,901	$24,278	$24,215		$24,456		$24,050
(Benefit) provision for credit losses	1,492	(184)		197		885		1,190
Other operating income	4,540	3,693		3,813		4,048		3,597
Other operating expense	19,085	18,497		17,552		18,516		16,946
Income before provision for income taxes	9,864	9,658		10,279		9,103		9,511
Provision for income taxes	2,316	2,004		2,242		1,941		1,709
Net income	$7,548	$7,654	$8,037		$7,162		$7,802
Weighted average shares outstanding, diluted	5,583,055	5,558,580		5,554,930		5,578,491		5,624,906
Diluted earnings per share	$1.34	$1.37	$1.45		$1.29		$1.39

	Year-to-date
(Dollars in thousands, except per share data)	September 30, 2024		September 30, 2023
Net interest income	$	74,394	$	71,502
Provision for credit losses		1,505		2,957
Other operating income		12,046		9,564
Other operating expense		55,134		52,168
Income before provision for income taxes		29,801		25,941
Provision for income taxes		6,562		5,216
Net income Community Banking segment	$	23,239	$	20,725
Weighted average shares outstanding, diluted		5,574,135		5,688,687
Diluted earnings per share	$	4.16	$	3.64

Home Mortgage Lending

During the third quarter of 2024, mortgage loans funded for sale increased to $210.0 million, compared to $152.3 million in the second quarter of 2024, and $131.9 million in the third quarter of 2023.

During the third quarter of 2024, the Bank purchased Residential Mortgage-originated loans of $38.1 million of which roughly two-thirds were jumbos and one-third were mortgages for second homes, with a weighted average interest rate of 6.59%, up from $29.2 million and 6.82% in the second quarter of 2024, and up from $21.6 million and 6.60% in the third quarter of 2023. The increase in mortgage loans funded for investment has increased net interest income in the Home Mortgage Lending segment. Net interest income contributed $2.9 million to total revenue in the third quarter of 2024, up from $2.8 million in the prior quarter, and up from $2.3 million in the third quarter a year ago.

The Arizona, Colorado, and the Pacific Northwest mortgage expansion markets were responsible for 20% of Residential Mortgage’s $248 million total production in the third quarter of 2024, 22% of $182 million total production in the second quarter of 2024, and 8% of $153 million total production in the third quarter of 2023.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $968,000 during the third quarter of 2024 compared to a decrease of $81,000 for the second quarter of 2024 and a decrease of $310,000 for the third quarter of 2023. Mortgage servicing revenue increased to $2.6 million in the third quarter of 2024 from $2.2 million in the prior quarter and from $2.4 million in the third quarter of 2023 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the third quarter of 2024, the Company’s servicing portfolio increased $64.8 million, which included $87.3 million in new mortgage loans, net of amortization and payoffs of $22.5 million as compared to a net increase of $41.8 million in the second quarter of 2024 and $58.2 million in the third quarter of 2023.

As of September 30, 2024, Northrim serviced 4,187 loans in its $1.17 billion home-mortgage-servicing portfolio, a 6% increase compared to the $1.10 billion serviced as of the end of the second quarter of 2024, and a 19% increase from the $982.1 million serviced a year ago.

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

	Three Months Ended
		September						March 31,			December			September
(Dollars in thousands, except per share data)		30, 2024		June 30, 2024				2024			31, 2023			30, 2023
Mortgage commitments	$77,591			$88,006			$56,208			$22,926			$50,128
Mortgage loans funded for sale	$209,960			$152,339			$84,324			$79,742			$131,863
Mortgage loans funded for investment		38,087			29,175			17,403			27,114			21,585
Total mortgage loans funded	$248,047			$181,514			$101,727			$106,856			$153,448
Mortgage loan refinances to total fundings		6	%		6	%		4	%		4	%		5	%
Mortgage loans serviced for others	$1,166,585			$1,101,800			$1,060,007			$1,044,516			$982,098
Net realized gains on mortgage loans sold	$5,079			$3,188			$1,980			$1,462			$2,491
Change in fair value of mortgage loan commitments, net		60			391			386			(296	)		(289	)
Total production revenue		5,139			3,579			2,366			1,166			2,202
Mortgage servicing revenue		2,583			2,164			1,561			2,180			2,396
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(566	)		239			289			(707	)		—
Other²		(402	)		(320	)		(314	)		(301	)		(310	)
Total mortgage servicing revenue, net		1,615			2,083			1,536			1,172			2,086
Other mortgage banking revenue		293			222			129			99			117
Total mortgage banking income	$7,047			$5,884			$4,031			$2,437			$4,405

Net interest income	$2,941			$2,775			$2,232			$2,276			$2,300
Provision (benefit) for credit losses		571			64			(48	)		—			—
Mortgage banking income		7,047			5,884			4,031			2,437			4,405
Other operating expense		7,643			6,697			6,086			5,477			5,951
Income (loss) before provision for income taxes		1,774			1,898			225			(764	)		754
Provision (benefit) for income taxes		497			532			63			(215	)		182
Net income (loss)	$1,277			$1,366			$162				($549	)	$572
Weighted average shares outstanding, diluted		5,583,055			5,558,580			5,554,930			5,578,491			5,624,906
Diluted earnings per share	$0.23			$0.25			$0.03				($0.10	)	$0.09

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

	Year-to-date
(Dollars in thousands, except per share data)	September 30, 2024			September 30, 2023
Mortgage loans funded for sale	$446,623			$296,412
Mortgage loans funded for investment		84,665			119,144
Total mortgage loans funded	$531,288			$415,556
Mortgage loan refinances to total fundings		6	%		5	%

Net realized gains on mortgage loans sold	$10,247			$6,366
Change in fair value of mortgage loan commitments, net		837			194
Total production revenue		11,084			6,560
Mortgage servicing revenue		6,308			5,188
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(38	)		(215	)
Other²		(1,036	)		(1,464	)
Total mortgage servicing revenue, net		5,234			3,509
Other mortgage banking revenue		644			257
Total mortgage banking income	$16,962			$10,326
Net interest income	$7,948			$5,022
Provision for credit losses		587			—
Mortgage banking income		16,962			10,326
Other operating expense		20,426			18,020
Income before provision for income taxes		3,897			(2,672	)
Provision for income taxes		1,092			(728	)
Net (loss) income Home Mortgage Lending segment	$2,805				($1,944	)
Weighted average shares outstanding, diluted		5,574,135			5,688,687
Diluted (loss) earnings per share	$0.51				($0.34	)

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

Balance Sheet Review

Northrim’s total assets were $2.96 billion at September 30, 2024, up 5% from the preceding quarter and up 6% from a year ago. Northrim’s loan-to-deposit ratio was 76% at September 30, 2024, consistent with 76% at June 30, 2024,
and up from 71% at September 30, 2023.

At September 30, 2024, our liquid assets, investments, and loans maturing within one year were $1.07 billion and our funds available for borrowing under our existing lines of credit were $641.7 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.67 billion in the third quarter of 2024, up 4% from $2.57 billion in the second quarter of 2024 and up 6% from $2.52 billion in the third quarter a year ago. The average yield on interest- earning assets was 5.92% in the third quarter of 2024, up from 5.83% in the preceding quarter and 5.48% in the third quarter a year ago.

Average investment securities decreased to $619.0 million in the third quarter of 2024, compared to $640.0 million in the second quarter of 2024 and $715.8 million in the third quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.80% for the third quarter of 2024, down from 2.82% in the preceding quarter

and up from 2.43% in the year ago quarter. The average estimated duration of the investment portfolio at September 30, 2024, was approximately 2.3 years compared to approximately 2.8 years at September 30, 2023. As of September 30, 2024, $105.1 million of available for sale securities with a weighted average yield of 0.61% are scheduled to mature in the next six months, $73.0 million with a weighted average yield of 2.48% are scheduled to mature in six months to one year, and $177.8 million with a weighted average yield of 1.31% are scheduled to mature in the following year, representing a total of $355.9 million or 13% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $7.6 million in the third quarter of 2024 resulting in total unrealized loss, net of tax, of $7.6 million compared to $15.2 million at June 30, 2024, and $26.5 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $2.1 million at September 30, 2024, compared to $3.0 million at June 30, 2024, and $4.5 million a year ago.

Average interest bearing deposits in other banks increased to $28.4 million in the third quarter of 2024 from $17.4 million in the second quarter of 2024 and decreased from $42.3 million in the third quarter of 2023, as deposit balances increased and cash was used to fund the loan growth and provide liquidity.

Portfolio loans were $2.01 billion at September 30, 2024, up 7% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.76 billion at September 30, 2024, up $105.2 million or 6% from the preceding quarter and up 14% from a year ago. This increase was diversified throughout the loan portfolio including commercial real estate nonowner-occupied and multi-family loans increasing by $33.2 million, construction loans increasing by $31.4 million, and commercial real estate owner-occupied loans increasing $29.0 million from the preceding quarter. Average portfolio loans in the third quarter of 2024 were $1.93 billion, which was up 5% from the preceding quarter and up 14% from a year ago. Yields on average portfolio loans in the third quarter of 2024 increased to 6.91% from 6.87% in the second quarter and from 6.61% in the third quarter of 2023. The increase in the yield on portfolio loans in the third quarter of 2024 compared to the second quarter of 2024 and the third quarter a year ago is primarily due to loan repricing due to the increases in interest rates and new loans booked at higher rates due to changes in the interest rate environment. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.43% in the third quarter of 2024 as compared to 8.26% in the second quarter of 2024 and 7.75% in the third quarter of 2023. The drop in yields on new loan production was largely related to the large volume of new commercial real estate versus commercial loans, as noted above, as well as slightly better credit quality of the loans originated in the third quarter of 2024.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.63 billion at September 30, 2024, up 7% from $2.46 billion at June 30, 2024, and up 8% from $2.43 billion a year ago. “The increase in deposits in the third quarter of 2024 were consistent with our customers’ business cycles and a result of continued acquisition of new relationships,” said Ballard. At September 30, 2024, 73% of total deposits were held in business accounts and 27% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $48,000 as of September 30, 2024. Northrim had 22 customers with balances over $10 million as of September 30, 2024, which accounted for $978.4 million, or 38%, of total deposits. Demand deposits increased by 8% from the prior quarter and decreased slightly year-over-year to
$763.6 million at September 30, 2024. Demand deposits remained consistent at 29% of total deposits at both September 30, 2024 and June 30, 2024 down from 31% of total deposits at September 30, 2023. Average interest- bearing deposits were up 4% to $1.80 billion with an average cost of 2.24% in the third quarter of 2024, compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024, and up 11% compared to $1.62 billion and an average cost of 1.75% in the third quarter of 2023. Uninsured deposits totaled $1.12 billion or 43% of total deposits as of September 30, 2024 compared to $1.1 billion or 46% of total deposits as of December 31, 2022. Since interest rates began increasing in 2022, Northrim has taken a proactive, targeted approach to increase deposit rates.

Shareholders’ equity was $260.1 million, or $47.27 book value per share, at September 30, 2024, compared to $247.2 million, or $44.93 book value per share, at June 30, 2024 and $225.3 million, or $40.60 book value per share, a year ago. Tangible book value per share^* was $44.36 at September 30, 2024, compared to $42.03 at June

30, 2024, and $37.72 per share a year ago. The increase in shareholders’ equity in the third quarter of 2024 as compared to the second quarter of 2024 was largely the result of earnings of $8.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $7.6 million, net of tax, which were only partially offset by dividends paid of $3.4 million. The Company did not repurchase any shares of common stock in the third quarter of 2024 and has 110,000 shares remaining under the current share repurchase program as of September 30, 2024. Tangible common equity to tangible assets^* was 8.28% as of September 30, 2024, compared to 8.24% as of June 30, 2024 and 7.54% as of September 30, 2023. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 11.53% at September 30, 2024, compared to 11.68% at June 30, 2024, and 11.67% at September 30, 2023.

Asset Quality

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

Nonperforming assets (“NPAs”) net of government guarantees were $5.3 million at September 30, 2024, up from $5.1 million at June 30, 2024 and $5.2 million a year ago. Of the NPAs at September 30, 2024, $3.0 million, or 61%, are nonaccrual loans related to three commercial relationships.

Net adversely classified loans were $6.5 million at September 30, 2024, as compared to $7.1 million at June 30, 2024, and $7.3 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. Net loan recoveries were $96,000 in the third quarter of 2024, compared to net loan recoveries of $26,000 in the second quarter of 2024, and net loan recoveries of $96,000 in the third quarter of 2023. Additionally, Northrim had 11 loan modifications to borrowers experiencing financial difficulty totaling $3.1 million, net of government guarantees in the third quarter of 2024.

Northrim had $127.4 million, or 6% of portfolio loans, in the Healthcare sector, $110.4 million, or 5% of portfolio loans, in the Tourism sector, $96.6 million, or 5% of portfolio loans, in the Accommodations sector, $83.6 million, or 4% of portfolio loans, in the Fishing sector, $70.6 million, or 3% of portfolio loans, in the Aviation (non-tourism) sector, $67.7 million, or 3% of portfolio loans, in the Retail sector, and $53.1 million, or 3% in the Restaurants and Breweries sector as of September 30, 2024.

Northrim estimates that $82.0 million, or approximately 4% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of September 30, 2024, and $1.6 million of these loans are adversely classified. As of September 30, 2024, Northrim has an additional $29.7 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches in Anchorage, Eagle River, the Matanuska Valley, the Kenai Peninsula, Juneau, Fairbanks, Nome, Kodiak, Ketchikan, and Sitka, serving 90% of Alaska’s population; and an asset-based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com

Forward-Looking Statement

This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our provision for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward- looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

References:

https://www.bea.gov/

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

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

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

www.mba.org

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

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

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended								Year-t			o-date
(Unaudited)	September 30,		June 30,			September 30,			September 30,			September 30,
		2024		2024			2023			2024			2023
Interest Income:
Interest and fees on loans	$34,863		$32,367			$29,097			$97,680			$79,104
Interest on portfolio investments		4,164		4,310			4,727			12,994			14,018
Interest on deposits in banks		389		232			584			1,459			2,901
Total interest income		39,416		36,909			34,408			112,133			96,023
Interest Expense:
Interest expense on deposits		10,123		9,476			7,138			28,779			17,835
Interest expense on borrowings		451		380			920			1,012			1,664
Total interest expense		10,574		9,856			8,058			29,791			19,499
Net interest income		28,842		27,053			26,350			82,342			76,524
(Benefit) provision for credit losses		2,063		(120	)		1,190			2,092			2,957
Net interest income after provision for credit losses		26,779		27,173			25,160			80,250			73,567
Other Operating Income:
Mortgage banking income		7,047		5,884			4,405			16,962			10,326
Bankcard fees		1,196		1,105			1,022			3,218			2,916
Purchased receivable income		1,033		1,242			1,180			3,620			3,175
Service charges on deposit accounts		605		572			550			1,726			1,512
Unrealized gain (loss) on marketable equity securities		576		(60	)		12			830			(445	)
Other income		1,130		834			833			2,652			2,406
Total other operating income		11,587		9,577			8,002			29,008			19,890
Other Operating Expense:
Salaries and other personnel expense		17,549		16,627			15,657			49,593			46,324
Data processing expense		2,618		2,601			2,589			7,878			7,321
Occupancy expense		1,911		1,843			1,857			5,716			5,611
Professional and outside services		903		726			803			2,384			2,326
Marketing expense		860		690			499			2,063			1,996
Insurance expense		596		692			640			2,067			1,844
OREO expense, net rental income and gains on sale		2		2			(784	)		(387	)		(766	)
Intangible asset amortization expense		—		—			4			—			11
Other operating expense		2,289		2,013			1,631			6,246			5,521
Total other operating expense		26,728		25,194			22,896			75,560			70,188

Income before provision for income taxes		11,638		11,556			10,266			33,698			23,269
Provision for income taxes		2,813		2,536			1,892			7,654			4,488
Net income	$8,825		$9,020			$8,374			$26,044			$18,781
Basic EPS	$1.60		$1.64			$1.50			$4.73			$3.34
Diluted EPS	$1.57		$1.62			$1.48			$4.67			$3.30
Weighted average shares outstanding, basic		5,501,943		5,500,588			5,569,238			5,500,703			5,630,948
Weighted average shares outstanding, diluted		5,583,055		5,558,580			5,624,906			5,574,135			5,688,687

Balance Sheet (Dollars in thousands) (Unaudited)	September 30,			June 30,			September 30,
		2024			2024			2023
Assets:
Cash and due from banks	$42,805			$33,364			$31,276
Interest bearing deposits in other banks		60,071			21,058			79,952
Investment securities available for sale, at fair value		545,210			584,964			652,150
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		12,957			12,381			10,615
Investment in Federal Home Loan Bank stock		4,318			4,929			6,334
Loans held for sale		97,937			85,926			63,151

Portfolio loans		2,007,565			1,875,907			1,720,091
Allowance for credit losses, loans		(19,528	)		(17,694	)		(16,491	)
Net portfolio loans		1,988,037			1,858,213			1,703,600
Purchased receivables, net		23,564			25,722			34,578
Mortgage servicing rights, at fair value		21,570			21,077			19,396
Other real estate owned, net		—			—			150
Premises and equipment, net		39,625			40,393			40,920
Lease right of use asset		7,616			8,244			9,673
Goodwill and intangible assets		15,967			15,967			15,973
Other assets		66,965			72,680			85,671
Total assets	$2,963,392			$2,821,668			$2,790,189
Liabilities:
Demand deposits	$763,595			$704,471			$764,647
Interest-bearing demand		979,238			906,010			875,814
Savings deposits		245,043			238,156			265,799
Money market deposits		201,821			195,159			230,814
Time deposits		435,870			420,010			290,856
Total deposits		2,625,567			2,463,806			2,427,930
Other borrowings		13,354			43,961			63,781
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,635			8,269			9,673
Other liabilities		46,476			48,122			53,236
Total liabilities		2,703,342			2,574,468			2,564,930
Shareholders’ Equity:
Total shareholders’ equity		260,050			247,200			225,259
Total liabilities and shareholders’ equity	$2,963,392			$2,821,668			$2,790,189

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans

		September 30, 2024				June 30, 2024					March 31, 2024					December 31, 2023					September 30, 2023
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$492,414			24	%	$495,781			26	%	$475,220			26	%	$486,057			27	%	$492,145			28	%
Commercial real estate:
Owner occupied properties		412,827		20	%		383,832		20	%		372,507		20	%		368,357		20	%		359,019		21	%
Nonowner occupied and
multifamily properties		584,302		31	%		551,130		30	%		529,904		30	%		519,115		30	%		509,939		30	%
Residential real estate:
1-4 family properties
secured by first liens		248,514		12	%		222,026		12	%		218,552		12	%		203,534		11	%		180,719		10	%
1-4 family properties
secured by junior liens &
revolving secured by first liens		45,262		2	%		41,258		2	%		35,460		2	%		33,783		2	%		27,342		2	%
1-4 family construction		39,794		2	%		29,510		2	%		27,751		2	%		31,239		2	%		32,374		2	%
Construction loans		185,362		9	%		154,009		8	%		153,537		8	%		149,788		8	%		120,909		7	%
Consumer loans		7,836		—	%		6,679		—	%		6,444		—	%		6,180		—	%		5,930		—	%
Subtotal		2,016,311					1,884,225					1,819,375					1,798,053					1,728,377
Unearned loan fees, net		(8,746	)				(8,318	)				(8,240	)				(8,556	)				(8,286	)
Total portfolio loans	$2,007,565					$1,875,907					$1,811,135					$1,789,497					$1,720,091

Composition of Deposits

	September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$763,595		29	%	$704,471		29	%	$714,244		29	%	$749,683		31	%	$764,647		31	%
Interest-bearing demand		979,238	37	%		906,010	36	%		889,581	37	%		927,291	37	%		875,814	36	%
Savings deposits		245,043	9	%		238,156	10	%		246,902	10	%		255,338	10	%		265,799	11	%
Money market deposits		201,821	8	%		195,159	8	%		209,785	9	%		221,492	9	%		230,814	10	%
Time deposits		435,870	17	%		420,010	17	%		373,571	15	%		331,251	13	%		290,856	12	%
Total deposits	$2,625,567				$2,463,806				$2,434,083				$2,485,055				$2,427,930

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality

		September 30, 2024		June 30, 2024		September 30, 2023
Nonaccrual loans	$4,944			$4,830		$6,492
Loans 90 days past due and accruing		17		17		28
Total nonperforming loans		4,961		4,847		6,520
Nonperforming loans guaranteed by government		—		—		(1,455)
Net nonperforming loans		4,961		4,847		5,065
Other real estate owned	—			—		150
Repossessed assets	297			297		—
Net nonperforming assets	$5,258			$5,144		$5,215
Nonperforming loans, net of government guarantees / portfolio loans		0.25	%	0.26	%	0.29	%
Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees		0.26	%	0.28	%	0.31	%
Nonperforming assets, net of government guarantees / total assets		0.18	%	0.18	%	0.19	%
Nonperforming assets, net of government guarantees / total assets net of government guarantees		0.19	%	0.19	%	0.19	%
Adversely classified loans, net of government guarantees	$6,503			$7,068		$7,250
Special mention loans, net of government guarantees	$9,641			$8,902		$5,457
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans		0.08	%	0.03	%	—	%
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees		0.09	%	0.04	%	—	%
Allowance for credit losses / portfolio loans		0.97	%	0.94	%	0.96	%
Allowance for credit losses / portfolio loans, net of government guarantees		1.04	%	1.01	%	1.02	%
Allowance for credit losses / nonperforming loans, net of government guarantees		394	%	365	%	326	%
Gross loan charge-offs for the quarter	$15			$—		$91
Gross loan recoveries for the quarter		($111)		($26)		($187)
Net loan (recoveries) charge-offs for the quarter		($96)		($26)		($96)
Net loan charge-offs (recoveries) year-to-date		($164)		($68)		($134)
Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		—	%	—	%	(0.01)	%
Net loan charge-offs (recoveries) year-to-date / average loans, year-to-date annualized		(0.01)	%	(0.01)	%	(0.01)	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates

	Three Months Ended
	September 30, 2024					June 30, 2024					September 30, 2023
	Average Balance			Average Tax Equivalent Yield/Rate		Average Balance			Average Tax Equivalent Yield/Rate		Average Balance			Average Tax Equivalent Yield/Rate
Assets
Interest bearing deposits in other banks	$	28,409		5.28	%	$	17,352		5.27	%	$	42,273		5.39	%
Portfolio investments		619,012		2.80	%		639,980		2.82	%		715,767		2.43	%
Loans held for sale		93,689		6.20	%		65,102		6.08	%		62,350		6.34	%
Portfolio loans		1,933,181		6.91	%		1,845,832		6.87	%		1,695,736		6.61	%
Total interest-earning assets		2,674,291		5.92	%		2,568,266		5.83	%		2,516,126		5.48	%
Nonearning assets		196,266					204,509					205,770
Total assets	$	2,870,557				$	2,772,775				$	2,721,896
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	1,796,107		2.24	%	$	1,725,013		2.21	%	$	1,619,478		1.75	%
Borrowings		43,555		4.07	%		38,390		3.92	%		76,681		4.73	%
Total interest-bearing liabilities		1,839,662		2.29	%		1,763,403		2.25	%		1,696,159		1.88	%
Noninterest-bearing demand deposits		722,000					706,339					747,147
Other liabilities		52,387					58,549					52,078
Shareholders’ equity		256,508					244,484					226,512
Total liabilities and shareholders’ equity	$	2,870,557				$	2,772,775				$	2,721,896
Net spread				3.63	%				3.58	%				3.60	%
NIM				4.29	%				4.24	%				4.15	%
NIMTE^*				4.35	%				4.30	%				4.21	%
Cost of funds				1.64	%				1.60	%				1.31	%
Average portfolio loans to average
interest-earning assets		72.29	%				71.87	%				67.39	%
Average portfolio loans to average total deposits		76.77	%				75.92	%				71.65	%
Average non-interest deposits to average
total deposits		28.67	%				29.05	%				31.57	%
Average interest-earning assets to average
interest-bearing liabilities		145.37	%				145.64	%				148.34	%

Additional Financial Information
(Dollars in thousands) (Unaudited)

Average Balances, Yields, and Rates

	Year-to-date
	September 30, 2024					September 30, 2023
	Average			Average Tax Equivalent		Average			Average Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$35,747			5.34	%	$79,362			4.82	%
Portfolio investments		643,221		2.82	%		723,693		2.41	%
Loans held for sale		63,917		6.14	%		40,433		6.06	%
Portfolio loans		1,857,756		6.85	%		1,608,293		6.46	%
Total interest-earning assets		2,600,641		5.81	%		2,451,781		5.30	%
Nonearning assets		200,619					192,430
Total assets	$2,801,260					$2,644,211
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$1,751,179			2.20	%	$1,577,308			1.51	%
Borrowings		35,327		3.76	%		52,075		4.23	%
Total interest-bearing liabilities		1,786,506		2.23	%		1,629,383		1.60	%
Noninterest-bearing demand deposits		711,197					746,251
Other liabilities		57,097					42,596
Shareholders’ equity		246,460					225,981
Total liabilities and shareholders’ equity	$2,801,260					$2,644,211
Net spread				3.58	%				3.70	%
NIM				4.23	%				4.17	%
NIMTE^*				4.29	%				4.24	%
Cost of funds				1.59	%				1.10	%
Average portfolio loans to average interest-earning assets		71.43	%				65.60	%
Average portfolio loans to average total deposits		75.45	%				69.22	%
Average non-interest deposits to average total deposits		28.88	%				32.12	%
Average interest-earning assets to average interest-bearing liabilities		145.57	%				150.47	%

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

Capital Data (At quarter end)


			September 30, 2024		June 30, 2024		September 30, 2023
Book value per share			$47.27		$44.93		$40.60
Tangible book value per share^*			$44.36		$42.03		$37.72
Total shareholders’ equity/total assets			8.78	%	8.76	%		8.07		%
Tangible Common Equity/Tangible Assets^*			8.28	%	8.24	%		7.54		%
Tier 1 Capital / Risk Adjusted Assets			11.53	%	11.68	%		11.67		%
Total Capital / Risk Adjusted Assets			12.50	%	12.58	%		12.58		%
Tier 1 Capital / Average Assets			9.08	%	9.17	%		9.02		%
Shares outstanding			5,501,943		5,501,562			5,548,436
Total unrealized loss on AFS debt securities, net of income taxes			($7,617)		($15,197)			($26,526		)
Total unrealized gain on derivatives and hedging activities, net of income taxes			$863		$1,212		$1,485

Profitability Ratios
	September 30, 2024	June 30, 2024	March 31, 2024		December 31, 2023		September 30, 2023
For the quarter:
NIM	4.29%	4.24%	4.16%		4.06%				4.15%
NIMTE^*	4.35%	4.30%	4.22%		4.12%				4.21%
Efficiency ratio	66.11%	68.78%	68.93%		72.21%				66.64%
Return on average assets	1.22%	1.31%	1.19%		0.93%				1.22%
Return on average equity	13.69%	14.84%	13.84%		11.36%				14.67%

	September 30,		September 30,
	2024		2023
Year-to-date:
NIM	4.23	%	4.17	%
NIMTE^*	4.29	%	4.24	%
Efficiency ratio	67.86	%	72.79	%
Return on average assets	1.24	%	0.95	%
Return on average equity	14.12	%	11.11	%

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

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

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2024 and 2023. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
		September 30,						March 31,			December			September 30,
		2024		June 30, 2024				2024			31, 2023			2023
Net interest income	$28,842			$27,053			$26,447			$26,732			$26,350
Divided by average interest-bearing assets		2,674,291			2,568,266			2,558,558			2,612,297			2,516,126
Net interest margin (“NIM”)²		4.29	%		4.24	%		4.16	%		4.06	%		4.15	%

Net interest income	$28,842			$27,053			$26,447			$26,732			$26,350
Plus: reduction in tax expense related to tax-exempt interest income		385			378			379			374			373
		$29,227			$27,431			$26,826			$27,106			$26,723
Divided by average interest-bearing assets NIMTE²		2,674,291			2,568,266			2,558,558			2,612,297			2,516,126
		4.35	%		4.30	%		4.22	%		4.12	%		4.21	%

	Year-to-date
	September 30,			September 30,
		2024			2023
Net interest income	$82,342			$76,524
Divided by average interest-bearing assets		2,600,641			2,451,781
Net interest margin (“NIM”)³		4.23	%		4.17	%
Net interest income Plus: reduction in tax expense related to	$82,342			$76,524
tax-exempt interest income		1,142			1,202
	$83,484			$77,726
Divided by average interest-bearing assets		2,600,641			2,451,781
NIMTE³		4.29	%		4.24	%

²Calculated using actual days in the quarter divided by 366 for the quarters ended in 2024 and 365 for the quarters ended in 2023, respectively.

³Calculated using actual days in the year divided by 366 for year-to-date period in 2024 and 365 for year-to-date period in 2023, respectively.

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

Tangible Book Value Per Share

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

		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total shareholders’ equity	$260,050		$247,200		$239,327		$234,718		$225,259
Divided by shares outstanding		5,502		5,502		5,500		5,513		5,548
Book value per share	$47.27		$44.93		$43.52		$42.57		$40.60

		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total shareholders’ equity	$260,050		$247,200		$239,327		$234,718		$225,259
Less: goodwill and intangible assets		15,967		15,967		15,967		15,967		15,973
	$244,083		$231,233		$223,360		$218,751		$209,286
Divided by shares outstanding		5,502		5,502		5,500		5,513		5,548
Tangible book value per share	$44.36		$42.03		$40.61		$39.68		$37.72

Tangible Common Equity to Tangible Assets

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

Northrim BanCorp, Inc.	September 30,			March 31,		December			September 30,
	2024	June 30, 2024		2024			31, 2023			2023
Total shareholders’ equity	$260,050	$247,200	$239,327			$234,718			$225,259
Total assets	2,963,392	2,821,668		2,759,560			2,807,497			2,790,189
Total shareholders’ equity to total assets	8.78 %	8.76 %		8.67	%		8.36	%		8.07	%
Northrim BanCorp, Inc.	September 30,		March 31,			December			September 30,
	2024	June 30, 2024		2024			31, 2023			2023
Total shareholders’ equity	$260,050	$247,200	$239,327			$234,718			$225,259
Less: goodwill and other intangible assets, net	15,967	15,967		15,967			15,967			15,973
Tangible common shareholders’ equity	$244,083	$231,233	$223,360			$218,751			$209,286
Total assets	$2,963,392	$2,821,668	$2,759,560			$2,807,497			$2,790,189
Less: goodwill and other intangible assets, net	15,967	15,967		15,967			15,967			15,973
Tangible assets	$2,947,425	$2,805,701	$2,743,593			$2,791,530			$2,774,216
Tangible common equity ratio	8.28 %	8.24 %		8.14	%		7.84	%		7.54	%

Note Transmitted on GlobeNewswire on October 23, 2024, at 2:30 pm Alaska Standard Time.


Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

The MIL Network –

January 25, 2025

MIL-OSI Australia: Sequel to Sweet Country, among 19 projects supported by Screen Australia’s First Nations Department

Source: Australia Government Statements 4

24 10 2024 – Media release

Warwick Thornton, director of Wolfram: A sequel to Sweet Country
Screen Australia’s First Nations Department is thrilled to announce its latest funding slate, including Warwick Thornton’s sequel to Sweet Country titled Wolfram, alongside two powerful documentaries for NITV spanning sport and politics.
In total, 19 new projects, including 16 funded for development, will receive over $3 million in funding. This investment reflects the agency’s ongoing commitment to amplify First Nations voices and stories, aligned with the Federal Government’s National Cultural Policy Revive and its First Nations First pillar – recognising and respecting the crucial place of First Nations stories at the centre of Australia’s arts and culture.
Screen Australia’s Head of First Nations Angela Bates said, “Our First Nations creatives are at the forefront of Australian storytelling, with many incredible projects being celebrated on the world stage and even more in development. The demand for our funding has never been higher, which is a positive sign for the industry. Across the 23/24FY, our Department invested over $7.1 million of funding including 105 opportunities across development, production, initiatives, attachments and market support – highlighting the incredible talent and rich narratives within Indigenous communities. With films like Wolfram and documentaries Dreaming Big and One Mind, One Heart, I’m inspired by the depth of powerful screen stories authored by First Nations Australians.”
“It’s an exciting time for First Nations content creators, and we’re witnessing a new wave of talent. Looking ahead, we will continue to create pathways for these storytellers to thrive and expand their careers in the competitive global marketplace, collaborating with industry to enhance project visibility and impact,” said Bates.
This funding announcement follows a year of significant achievements for First Nations stories and creatives. Feature films The New Boy and The Moogai have garnered international acclaim. The third series of the landmark drama Total Control captivated local audiences with it being the most watched First Nations series in 23/24. Additionally, the ground-breaking children’s show Little J & Big Cuz returned for its fourth series on NITV and ABC, featuring 17 language groups and providing a powerful voice for children across Australia. The feature length documentary Kindred premiered on NITV in June, further highlighting the power of cultural connection.
In the past year, the Department has also invested $1 million into the Enterprise program, supporting four First Nations businesses and three practitioners. Collaborating with Instagram Australia, it launched the fourth iteration of the First Nations Creators Program, supporting emerging talent in the content creator economy to build their skills in the digital space. The Department also supported six projects for production through the First Facts: First Nations Factual Showcase initiative, providing emerging and mid-career Aboriginal and Torres Strait Islander filmmakers with opportunities to create 10-minute documentaries for Network 10.
Warwick Thornton, director of Wolfram: A sequel to Sweet Country said, “This is my family’s story. My great grandmother and her daughters worked the Hatches Creek mines for whitefellas. Now a truth will come out and it’s called Wolfram.”
The projects funded for production are:

Wolfram: A sequel to Sweet Country: Set three years after Sweet Country, Wolfram continues the story of Philomac, now 17 and still living under the watchful eye of his ill-tempered master Mick Kennedy. After meeting Max and Kid, Philomac decides to free himself and the siblings from the white men’s brutality by running away into desert country. Along the way they are assisted by a pioneering family of Chinese Australian miners Jimmi and Wang Wei, who help reunite the children with their estranged mother Pansy. Wolfram is directed by Warwick Thornton and written by Steven McGregor and David Tranter, whose credits include Sweet Country. Also producing alongside Tranter is David Jowsey and Greer Simpkin of Sweet Country and Cecilia Ritchie (Limbo). It is financed with support from Screen NSW and the Adelaide Film Festival Investment Fund. Distributing is Dark Matter Distribution, with international sales managed by Memento.
Dreaming Big: This six-part series for NITV takes an intimate look into the lives of gifted Aboriginal and Torres Strait Islander Australian youths on the cusp of becoming the nation’s next generation of sports stars. Each episode highlights two young elite athletes, showcasing their relentless pursuit to reach the pinnacle of their chosen field as they navigate family and cultural obligations while remaining focused on their goals. The series will be directed by Andrew Dillon (Le Champion) and Abraham Byrne Jameson (One by One), with writer/producer Richard Jameson (Strait to the Plate season 2) and producer Veronica Fury (And We Danced) also attached. It is financed in association with Screen Queensland.
One Mind, One Heart: In this feature-length documentary for NITV, a historic political Yirrkala bark petition is discovered and makes its way home to Yolgnu country, evoking the spirit of decades of activism for change. The repatriation provides the opportunity to track the long political campaign – through petition, song, dance, campaigning – to keep culture strong and to have a voice for country. One Mind, One Heart is from writer/director Larissa Behrendt (The First Inventors) and producer Michaela Perske (Larapinta). It is financed in association with Screen NSW, with support from the Adelaide Film Festival Investment Fund, Spectrum Entertainment, Documentary Australia and Philanthropy via the Shark Island Institute.

Also announced today are three television dramas, 11 feature films and two documentaries that will share in over $540,000 of development funding. The projects include feature film Native Gods from 2024 Enterprise Business recipient Djali House; comedy series Long Story Short from writer/director Tanith Glynn-Maloney (Windcatcher); documentary Fire Country, a transformative exploration of Indigenous fire knowledge and wisdom; and feature film RED, about eight Western Australian First Nations women who share the ugly secret of being surrounded by the missing.
Click here for the full list of projects funded for Production and Development by the First Nations Department throughout the 2023/24 financial year.
ABOUT SCREEN AUSTRALIA’S FIRST NATIONS DEPARTMENT
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MIL OSI News –

January 25, 2025

MIL-OSI China: Mechanism paves way for economic recovery globally

Source: China State Council Information Office

This photo shows a view of the Kazan Kremlin in Kazan, Russia, Oct 20, 2024. [Photo/Xinhua]

Greater collaboration and stronger coordination among BRICS countries — Brazil, Russia, India, China and South Africa, as well as other new members — will greatly enhance their economic growth and fortify the multilateral trading system, according to market watchers and business leaders.

Established in 2006 as BRIC (South Africa was added in 2011), the group has become a key platform for countries of the Global South to get united and strengthen themselves through cooperation in fields such as security, economy, finance and agriculture.

The BRICS mechanism expanded with new members in January this year, marking the further internationalization and diversification of the cooperation mechanism, according to the Ministry of Foreign Affairs.

Analysts said that by capitalizing on their shared strengths, these influential emerging economies have the potential to lead a more dynamic global economic recovery. Through expanded trade, investment and technological innovation, BRICS countries can fuel growth not only domestically but also on a global scale.

Following its expansion earlier this year, BRICS is becoming increasingly attractive to developing nations, as the platform promotes cooperation in areas such as international production capacity, trade in goods and services, and cross-border investment, said Jiang Shixue, vice-president of the Beijing-based China Society of Emerging Economies.

Sharing similar views, Rasigan Maharajh, chief director of the Institute for Economic Research on Innovation at Tshwane University of Technology in South Africa, said BRICS supports these countries in enhancing their industrial capabilities, developing digital economies and fostering innovation.

Highlighting that BRICS countries have vast markets and diverse economies, providing opportunities for increased trade between member nations, Xu Xiujun, a senior research fellow at the Institute of World Economics and Politics of the Beijing-based Chinese Academy of Social Sciences, said that by reducing trade barriers and promoting intra-BRICS trade deals, more members could access new markets and boost exports of goods and services in the coming years.

China’s foreign trade with the other BRICS countries reached 4.62 trillion yuan ($652.47 billion) in the first three quarters of 2024, an increase of 5.1 percent year-on-year, data from the General Administration of Customs showed.

China exports mainly construction machinery, trains, building materials, manufacturing equipment, electronics, textiles, garments and household appliances to other BRICS markets.

Chinese-made passenger vehicles and solar cells have also become popular in countries like Brazil, South Africa, the UAE and Egypt in recent years, according to customs statistics.

In addition to metal, crude oil, natural gas and grains, other BRICS countries’ shipments to China include passenger aircraft, timber, agricultural products, steel, cotton, chemicals, pharmaceuticals and medical equipment.

Lyu Daliang, director of the GAC’s department of statistics and analysis, noted that goods trade among BRICS countries makes up only about 10 percent of their total foreign trade, indicating significant growth potential.

“As cooperation within the BRICS family deepens and extends into new areas, both bilateral and multilateral economic and trade exchanges are expected to see significant positive progress,” he said.

The emphasis on trading, investing in each other’s markets and collaborating on technological innovations, industrial transformation and the digital economy has become a driving force for growth within the BRICS countries, said Egyptian Ambassador to China Assem Hanafi.

Echoing that sentiment, Chen Jianwei, a researcher at the Beijing-based University of International Business and Economics’ Academy of China Open Economy Studies, said that by collectively leveraging the power of the digital era, BRICS nations can successfully navigate the complexities of modern manufacturing transformation.

Chen said that these initiatives will not only enhance the bloc’s internal trade volume but also strengthen their trade relationships with the rest of the world.

Encouraged by these factors, Dong Wei, vice-chairman and CEO of COFCO International, a subsidiary of Beijing-based COFCO Corp, said the group will deploy more resources in BRICS countries like Brazil and South Africa to purchase agricultural products, carry out technology transfers and invest in agriculture and transportation-related infrastructure facilities in the years ahead.

COFCO International, headquartered in Geneva, Switzerland, currently conducts agricultural trade with more than 10 African countries and is one of the largest integrated grain traders in South Africa. “We will expand our agricultural product operations in other BRICS countries,” said Dong.

MIL OSI China News –

January 25, 2025

MIL-OSI USA: SBA to Open Disaster Loan Outreach Centers in Chico, Lake Isabella and Red Bluff

Source: United States Small Business Administration

“As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists, in person and online, so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today announced the opening of three Disaster Loan Outreach Centers to meet the needs of businesses and individuals who were affected by the Park and Borel fires that occurred July 24-Aug. 26. The centers will be located in the Butte County Office, North Valley Plaza in Chico, Isabella Senior Center in Lake Isabella and in the Tehama County Transportation Commission in Red Bluff beginning Thursday, Oct. 24.

“When disasters strike, our Disaster Loan Outreach Centers are key to helping business owners and residents get back on their feet,” Sánchez said. “At these centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

“SBA customer service representatives will be on hand at the following centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” Sánchez continued. The centers will be open on the days and times indicated. No appointment is necessary.

BUTTE COUNTY

Disaster Loan Outreach Center
Butte County Office
North Valley Plaza
765 E. Ave., Ste. 200
Chico, CA 96926

Opens 12 p.m. Thursday, Oct. 24

Mondays – Fridays, 8:00 a.m.–4:30 p.m.

Closed on Monday, Nov. 11, for Veterans Day

KERN COUNTY
Disaster Loan Outreach Center
Isabella Senior Center
6401 Lake Isabella Blvd.
Lake Isabella, CA 93240

Opens 12 p.m. Thursday, Oct. 24

Mondays – Fridays, 8 a.m.–5 p.m.

Closed on Monday, Nov. 11, for Veterans Day

TEHAMA COUNTY
Disaster Loan Outreach Center
Tehama County Transportation Commission
1509 Schwab St.
Red Bluff, CA 96080

Opens at 12 p.m. Thursday, Oct. 24

Mondays – Fridays, 8 a.m. – 5 p.m.

Closed on Monday, Nov. 11, for Veterans Day

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez added. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

SBA disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to apply for property damage is Dec. 20, 2024. The deadline to apply for economic injury is July 21, 2025.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Disaster Recovery Center Open in Polk County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Open in Polk County

Asheville Disaster Recovery Center Moving; Temporary Centers Available to Help

RALEIGH, N.C. – The Disaster Recovery Center (DRC) at A.C. Reynolds High School in Asheville will be closing 7 p.m., Oct. 24 to allow the school to open and students to resume learning. A new fixed site in Buncombe County will be announced soon.In addition to a fixed site, Mobile Disaster Recovery Centers (M-DRCs) are opening with the first on Oct. 24 to provide in-person support. M-DRCs can be found at the following locations and operational hours:Swannanoa Fire Rescue – Bee Tree Fire Sub Station510 Bee Tree Rd. Swannanoa, NC 28778Open: Oct. 24 – 27, 8 a.m. – 7 p.m. Buncombe County Sports Park (Parking Lot)58 Apac Dr. Asheville, NC 28806Open: Oct. 28 – 31, 8 a.m. – 5 p.m. A Disaster Recovery Center is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more. Centers are already open across areas affected by Helene. To find those center locations go to fema.gov/drc or text “DRC” and a zip code to 43362. You can visit any open center. No appointment is needed.  It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service.
krystin.ventura
Wed, 10/23/2024 – 23:06

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Rep. Sewell Hosts Magic City Classic Discussion on Workforce Development with UAB and City of Birmingham Officials

Source: United States House of Representatives – Congresswoman Terri Sewell (AL-07)

Birmingham, AL – Today, in conjunction with the 83^rd annual Magic City Classic, U.S. Rep. Terri Sewell (AL-07) hosted a “Classic Conversation” featuring officials from the University of Alabama at Birmingham (UAB) and the City of Birmingham. The discussion focused on how federal funding, including a $10.8 million federal grant, is fostering job growth and workforce development in the City of Birmingham.

Photos and videos are available for media and broadcast purposes here.

On Friday afternoon at the Birmingham Jefferson-Convention Complex (BJCC) Medical Forum Building Theater, Rep. Sewell was joined by the Vice President of Employee Access and Workforce Development at UAB, Andre Lessears, and Good Jobs Challenge Program Manager for the City of Birmingham, Dr. Olivia Cook. The trio highlighted how federal funding, including a $10.8 million Good Jobs Challenge grant, is fostering job growth and workforce development in the City of Birmingham.

In 2022, with Rep. Sewell’s support, the City of Birmingham was selected by the U.S. Department of Commerce Economic Development Agency (EDA) to receive a $10.8 million grant from the Good Jobs Program. The grant was made possible by President Biden’s American Rescue Plan.

The grant helped the City of Birmingham establish the Birmingham Regional Health Partnership, a health care workforce training program that is building a pipeline of skilled health care workers through public-private partnerships with local health care employers including UAB. It is providing access to high-quality healthcare jobs to members of traditionally underrepresented communities including women and people of color.

Following the conversation, Rep. Sewell visited the Career Connections Career Fair hosted by UAB Medicine and Cooper Green Mercy.

###

MIL OSI USA News –

January 25, 2025

MIL-OSI Russia: Two Moscow Digital Projects Win International BRICS Solutions Awards

Source: Center of Diagnostics and Telemedicine

Two digital initiatives from Moscow have been recognized with the prestigious international BRICS Solutions Awards. The project titled “Digital Twin of the City of Moscow” was awarded in the category in the category of “Platforms and Integrated Solutions for Government and Public Administration,” while the initiative “Experiment on the use of innovative computer vision technologies for medical image analysis and subsequent applicability in the healthcare system of Moscow” was honored in the “Biotechnology and National Health” category.

Artificial Intelligence Supporting Medical Professionals

The project titled “Exploration of Innovative Technologies in Computer Vision for Medical Image Analysis and Implementation in the Healthcare System of Moscow” is being executed at the Center for Diagnostics and Telemedicine of the Moscow Department of Health. This initiative employs artificial intelligence (AI) to analyze and interpret results from various medical imaging modalities, including CT, MRI, X-ray, fluorography, and mammography. Starting in 2024, this advanced technology will be accessible to healthcare professionals across the nation upon integration of local infrastructure with the MosMedAI platform. Currently, AI-assisted interpretation processing is operational in over 10 regions.

“Our project aims to reduce the workload of specialists and enhance the quality and speed of reporting. For the past 4 years, AI has played a vital role in supporting our radiologists. During this period, it has processed over 13 million studies and currently is capable of identifying 38 different diseases. However, the final diagnosis and decision-making always remain the responsibility of the radiologists,” explained Anastasia Rakova, Deputy Mayor of Moscow for Social Development.

“The neural network also performs automatic measurements for radiologists and generates radiology reports. We are continuing to develop this project, working on 22 additional modalities. This experiment, on such a large scale, is unprecedented globally. Moscow was the first to implement such solutions at a at the city level, and we believe this experience will serve as a model for other cities and countries, showcasing how modern technologies can improve medical care and the efficiency of healthcare professionals.” said Anastasia Rakova.

About the BRICS Solutions Awards

The BRICS Solutions Awards competition is organized annually by the country holding the BRICS chairmanship. In 2024, Russia chaired the awards, coordinated by the Agency for Strategic Initiatives, in partnership with the Chamber of Commerce and Industry of the Russian Federation and the Roscongress Foundation. The awards recognize promising projects that improve the quality of life in BRICS countries. The competition fosters the exchange of knowledge and best practices and promotes collaboration on the development and implementation of new technologies.

“We are delighted to host the BRICS Solutions Awards for the second time in our country.

This year, the competition received a record number of applications, exceeding 1,300 submissions from all Member states of BRICS,” said Svetlana Chupsheva, Director General of the Agency for Strategic Initiatives. She noted that the categories “Artificial Intelligence and Digital Services,” “New Industry and Energy,” and “Biotechnology and National Health” attracted the most interest among participants, highlighting the growing importance of advanced technological solutions.

https://telemed.ai

MIL OSI Russia News –

January 25, 2025

MIL-OSI Russia: Two Moscow digital projects received international BRICS Solutions Awards

Translation. Region: Russian Federation –

Source: Center for Diagnostics and Telemedicine

Two Moscow digital initiatives have been recognized by the prestigious international BRICS Solutions Awards. The project “Digital Twin of Moscow” was recognized in the nomination “Platforms and Integrated Solutions for State and Public Administration”, and the initiative “Experiment on the Use of Innovative Computer Vision Technologies for Analyzing Medical Images and Subsequent Application in the Moscow Healthcare System” was recognized in the nomination “Biotechnology and National Healthcare”.

Artificial Intelligence to Help Healthcare Workers

The project “Research of Innovative Computer Vision Technologies for Medical Image Analysis and Implementation in the Moscow Healthcare System” is being implemented at the Diagnostics and Telemedicine Center of the Moscow Department of Healthcare. The project uses artificial intelligence (AI) to analyze and interpret the results of various types of medical imaging, including CT, MRI, X-ray, fluorography, and mammography. Starting in 2024, this advanced technology will be available to healthcare workers across the country after integrating local infrastructure with the MosMedAI platform. The AI-powered interpretation processing system is currently operating in more than 10 regions.

“Our project is aimed at reducing the workload of specialists and improving the quality and speed of issuing conclusions. Over the past 4 years, AI has played an important role in supporting our radiologists. During this time, it has processed more than 13 million studies and is currently able to identify 38 different diseases. However, the final diagnosis and decision-making always remain with radiologists,” explained Anastasia Rakova, Deputy Mayor of Moscow for Social Development.

“The neural network also performs automatic measurements for radiologists and generates radiological reports. We continue to develop this project, working on 22 more modalities. This experiment of such scale has no analogues in the world. Moscow was the first to implement such solutions at the city level, and we are confident that this experience will serve as an example for other cities and countries, showing how modern technologies can improve medical care and increase the efficiency of medical workers,” said Anastasia Rakova.

About the BRICS Solutions Awards

The BRICS Solutions Awards competition is organised annually by the country currently chairing BRICS. In 2024, Russia will chair the award, coordinated by the Agency for Strategic Initiatives in partnership with the Chamber of Commerce and Industry of the Russian Federation and the Roscongress Foundation. The award recognises promising projects that improve the quality of life in the BRICS countries. The competition promotes the exchange of knowledge and best practices, as well as the development of cooperation in the development and implementation of new technologies.

“We are pleased to host the BRICS Solutions Awards in our country for the second time.

“This year, the competition received a record number of applications – more than 1,300 from all BRICS member countries,” said Svetlana Chupsheva, Director General of the Agency for Strategic Initiatives. She noted that the nominations that attracted the greatest interest from participants were “Artificial Intelligence and Digital Services,” “New Industry and Energy,” and “Biotechnology and National Health,” which underscores the growing importance of advanced technological solutions.

https://telemed.ai

MIL OSI Russia News –

January 25, 2025

MIL-OSI USA: Remarks by APNSA Jake Sullivan at the Brookings Institution

US Senate News:

Source: The White House
Brookings InstitutionWashington, D.C.
Good morning, everyone. And thank you so much, David, for that introduction and for having me here today. It’s great to be back at Brookings.
As many of you know, I was here last year to lay out President Biden’s vision for renewing American economic leadership, a vision that responded to several converging challenges our country faced: the return of intense geopolitical competition; a rise in inequality and a squeeze on the middle class; a less vibrant American industrial base; an accelerating climate crisis; vulnerable supply chains; and rapid technological change.
For the preceding three decades, the U.S. economy had enjoyed stronger topline aggregate growth than other advanced democracies, and had generated genuine innovation and technological progress, but our economic policies had not been adapted to deal effectively with these challenges. That’s why President Biden implemented a modern industrial strategy, one premised on investing at home in ourselves and our national strength, and on shifting the energies of U.S. foreign policy to help our partners around the world do the same.
In practice, that’s meant mobilizing public investment to unlock private sector investment to deliver on big challenges like the clean energy transition and artificial intelligence, revitalizing our capacity to innovate and to build, creating diversified and resilient global supply chains, setting high standards for everything from labor to the environment to technology. Because on that level playing field, our logic goes, America can compete and win. Preserving open markets and also protecting our national security and doing all of these things together with allies and partners.
Since I laid this vision out in my speech at Brookings last year, I’ve listened with great interest to many thoughtful responses, because these are early days. Meaningful shifts in policy require constant iteration and reflection. That’s what will make our policy stronger and more sustainable.
So, today, I’m glad to be back here at Brookings to reengage in this conversation, because I really believe that the ideas I’m here to discuss and the policies that flow from them are among the most consequential elements of the administration’s foreign as well as domestic policy, and I believe they will constitute an important legacy of Joe Biden’s presidency.
I want to start by reflecting on some of the questions I’ve heard and then propose a few ways to consolidate our progress.
One overarching question is at the core of many others: Does our new approach mean that we’re walking away from a positive-sum view of the world, that America is just in it for itself at the expense of everyone else?
In a word, no, it doesn’t. In fact, we’re returning to a tradition that made American international leadership such a durable force, what Alexis de Tocqueville called “interest rightly understood.” The notion that it’s in our own self-interest to strengthen our partners and sustain a fair economic system that helps all of us prosper.
After World War Two, we built an international economic order in the context of a divided world, an order that helped free nations recover and avoid a return to the protectionist and nationalist mistakes of the 1930s, an order that also advanced American economic and geopolitical power.
In the 1990s, after the collapse of the Soviet Union, we took that order global, embracing the old Eastern bloc, China, India, and many developing countries. Suddenly, the major powers were no longer adversaries or competitors. Capital flowed freely across borders. Global supply chains became “just in time,” without anyone contemplating potential strategic risk.
Each of these approaches was positive-sum, and each reflected the world as it was.
Now, the world of the 1990s is over, and it’s not coming back, and it’s not a coherent plan or critique just to wish it so.
We’re seeing the return of great power competition. But unlike the Cold War era, our economies are closely intertwined. We’re on the verge of revolutionary technological change with AI, with economic and geopolitical implications. The pandemic laid bare the fragilities in global supply chains that have been growing for decades. The climate crisis grows more urgent with every hurricane and heat wave.
So we need to articulate, once again, de Tocqueville’s notion of interest rightly understood. To us, that means pursuing a strategy that is fundamentally positive-sum, calibrated to the geopolitical realities of today and rooted in what is good for America — for American workers, American communities, American businesses, and American national security and economic strength.
We continue to believe deeply in the mutual benefits of international trade and investment, enhanced and enabled by bold public investment in key sectors; bounded in rare but essential cases by principled controls on key national security technologies; protected against harmful non-market practices, labor and environment abuses, and economic coercion; and critically coordinated with a broad range of partners.
The challenges we face are not uniquely our own and nor can we solve them alone. We want and need our partners to join us. And given the demand signal we hear back from them, we think that in the next decade, American leadership will be measured by our ability to help our partners pull off similar approaches and build alignment and complementarity across our policies and our investments.
If we get that right, we can show that international economic integration is compatible with democracy and national sovereignty. And that is how we get out of Dani Rodrik’s trilemma.
Now, what does that mean in practice? What does this kind of positive-sum approach mean for trade policy? Are we walking away from trade as a core pillar of international economic policy?
U.S. exports and imports have recovered from their dip during the pandemic, with the real value of U.S. trade well above 2019 levels in each of the last two years. We’re also the largest outbound source of FDI in the world.
So, we are not walking away from international trade and investment. What we are doing is moving away from specific policies that, frankly, didn’t contemplate the urgent challenges we face: The climate crisis. Vulnerable, concentrated, critical mineral and semiconductor supply chains. Persistent attacks on workers’ rights. And not just more global competition, but more competition with a country that uses pervasive non-market policies and practices to distort and dominate global markets.
Ignoring or downplaying these realities will not help us chart a viable path forward. Our approach to trade responds to these challenges.
Climate is a good example. American manufacturers are global leaders in clean steel production, yet they’ve had to compete against companies that produce steel more cheaply but with higher emissions intensity. That’s why, earlier this year, the White House stood up a Climate and Trade Task Force, and the task force has been developing the right tools to promote decarbonization and ensure our workers and businesses engaged in cleaner production aren’t disadvantaged by firms overseas engaged in dirtier, exploitative production.
Critical minerals are another example. That sector is marked by extreme price volatility, widespread corruption, weak labor and environmental protections, and heavy concentration in the PRC, which artificially drops prices to keep competitors out of the marketplace.
If we and our partners fail to invest, the PRC’s domination of these and other supply chains will only grow, and that will leave us increasingly dependent on a country that has demonstrated its willingness to weaponize such dependencies. We can’t accept that, and neither can our partners.
That’s why we are working with them to create a high-standard, critical minerals marketplace, one that diversifies our supply chains, creates a level playing field for our producers, and promotes strong workers’ rights and environmental protections. And we’re driving towards tangible progress on that idea in just the next few weeks.
In multiple sectors that are important to our future, not just critical minerals, but solar cells, lithium-ion batteries, electric vehicles, we see a broad pattern emerging. The PRC is producing far more than domestic demand, dumping excess onto global markets at artificially low prices, driving manufacturers around the world out of business, and creating a chokehold on supply chains.
To prevent a second China shock, we’ve had to act.
That’s what drove the decisions about our 301 tariffs earlier this year.
Now, we know that indiscriminate, broad-based tariffs will harm workers, consumers, and businesses, both in the United States and our partners. The evidence on that is clear. That’s why we chose, instead, to target tariffs at unfair practices in strategic sectors where we and our allies are investing hundreds of billions of dollars to rebuild our manufacturing and our resilience.
And crucially, we’re seeing partners in both advanced and emerging economies reach similar conclusions regarding overcapacity and take similar steps to ward off damage to their own industries, from the EU to Canada to Brazil to Thailand to Mexico to Türkiye and beyond. That’s a big deal.
And it brings me back to my earlier point: We’re pursuing this new trade approach in concert with our partners. They also recognize we need modern trade tools to achieve our objectives. That means considering sector-specific trade agreements. It means creating markets based on standards when that’s more effective. And it also means revitalizing international institutions to address today’s challenges, including genuinely reforming the WTO to deal with the challenges I’ve outlined.
And it means thinking more comprehensively about our economic partnerships. That’s why we created the Indo-Pacific Economic Framework and the Americas Partnership for Economic Prosperity. That’s why we also gave them such catchy names.
Within IPEF, we finalized three agreements with 13 partners to accelerate the clean energy transition, to promote high labor standards, to fight corruption, and to shore up supply chain vulnerabilities before they become widespread disruptions. And within APEP, we’re working to make the Western Hemisphere a globally competitive supply chain hub for semiconductors, clean energy, and more.
And that leads to the next question I’ve often been asked in the last year and a half: Where does domestic investment fit into all of this? How does our positive-sum approach square with our modern industrial strategy?
The truth is that smart, targeted government investment has always been a crucial part of the American formula. It’s essential to catalyzing private investment and growth in sectors where market failures or other barriers would lead to under-investment.
Somehow, we forgot that along the way, or at least we stopped talking about it. But there was no plausible version of answers on decarbonization or supply chain resilience without recovering this tradition. And so we have.
We’ve made the largest investment ever to diversify and accelerate clean energy deployment through the Inflation Reduction Act. And investments are generating hundreds of billions of dollars in private investment all across the country; rapid growth in emerging climate technologies like sustainable aviation fuels, carbon management, clean hydrogen, with investments increasing 6- to 15-fold from pre-IRA levels.
This will help us meet our climate commitments. This will advance our national security. And this will ensure that American workers and communities can seize the vast economic opportunities of the clean energy transition and that those opportunities are broadly shared. And that last part is crucial.
The fact is that many communities hard hit in decades past still haven’t bounced back, and the two-thirds of American adults who don’t have college degrees have seen unacceptably poor outcomes in terms of real wages, health, and other outcomes over the last four decades.
For many years, people assumed that these distributional issues would be solved after the fact by domestic policies. That has not worked.
Advancing fairness, creating high-quality jobs, and revitalizing American communities can’t be an afterthought, which is why we’ve made them central to our approach.
In fact, as a result of the incentives in the IRA to build in traditional energy communities, investment in those communities has doubled under President Joe Biden.
Now, initially, when we rolled this all out, our foreign partners worried that it was designed to undercut them, that we were attempting to shift all the clean energy investment and production around the world to the United States.
But that wasn’t the case, and it isn’t the case.
We know that our partners need to invest. In fact, we want them to invest. The whole world benefits from the spillover effects of advances in clean energy that these investments bring.
And we are nowhere near the saturation point of investment required to meet our clean energy deployment goals, nor will markets alone generate the resources necessary either.
So, we’ve encouraged our partners to invest in their own industrial strength. We’ve steered U.S. foreign policy towards being a more helpful partner in this endeavor. And our partners have begun to join us. Look at Japan’s green transformation policy, India’s production-linked incentives, Canada’s clean energy tax credit, the European Union’s Green Deal.
As more and more countries adopt this approach, we will continue to build out the cooperative mechanisms that we know will be necessary to ensure that we’re acting together to scale up total global investment, not competing with each other over where a fixed set of investments is located.
The same goes for investing in our high-tech manufacturing strength. We believe that a nation that loses the capacity to build, risks losing the capacity to innovate. So, we’re building again.
As a result of the CHIPS and Science Act, America is on track to have five leading-edge logic and memory chip manufacturers operating at scale. No other economy has more than two. And we’re continuing to nurture American leadership in artificial intelligence, including through actions we’re finalizing, as I speak, to ensure that the physical infrastructure needed to train the next generation of AI models is built right here in the United States.
But all of this high-tech investment and development hasn’t come at the expense of our partners. We’ve done it alongside them.
We’re leveraging CHIPS Act funding to make complementary investments in the full semiconductor supply chain, from Costa Rica to Vietnam.
We’re building a network of AI safety institutes around the world, from Canada to Singapore to Japan, to harness the power of AI responsibly.
And we’ve launched a new Quantum Development Group to deepen cooperation in a field that will be pivotal in the decades ahead.
Simply put, we’re thinking about how to manage this in concert with our allies and partners, and that will make all of us more competitive.
Now, all this leads to another question that is frequently asked: What about your technology protection policies? How does that fit into a positive-sum approach?
The United States and our allies and partners have long limited the export of dual-use technologies. This is logical and uncontroversial. It doesn’t make sense to allow companies to sell advanced technology to countries that could use them to gain military advantage over the United States and our friends.
Now, it would be a mistake to attempt to return to the Cold War paradigm of almost no trade, including technological trade, among geopolitical rivals. But as I’ve noted, we’re in a fundamentally different geopolitical context, so we’ve got to meet somewhere in the middle.
That means being targeted in what we restrict, controlling only the most sensitive technologies that will define national security and strategic competition. This is part of what we mean when we say: de-risking, not decoupling.
To strike the right balance, to ensure we’re not imposing controls in an arbitrary or reflexive manner, we have a framework that informs our decision-making. We ask ourselves at least four questions:
One, which sensitive technologies are or will likely become foundational to U.S. national security?
Two, across those sensitive technologies, where do we have distinct advantages and are likely to see maximal effort by our competitors to close the gap? Conversely, where are we behind and, therefore, most vulnerable to coercion?
Three, to what extent do our competitors have immediate substitutes for U.S.-sensitive technology, either through indigenous development or from third countries, that would undercut the controls?
Four, what is the breadth and depth of the coalition we could plausibly build and sustain around a given control?
When it comes to a narrow set of sensitive technologies, yes, the fence is high, as it should be.
And in the context of broader commerce, the yard is small, and we’re not looking to expand it needlessly.
Now, beyond the realm of export controls and investment screening, we will also take action to protect sensitive data and our critical infrastructure, such as our recent action on connected vehicles from countries of concern.
I suspect almost no one here would argue that we should build out our telecommunications architecture or our data center infrastructure with Huawei.
Millions of cars on the road with technology from the PRC, getting daily software updates from the PRC, sending reams of information back to the PRC, similarly doesn’t make sense, especially when we’ve already seen evidence of a PRC cyber threat to our critical infrastructure.
We have to anticipate systemic cyber and data risks in ways that, frankly, we didn’t in the past, including what that means for the future Internet of Things, and we have to take the thoughtful, targeted steps necessary in response.
This leads to a final, kind of fundamental question: Does this approach reflect some kind of pessimism about the United States and our inherent interests?
Quite the contrary. It reflects an abiding and ambitious optimism. We believe deeply that we can act smartly and boldly, that we can compete and win, that we can meet the great challenges of our time, and that we can deliver for all of our people here in the United States.
And while it’s still very early, we have some evidence of that. This includes the strongest post-pandemic recovery of any advanced economy in the world. There’s more work to do, but inflation has come down. And contrary to the predictions that the PRC would overtake the U.S. in GDP either in this decade or the next, since President Biden took office, the United States has more than doubled our lead. And last year, the United States attracted more than five times more inbound foreign direct investment than the next highest country.
We are once again demonstrating our capacity for resilience and reinvention, and others are noticing. The EU’s Draghi report, published last month, mirrors key aspects of our strategy.
Now, as we continue to implement this vision, we will need to stay rigorous. We will need, for example, to be bold enough to make the needed investments without veering into unproductive subsidies that crowd-out the private sector or unduly compete with our partners.
We’re clear-eyed that our policies will involve choices and trade-offs. That’s the nature of policy. But to paraphrase Sartre, not to choose is also a choice, and the trade-offs only get worse the longer we leave our challenges unchecked.
Pointing out that it’s challenging to strike the right balance is not an argument to be satisfied with the status quo.
We have tried to start making real a new positive-sum vision, and we have tried to start proving out its value. But we still have our work cut out for us.
So I’d actually like to end today with a few questions of my own, where our answers will determine our shared success:
First, will we sustain the political will here at home to make the investments in our own national strength that will be required of us in the years ahead?
Strategic investments like these need to be a bipartisan priority, and I have to believe that we’ll rise to the occasion, that we won’t needlessly give up America’s position of economic and technological leadership because we can no longer generate the political consensus to invest in ourselves.
There is more we can do now on a bipartisan basis.
For example, Congress still hasn’t appropriated the science part of CHIPS and Science, even while the PRC is increasing its science and technology budget by 10 percent year on year.
Now, whether we’re talking about investments in fundamental research, or grants and loans for firms developing critical technologies, we also have to update our approach to risk. Some research paths are dead ends. Some startups won’t survive. Our innovation base and our private sector are the envy of the world because they take risks. The art of managing risk for the sake of innovation is critical to successful geostrategic competition.
So, we need to nurture a national comfort with, to paraphrase FDR, bold and persistent experimentation. And when an investment falls short, as it will, we need to maintain our bipartisan will, dust ourselves off, and keep moving forward. To put it bluntly, our competitors hope we’re not capable of that. We need to prove them wrong. We need to make patient, strategic investments in our capacity to compete, and we need to ensure fiscal sustainability in order to keep making those investments over the long term.
The second question: Will we allocate sufficient resources for investments that are needed globally?
Last year, here at Brookings, I talked about the need to go from billions to trillions in investment to help emerging and developing countries tackle modern challenges, including massively accelerating the speed and scale of the clean energy transition.
We need a Marshall Plan-style effort, investing in partners around the world and supporting homegrown U.S. innovation in growing markets like storage, nuclear, and geothermal energy.
Now, trillions may sound lofty and unachievable, but there is a very clear path to get there without requiring anywhere near that level of taxpayer dollars, and that path is renewed American leadership and investment in international institutions.
For example, at the G20 this fall, we’re spearheading an effort that calls for the international financial institutions, the major creditors in the private sector, to step up their relief for countries facing high debt service burdens so they too can invest in their future.
Or consider the World Bank and the IMF. We’ve been leading the charge to make these institutions bigger and more effective, to fully utilize their balance sheets and be more responsive to the developing and emerging economies they serve. That has already unlocked hundreds of billions of dollars in new lending capacity, at no cost to the United States. And we can generate further investment on the scale required with very modest U.S. public investments and legislative fixes. That depends on Congress taking action.
For example, our administration requested $750 million — million — from Congress to boost the World Bank’s lending capacity by over $36 billion, which, if matched by our partners, could generate over $100 billion in new resources. This would allow the World Bank to deploy $200 for every $1 the taxpayers provide.
We’ve asked Congress to approve investments in a new trust fund at the IMF to help developing countries build resilience and sustainability. Through a U.S. investment in the tens of millions, we could enable tens of billions in new IMF lending.
And outside the World Bank and the IMF, we’re asking Congress to increase funding for the Partnership for Global Infrastructure and Investment, which we launched at the G7 a couple of years ago.
This partnership catalyzes and concentrates investment in key corridors, including Africa and Asia, to close the infrastructure gap in developing countries. It strengthens countries’ economic growth. It strengthens America’s supply chains and global trusted technology vendors. And it strengthens our partnerships in critical regions.
The private sector has been enthusiastic. Together with them and our G7 partners, we’ve already mobilized tens of billions of dollars, and we can lever that up and scale that up in the years ahead with help on a bipartisan basis from the Congress.
We need to focus on the big picture. Holding back small sums of money has the effect of pulling back large sums from the developing world — which also, by the way, effectively cedes the field to other countries like the PRC. There are low-cost, commonsense solutions on the table, steps that should not be the ceiling of our ambitions, but the floor. And we need Congress to provide us the authorities and the seed funding to take those steps now.
Finally, will we empower our agencies and develop new muscle to meet this moment?
Simply put, we need to ensure that we have the resources and the capabilities in the U.S. government to implement this economic vision over the long haul. This starts by significantly strengthening our bilateral tools, answering a critique that China has a checkbook and the U.S. has a checklist.
Next year, the United States is going to face a critical test of whether our country is up to the task. The DFC, the Ex-Im Bank, and AGOA, the African Growth and Opportunity Act, are all up for renewal by Congress. This provides a once-in-a-decade chance for America to strengthen some of its most important tools of economic statecraft.
And think about how they can work better with the high-leverage multilateral institutions I just mentioned. The DFC, for example, is one of our most effective instruments to mobilize private sector investments in developing countries.
But the DFC is too small compared to the scope of investment needed, and it lacks tools our partners want, like the ability to deploy more equity as well as debt, and it’s often unable to capitalize on fast-moving investment opportunities. So, we put forward a proposal to expand the DFC’s toolkit and make it bigger, faster, nimbler.
Another gap we need to bridge is to make sure we attract, retain, and empower top-tier talent with expertise in priority areas.
We’re asking Congress to approve the resources we’ve requested for the Commerce’s Bureau of Industry Security, Treasury’s Office of Investment Security, the Department of Justice’s National Security Division.
If Congress is serious about America competing and winning, we need to be able to draw on America’s very best.
Let me close with this:
Since the end of World War Two, the United States has stood for a fair and open international economy; for the power of global connection to fuel innovation; for the power of trade and investment done right to create good jobs; for the power, as Tocqueville put it, of interest rightly understood.
Our task ahead is to harness that power to take on the realities of today’s geopolitical moment in a way that will not only preserve America’s enduring strengths, but extend them for generations to come. It will take more conversations like this one and iteration after iteration to forge a new consensus and perfect a new set of policies and capabilities to match the moment.
I hope it’s a project we can all work on together. We can’t afford not to.
So, thank you. And I look forward to continuing the conversation, including hearing some of your questions this morning.

MIL OSI USA News –

January 25, 2025

MIL-OSI China: Dubai Chambers sees opportunities for mutual Sino-Middle Eastern growth

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

Chinese companies have made significant economic contributions to the Middle East region’s economy across a variety of sectors and are believed to continue to play an essential role in the region’s future development, said Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers.

“The increasing two-way investments between the two markets reflect the synergies created by China-proposed Belt and Road Initiative and the Dubai Economic Agenda (D33), which unlock significant opportunities for mutual growth,” said Lootah in an interview with China Daily.

Lootah added that both markets emphasize building a knowledge-based economy and that key areas such as technology, renewable energy, logistics, healthcare and infrastructure are poised for steady growth and will serve as important areas for mutual development and cooperation.

According to Dubai Chambers’ data, China has emerged as Dubai’s biggest trading partner, with non-oil trade between the two sides reaching $67.8 billion in 2023.

In addition, the total number of Chinese companies registered as active members of the Dubai Chamber of Commerce stood at 5,480 at the end of August, which increased 41 percent between 2022 and 2023, the chamber’s data said.

“These companies have played a significant role in industries such as technology, real estate, manufacturing, and logistics, driving local job creation and economic diversification,” Lootah said.

He made the remarks during the just-concluded SuperBridge Summit 2024 in Dubai this month, which taps the increasingly important Middle East market to emerge as a new economic powerhouse.

“China and the Middle East, both as developing economies, have a deep understanding of each other’s economic development situations and have accumulated extensive experience across various industries, which can be mutually beneficial and help businesses to grow more effectively on both sides,” said Vanessa Xu, co-founder of SuperBridge Council, the event’s organizer.

“The rapid development and substantial demand in the Middle East for emerging sectors, such as the digital economy, e-commerce, new energy, aerospace and biomedicine, also present broad opportunities for Chinese companies,” Xu said.

Lootah also said he believes one of the most important cooperation sectors for Dubai and China is digital transformation.

“China has emerged as a leader in advanced technologies, and we share its strong commitment to innovation. We are keen to deepen cooperation in sectors including artificial intelligence, the internet of things and blockchain,” he said.

Lootah added that collaboration between the two sides will create opportunities for partnerships in digital infrastructure and smart city projects, as well as bring Dubai closer to achieving the D33 agenda target of generating an annual economic contribution of 100 billion UAE dirhams ($27.2 billion) from digital transformation projects.

The Middle East market also boasts other advantages such as its geographic position linking global markets, and the six Gulf Cooperation Council countries have some of the highest per capita GDPs in the world, reflecting a high level of economic development and a promising consumer market, Xu said.

For example, with its Saudi Vision 2030 initiative, Saudi Arabia presents significant market potential, but entering the market comes with high barriers, favoring companies that have already established business models and strong localization capabilities, Xu said.

“While the economy is largely driven by oil, the private sector remains relatively underdeveloped, so the landscape especially provides opportunities for foreign companies to engage in partnerships with local governments, state-owned enterprises and banks,” she added.

In contrast, the UAE has made greater strides in terms of business environment and openness, Xu said. According to the World Bank’s 2024 business environment report, the UAE ranks third in the Arab world and 25th globally, underscoring the country’s ongoing regulatory improvements and the ease of starting and operating businesses there.

“When considering which market to enter, Chinese companies should assess the different regional development priorities alongside their own core strengths and strategic needs,” Xu said.

MIL OSI China News –

January 25, 2025

MIL-OSI New Zealand: New appointments to the Local Government Commission

Source: New Zealand Government

Local Government Minister Simeon Brown has today announced the reappointment of the current Chair and the appointment of a temporary member to the Local Government Commission.

Current Chair Brendan Duffy ONZM has been reappointed as Chair for a one-year term ending 23 October 2025, while Gwen Bull CNZM will be joining the Commission as a temporary member to cover the representation review period.

“Our Government is focused on ensuring that local communities have fair and effective representation at local elections so that residents can decide who is best to take their cities, towns, and regions forward,” Mr Brown says.

“Mr Duffy was first appointed as a member of the Commission in 2017 and promoted to Chair in 2019. Mr Duffy was the Mayor of Horowhenua for 12 years and a District Councillor for 10 years. He is the current Chair of the Palmerston North Hospital Foundation and the Business Kāpiti Horowhenua Board, he is also a current Trustee of Horowhenua Learning Centre and Electra Trust.

“Ms Bull was the Chair of the Auckland Regional Council from 2002 to 2004, the current Chair of the Clevedon Community Trust, and a Patron of Friends of Te Wairoa and the Franklin District JP Association. She is an experienced operator in the local government sector and will be a welcome addition during the busy representation review period.

“The Commission’s focus for the coming period is on representation reviews. These reviews will be undertaken by local authorities to ensure that local residents have fair and effective representation at the 2025 local elections.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI China: China to kick off consumption campaign in 5 big cities

Source: China State Council Information Office

China will launch a monthlong campaign to promote consumption in November as part of its efforts to bolster consumer spending, the Ministry of Commerce said Wednesday.

The consumption promotion month will kick off next month in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing.

It will feature a series of activities promoting consumption in shopping, catering, tourism, exhibitions and performances, among others, according to the ministry.

Relevant departments and localities have been asked to refine their plans to implement the promotion month and introduce practical measures to foster the continuous recovery of the country’s consumer market.

China introduced a large-scale equipment upgrade and consumer goods trade-in program in March this year to expand domestic demand and shore up the economy.

China’s retail sales of consumer goods went up 3.3 percent year on year in the first three quarters of this year, official data showed.

MIL OSI China News –

January 25, 2025

MIL-OSI New Zealand: Business – Business Canterbury celebrates 165th Annual General Meeting

Source: Business Canterbury

Business Canterbury celebrated its 165th Annual General Meeting today, a key milestone for the organisation which has been the home and voice of Canterbury Business since 1859.

Business Canterbury Chief Executive, Leeann Watson says “Amongst the backdrop of another year of significant change for Business Canterbury and its members, it was great to celebrate the resilience of our members and business community as they navigated what has seemed like an elastic band economy over the last couple of years.”

“We also took the time to reflect on the results of Business Canterbury’s transformation, with all members now transitioned into our new dynamic member value framework.

“Business Canterbury has welcomed many new members and introduced several new products and services over the last year, such as our manufacturing and global trade service memberships, the Bold Company news website, our podcast showcasing positive local business stories, Canterbury Trusted initiative, and a new CRM system that allows us to customise our member experience and tailor member engagement and communications.

“Businesses have been particularly quick to take up our Canterbury Trusted initiative, which sets the standard for business excellence across the region. With the backing of our brand, this award gives businesses that go through a rigorous assessment of their business practices a competitive advantage, helping them stand out as leaders in their industry – a useful tool in today’s operating environment.

“As the home and voice of Canterbury business, our advocacy work has been more important than ever this year, hosting 17 ministers and providing members with the ability to engage directly on key topics like the economy, health and safety, tertiary education, immigration and more. We will continue to push for policies that foster an environment that promotes innovation, productivity, and sustainable growth.

“Hayley Hobson was welcomed to the board, and Andrew Logie was awarded with a life membership in recognition of his dedication to Business Canterbury during his 11-year tenure on the board and his significant role in our organisation’s transformation.

“A special thank you was given to our strategic partners the University of Canterbury, Orion, Westpac, and 2Degrees, who have come on our transformation journey with us to support our members and business community.”

In the 2024/2025 financial year, Business Canterbury’s focus will be on embedding the final stages of our transformation and turning to growth. With our new products and services, we will continue to support our members and the wider business community for what we predict will be another year of change.

About Business Canterbury

Business Canterbury, formerly Canterbury Employers’ Chamber of Commerce, is the largest business support agency in the South Island and advocates on behalf of its members for an environment more favourable to innovation, productivity and sustainable growth.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI Australia: RadComms 2024 – Melbourne

Source: Australian Ministers 1

Good morning,

Thank you Chair, Nerida O’Loughlin (PSM) for your introduction and inviting me to speak.

Good morning to all the Authority Members & hardworking staff of the ACMA, and the industry here today.

Some of you may be aware that ACMA Deputy Chair, Creina Chapman, who has expertly held the position since 2018, is retiring and not seeking reappointment.

Creina, over the past six years, you have made an outstanding contribution to the ACMA and Australia’s communications and media landscape.

You have contributed to reforms that have made a real difference to connectivity and consumer safety. And you have always conducted yourself with kindness and compassion.

Thank you for brining your intellect & integrity to this very important role. You have made this regulator stronger.

I am pleased to be here for RadComms 2024, which is exploring the contribution of the digital economy and spectrum to a better-connected Australia.

I acknowledge the Traditional Owners – the Wurundjeri people of the Kulin Nation. I pay respect to elders past and present.

I extend this to First Nations people in attendance, including Associate Professor Lyndon Ormond-Parker, Co-Chair of the First Nations Digital Inclusion Advisory Group, established by the Albanese Government.

Dr Ormond-Parker and Co-Chair, Dot West (OAM), have expertly led the Advisory Group, engaging many First Nations communities – indeed many of you in this room.

The Advisory Group’s initial report to Government is the culmination of this.

It has been insightful as to how – in partnership with First Nations peoples – we can support digital inclusion.

Our Government is delivering on key recommendations of the report, including free community Wi-Fi in around 20 remote communities, to provide better opportunities for education and training, employment and jobs, and improved access to essential services and information.

We have also established a digital support hub and network of digital mentors, and improving the national collection of data on First Nations digital inclusion.

It is wonderful to address RadComms for a second time as Communications Minister.

The theme of this year’s event is: Supporting the present, empowering the future.

It is an opportunity to explore how spectrum can deliver the applications and technologies that will shape our future.

Telecommunications, technology, broadcasting and the media is evolving fast.

Our connectedness and economic prosperity as a country hinges on how we best manage this transition.

Managing radiofrequency spectrum, and regulating services in this fast-changing environment presents some challenges.

But by mitigating risks, embracing technological change, and supporting business certainty, we can foster the opportunities.

At RadComms 2022, I spoke about the importance of stability and predictability around radiofrequency spectrum management.

We allocated close to $28 million to support the ACMA’s delivery of a modernised spectrum management system and a new auction capability.

Building on the theme of stability and predictability, today I will discuss how the Albanese Government’s approach is supporting industry and consumers.

Labor’s vision is for Australia to become the most connected continent on earth. And we can’t do this without the efficient use of spectrum.

Spectrum licences across a number of highly important bands are due to expire from 2028 to 2032. Industry needs sufficient time to plan and deploy communications services using that spectrum.

It is the role of Government to provide clarity to licensees, and potential licensees, through our policy objectives.

This is why I issued a Ministerial Policy Statement on Expiring Spectrum Licences to the ACMA in April.

This aims to provide the ACMA with a strategic direction in reaching its decisions throughout the expiring spectrum licence process, and ensuring outcomes are in the long-term public interest.

The Statement sets out the Albanese Government’s key communications policy objectives, including capacity for sustained investment and innovation.

For improved connectivity and investment in regional, rural and remote areas.

And the key objective of better services in the long-term interests of consumers.

The Albanese Government’s $1.1 billion Better Connectivity Plan for Regional and Rural Australia has made significant inroads into improving mobile coverage across the country.

More efficient spectrum use is central to the significant upgrades we are delivering across the National Broadband Network: from fibre to fixed-wireless and Sky Muster.

In addition to our $2.4 billion investment in fibre to 1.5 million more premises, we have invested $480 million to deliver better, faster fixed wireless broadband to regional communities.

This, in turn, is improving the customer experience for those on Sky Muster, which is now unmetered thanks to the Albanese Government.

We are delivering the quality communications infrastructure Australians rightly expect and deserve across the technology mix. And we are doing this on time and on budget.

A further development that is making a positive impact is the increasing role that tower infrastructure operators are playing in bringing innovations to the market, like spectrum-sharing projects in regional areas.

Investments by industry in the expanding peri-urban areas will help keep pace with ever growing community demand for mobile connectivity.

Our Peri-Urban Mobile Program – PUMP – and reforms to new housing estate deployments, demonstrates how Government and industry can work together to deliver on community connectivity expectations.

But there are still areas, and communities, that experience poor, inadequate or even no mobile service. We know that mobile connectivity is not widely available in many First Nations communities, for example, or even on the outskirts of major regional towns.

We have received this feedback from the First Nations Digital Inclusion Advisory Group and the Regional Telecommunications Independent Review Committee. I look forward to receiving the Committee’s final report to Government later this year.

When we talk about connectivity, we are also talking about the quality of service.

I am hearing from people living and working in rural and regional areas that while their device may display reception bars, congestion and capacity issues often translate into slow connections and limited capability beyond basic text and voice functionality.

In other words, their smart phones and devices are anything but.

The Ministerial guidance I provided to the ACMA regarding the management of expiring spectrum licences was purposefully broad in scope.

It encourages the ACMA to develop a considered view on the use of alternative licensing conditions in its expiring spectrum licence process. For example:

rollout or deployment commitments;
harnessing spectrum and infrastructure-sharing efficiencies; and
innovative approaches to connecting the perpetually under-connected – First Nations, regional and remote communities.

Today’s digital, technological and market environment is starkly different to that of 15 years ago, when expiring licences were first issued.

And it continues to evolve.

The Ministerial Guidance to the ACMA is ambitious, and it forms part of our broader objective to set Australia up to become the most connected continent.

As we work towards this future, we must also consider what lies ahead for television broadcasting.

I am on the record & I reiterate it here – I believe in the broadcasting platform.

A central goal of our media reform program is to support the important role of free-to-air television broadcasting in Australian society.

This is demonstrated through the prominence framework the Albanese Labor Government legislated and our reforms to the anti-siphoning scheme.

Free-to-air television services are integral to our media ecosystem:

they are the conduits for Australian stories;
they are the trusted source of news to millions; and
they provide the sporting moments that define our national psyche.

But there is significant uncertainty as to what television broadcasting will look like in 10, or 20 years.

What we can be sure of, is that it will not be what it is now.

Audience and technology trends are clear. There is an ongoing shift from linear content consumption to on-demand.

But – that does not mean a ‘lights out’ moment for broadcasting. We know most Australians are hybrid users, utilising on-demand services alongside linear consumption.

And terrestrial and satellite broadcasting networks can do things that are still not possible in the online environment in terms of reliability and service provision.

There is an essential and ongoing role for broadcasters in our media future, but broadcasting must change.

A sustainable future for broadcasting will require changes to the way in which broadcasters operate and the way they reach their audiences.

Choices will need to be made now if we are to realise that future.

Free-to-air television broadcasting is entering a period of unmanaged transition.

Consumer consumption preferences and falling revenue are – despite deep cost cutting initiatives – putting some broadcasters in a position where they can’t keep the doors open, for certain services.

We saw this with the closure of Mildura Digital Television in July.

If we stay on this unmanaged pathway, these trends will continue: more service closures in remote and regional markets, where the financial pressures are greatest. These pressures may eventually manifest in the larger cities.

Allowing a sector that delivers so much to Australian consumers to grind to a halt, for services to blink out, is not in the interests of local communities.

For consumers, it will mean less diversity and less choice. It will mean some consumers get left behind.

For industry, it will be increasingly difficult to raise the capital needed for much needed business transformation.

For Government, it will mean that the achievement of key public policy outcomes will be diminished: an informed citizenry; a strong and vibrant democracy; and engaged and cohesive local communities.

But an unmanaged transition is not the only way forward.

There is no going back to the golden era of television that existed before the internet, and nor should we want to.

Consumers have never had so much choice.

The reality is that commercial television broadcasting cannot continue in the manner it has done over the past decades.

This is simply not sustainable.

The way the industry uses radiofrequency spectrum needs to be examined.

Industry has been making enhancements. Many broadcasters have made, or are making, the transition to MPEG-4 which improves the efficiency and quality of services.

We have seen certain broadcasters make changes to their spectrum use that would have been unthinkable only a few years ago.

In South Australia, WIN Television has consolidated the services of two networks onto one television multiplex in two regional markets.

WIN has realised cost savings without eroding services available to audiences.

This is a portent for the future.

A sustainable television broadcasting sector will necessitate some form of spectrum and infrastructure consolidation, and changes in the way content is delivered.

Achieving an efficient consolidation will be challenging, but it is a goal that the Albanese Government is committed to.

We are supporting the sector under the existing regulatory framework.

We have introduced the Regional Broadcasting Continuity Bill 2024 to remove impediments that would otherwise prevent WIN, or any other broadcaster, from consolidating services onto a single multiplex and operating their transmitters more efficiently.

This won’t, of itself, guarantee financial sustainability for broadcasters. But it is an important initiative to enable them to seek out efficiencies where they can.

Another way we’ve provided stability to the sector is with the passage of legislation in March this year to repeal the 30 June expiry date for community television licences in Melbourne and Adelaide.

This means that these broadcasters will continue to remain on-air and provide valuable services until there is an alternative use for the radiofrequency spectrum.

The Government has also moved to promote stability by ensuring continuity of the Viewer Access Satellite Television (VAST) service over the next seven years. VAST is essential to over 1.5 million Australians who rely on it – either directly or indirectly – to access free-to-air television in remote Australia or those in areas with poor terrestrial reception.

We have otherwise been undertaking an audit of remote and regional television infrastructure.

We know transmission and reception equipment is at, or beyond, end-of-life in many remote and regional areas, including the VAST services in First Nations communities.

This undermines the ability of people in those communities to access the information they need to make informed choices about their lives.

Television broadcasters have been working very productively with officials from my department to quantify those infrastructure deficiencies and gaps, and I thank them and encourage them to continue to do so

The information stemming from the audit will be a key input to future consideration of the need for capital renewal and maintenance to support the provision of television services in remote and regional areas.

While the initiatives and processes I have just described will support the sustainability of commercial television services, there is a broader conversation to be had around longer-term reforms.

The acceleration of declining revenues, and the pressure the sector is facing, makes considerations around the future of television broadcasting pressing.

But this work can’t be done in isolation.

Industry and Government need a shared understanding of what the future of television is to help align our goals and the coordination of public policy.

To that end – the Albanese Government will work closely with industry on a plan to secure the future of free-to-air television, to position it to continue to inform, educate and entertain Australians.

Our Government is seeking to explore the possibility of realising a digital dividend: options for the more efficient use of spectrum and infrastructure for television, which enables potential reallocation of spectrum to other uses.

The first step will be the development of a discussion paper to support engagement with interested parties on this important initiative, to be released for consultation in early 2025.

Spectrum requirements for television will depend on an assessment of the optimal mix of delivery mechanisms in 5, 10, and 20 years. They need to consider the role and capabilities of broadband infrastructure. And they need to be grounded by a view of what television should look like in the medium-term.

The Government will engage right across the ecosystem: with broadcasters, infrastructure providers, mobile network operators, and consumers to ensure a shared understanding of what television in Australia should look like in a decade, and what is needed to get there.

We want commercial television broadcasters to be able to continue to deliver content that is highly valued by Australian’s. But there is work to be done to get us on the right path and to avoid a costly and disruptive contraction of the sector.

But let me be very clear here, about what I am announcing, and what I am not announcing.

I am announcing that the Government will explore pathways for the future of television, shaped by the possibility of realising a digital dividend.

In doing so, I am putting, front and centre, the important question of what the future of television may be – because the television broadcasting is an essential platform in Australia, and we need a mature and measured discussion to plan its future.

I am not announcing that the Government has identified, or decided to yield, a digital dividend. We have not.

And I am not announcing any details on the issues or options or pathways today.

I am announcing that Government will commence the process of exploring these pathways, in consultation with industry, and that this will commence in earnest, with a discussion paper, early next year.

The process will consider the role and capabilities of broadband infrastructure, acknowledging the significant and growing reliance on telecommunications networks for television and video streaming. And it will consider the role of spectrum pricing as the Government assesses the future spectrum needs of broadcasting.

Taking a long-term view of the future of television broadcasting will provide greater certainty for consumers and industry, ensuring Australians have continued access to valued free-to-air content – with the diversity, choice and social cohesion benefits that it brings.

As I mentioned, the future of television must also consider the role of broadband.

There is already a significant reliance on telecommunications networks for television and video streaming, and this is only going to grow.

All possible television futures will require careful consideration of technological innovation and investment choices to manage the load on networks from television viewing.

Broadband rollout and availability is only part of the picture.

We know that availability doesn’t equate to take-up, and that there will remain a cohort of Australians unable to utilise online infrastructure due to a lack of financial means, skills, or interest.

This is also part of the reason why free-to-air broadcasting remains such a critical delivery platform, with significant impacts for social inclusion and community cohesion.

For this reason and many others, the Albanese Government is improving connectivity for all Australians.

Our significant investment in the National Broadband Network, for example, is delivering high-speed broadband services to households and businesses across the country, with a significant focus on regional and rural communities.

We are positioning Australia as a test-bed for new and emerging tech, such as using Low Earth Orbit Satellites to support voice services. Trials in this space are underway.

Our Universal Service Reform will deliver a modern, fit-for-purpose universal service framework with sustainable, long-term funding of services in rural and remote areas.

In closing, Labor is a reformist Government; we are not afraid to make big reforms in the long-term public interest, even if they are difficult ones.

Our future connectedness and prosperity as a country will hinge on how we collectively manage the communications and media transition going forward.

We must work together to ensure that the services people rely on remain relevant, efficient and accessible for consumers.

Everyone in this room has a key role to play in determining this future success.

Our Government will support you to play that role.

As we work towards our vision for Australia to be the most connected continent.

Thank you.

MIL OSI News –

January 25, 2025

MIL-OSI Economics: JP Morgan and Rothschild & Co top M&A financial advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

JP Morgan and Rothschild & Co top M&A financial advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

JP Morgan and Rothschild & Co were the top mergers and acquisitions (M&A) financial advisers in the retail sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that JP Morgan achieved the leading position in terms of value by advising on $4.7 billion worth of deals. Meanwhile, Rothschild & Co led in terms of volume by advising on a total of 10 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Rothschild & Co was the top adviser by volume during Q1-Q3 2023 and despite witnessing a YoY decline in number of deals advised, it managed to retain the leadership position by this metric during Q1-Q3 2024. Apart from leading by volume, Rothschild & Co was also featured at fifth position in terms of value.

“Meanwhile, JP Morgan witnessed YoY improvement in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, its ranking by value improved from sixth position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Apart from leading by value, JP Morgan also occupied the sixth position by volume during the review period.”

Solomon Partners occupied the second position in terms of value, by advising on $3.8 billion worth of deals, followed by Bank of America with $3.3 billion, Lazard with $3.2 billion and Rothschild & Co with $2.8 billion.

Meanwhile, Performance Brokerage Services occupied the second position in terms of volume with 10 deals, followed by PwC with nine deals, Houlihan Lokey with eight deals and KPMG with seven deals.

MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Simpson Thacher & Bartlett and Kirkland & Ellis top M&A legal advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

Simpson Thacher & Bartlett and Kirkland & Ellis top M&A legal advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

Simpson Thacher & Bartlett and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the retail sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that Simpson Thacher & Bartlett achieved the top position in terms of value by advising on $8.8 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 13 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Simpson Thacher & Bartlett registered more than a double-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, it went ahead from occupying the seventh position by value during Q1-Q3 2023 to top the chart during Q1-Q3 2024. The involvement in the acquisition of 60% stake in Newland Commercial Management by a consortium of investors for $8.3 billion played a pivotal role for Simpson Thacher & Bartlett in registering a massive jump in terms of value and in securing the top spot by this metric.

“Meanwhile, Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and despite witnessing a YoY decline in number of deals advised, it managed to retain the leadership position by this metric during Q1-Q3 2024.”

White & Case occupied the second position in terms of value, by advising on $5.8 billion worth of deals, followed by Paul, Weiss, Rifkind, Wharton & Garrison with $4.6 billion, Willkie Farr & Gallagher with $2.7 billion and Gibson, Dunn & Crutcher with $2.7 billion.

Meanwhile, Addleshaw Goddard occupied the second position in terms of volume with 12 deals, followed by White & Case with eight deals, Paul, Weiss, Rifkind, Wharton & Garrison with seven deals and Cuatrecasas with seven deals.

MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Lazard top M&A financial adviser in construction sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

Lazard top M&A financial adviser in construction sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

Lazard was the top mergers and acquisitions (M&A) financial adviser in the construction sector during Q1-Q3 2024 by both value and volume, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that Lazard achieved the top position by advising on 14 deals of worth $14.1 billion.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Lazard witnessed a year-on-year (YoY) improvement in both deal volume and value during Q1-Q3 2024, but the growth was more pronounced in terms of value. It registered a more than three-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Lazard advised on five billion-dollar deals* during Q1-Q3 2024. The involvement in these big-ticket deals helped it register a massive jump in terms of value.”

Morgan Stanley occupied the second position in terms of value, by advising on $13.3 billion worth of deals, followed by Barclays with $11.5 billion, UBS with $11.4 billion and Moelis & Company with $7.6 billion.

Meanwhile, Rothschild & Co occupied the second position in terms of volume with 12 deals, followed by Clearwater International with 12 deals, KPMG with 12 deals and Barclays with 11 deals.

MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Allen & Overy and Kirkland & Ellis top M&A legal advisers in construction sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

Allen & Overy and Kirkland & Ellis top M&A legal advisers in construction sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

Allen & Overy and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the construction sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that Allen & Overy achieved the top position in terms of value by advising on $10.3 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 28 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and managed to retain its leadership position by this metric during Q1-Q3 2024 as well. Meanwhile, Allen & Overy witnessed its ranking by value improve significantly from the 60th position during Q1-Q3 2023 to the top position during Q1-Q3 2024 as there was a massive year-on-year (YoY) jump in the total value of deals advised by it.

“The involvement in the $8.3 billion for acquisition of 60% Stake in Zhuhai Wanda Commercial Management by a consortium of investors played a pivotal role for Allen & Overy in registering a massive jump in terms of value and in securing the top spot by this metric.”

Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $9.8 billion worth of deals, followed by Simpson Thacher & Bartlett with $9.2 billion, Davis Polk & Wardwell with $7.4 billion and Cravath Swaine & Moore with $7.1 billion.

Meanwhile, CMS occupied the second position in terms of volume with 20 deals, followed by White & Case with 12 deals, Allen & Overy with 11 deals and Latham & Watkins with 11 deals.

MIL OSI Economics –

January 25, 2025

Category: Commerce

Source: Sustainable Business Council

Proposed undertaking

Background

Product Safety Minister Justin Madders said:

Local Transport Minister Simon Lightwood said:

London Fire Brigade’s Assistant Commissioner for Prevention and Protection, Craig Carter, said:

Halfords Head of Quality, Chris Hall, said:

Lesley Rudd, chief executive of consumer safety charity, Electrical Safety First said:

Inga Becker-Hansen, Product Safety Advisor at the BRC, said:

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Source: Business Canterbury