Economy – Page 1361 – NewzIntel.com

MIL-OSI New Zealand: Government funds food for additional 10,000 children in ECE

Source: New Zealand Government

Associate Education Minister David Seymour has today announced that KidsCan Charitable Trust will be delivering the new Early Childhood Education (ECE) Food Programme, starting in February 2025.

“I would like to acknowledge KidsCan for their amazing work supporting children’s learning since 2005. In 2019 they launched a national early childhood programme which provides healthy lunches to over 6,000 early learners with the highest needs. From 2025 this number will increase to 16,000, with $4 million in additional funding from this government,” says Mr Seymour.

“KidsCan are experienced at effectively helping Kiwi children affected by poverty. They are the only large scale, national, not-for-profit, and non-governmental provider of food to ECE services. They already have the systems and relationships in place to supply food to ECE centres who need it, in a way that is cost effective.

“Sir Peter Gluckman’s research clearly demonstrates that good nutrition is one of the key factors affecting early brain development. The more we can do to support good nutrition from a young age, the more likely children are to reach their potential.

“This was possible because of this government’s financial prudence. The additional funding is realised capital from cost savings in the new healthy school lunch programme, which I announced earlier this week.

“The first 1,000 days are key to a child’s development. I am proud this government can innovate to provide help for even more children who need it.”

ECE service eligibility for the programme will be based on a number of factors, including information from the new Early Childhood Education Equity Index. The equity index, which is the most accurate it has been in nearly 20 years, measures the extent to which an ECE service draws its children from low socio-economic communities.

KidsCan will contact eligible services over the next couple of months so that the programme can begin early next year. All 2–5-year-olds attending eligible ECE services that opt in will be able to access KidsCan food.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Business – Voluntas Elevate, New Advisory Firm Targets Underserved Tech Founders

Source: Voluntas Group

Give us the tired, the distressed, the huddled founders yearning to break free, the glorious refuse of traditional venture capitalists.

AUCKLAND – 24 October 2024 – Voluntas Group is launching Voluntas Elevate, a strategic advisory firm that targets underserved tech founders. Voluntas Elevate is designed for early-stage founders, those with momentum and ready to scale, and those stalled between growth phases.

Voluntas Elevate’s core services are designed for growth and scaling, planning and governance, capital acquisition, and talent development and acquisition. The company already boasts 12 clients and holds an equity stake in three. While its core purpose is advisory services, it also helps raise capital for those within the Voluntas ecosystem. It’s currently raising NZ$11.3m for nine clients with an average raise of $1.25m.

Voluntas Elevate founding partner, Jason Holdsworth, and partner, Darren Ward.

“Not every opportunity must be a 10x or 100x unicorn. Our mission is to elevate tech founders who have struggled to access the support they need through the traditional venture capital model. There are a lot of good businesses that are simply overlooked because they may “only” demonstrate triple annual recurring revenue – that’s still a good sustainable business that can potentially scale rapidly,” says Jason Holdsworth, Founding Partner, Voluntas Group.

Many tech founders face hurdles in accessing capital and the strategic support necessary to achieve long-term growth and value. Voluntas Elevate recognises this gap and bridges it with comprehensive services and a global network, helping founders to strategically build and expand their businesses.

Voluntas Elevate is committed to fostering innovation and entrepreneurship, and is dedicated to empowering founders. These are people who tend to fall through the cracks of traditional VC models because they are struggling to manage growth or don’t have an existing track record of entrepreneurial success. Voluntas Elevate is here to provide these founders with an ecosystem of expertise, technology, and capital that propels growth and entry to global markets.

Voluntas Elevate is an international network with offices in Auckland, Sydney, Hong Kong, London, and Los Angeles. Using this network and its ecosystem of talent, Voluntas Elevate is launching with an advisory and investment network that includes:

Anthony Quirk
Naomi Ballantyne
John Catarinich
Brett Roberts
Brett O’Riley
David Ding
Nikolai Elmqvist
Anthony McNamara

Globally, Voluntas Elevate plans to onboard about 70 clients and generate over $15m in capital raised for clients in the next financial year, while generating an additional $7 million in revenue for them.

“We take a holistic approach to supporting founders, starting with strategy execution, sales enablement, talent development, and when required, funding acquisition. The firm is deeply rooted in its core purpose of uplifting founders who may not fit the traditional VC mould. With Voluntas Elevate, founders receive the necessary guidance and resources to achieve rapid, sustainable growth,” says Darren Ward, Partner, Voluntas Group.

Overcoming the Founders’ Dilemma
Many entrepreneurs face the “Founders’ Dilemma”. They sacrifice equity early and are left to spend funds on consultancy services that don’t offer the strategic and operational support they need. This model frequently leaves founders with less of their company, less operational capital, and without a roadmap to capitalise on their potential.

“Voluntas Elevate solves this dilemma by partnering with founders to take a long-term, holistic view of their journey. We place their aspirations at the forefront and minimise the outflow of equity. The firm helps them navigate crucial stages of growth, ensuring that equity is preserved and value is maximised. For our strategic advisory clients, we never seek more than a 10% stake in any venture we support,” adds Darren.

About Voluntas Elevate
Voluntas Elevate is a strategic advisory firm dedicated to elevating tech founders who have not found the necessary support within the traditional VC model. With a focus on growth and scaling, planning and governance, capital acquisition, and talent development and acquisition, Voluntas Elevate partners with founders globally to achieve sustainable growth and long-term value. The firm is part of the Voluntas Group, which combines philanthropy, technology, and strategic support to create positive impact across individuals and communities. For more information, visit www.voluntaselevate.com.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: Durbin, Duckworth, Quigley, Sorensen Announce $33.5 Million In Federal Funding For Peoria And Chicago Airports

US Senate News:

Source: United States Senator for Illinois Dick Durbin
10.23.24
CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), U.S. Senator Tammy Duckworth (D-IL), and U.S. Representatives Mike Quigley (D-IL-05) and Eric Sorensen (D-IL-17) today announced $33,510,000 in federal funding from the Department of Transportation’s Airport Terminal Program.
With today’s announced funding, General Wayne A. Downing Peoria International Airport will receive $13,510,000 for the replacement of their air traffic control tower, and Chicago O’Hare International Airport will receive $20,000,000 for an expansion to Terminal 5.
“By improving and modernizing airport infrastructure, we are laying the foundation for increased connectivity and reliability,” said Durbin. “Today’s announced federal funding for upgrading our airports across Illinois will enhance the travel experience for passengers and promote economic growth. I will continue working with Senator Duckworth and our Congressional colleagues to ensure Illinois airports have the necessary federal resources to keep passengers safe and connected.”
“Illinois’s airports are critical economic engines for our state,” Duckworth said. “This funding will help improve and modernize O’Hare and Downing International Airports and, after years of neglecting our nation’s infrastructure, I’m proud every day to see the Bipartisan Infrastructure Law at work rebuilding infrastructure all across our country. I will continue to work alongside Senator Durbin and the Illinois delegation to make traveling safer and more reliable for all passengers while ensuring that our communities are receiving the much-needed federal resources they deserve.”
“This important funding coming to Peoria International Airport is about connecting my neighbors in Central Illinois to the world. The new air traffic control tower will allow controllers to see the end points of both runways and all taxiways, making it safer for travelers and airport staff. I am grateful to Senators Durbin and Duckworth for their support of this project as we continue our work to keep air travel safe and open Peoria to new destinations,” said Sorensen.
“Throughout my career, I have worked tirelessly to ensure that travelers receive the best and most efficient service possible at O’Hare. Today’s funding announcement will build on the progress we have already made. This expansion will benefit not only our constituents but also travelers across the country, while boosting our economy. When I voted for the Bipartisan Infrastructure Law, I did so knowing it would bring vital investments like these and create lasting benefits across our state. Together, we are paving the way for a brighter future and a stronger transportation network for everyone,” said Quigley.
Durbin and Duckworth previously worked to secure a provision in the Bipartisan Infrastructure Law (BIL) to make Peoria’s airport-owned air traffic control tower (ATCT) eligible for federal funding. Following the enactment of the Bipartisan Infrastructure Law, the ATCT has received $29 million in federal funding across two previous grants.
Durbin and Duckworth helped secure two previous BIL Airport Terminal Program grants for Chicago O’Hare International Airport for the Terminal 3 Project totaling $90 million, a 2023 grant of $50 million and a 2024 grant of $40 million.
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MIL OSI USA News –

January 25, 2025

MIL-OSI Global: Human rights advocate Alexander Lapshin: No place to go, but still fighting for global freedom

Source: The Conversation – Canada – By Frederick John Packer, Associate Professor of Law and Director of the Human Rights Research and Education Centre, L’Université d’Ottawa/University of Ottawa

Global freedom has been in decline for nearly two decades, according to Freedom House, an American non-profit organization devoted to supporting democracy around the world.

That means the role of high-profile freedom activists, including activists in exile — people who are displaced from their countries of origin due to their activism but continue to affect change through various means — has become ever more crucial.

A recent incident involving Alexander Lapshin, a Soviet-born Israeli travel journalist turned human rights advocate, at Armenia’s Yerevan airport highlights the ongoing persecution faced by activists even in seemingly secure environments.

On Sept. 21, during Armenia’s Independence Day celebrations, Lapshin said he was detained at the request of Belarusian authorities, accused of insulting the honour and dignity of Belarusian President Aleksandr Lukashenko by highlighting the authoritarian nature of his regime in social media posts.

Though not formally expelled from any one country, Lapshin’s circumstances have effectively left him with no safe or stable place to settle. He says legal and political pressures in both Ukraine and Israel prevent him from returning.

Armenia ultimately refused to arrest him, but Lapshin and his family were forced to endure four hours of distressing uncertainty at the Yerevan police station before his release was formally registered by Armenia’s Prosecutor General’s Office.

This provocation underscored the persistent threats activists face even in countries offering relative safety.

Extradited to Azerbaijan

Just weeks before his arrest in Yerevan, we met with Lapshin in Ottawa to learn about his odyssey, and by extension, the suffering of his family resulting from his work as a travelling journalist.

It’s not the first time Lapshin had been targeted by authoritarians. In 2016, while in Minsk, the capital of Belarus, Lapshin was detained by the authorities at the request of the Azerbaijani government. He was subsequently extradited to Azerbaijan on charges related to his travel in 2012 to the disputed region of Nagorno-Karabakh/Artsakh — an area claimed by both Armenia and Azerbaijan.

The Azerbaijani government accused Lapshin of violating its laws by entering the enclave without permission and promoting its independence. However, at that point Lapshin had never been involved in politics nor called for the region’s independence. The Azerbaijani court dropped this charge, though convicted him of taking an unauthorized journalistic trip.

The story of Lapshin’s arrest and extradition drew widespread condemnation from human rights organizations and various governments, who viewed it as a blatant violation of his rights to freedom of movement and expression.

Lapshin was nevertheless found guilty and sentenced to three years in prison. However, following significant international pressure and diplomatic negotiations, he was pardoned and released in September 2017.

Lapshin’s Azerbaijani ordeal

In his subsequent testimony to the Centre for Truth and Justice, a U.S.-based non-profit organization, Lapshin detailed the severe abuse he endured during his imprisonment in Azerbaijan.

Upon arrival at Kurdakhani prison — known for holding political prisoners — Lapshin was subjected to humiliating strip searches and invasive medical checks. For seven months, he was confined to a small, windowless cell, kept under constant artificial light and allowed only one hour of exercise in a similarly confined yard. His diet was minimal and of poor quality, leading to significant physical and psychological distress.

Lapshin testifies about how he was treated in Azerbaijan. (The Centre for Truth and Justice YouTube channel)

The most harrowing part of his imprisonment came on Sept. 10, 2017, when four masked men brutally assaulted him in his cell. Lapshin described the attack in detail:

“I felt three of them holding my legs and chest while one strangled me. They punched my ribs, my head and my genitals. I lost consciousness within seconds.”

He sustained severe injuries, including broken ribs, a broken wrist and multiple broken teeth. Azerbaijani authorities maintained that he had attempted suicide.

Lapshin’s further testimony about how he was treated in Azerbaijan. (The Centre for Truth and Justice YouTube channel)

The European Court of Human Rights eventually examined his complaints and found a violation of his “right to life.” The United Nations Human Rights Committee found multiple violations of his rights (including freedom from torture) under the International Covenant on Civil and Political Rights.

According to Lapshin, Azerbaijan released him not because of the European Court’s decision, but due to his near death following an attempted murder in custody. He believes the president of Azerbaijan decided to release him without formalities to avoid international tension if he’d died in prison.

Broader implications

Lapshin’s recent detention in Armenia is part of a continued pattern of harassment against him as he’s morphed from a travel blogger to a human rights advocate.

Despite the ordeal, Lapshin sees these provocations as an opportunity to create greater public awareness. The media coverage generated from such incidents often works to his advantage, drawing more attention to the plight of political prisoners and the excesses of authoritarian regimes.

Lapshin sees his ordeals as helping to raise public awareness about authoritarians.
(WikiMedia), CC BY

Lapshin’s collaboration with Jivan Avetisyan, a prominent film director focusing on human rights issues, exemplifies his strategic approach to advocacy — turning personal trauma into powerful narratives that reach a global audience.

Such collaborations contribute significantly to keeping human rights abuses in the spotlight.

Activists like Lapshin are crucial figures in the global struggle against authoritarianism. Despite enduring harsh persecution, they persist in their advocacy efforts from the relative safety of democracies, and work to raise awareness among policymakers and the public.

Lapshin’s recent trip to Ottawa is one example of this. He met with Global Affairs Canada officials and presented them with a sanctions list targeting Azerbaijani officials he alleges are responsible for war crimes and abuses, including those involved in his prison mistreatment.

Impact and challenges

Activists like Lapshin employ diverse strategies to advance their causes, such as social media engagement and public mobilization, as well as partnerships with global human rights organizations.

These efforts often result in positive changes, including the release of detained activists and the imposition of sanctions on oppressive governments. Lapshin’s resilience, along with that of notable exiled activists like Chinese-born Chen Guangcheng and Belarus’ Sviatlana Tsikhanouskaya, demonstrates the power and influence that individuals can wield against repressive regimes from afar.

Activists, in particular those in exile, face numerous challenges, including transnational repression and a lack of resources. Authoritarian regimes employ measures like surveillance, intimidation, physical assaults and even murder to target activists beyond their borders. These activists must also navigate legal, financial and cultural barriers in foreign countries when they seek asylum, find work and try to integrate into new societies, all while continuing their advocacy.

Lapshin’s experiences illustrate these challenges. The ongoing threats and harassment against him continue even today. Nonetheless, his dedication to human rights advocacy remains unwavering.

I am a member of various professional / academic associations and some human rights NGOs including (pro bono) the Canada Committee of Human Rights Watch. None of these would be affected by this article nor would I gain any benefit as a result.

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

– ref. Human rights advocate Alexander Lapshin: No place to go, but still fighting for global freedom – https://theconversation.com/human-rights-advocate-alexander-lapshin-no-place-to-go-but-still-fighting-for-global-freedom-241550

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI New Zealand: Government News – Chief Ombudsman issues another stinging criticism of Oranga Tamariki over failure to investigate child assault and violence claims

Source: Office of the Ombudsman

The Chief Ombudsman has again issued a stinging criticism of Oranga Tamariki this time over failing to properly investigate reports of assaults and violence against pre-school and primary-aged children.

“It is deeply concerning to me that I find myself yet again in the position of highlighting some very serious concerns about Oranga Tamariki’s processes and procedures. In this case, the Ministry received multiple reports of abuse against pre-school and primary aged children but didn’t treat them with the seriousness they deserved.”

Peter Boshier began an investigation after receiving a complaint from a family member of the children about the way Oranga Tamariki responded to reports of concern.

Mr Boshier found that between January 2022 and July 2023, Oranga Tamariki received nine reports of concern from seven different parties regarding alleged violent and abusive actions towards the children by the mother’s partner. The reports of concern came from both family members and professionals.

“A thorough investigation of these reports was clearly required for the safety of the children but Oranga Tamariki repeatedly failed to do this. When it did investigate, it didn’t investigate properly,” Mr Boshier says.

“The Ministry had photographic evidence and corroborative reports from other parties but still took no action.

“I found a series of failures by Oranga Tamariki from beginning to end. For instance, it closed complaints without assessing them properly in the initial stages, it incorrectly advised the Family Court that there had been no family harm incidents in a period of more than a year, and it did not adhere to its own policy on making and monitoring safety plans. One safety plan included inappropriate requirements for the children to take action to ensure their own safety.

“Oranga Tamariki failed to ask the children for their views about their safety and made short term assessments which did not take into account broader violence risk factors. The situation left the children at serious risk and culminated in an alleged attempted kidnapping of one child and the alleged kidnapping of another child who was a relative.”

During his investigation Mr Boshier advised Oranga Tamariki of his provisional opinion and asked for an urgent interim update on the safety of the children. The Ministry told the Ombudsman it had developed a more robust safety plan.

Mr Boshier made two follow up inquiries. In response to the first inquiry, Oranga Tamariki advised the safety plan was working well. But within a fortnight, after the second inquiry, the Ministry advised that the safety plan was being reconsidered after a breach had occurred. Three days later, there was another breach. The children are now in the care of their father.

Mr Boshier’s final opinion is that Oranga Tamariki acted unreasonably and contrary to law in the way it responded to repeated reports of concern. He made a number of significant recommendations which Oranga Tamariki accepted. This included Oranga Tamariki undertaking an immediate and thorough assessment of the children’s safety, an apology and financial remedy to the complainant for costs they incurred in seeking to ensure the children’s safety through the Family Court, an audit of similar cases, training for staff, and changes to Oranga Tamariki policy and process.

“Oranga Tamariki has advised me that the children are now safe and well in their father’s care,” Mr Boshier says.

“Since I became Chief Ombudsman, Oranga Tamariki has come to my attention for all the wrong reasons.

“I published a report earlier this year that outlined some of the cases I’ve dealt with, where system and process failures were common. I said then that I could not provide an assurance that Oranga Tamariki is consistently operating in accordance with good administrative practice. I’m afraid I still can’t provide that reassurance.

“Oranga Tamariki still has a long way to go. I continue to strongly urge the leadership at Oranga Tamariki to prioritise essential improvements and address the fundamental underlying problems. Our children and young people deserve so much better.”

Read the case note with outcomes and recommendations: https://www.ombudsman.parliament.nz/resources/failure-oranga-tamariki-investigate-reports-concern-and-complaints

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI Australia: Australia outperforms on global budget league tables

Source: Australian Treasurer

The Albanese Government’s responsible budget strategy has seen Australia become one of the top ranked economies in the world for fiscal management in 2024, according to figures released by the International Monetary Fund.

Australia is expected to have the third strongest budget balance as a share of GDP among G20 countries in 2024, and up from 14th in 2021 under the Coalition according to the IMF Fiscal Monitor.

This is a big vote of confidence in Labor’s management of the nation’s finances.

From 14th to a podium finish in less than one term is a powerful demonstration of our responsible economic management.

Our budget has become one of the best in the world under the Albanese Government and that’s what this data shows.

We’re getting the budget in better nick and paying down billions of dollars of Liberal debt.

Our responsible economic management has helped in the fight against inflation and has helped make room in the budget for things that matter like healthcare, aged care, and defence. 

Under the Albanese Government, Australia is ranked ahead of all G7 economies on budget management in 2024, including the US, UK, Canada, France and Germany.

Since the election, Australia has seen one of the biggest budget improvements of the G20.

Australia also has the fifth lowest gross debt to GDP ratio in the G20 in 2024, a position which improved in 2023, and has been maintained since then.

The 2024 budget balance ranking for Australia has also improved since the April projections.

This endorsement of Labor’s responsible economic management comes after the Final Budget Outcome for 2023‑24 which confirmed the Albanese Government delivered the first back‑to‑back surpluses in nearly two decades.

The underlying cash surplus of $15.8 billion (0.6 per cent of GDP) for 2023‑24 followed the $22.1 billion (0.9 per cent of GDP) surplus delivered in 2022‑23.

In dollar terms, these were the biggest back-to-back surpluses on record, meaning the Albanese Government has delivered the largest nominal improvement in the budget position in a Parliamentary term.

If we took the same approach as our predecessors, we wouldn’t have come close to delivering back-to-back surpluses.

The budget position has improved by $172.3 billion across the past two years compared to what we inherited from our predecessors.

The government’s budget strategy strikes the right balance between fighting inflation, rolling out responsible cost-of-living relief, supporting growth in our economy and strengthening public finances.

We’ve delivered two surpluses at the same time as we’ve rolled out responsible cost-of-living relief including tax cuts for every taxpayer, energy bill relief for every household, cheaper medicines, cheaper child care and the first consecutive real increases to the maximum rates of Commonwealth Rent Assistance in three decades.

Our economic plan is all about easing the cost of living and fighting inflation at the same time as we lay the foundations for a stronger economy for the future, and back-to-back budget surpluses help on each of these fronts.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Albanese Government to provide scam victims clear pathway for redress

Source: Australian Treasurer

The Albanese Government is making Australia the hardest target for scammers – sending a clear message that this harmful practice won’t be tolerated here, and making sure victims know we have their backs.

Today, the government is announcing further steps by providing $14.7 million over two years to the Australian Financial Complaints Authority (AFCA) to establish a clear single pathway for scam victims to seek compensation.

The Government has already announced its intention to nominate AFCA to operate the external dispute resolution scheme for the first three designated sectors under the Scams Prevention Framework – banks, telecommunication service providers and digital platforms providing social media, paid search advertising and direct messaging.

Scams victims will be able to seek compensation through a single door if they have been unable to reach a satisfactory outcome through internal dispute resolution, even if the complaint is against multiple regulated industries.

This means if a person is the target of a scam on social media and loses money from their bank account, both the bank and the social media platform could be liable if they failed to put adequate protections in place.

Currently social media companies have no internal or external dispute resolution mechanism and redress is close to impossible.

This is a major uplift in consumer protections for scam activity.

Today’s announcement will support the significant expansion of AFCA’s remit involved with, adding scams complaints against telcos and certain digital platforms.

AFCA receives more than 100,000 complaints about financial firms each year. In 2023–24, approximately 11,000 of these were scam‑related complaints.

AFCA will continue to operate its existing EDR jurisdiction for non‑scam complaints in relation to financial services, as will the Telecommunications Industry Ombudsman in relation to non‑scam complaints about telecommunications service providers.

This funding announcement builds on the government’s landmark Scams Prevention Framework legislation. The Framework creates core obligations designed to prevent, detect, disrupt, and respond to manipulation tactics used by scammers to target Australians.

Initially banks, telcos, and some digital platforms will be subject to mandatory sector‑specific codes and face significant penalties for non‑compliance.

Consultation on the exposure draft of the Framework legislation concluded on 4 October 2024. The Government is considering the feedback provided during consultation to inform development of a final bill for introduction to Parliament this year.

Quotes attributable to Assistant Treasurer and Minister for Financial Services, Stephen Jones

“Our scams crackdown will cut off the avenues scammers use to target Australians by setting a high bar for what businesses must do to prevent them.

“Scam victims will have a clear pathway for redress.

“We want victims of scams to know the Government has their backs, and we want businesses to understand that they have a responsibility to protect Australians from these often devastating scammers.”

MIL OSI News –

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 New Zealand: 1,452 children into better homes from emergency housing

Source: New Zealand Government

Ki te kahore he whakakitenga, ka ngaro te Iwi – without a vision, the people will perish.

Almost 1,500 tamariki that were growing up in emergency housing motels have been supported into better homes under the government’s Priority One mahi, Associate Housing Minister Tama Potaka says.

“The total number of households living in emergency housing motels has reduced by 62 per cent under our Government – from 3,141 in December last year to 1,179 at the end of September. The amount granted for Emergency Housing has fallen from about $31 million for the month of December 2023 to $11 million in September 2024.

“Under the last Government’s watch, emergency housing became a moral, social and financial catastrophe. At its peak in November 2021, there were 4,983 households in emergency housing, which included thousands of tamariki.

“In April, we brought in our Priority One policy, a key election promise from National, which prioritises whānau with tamariki who have been in emergency housing for 12 weeks or more to move into social homes. So far, thanks to Priority One, we’ve seen 726 households with children move from emergency housing into social housing. That includes 1,452 children who no longer have to grow up in motels.

“There was a mother who said her seven tamariki were thriving after moving from an emergency motel into Kāinga Ora social housing after a long period.

“The mum said: ‘The children have been able to stay in the same schools and are doing well and the oldest are already starting to think about future careers. With our new home and a quiet place to do their homework they can focus on their schooling and make the most of every opportunity that comes their way’.”

Mr Potaka says the Government was making good progress to achieve the target of 75 per cent fewer people in emergency housing by 2030.

“We’ve set clear expectations to ensure emergency housing is available for those who need it most – as long as people continue to have a genuine need and meet their responsibilities, they will likely continue to be eligible for support where it is available.

“In Budget 24, the Government invested $83.477 million to help people with emergency housing support services. These services such as case managers, housing brokers, and ready to rent courses, are having a positive impact by giving people in emergency housing the tools to move into better homes.

“We are regularly improving our data and now know that about 80 per cent of those leaving emergency housing go into some form of social, transitional or private housing because of support they receive. We don’t have data on the remaining people because they are no longer accessing government housing supports administered by the Ministry of Social Development – however support remains available should they need it again.

“It’s important that we balance the requirement to monitor the effectiveness of our mahi with the need to respect people’s right to privacy. People don’t have to tell us where they are going, and those in emergency housing shouldn’t be judged as incapable of navigating their own lives.

“While we have not seen any substantive reports that this mahi is having an unintended impact on homelessness, officials are monitoring the situation through regular engagement with housing and social service providers. Emergency housing remains available as a temporary last resort for people in greatest need.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Speech to Institute of Public Administration New Zealand

Source: New Zealand Government

Good morning, kia ora koutou.

Thank you, Liz, for your introduction, and to you all for the opportunity to speak to you today.

It’s a pleasure to be here. And it’s a particular pleasure to continue a tradition that was started by one of my predecessors Sir Bill English. I’m told the finance minister has presented this address every year since 2009.

I would like to acknowledge the role the institute plays in promoting excellence in the public sector.

I also want to take the opportunity to voice my appreciation for the work public servants do to keep New Zealanders safe and ensure people receive the public services on which they depend.

I respect your enduring commitment to public service and the integrity with which you approach your work, remaining focused on the New Zealanders we each serve, evolving and adapting as the political tides come and go.

As a – still – proud Wellingtonian, I have had the pleasure of knowing and working with a broad spectrum of public servants throughout my career. I admire the thoughtfulness, tenacity, and earnestness I have seen in so many of you.

I am grateful that while our Government is facing into a particularly challenging set of economic circumstances, we do so with wise and experienced public servants at our back and by our side.

This is not as easy time for our country. A sustained cost of living crisis has left New Zealand with highly constrained government finances, recessionary conditions, rising unemployment and a range of new pressures for everyday Kiwis, both in their family and working lives.

That’s not a political observation, so much as a statement of reality.

Nor is it a reflection on the professionalism, skill or commitment of New Zealand’s public service.

The nation’s position today is a consequence of a global pandemic and of choices made by the previous Government.

This is not the forum for politics, and it is not my intention to make a political speech. The facts speak for themselves. In the past six years, there has been an 82 per cent increase in government spending and an additional $118 billion of debt added to the government books. As a country we have been living beyond our means. And now, we must correct course.

The good news is that there is light at the end of the tunnel. Inflation has returned to the Reserve Bank’s target range of 1 to 3 per cent for the first time in more than three years, interest rates are coming down and business and public confidence is increasing.

There is no escaping the reality, however, that many families and businesses are doing it tough. Inflation has increased household costs and squeezed business margins.

Partly for that reason, and also because it is good practice, our Government’s focus on fiscal discipline is going to continue. It is not a one-off, one-Budget affair. It is an ongoing state of mind.

As a government we are committed to getting the books back in order and bringing debt down, but our aspirations go far beyond changing the colour of the ink in the government’s accounts. We want to do more than simply deliver better value for money. And we are interested in far more than simply ticking off actions or delivering to targets.

We are intent on improving lives.

You and your colleagues in the public service have a critical role to play in this because, frankly, what we’ve been doing in recent years hasn’t worked for too many New Zealanders. Some of those who most need help haven’t been getting it.

That comes at an economic cost to the country, but more importantly it comes at a human cost. People are our greatest asset and delivering for people is our greatest purpose. In recent times, New Zealand has failed too many of its people: both economically and socially. Falling levels of educational achievement, poor housing, rising welfare dependency and an economy that is not growing quickly enough have denied opportunity to those who most need it.

I’ve said this a couple of times before to particular groups of public servants. Now, I’ll say it to a broader group.

Now is the time for your best and boldest ideas. As a government we are not interested in treading the same path that has denied opportunity to some of our most vulnerable. We want to make a difference to lives.

That’s the reason the Government has brought back public service targets: to focus the public sector on driving better results in health, education, law and order, work, housing and the environment. We understand targets aren’t a perfect mechanism, but past experience has shown they do help to focus attention on the things that make a difference.

It’s also why this Government is determined to scale up the efforts that have gone into social investment so far.

The philosophy underlying social investment makes sense to everybody.

Given the choice, what New Zealander would choose to pay for an ambulance at the bottom of the cliff when we could instead build a fence to prevent the fall? They key is working out where the fences are needed and for who, ascertaining who is best placed to build those fences, and then rigorously testing whether they’re actually preventing the fall.

This is a moral imperative, and it’s also a fiscal one.

The difference to the taxpayer between a life in and out of the prison system and a life spent in productive activity is in excess of a million dollars. More importantly, for the individuals concerned, and their families, it can be the difference between a life of fulfilment and a life of misery.

Thanks to the work started by Bill English we now have a very good idea of where to direct our efforts.

For example, Stats NZ’s Integrated Data Infrastructure research database enables us to identify common factors in the lives of those who interact most frequently with state agencies. The factors themselves won’t come as a surprise to anyone. They include poor education, benefit dependency, multiple admissions to hospital emergency departments, being victims of violence and being perpetrators of violence.

But put the data together and you get a compelling case for targeted intervention. The IDI tells us that a 22-year-old with eight to 10 of these factors is, by the age of 27, 116 times more likely to have a child placed in care, 69 times more likely to have served a prison sentence, 22 times more likely to have been the victim of family violence and five-and-a-half times more likely to have been hospitalised for attempted suicide.

The data is not determinative. Many outstanding New Zealanders have emerged from extremely challenging circumstances and some of those who end up falling foul of our justice system and dependent on welfare come from privileged backgrounds.

But the data does give us a good sense of where to direct the scarce resources of the government. No country can afford to fund every good thing. Every dollar spent comes at the opportunity cost of a dollar spent elsewhere. We must always be working to focus funds where they can have the most profound and enduring impact. The prize for that effort is the most important prize of all: it is a child fulfilling the full human potential with which they entered this world.

There is no shortage of data in government. The challenge we must now address is how we use this this data to practically make a difference to lives.

Social investment approach

In July this year, the Government established the Social Investment Agency to lead, build, and demonstrate a social investment approach.

As a mark of the importance we attach to this work, the agency was established as a central agency. That is because the Government wants to see system change across the public service.

To this end we are asking the public service to think about service delivery in a different way. We are asking for more purposeful thought about how we invest for the New Zealanders in most need. Going beyond the easy platitudes of good intentions and instead moving towards a world of far greater accountability for what results are delivered.

This demands us to think much more purposefully not just about what we want to change but how best to make it happen. We want to see more devolution of power, more clarity about what works for who, and much more space for innovation. In accountant-speak, our focus is shifting from outputs to outcomes. That means asking ourselves the right questions.

First: what are the outcomes we want to achieve? That is a different question from the question that is often asked by governments – ‘what can we give people’. And it is a question that leads to different outcomes.

Second: who needs help? Not ‘how shall we distribute these services that we already have?’ That means putting the needs of the people who need help ahead of the needs of organisations providing services.

Third: what services should be prioritised? Not ‘what shall we add to the service mix?’ That means identifying what is working and, just as importantly, what is not working.

This is one of the most challenging issues governments face because stopping programmes that are not performing well affects the people involved and can be interpreted as an admission of failure.

But, if we are serious about making a difference to the lives of our most vulnerable, we have to be rigorous about directing resources away from initiatives that are not making a difference towards initiatives that are.

Fourth: how do we enable providers to achieve the outcomes we want? Not, ‘how do we manage providers so they do what we want’ but how do we empower them to achieve the outcomes we all want to see?

And fifth and finally: ‘How will we know if what we are doing is working?’ This is a question that is not asked often enough and the failure to do so is at the root of too much inefficiency in our social system.

Drawing on evidence and being clear about the answers to these questions, gives us the best chance of changing lives. It also ensures we get value for the money we spend.

Social outcomes contracts

Another important aspect of social investment is recognising that not all the answers to the challenges we face can be found in Wellington office blocks, or the Beehive, for that matter.

Communities often know what the best solutions for their people are. We need and want to foster genuine partnership between the public service and proven community-based providers.

I’ve heard time and time again from those working with communities that the way the government contracts and commissions programmes is broken.

I know that you too will have received feedback from service users, non-government organisations, iwi, and communities that current contracting arrangements fail to focus on the thing that really matters – whether the service makes a difference for people.

When I talk to and visit providers, they tell me about the multiple overlapping contracts that they have with different agencies who do not seem to be talking to each other.

They tell me about how government ties their hands by requiring specific outputs that prevent them from innovating to provide services more effectively.

They tell me about the time they waste producing reports that don’t seem to inform future conversations and contracting decisions, and the teams of people they have to employ to produce reports that aren’t read.

They tell me about being forced to ‘contract farm’ to secure piecemeal funding across multiple contracts in order to ensure they can stay afloat and serve their communities.

All of this is a drain on their resources which means they have less time to deliver outcomes for vulnerable New Zealanders. They have less time to think creatively and less ability to adapt and flex how they deliver.

Social investment suggests that one of the solutions to these problems is contracting with providers to deliver outcomes rather than outputs.

That means that once contracts have been negotiated, providers can choose how best to achieve the outcomes everyone wants. Outcomes-based contracts allow providers to flex their services around the needs of the people they are working with and to develop new solutions. To move away from a focus on serving the needs of a government department and instead take radical accountability for the results they deliver for the people they serve.

Outcomes-contracting also creates data-rich feedback loops to inform ongoing improvements to service delivery and future contracts.

It requires a conversation and agreement between funders and providers about data. What outcomes will be measured? How will those outcomes be measured? How will providers demonstrate that they are learning what works and doing more of it? How will funders use this data to inform decisions about future investments?

It’s not about elaborate evaluations and literature reviews – it’s about real-time insights into what’s working, what’s not working and what to do next to get the result that matter for the people we serve.

Changing the way that social services are commissioned will be a critical component of the social investment approach.

Therefore, I have asked the Social Investment Agency to lead work with other agencies to develop prototype outcomes contracts to replace the current set of criss-crossing and overlapping outputs-focused contracts. This will provide a blueprint for other commissioners and providers of services to follow.

Contracting in this way has the potential to raise the bar for investment decisions across the public service. Not only does it require agencies to understand the needs of different groups, it requires them to assess the impact of the services they have delivered by measuring and comparing results.

The Government is also progressing work to establish a Social Investment Fund that will directly commission outcomes for vulnerable New Zealanders and work with community, non-government organisations and iwi providers.

The fund will be managed by the Social Investment Agency and will serve as a testing ground for innovation which – when successful – can be applied more broadly to the social sector.

Initially the fund will be small and targeted, but I anticipate it will grow over time and become an increasingly important vehicle for empowering innovation and testing new approaches. My ambition is that the fund will eventually be an effective vehicle not just for Government investment in changing people’s lives, but also as a home for funding from philanthropists, investors and anyone who wants to deploy their money in service of social good.

Not every initiative it funds will be successful, but that is the point of a testing ground, to identify what works and, just as importantly, what does not. Better to fail fast in a test environment and learn from the results than to keep doing the same thing that history has shown does not deliver results.

Conclusion

In conclusion, this is a government that is intent on making a difference. We are not going to keep doing things simply because that is the way they have always been done. We want to make New Zealand a better place for everyone, particularly our most vulnerable citizens.

We know change can be unsettling and we know we are asking a lot of you and your colleagues in the public service.

At the same time that we’re making savings across the public sector, we’re not just asking you to deliver business as usual, we’re challenging you to think and operate differently. For me, wrestling with that reality conjures up a phrase attributed to that great New Zealand pioneer, Ernest Rutherford: We haven’t got the money, so we’ll have to think.

I am confident in your ability to rise to the challenge.

What I am hearing from many public servants is that you welcome the opportunity to think differently about how we tackle some of our biggest and most entrenched challenges.

That does not surprise me. I know the reason most, if not all of you, joined the public service is to serve your fellow New Zealanders and contribute to making New Zealand a better place.

I encourage you to be bold and put forward your best advice. I also encourage you to work as closely and openly as you can with those you are seeking to serve – local decision makers, iwi and Māori providers, as well as the private sector. Central government does not have a monopoly on good ideas.

Together, we have an opportunity to reduce welfare dependency, improve health, raise educational achievement, lower rates of offending and address increasing rates of inequality. Without adding to the spaghetti of bureaucracy.

Let’s seize that opportunity with both hands. Thank you.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI Security: Bank fraud scheme sends Georgia man to federal prison for four years

Source: Office of United States Attorneys

MISSOULA — A federal judge today sentenced a Georgia man to four years in prison, to be followed by five years of supervised release, for a scheme that involved recruiting homeless individuals to cash fraudulent checks at Montana financial institutions, U.S. Attorney Jesse Laslovich said.

The defendant, Akia Demetrius Hills, 30, of Atlanta, Georgia, pleaded guilty in June to bank fraud and aggravated identity theft.

U.S. District Judge Dana L. Christensen presided. The court also ordered $226,500.69 in restitution.

In court documents, the government alleged that Hills and others stole mail and checks, and then fraudulently used the identities of various individuals to cash fraudulent checks throughout Montana financial institutions. On May 10, 2019, Hills and others instructed a man to enter numerous banks to attempt to cash a fraudulent check. Eventually, one bank accepted the fraudulent check, which totaled $6,734. Hills traveled across the country to defraud banks and attempted to use homeless individuals to cash fraudulent checks at banks.

The U.S. Attorney’s Office prosecuted the case. The FBI conducted the investigation.

XXX

MIL Security OSI –

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-Evening Report: Indonesia to offer ‘amnesty’ for West Papuans contesting Jakarta’s rule

The National, PNG

Indonesia will offer amnesty to West Papuans who have contested Jakarta’s sovereignty over the Melanesian region resulting in conflicts and clashes with law enforcement agencies, says Papua New Guinea’s Prime Minister James Marape.

He arrived in Port Moresby on Monday night from Indonesia where he attended the inauguration of President Prabowo Subianto last Sunday.

During his bilateral discussions with the Indonesian President, Marape said Prabowo was “quite frank and open” about the West Papua independence issue.

“This is the first time for me to see openness on West Papua and while it is an Indonesian sovereignty matter, my advice was to give respect to land and their [West Papuans] cultural heritage.

“I commend the offer on amnesty and Papua New Guinea will continue to respect Indonesia’s sovereignty,” Marape said.

“The President also offered a pledge for higher autonomy and a commitment to keep on working on the need for more economic activities and development that the former president [Joko Widodo] has started for West Papua.”

While emphasising that Papua New Guinea had no right to debate Indonesia’s internal sovereignty issues, Marape welcomed that country’s recognition of the West Papuan people, their culture and heritage.

Expanding trade, investment
Marape also reaffirmed his intention to work with Prabowo in expanding trade and investment, especially in business-to-business and people-to-people relations with Indonesia.

The exponential growth of Indonesia’s economy currently sits at nearly US$1.5 trillion (about K5 trillion), with the country aggressively pushing toward First World nation status by 2045.

Papua New Guinea was among nations allocated time for a bilateral meeting with President Subianto after the inauguration.

Republished from The National with permission.

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI United Kingdom: New data laws unveiled to improve public services and boost UK economy by £10 billion

Source: United Kingdom – Executive Government & Departments

New Bill to unlock the secure and effective use of data for the public interest has been introduced into Parliament.

New government Bill will unlock the power of data to grow the economy and improve people’s lives
Measures will free up 1.5 million hours of police time and 140,000 NHS staff hours every year, potentially saving lives
The legislation will also support the creation of a national map of the UK’s underground infrastructure, reducing excavation accidents causing traffic jams and safety hazards on our streets

A new Bill which will harness the enormous power of data to boost the UK economy by £10 billion, and free up millions of police and NHS staff hours has been introduced to Parliament today (Wednesday 23rd October).

The Data Use and Access Bill will unlock the secure and effective use of data for the public interest, without adding pressures to the country’s finances. The measures will be central to delivering three of the five Missions to rebuild Britain, set out by the Prime Minister:

kickstarting economic growth
taking back our streets
and building an NHS fit for the future

Some of its key measures include cutting down on bureaucracy for our police officers, so that they can focus on tackling crime rather than being bogged down by admin, freeing up 1.5 million hours of their time a year. It will also make patients’ data easily transferable across the NHS so that frontline staff can make better informed decisions for patients more quickly, freeing up 140,000 hours of NHS staff time every year, speeding up care and improving patients’ health outcomes.

The better use of data under measures in the Bill will also simplify important tasks such as renting a flat and starting work with trusted ways to verify your identity online, or enabling electronic registration of births and deaths, so that people and businesses can get on with their lives without unnecessary admin.

Vital safeguards will remain in place to track and monitor how personal data is used, giving peace of mind to patients and victims of crime. IT systems in the NHS operate to the highest standards of security and all organisations have governance arrangements in place to ensure the safe, legal storage and use of data.

Technology Secretary Peter Kyle said:

Data is the DNA of modern life and quietly drives every aspect of our society and economy without us even noticing – from our NHS treatments and social interactions to our business and banking transactions.

It has the enormous potential to make our lives better, boosting our National Health Service, cutting costs when we shop, and saving us valuable time.

With laws that help us to use data securely and effectively, this Bill will help us boost the UK’s economy, free up vital time for our front-line workers, and relieve people from unnecessary admin so that they can get on with their lives.

The Bill, delivered by the Department for Science, Innovation, and Technology, has three core objectives: growing the economy, improving UK public services, and making people’s lives easier. The measures will be underpinned by a revamped Information Commissioner’s Office, the UK’s independent authority responsible for regulating data protection and privacy laws, with a new structure and powers of enforcement – ensuring people’s personal data will be protected to high standards.

Improving public services

The Bill will unlock the power of data to relieve front-line workers in the NHS and police forces across the country from bureaucracy and enable them to better serve the public.

Police officers across the country will benefit from measures that will remove unnecessary manual logging requirements whenever accessing personal data to work on a case, for example every time an officer needs to look up a suspect or person of interest on the police database, freeing up to 1.5 million hours of valuable police time for our officers, so that they can be on the streets fighting crime rather than being bogged down by admin. This will help save around £42.8 million in taxpayers’ money every year.

The legislation will also ensure that healthcare information – like a patient’s pre-existing conditions, appointments and tests – can easily be accessed in real time across all NHS trusts, GP surgeries and ambulance services, no matter what IT system they are using. It will require IT suppliers for the health and care sector to ensure their systems meet common standards to enable data sharing across platforms. The measure will free up 140,000 hours in NHS staff time every year, providing quicker care for patients and potentially saving lives.

Health and Social Care Secretary Wes Streeting said:

The NHS is broken, but imagine its enormous potential if each part of the system communicated properly with each other.

That starts with sharing vital medical records between healthcare providers, because it shouldn’t be the patient’s responsibility to join the dots for their doctor.

How can a GP diagnose a problem without knowing about someone’s recent hospital surgery?

This Bill and our Ten Year Health Plan will ensure important data flows safely and securely through the NHS, freeing up staff time and speeding up patient care.

I know people worry about Big Brother, which is why data will only be shared to the most relevant staff and anybody using data must comply with strict security protocols.

Minister for Crime, Policing and Fire, Dame Diana Johnson said:

It is vital police officers are able to dedicate their time to protecting the public on the beat, not in the office.

Freeing up this valuable resource will see more officers out on our streets, making a real difference in fighting and solving crime.

As part of our mission to make streets safer, this government will bring back neighbourhood policing, ensuring thousands of additional police and community officers are out patrolling our towns and communities.

Vin Diwakar, National Director of Transformation at NHS England, said:

This Bill is a significant step in creating a more responsive and efficient healthcare system. As an NHS doctor myself, I know it is vital that NHS staff have quicker access to more accurate and comprehensive data, giving them more face-to-face time with patients who need it most.

These changes will lay the foundations for patient information to flow safely, securely and seamlessly, which will improve clinical outcomes, make decision-making more informed and speed up the delivery of care. By simply using data more efficiently, we can save time and money, and create a modern, digital NHS that continues to improve care for patients.

Growing the economy

The Bill is expected to generate approximately £10 billion towards the UK economy across ten years by legislating on data sharing to generate a host of benefits for both consumers and businesses.

Delivering on a key government manifesto commitment, the Bill will create the right conditions to support the future of open banking and the growth of new smart data schemes, models which allow consumers and businesses who want to safely share information about them with regulated and authorised third parties, to generate personalised market comparisons and financial advice to cut costs.

This will pave the way for the model to expand in sectors such as energy, which could give customers the ability to compare utility prices, find better deals, and reduce their energy use, as well as foster tech innovation and boost competition, which will ultimately grow the UK economy. This potential has already been demonstrated in open banking, where 82 firms alone have raised over £2 billion of private funding and created over 4,800 skilled jobs in the financial year 2022-2023.

The Bill will also help reduce the risk of accidents on underground water and energy pipes and broadband cables, which currently amount to 60,000 every year and cause prolonged disruption of roadworks and access to key amenities like energy and broadband to homes.

The National Underground Asset Register (NUAR) will be put on a statutory footing, mandating that owners of underground infrastructure, such as water companies or telecoms operators, register their assets on the NUAR, which is a complete map of underground pipes and cables.

The use of the Register will mean that companies will know exactly where any underground asset is placed, reducing the risk of accidents on pipes and cables, making construction safer for workers and reducing the disruption – and hazards – caused by holes being dug up in the streets. This will generate approximately £400 million a year, boost construction and tackle accidental damage currently costing the economy £2.4 billion a year.

Davey Stobbart, Water Networks Regional Manager, Northumbrian Water:

Our field crews have found the way information is presented in NUAR to be more useful than anything they have seen or used before. It has reduced the time taken for crews to understand what lies below the ground where they are about to dig.

In the field, we frequently find the precise point of excavation needs to be made not-quite where our office-based planners predicted and previously in this case the job would have been delayed whilst a new plan pack was prepared. Now with NUAR, our crews are simply able to pan and zoom to that point instantly, seeing everything they would have seen on all those individual plans without the back-office cottage industry and without these delays. In fact, they will be seeing more because we’re now able to easily access information from local authorities through NUAR too, such as street lighting, highways gulleys and tree preservation orders all in one place.

We have found NUAR to be a great additional tool in the toolbox to help us reduce the likelihood of high potential utility strikes.

Making people’s lives easier

The rules proposed in the Bill will make Britons’ day-to-day lives easier, by simplifying important tasks such as renting a flat, starting work, or registering births and deaths, so that people and businesses can get on with their lives rather than being bogged down by admin.

The Bill will legislate on digital verification services, meaning companies who provide tools for verifying identities will be able to get certified against the government’s stringent trust framework of standards, and receive a ‘trust mark’ to use as a result. As well as increasing trust in the market, these efficiency gains will boost the UK economy by £4.3 billion over the next decade.

The trust mark will be a new logo to show digital verification services are approved by the new Office for Digital Identities and Attributes (OfDIA) within Department for Science, Innovation and Technology (DSIT).

The Bill will help make sure digital verification services are inclusive, secure and privacy-preserving, and will make it easier for people to know which services they can trust.

The Data Bill will pave the way towards modernising the registration of deaths in England and Wales from a paper-based system to an electronic birth and death register – in turn supporting people at one of the most challenging times in life. The new law will enable registrations, which are required by local authorities, to be carried out over the phone, removing the need for face-to-face registration while retaining that choice.

Access to data for research into online safety

The Bill will also boost the UK’s approach to tackling online harms through a power to create a researcher data access regime.

This will support researchers in accessing data held by online platforms so they can conduct robust and independent research into online safety trends. The move will boost transparency and evidence on the scale of online harms and the measures which are effective in tackling them.

Further details on the specific measures can be found below:

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 300

Published 24 October 2024

MIL OSI United Kingdom –

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 United Kingdom: Northern Ireland’s innovators encouraged to apply for Horizon

Source: United Kingdom – Executive Government & Departments

The best of Northern Ireland’s research and development (R&D) sector will be on display in Lisburn today (Thursday 24 October) as part of a push to support bids for Horizon funding.

Top innovators arrive in Lisburn to share their experience in applying for and receiving Horizon Europe funding in the hope of encouraging more successful bids
Researchers, scientists and businesses based in Northern Ireland get the opportunity to network with potential collaboration partners and receive advice for their Horizon Europe applications.
UK Government pushes more innovators from Northern Ireland to apply for Horizon Europe funding and realise their research ambitions – from new treatments to improved digital infrastructure.

The best of Northern Ireland’s R&D sector will be on display in Lisburn today (Thursday 24 October), as top researchers, scientists and businesses gather under one roof to exchange ideas and network with potential partners for the next successful bids for Horizon Europe funding.

Horizon Europe is the largest research collaboration programme in the world, worth over £80 billion. Through the UK’s association, researchers, innovators and businesses from up and down Northern Ireland can apply for funding grants that will help researchers fund projects across all sectors from health, to clean energy, to digital infrastructure.

Getting backing for their ideas could put the UK at the forefront of the next generation of technologies, which will be the foundations of the jobs and businesses of the future. Over £81 million was awarded to projects in Northern Ireland through its predecessor, Horizon 2020, so we know the opportunities are there.

The roadshow gives researchers and innovative businesses at all stages of their career from Northern Ireland the chance to speak to those who have been through the process of bidding for Horizon funding, gain support for their applications, and connect with likeminded innovators. This will highlight the opportunities available to both public and private sectors wanting to realise their research ambitions.

UK Science Minister, Lord Vallance said:

The discoveries and innovations on display in Lisburn today demonstrate the potential that researchers in Northern Ireland have to make the most of the UK’s association to Horizon. Their ideas are already attracting investment, driving partnerships between some of the brightest minds from Europe, New Zealand, Canada and more.

With more successful bids for Horizon funding, researchers from the public and private sector in Northern Ireland could come up with the solutions we need to kickstart economic growth and improve living standards.

Department for Science, Innovation and Technology Chief Scientific Advisor, Professor Chris Johnson said:

Having made Northern Ireland my home and working at one of its great universities, I know what the brilliant minds here are capable of, and I am pleased to be here today to hear of the ambitious projects that have already been brought to life thanks to funding from Horizon. This roadshow is a great opportunity for researchers, scientists and businesses in the region to hear from innovators who have been through the application process and succeeded.

We want more researchers based in Northern Ireland to seize the benefits of Horizon Europe, to accelerate the discoveries that will boost our economy, and deliver new technologies that will improve all our lives.

A litany of Northern Irish R&D projects received backing through Horizon’s predecessor, Horizon 2020. One example is the EYE-RISK project, a collaborative effort between a group of researchers based at Queen’s University Belfast (QUB) and several leading research centres around Europe to find a cure for Age-Related Macular Degeneration (AMD). AMD is a progressive and currently incurable disease leading to declining sight that progresses to the irreversible loss of vision.

The EYE-RISK team published many milestone papers and reviews, and the project is still considered as a flagship programme in Ophthalmology which focuses on the diagnosis and treatment of eye disorders. The researchers developed a computational model of potential risks, physiological activities, hazards, and the impact of aging on patients with AMD which can serve as the basis for future research initiatives.

Imre Lengyel and Tunde Peto, project leaders for EYE-RISK:

The EYE-RISK project embedded the QUB ophthalmology cluster amongst the leading teams in Europe and gave us a leading edge worldwide. The academics and the early career scientists involved in this project have been given an excellent opportunity to be involved in breakthrough research and develop professional and personal friendships.

An array of speakers from across government, including the Chief Scientific Advisors from both the UK Department of Science, Innovation and Technology (DSIT) and from the Northern Ireland Executive, are attending the roadshow. The roadshow which has been brought together in a collaboration between DSIT, Innovate UK, the Northern Ireland Government and Enterprise Northern Ireland.

Northern Ireland is already playing a big role in tackling the challenges facing the UK today, from driving cybersecurity through to seizing the opportunities of our push towards net zero. Queen’s University Belfast’s Centre for Advanced Sustainable Energy is looking at ways we can build the UK as a net zero superpower, supported by £4.5 million from the Northern Ireland Executive. Grants awarded through the Horizon Europe programme could allow researchers to discover more in this area and ultimately help us protect our planet.

Innovative companies are increasingly making Northern Ireland their home. Recently, ASOS set up a £14 million tech hub that will create over 180 jobs in the coming years.

The roadshow in Northern Ireland is the latest event in a series of roadshows, following 2 previous sessions in Birmingham and Glasgow, building on a range of campaign efforts to get more businesses, researchers and academics to make the most of the benefits we can grasp from our association to the world-leading programme.

Backing the science and technology sectors is a central if we are to achieve the missions of this new government. The discoveries and solutions that researchers bidding for Horizon funding can produce will help us improve the daily lives of people across the UK – from transforming our NHS and transport systems so that they are fit for the future to securing more funding that will help us rebuild our economy.

We know from recent history that the UK can be a leader in this area. We have 4 of the top 10 universities in the world, and the second-highest number of Nobel prize winners. A quarter of projects in which the UK participated, funded through Horizon’s predecessor, were UK led.

Further information, including practical support on how to apply, is available on Innovate UK’s website and UK Research and Innovation (UKRI) also host regular events that help guide businesses and researchers through the opportunities on offer and the application process.

Potential applicants can find Horizon Europe calls (funding opportunities) open to UK-based applicants using the European Commission’s funding and tender opportunities portal. They can apply for Horizon Europe funding through the European Commission’s funding and tenders portal, where the original funding call is found. More information on how to submit applications are available on the European Commission’s website.

NOTES TO EDITORS

The EYE-RISK project aimed to pinpoint who is at risk of developing the condition, and why loss of vision progresses in patients with the disease. This understanding is an important first step towards better diagnosis and treatment of the condition.

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: expert reaction to report on food, diet and obesity from the House of Lords Food, Diet and Obesity Committee

Source: United Kingdom – Executive Government & Departments

October 24, 2024

Scientists comment on a report by the House of Lords Food Diet and Obesity Committee.

Dr Nerys Astbury, Associate Professor – Diet & Obesity, Nuffield Department of Primary Health Care Sciences, University of Oxford, said:

“The House of Lords report concludes that obesity and diet-related disease are a public health emergency. Whilst it’s great to have this acknowledged publicly by such a high-profile report, many, including those of us who work on diet and obesity research believe that this is already well established. However, what is needed are immediate, specific, and measurable actions which have the potential to reduce obesity and diet related disease rates which contribute to ill health and have significant impact on the wider economy.

“The report highlights that between 1992 and 2020, almost 700 policies were proposed by successive governments to tackle obesity in England. Yet the prevalence of obesity continues to rise, as do the rates of many diseases associated with obesity including type 2 diabetes, cardiovascular disease, and certain obesity-related cancers.

“Whilst the report goes some way to suggest several key actions which have the potential to help reduce obesity rates and prevent other diet related diseases, time and political will are needed to envisage these changes. Some of these policies suggested may be unpopular, and there will likely be resistance to making some of these changes, particularly from the food industry who try to resist policies which could impact their profit margins.”

Prof Alex Johnstone, Theme Lead for Nutrition, Obesity and Disease at the Rowett Institute, University of Aberdeen, said:

“I welcome this report from the House Of Lords and the ethos to support preventative strategies as part of healthy weight management in the UK. Our own research on Transforming the UK Food System (TUKFS), funded by UKRI, on food insecurity and obesity, with focus on the retail food sector, supports the priority actions identified, which include strengthening policy and mandatory reporting. As an academic, I particularly welcome opportunity for future funding for more mechanistic research on ultra processed foods impact on health. The food system is complex and encompasses farm to fork, and we should not miss the lived experience of those with obesity. These measures are only the first step to move towards access to healthy and sustainable food for all to reduce the dietary health inequalities in the UK.

“The consultation was wide ranging and actively sought evidence from a wide range of food system stakeholders. I submitted written evidence, both as an individual academic https://committees.parliament.uk/writtenevidence/130634/pdf/as and as part of a UKRI Transforming UK Food Systems research team https://committees.parliament.uk/writtenevidence/130616/pdf/. This process was extensive; the report is transparent, with transcripts of oral evidence also provided. The report does appear to be evidence based, with a balance of actions which also identify knowledge gaps, for example, more funding for more research on UPF, where the evidence is less clear. The actions prioritise changing our food system, or food environment, which is welcome. I would have liked to see more mention of the lived experience from people living with obesity being cited as evidence, and more direct actions on reducing food insecurity for people living with obesity. I would have also liked to see some evidence on how we communicate about overweight and obesity, there is evidence on changing the narrative from body weight to a healthy weight (https://publichealthscotland.scot/news/2023/march/improving-how-we-communicate-about-health-and-obesity-in-scotland/).”

Dr Katie Dalrymple, Lecturer in Nutritional Sciences, King’s College London, said:

“The obesity epidemic presents a major challenge for public health across all stages of the life course. Without effective and evidence-based interventions we will not see a reduction in obesity rates in our lifetime. Those at particular risk of developing obesity are children and young people. The report has highlighted the importance of preconception health of the mother as well as crucial role of the infant and early childhood diet and how they influence food choices. Early years settings and primary schools also offer an opportunity to support children in accessing health food choices. I hope the outcomes of this report result in tangible and effective interventions across this important stage of the lifecourse.”

‘House of Lords Food, Diet and Obesity Committee Report of Session 2024-25, Recipe for health: a plan to fix our broken food system’ was published at 00:01 UK time on Thursday 24 October 2024.

Declared interests

Dr Nerys Astbury: “No conflicts.”

Prof Alex Johnstone: “Current Association for the Study of Obesity Scotland Chair (https://aso.org.uk/scotlandand), has a voluntary position with the British Nutrition Foundation Advisory Group (https://www.nutrition.org.uk/news/prof-alex-johnstone-to-join-british-nutrition-foundation-advisory-committee/). She leads a TUKFS- Transforming UK Food System- FIO Food grant (Food Insecurity in people living with obesity, https://www.abdn.ac.uk/rowett/research/fio-food/index.php).”

Dr Katie Dalrymple: “I have a COI, I worked for Danone Nutricia for 4 years from 2012-2016. This is on my bio on the KCL website: https://www.kcl.ac.uk/people/kathryn-dalrymple.”

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Strengthened Football Governance Bill launched to protect clubs and support fans

Source: United Kingdom – Executive Government & Departments

The Government will take its first step to address the significant issues facing the financial sustainability of elite men’s football in England with the introduction of a strengthened Football Governance Bill in the House of Lords.

New powers in the Bill deliver manifesto commitments and include consulting fans on ticket pricing, home stadium relocations, and fan representation at clubs
Parachute payments included in Regulator’s remit so it will have full oversight to tackle financial sustainability across the football pyramid
Requirement to consider government foreign policy dropped to cement regulator’s full independence

The Government will take its first step to address the significant issues facing the financial sustainability of elite men’s football in England today [Thursday 24 October], with the introduction of a strengthened Football Governance Bill in the House of Lords.

The Bill comes at a critical juncture for English football, following the attempted breakaway European Super League, and a series of high profile cases of clubs being financially mismanaged. In recent years we’ve seen the devastating impact of the collapse of clubs like Bury and Macclesfield. These cases came about as a result of fundamental governance problems in the game that have led to excessive and reckless risk-taking, with many clubs living way beyond their means.

The Bill, which delivers on the Government’s manifesto commitments, will establish an Independent Football Regulator and a new set of rules to protect clubs, empower fans and keep clubs at the heart of their communities.

The Regulator will tackle rogue owners and directors, implement a club licensing regime to help ensure a more consistent approach in how clubs are run, monitor club finances and improve fan engagement throughout the football pyramid – from the Premier League to the National League. It will also have a backstop measure to mediate a fair financial distribution down the Leagues should the Premier League and EFL (English Football League) not be able to come to an agreement.

In major changes to the previous draft of the Football Governance Bill:

The Regulator will now explicitly require clubs to provide ‘effective engagement’ with their supporters on changes to ticket prices, and any proposals to relocate their home ground.
The singular carve out of parachute payments in the previous draft of the Bill has been dropped. The Regulator will now be given the remit to include parachute payments, through the backstop mechanism, when assessing finances across the game. Excluding these payments, would have significantly reduced the ability of the Regulator to take a full view of financial stability and resilience across the football pyramid.
The Regulator will no longer be required to consider government foreign and trade policy when approving club takeovers. The move ensures the Regulator will be fully independent of government and industry.
The Regulator will now have the power to compel clubs to democratically select the fan representatives the club must engage with, rather than clubs making a unilateral decision. This will ensure meaningful engagement with as many supporters of a club as possible.
There is now a clear commitment to do more to improve Equality, Diversity and Inclusion (EDI) within the game. Clubs will now be required to be transparent and publish what action they are taking on EDI as part of reporting against a new Football Club corporate governance code that the regulator will introduce, improving decision making at clubs.

The Government has made it a priority to strengthen the Bill since taking office, ensuring English football remains one of the country’s greatest exports, and places fans back at the heart of the game, so that local clubs in towns and cities continue to thrive for generations.

Culture Secretary Lisa Nandy said:

English football is one of our greatest exports and a source of national pride which this Government wants to see thrive for generations to come.

But for too long, financial instability has meant loyal fans and whole communities have risked losing their cherished clubs as a result of mismanagement and reckless spending.

This Bill seeks to properly redress the balance, putting fans back at the heart of the game, taking on rogue owners and crucially helping to put clubs up and down the country on a sound financial footing.”

Sports Minister Stephanie Peacock said:

Football would be nothing without its fans, and this strengthened Bill will deliver an Independent Regulator that puts them firmly back at the centre of the game.

From protecting club heritage such as shirt colours and badges that mean so much to so many of us, to requiring clubs to consult fans on changes to ticket prices, the Regulator will help make the game the best it can be.

Working side by side with the football authorities, the Regulator will protect clubs and make sure they’re kept at the heart of their communities, where they belong.

Kevin Miles, Chief Executive of the Football Supporters Association said:

Earlier this year 200+ supporters’ groups signed an FSA open letter calling on all parties to get behind a new Football Governance Bill – we’re very pleased the Government has listened and look forward to working with Parliamentarians to ensure the Bill delivers upon its promise.

The FSA was at the heart of 2021’s Fan-Led Review of Football Governance which made a range of recommendations to strengthen the game’s governance – most notably the commitment to introduce an independent regulator.

The regulator has the potential to protect our historic community clubs and stop the being run into-the-ground by bad owners, rebalance the game’s finances, protect the heritage of all clubs, give supporters a bigger say in the running of the game and block any domestic clubs from joining a breakaway European Super League. The FSA wholeheartedly backs its creation.

Dame Tracey Crouch, author Fan Led Review of Football said:

For far too long fans have been at the back of the queue when it comes to their beloved football club. Football means so much to millions of people and I’m grateful the Government is taking action to protect football from the threats of rogue owners and breakaway competitions.

The protections in the new Bill reflect the Fan Led Review’s recommendations that supporters should be placed back at the heart of the game and will have a genuine say on things like ticketing and club heritage.

The Independent Football Regulator will crucially help put clubs on a sustainable financial footing and help secure our national game’s long term future.

Former Manchester United and England player, football pundit and co-owner of Salford City FC Gary Neville said:

Football is undoubtedly one of our country’s greatest assets, but now more than ever we need an independent regulator to act as a guardian for our game, to make sure that clubs and their fans are protected for the long term.

I’ve had the honour of experiencing football as a fan, player, pundit and now as a club co-owner, but I know my role is to act as a temporary custodian of an institution that belongs to its fans and community which will last forever.

Football is too important in this country to be left solely in the hands of individual owners to design its future. We’ve seen inequality across the game grow but now independent regulation can act as a catalyst to create a thriving and sustainable game for future generations.

The new legislation echoes the sentiment from fans on the need for systemic change in football, as set out in Dame Tracey Crouch’s Fan Led Review of Football. While retaining many of the key findings, the Government believes the new Bill builds on these and delivers a stronger independent regulator for men’s elite football in England.

Notes to editors:

The Fan Led Review of Football Governance can be found here.
Parachute payments will be assessed only if the Regulator considers them to be of systemic risk to financial sustainability. The Football Governance Bill will require clubs to continue to be protected from the risks that come with relegation.

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: 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 Economics: Transcript of Fiscal Monitor October 2024 Press Briefing

Source: International Monetary Fund

October 23, 2024

SPEAKERS:
Vitor Gaspar, Director, Fiscal Affairs Department
Era Dabla‑Norris, Deputy Director, Fiscal Affairs Department
Davide Furceri, Division Chief, Fiscal Affairs Department
Tatiana Mossot, Moderator, Senior Communications Officer

The Moderator (Ms. Mossot): Good morning, good afternoon, and good evening to our viewers around the world. I am Tatiana Mossot, the IMF Communications Department, and I will be your host for today’s press briefing on the Annual Meetings 2024 Fiscal Monitor, “Putting a Lead on Public Debt.” I am pleased to introduce this morning the Director of the Fiscal Affairs Department, Vitor Gaspar. He is joined by Era Dabla‑Norris, Deputy Director of the Fiscal Affairs Department, and Davide Furceri, who is the Division Chief of the Fiscal Affairs Department. Good morning, Vitor, Era, Davide.

Before taking your questions, let me kick‑start our briefing by turning to you, Vitor, for your opening remarks. Vitor, the floor is yours.

Mr. Gaspar: Thank you so much, Tatiana. Good morning, everybody. Thank you all for your interest in the Fiscal Monitor, covering fiscal policies all around the world. Deficits are high and global public debt is very high, rising, and risky. Global public debt is projected to go above $100 trillion this year. At the current pace, the global debt‑to‑GDP ratio will approach 100 percent by the end of the decade, rising above the pandemic peak. But the message of high and rising debt masks considerable diversity across countries. I will distinguish three groups.

Public debt is higher and projected to grow faster than pre‑pandemic in about one third of the countries. This includes not only the largest economies, China and the United States, but also other large countries such as Brazil, France, Italy, South Africa, and the United Kingdom, representing in total about 70 percent of global GDP.

In another one third of the countries, public debt is higher but projected to grow slower or decline compared with pre‑pandemic.

In the rest of the world, debt is lower than pre‑pandemic. The Fiscal Monitor makes the case that public debt risks are elevated, and prospects are worse than they look. The Fiscal Monitor presents a novel framework, debt at risk, that illustrates risks around the most likely debt projection at various time horizons. Here we concentrate on the next 3 years.

Our analysis shows that risks to public debt projections are tilted to the upside. In a severe adverse scenario, public debt would be 20 percentage points of GDP above the baseline projection. In most countries, fiscal plans that governments have put in place are insufficient to deliver stable or declining public debt ratios with a high degree of confidence. Additional efforts are necessary. Delaying adjustment is costly and risky. Kicking the can down the road will not do. The time to act is now. The likelihood of a soft landing has increased. Monetary policy has already started to ease in major economies. Unemployment is low in many countries. And, therefore, given these circumstances, most economies are well‑positioned to deal with fiscal adjustment.

But it does matter how it is done. While the specific circumstances depend on—while specifics depend on country circumstances, the Fiscal Monitor and earlier IMF work provide useful pointers. For example, countries should avoid cuts in public investment. This can have severe effects on growth. Good governance and transparency improve the prospects of public understanding and social acceptance of fiscal reforms.

Countries that are sufficiently away from debt distress should adjust in a sustained and gradual way to contain debt vulnerabilities without unnecessary adverse effect on growth and employment. However, in countries in debt distress or at high risk of debt distress, timely and frontloaded decisive action to control public debt or even debt restructuring may be necessary. Everywhere, fiscal policy, as structural policy, can make a substantial contribution to growth and jobs.

What is the bottom line? Public debt is very high, rising, and risky. The time is now to pivot towards a gradual, sustained, and people‑focused fiscal adjustment.

My colleagues and I are ready to answer your questions. Thank you for your attention and interest.

The Moderator (Ms. Mossot): Thank you, Vitor. So, we will open the floor for questions. Thank you.

Question: Good morning, given your findings on the increasing trend of spending across the political spectrum, how do governments then plan to balance the urgent need, as you stated, for investment in critical areas like healthcare and climate adaptation with the risks of what you also stated, overly optimistic debt projections?

Ms. Dabla‑Norris: Thank you, global debt is very high, 100 trillion this year and rising. And debt risks, all the ones you mentioned, are also very elevated. So, policymakers are now facing a fundamental policy trilemma, to maintain debt sustainability, amid very high levels of debt in some countries, to accommodate the spending pressures for climate adaptation, for development goals, for population aging, and at the same time to garner support that is needed for reforms. This is why we are calling for a strategic pivot in public finances for countries to put their public finances in order. And why is this important? Because this can help create room that is needed for the priority spending. It can create fiscal space to combat future shocks that will surely come. And it can also help sustain long‑term growth.

What this means is that for some countries, a very decisive implementation of reforms is needed now, under current plans. For many others, an additional adjustment is required that needs to be gradual but sustained. And yet for others with very high debt levels that are rising, a more frontloaded adjustment will be needed.

These efforts, these fiscal efforts need to be people‑focused, because you want to balance the trade‑off between these measures adversely impacting growth and inequality. So, here it is important to seek to preserve public spending. It is important to seek to preserve social spending. And improving the quality, the composition, the efficiency of government spending can ensure that every dollar that is spent has maximum impact. It creates room for other types of spending without adding to debt pressures.

Mobilizing revenues, setting up broad‑based and fair tax systems can allow countries to collect revenues to meet their spending needs. And this is particularly important in the case of emerging market and developing economies, which have considerable untapped tax potential.

But I think it is also important to note that policymakers need to build the trust that taxpayer’s resources that are being collected will be well‑spent. This is why we are emphasizing strengthening governance, improving fiscal frameworks to build that trust that is needed for reforms.

Ms. Mossot: We will go to this side of the room. The gentleman in the fourth row.

Question: Thank you for doing this. I was wondering if you could please drive us a bit further to the debt‑at‑risk framework. Thank you.

Mr. Furceri: Thank you. The debt risk is a framework that links current macroeconomic, financial, and political conditions to the entire spectrum of the future debt outcomes. So, in some sense it goes beyond the point focus that we typically provide, and it enables economic policymakers to first quantify what are the risks surrounding the debt projections and, second, what are the sources of this risk.

The current framework estimates that in a severely adverse scenario but plausible, debt to GDP could be 20 percentage points higher in the next 3 years than currently projected. Why is this the case? This is because there are risks related to weaker growth, tighter financial conditions, as well as economic and political uncertainty.

Another point that the Fiscal Monitor makes is that beyond this global level, the debt to risk associated to the global level, there is significant heterogeneities across countries. For example, in the case of advanced economies, our estimates of data risk are about 135 percent to GDP by 2026. This is a high level. It is lower than what we observed during the peak of the pandemic, but it is high, and it indeed is even higher than what we observed during the Global Financial Crisis.

In the case of emerging market economies, what we see is that debt risk is increasing even compared to the pandemic and our estimate is about 88 percentage points of GDP.

Summarizing, we think that this is a framework that could be useful to quantify a risk, identify the sources, and then make a response to this risk.

Ms. Mossot: We will take another question in the room before going online.

Question: Thank very much. I would like to know, Vitor, how can fiscal governance be strengthened to ensure long‑term fiscal adjustments, and while at it, what are the risks if fiscal adjustments are delayed, and how would that affect global financial markets? My second question, what lessons can be learned from countries that have successfully managed high debt levels in the past and how can transparency and accountability in public finance be improved to build trust and ensure effective debt management?

Mr. Gaspar: Thank you so much. I will start with the timing. So I have already emphasized that delaying adjustment is costly and risky. You come from Ghana. If you allow me to place your question in the context of the sub‑Saharan Africa more broadly. I would argue that building fiscal space is not only crucial to limit public debt risks, but in many countries in sub‑Saharan Africa, it is key to enable this state to play its full role in development, which is, of course, a very important priority in the region.

You asked about lessons from experience. I would say that fiscal adjustment should be timely. It should be decisive. It should be well‑designed. And it should be effectively communicated. And you have pointers on all of this in the Fiscal Monitor.

You asked a very important question on governance. I would put it together with transparency and accountability. Era has already commented on why it is so important from a political viewpoint, but we have been working in this area for many years. For example, the IMF has a code on fiscal transparency that is extremely interesting. Something that also came up in a seminar that I participated in yesterday is the opportunities afforded by technology to make progress on governance. One of the speakers from India introduced this idea of three Ts that I found very inspiring. The three Ts are technology that is used to promote transparency. And if you have technology and transparency, you should expect to gain trust. And if you have trust, you have the citizens behind the government and, therefore, even willing to pay taxes, not necessarily happily, but in a quasi-voluntary way.

Ms. Mossot: Thank you, Vitor. We have a question from Forbes, Mexico.” I have a question in countries like Mexico where fiscal consolidation is necessary. What are the biggest risks of this consolidation and how could it boost economic growth?” This is a question for Era.

Ms. Dabla‑Norris: So, as we have said more generally, the design of fiscal adjustment is what really matters. And there is a right way to do it, and there are many wrong ways to do it.

In the Fiscal Monitor, we illustrate how countries can undertake fiscal adjustment in a way that is what we call people focused. By that I mean, we want to trade off the negative impacts of the adjustment on growth and on inequality. And we do this by looking at different types of fiscal instruments. And different instruments have very different impacts. So, for example, progressive taxes have a very different impact on consumption and incentives to work and save as compared to other types of taxation.

Similarly, cutting public investment has both negative short‑run effects on growth and wages, as well as more medium‑term impacts on growth. Cutting regressive energy subsidies similarly have much less of a deleterious impact on income and the consumption of the poor.

So depending upon the country context, depending upon whether there is scope to raise revenues in non‑distortionary ways, depending upon the nature and the composition of public spending, there are ways for countries to do fiscal adjustment in a manner that is growth‑friendly and people‑friendly.

Ms. Mossot: So, the last one we have from online is for you, Davide. “The report suggests that low‑income development countries should build tax capacity and improve spending efficiency. Given the high levels of debt and limited resources in these countries, how realistic are these recommendations without substantial international financial support?”

Mr. Furceri: Indeed, many developing countries face significant pressing spending needs. For sustained development goals, to achieve climate goals, our estimate in the previous Fiscal Monitor suggests that the envelope of these spending needs could be as much as high as 16 percent of GDP.

So, in this context, one important policy action is to increase revenue through revenue mobilization. Now, it is important that this revenue mobilization strategy is guided by the principle that make the tax system more efficient, more equitable, and more progressive. So policies could be, for example, to reduce informalities, broaden the tax base, increase efficiency in revenue collections, as well as progressivity.

In the report, we also make the point that improving fiscal institutions, as also Era mentioned, is key to garner public support and to make sure that the debt system is indeed efficient.

There is also policy on the spending side, improving the quality, the composition, and the efficiency spending to make sure that each dollar spent is well spent, is spent on the key priority areas, and maximizing it.

Now, there are countries that will need help. The IMF as in the past years and as always has provided significant advice to countries from policy support, policy advice but also financing support. Just to give a number, over the past 4 years, about $60 billion of funding has been provided to African economies to help their challenge. And important, the IMF is also providing a variety of capacity development to support, including exactly in this area, for example, increase Public Finance Management, improve taxation, revenue mobilization, as well as a new area that are developing that are becoming more and more important, such as climate change.

The Moderator (Ms. Mossot): Thank you. The gentleman with his book in the hand.

Question: Thank you. You mentioned in the report that developed economies, including the United Kingdom, face risks if they do not bring debt down. We have a budget next week. Perhaps you could tell us what are those risks if the U.K. does not address its debt position quickly?

Mr. Gaspar: So, when we think about the United Kingdom, the United Kingdom is one of the countries that I listed where debt is substantially higher than it was projected pre‑pandemic. It is also one of the countries where debt is projected to increase over time, albeit at a declining pace.

If I were to give you my concern about the U.K., I would use what Kristalina Georgieva, the Managing Director of the Fund, emphasizes a theme through these Annual Meetings, the combination of high debt and low growth. For the case of the United Kingdom, I would put it as follows. The United Kingdom is living with interest rates that are close to U.S. interest rates, but it is also living with growth rates that are not close to U.S. growth rates. And that leads to a theme that has been amply debated in the United Kingdom, which is the importance of public investment.

In the United Kingdom, as in many other advanced economies, public investment as a percentage of GDP has been trending down. And given challenges associated with the energy transition, new technologies, technological innovation, and much else, public investment is badly needed. The Fiscal Monitor emphasizes that public investment should be protected in the framework of a set of rules and budgetary procedures that foster sound macroeconomic performance. The fact that that debate is very much at the center of the debate in the United Kingdom right now is very much welcome.

Ms. Mossot: We will take another question on this side. The lady in green.

Question: Thank you. After 3 years of consolidation, fiscal deficits are widening in the western Balkans. The public expenditures are increasing but more on social debt—more on social spendings than on capital spendings. How do you evaluate the economic situation in this region?

Ms. Dabla‑Norris: So, in western Balkans as a whole, growth has picked up since 2023, although there are differences across countries. For example, in North Macedonia, growth is projected to be 2.2 percent in 2024, down from 2.7 percent in 2023. But for the region, the growth momentum is expected to continue in 2025.

Now, when it comes to inflation, we see that headline inflation continues to ease throughout the region, but core inflation remains stubbornly high in some countries.

In terms of fiscal and debt, the differential—the interest and growth differential for the region is projected to remain negative over the medium term. And this is a good thing because it is favorable to debt dynamics, but this gap is closing. It is narrowing over time.

So, what is important at this juncture for these countries is to sustainably lift their growth prospects. And the IMF has spoken at length about the importance of structural and fiscal structural reforms that are needed to improve the composition of spending, to lift public investment sustainably and to undertake the labor and product market reforms that are required to sustainably boost productivity.

Ms. Mossot: Thank you. Back to the center of the room.

Question: Thanks for taking my question. I wanted to ask about France. Do you believe that the French government’s plans to return to a budget deficit of less than 3 percent by 2029 is realistic, given the size of the deficit you project for France this year?

Mr. Gaspar: So, when it comes to France, we have a country that is also in the group of countries where debt is considerably higher than pre‑pandemic. At this point in time, in our projections, the debt‑to‑GDP ratio in France is projected to increase by about 2 percentage points every year. So, given this path, we recommend in the case of France not only fiscal adjustment but fiscal adjustment that is appropriately frontloaded to enable France to credibly put public debt under control and inside the European framework.

That is completely in line with our general recommendation because the European framework allows for a country‑specific path. It allows for risks to be considered. It allows for the impact of the investment and structural reform to be internalized through an adjustment period that varies, according to cases, from 5 to 7 years.

We do believe that the government in France has presented ideas, proposals that move in the right direction, but we are waiting for more clarity coming from actual enacted measures in France.

Ms. Mossot: Another one here, the lady in blue there.

Question: Thank you. May I have an insight about public debt in Tunisia and reasons beyond not mentioning it in your report? Thank you.

Mr. Furceri: For the specific numbers for Tunisia, I would defer to the regional press briefs that is coming in the coming days. What I would like to point out, that one of the challenges that we see in many countries in North Africa, it also relates with the untargeted subsidies. And one point that we make in the report is that, also as Era mentioned, that when you think about how to recalibrate spending, it is important to preserve public investment. It is important to present targeted transfers for those that are most vulnerable, and to recalibrate the spending, for example, from away from high wage compensation when this is not the case, and untargeted subsidies.

Ms. Mossot: Thank you. This side, second row, the gentleman.

Question: I just had a question about the U.S. election. As you know, both candidates are offering many tax breaks, no taxes on tips, no tax on social security on the Trump side. These would add to the deficit of the U.S. on the Trump side as much as $7 and a half trillion over 10 years. Some estimates more than 10 trillion. Kamala Harris’ plans would call for less debt because she would raise taxes in some cases. But I am just wondering, the worse‑case scenario, how concerned are you about the amount of debt that the U.S. could be adding here? It seems to be the opposite of what the IMF has been recommending for a long time. Do you have concerns about financial markets taking matters into their own hands and imposing some discipline?

Mr. Gaspar: Thanks, I am clearly not commenting on specific elections or political platforms, but I point to you that the Fiscal Monitor in the spring was dedicated to the great election year, and there we do make a number of comments about the relevance of politics for fiscal policy. And Era, has very interesting research where she documents that political platforms on the left and on the right all around the world have turned in favor of fiscal support and fiscal expansion. And that makes the job of the Ministers of Finance around the world and the Secretary of Treasury here in the United States a particularly demanding job, but Era may want to comment on that.

When it comes to the United States, the United States is one of the largest economies where it is a fact that debt is considerably above what it was pre‑pandemic. It is growing at about 2 percentage points of GDP every year. And so from that viewpoint, this path of debt cannot continue forever. We do believe that the situation in the United States is sustainable because the policymakers in the United States have access to many combinations of policy instruments that enable them to put the path of public debt under control. And they will do that at a time and with the composition of their choosing. The decision lies with the U.S. political system.

Now, it is very important to understand that the United States is now in a very favorable economic and financial situation. Financing conditions are easing in the United States. The Fed has already started its policy pivot. The growth in the United States has been outperforming that of other advanced economies. The labor market in the United States shows indicators that are the envy of many other countries. And so the prescription that the time to adjust is now applies to the United States. It turns out that the Fiscal Monitor also documents that the United States is very important for the determination of global financial conditions and, therefore, adjustment in the United States is not only good for the United States, it is good also for the rest of the world.

Ms. Mossot: Back to the center of the room. The lady with the red shirt, please.

Question: My question is, whether you can comment on China’s recent stimulus package and as you mentioned in the opening, it seems that the largest economies, including China and the United States, is projected to keep raising its public debt, so I wonder how you are going to comment on the fiscal implication of the stimulus package, and do you have any other specific fiscal policy for China? Thank you.

Mr. Gaspar: Thank you for your question. China is very important. China is one of the largest economies that I listed. The other is the United States. For China and for the United States, we say the same. Debt is growing. Debt is growing rapidly. That process cannot continue forever, but China, as the United States, has ample policy space. And so it has the means to put public debt in China under control with the policy composition and the timing that will be the choice of the Chinese political system.

If I were to say what is most important for me for China, I would say four things. The first one is that fiscal policy, as structural policy, should contribute to the rebalancing of the Chinese economy in the sense of changing the composition of demand from exports to domestic demand. It is very important that the very high savings ratio in China diminishes so that Chinese households will be able to consume more and feel safe doing that. Making the social safety net in China wider would be a structural way of doing exactly that.

The second aspect is to act decisively to end financial misallocations associated with the property sector crisis, the real estate crisis. That is very important to stabilize the situation in China but also to build confidence, which would help with the first dimension that I pointed out as well.

Now, third, very much in the province of public finances, this is very important to address public finance imbalances and vulnerabilities at the sub‑national level. And now, there are sub‑national governments in China that are struggling with financial conditions—financial constraints, and it is very important to remove those constraints, and, again, is linked to my second point.

Fourth and last, it is very important that fiscal policy, as structural policy, promotes the transition to a new growth model in China, a model based on technological innovation, a model that supports the structural transformation towards a green economy. And my understanding is that this fourth element has been emphasized by the political authorities in China at the highest level.

Ms. Mossot: Thank you. Back to this side of the room.

Question: As already mentioned, a novel assessment framework debt that is at risk varies from country to country. Please, could you provide me details, which risks are more important and more dangerous for Ukrainian debt? And one more related question. It is that you give advice for emerging markets to increase indirect taxes for revenue mobilization. And in the case of Ukraine, when we recently already increased our taxes, for example, war tax and tax for banks’ profits, which recommendations you can give us in our situation and the worse circumstances, and maybe there are other instruments despite tax increasing.

Ms. Dabla‑Norris: Thank you. The debt‑at‑risk framework that has been presented in the Fiscal Monitor includes 70 countries, but we do not identify or quantify the debt at risk for all individual countries. Now, that said, the framework, as Davide mentions, shows that factors such as weak growth, tighter financial conditions, geopolitical uncertainty, or policy uncertainty can all add to future debt risks. This applies to Ukraine as it does to many other countries. And in the case of Ukraine particularly, the outlook, as you know, remains exceptionally uncertain.

So, in terms of priorities, we believe that the authorities need to continue to restore debt sustainability. And in this regard, there is two important aspects. The first is to complete the restructuring of external commercial debt in line with program commitments. And the second is to really redouble efforts on domestic revenue mobilization and to accelerate the implementation of their national revenue strategy. Now, what is important here is the strategy is not only about aiming to raise revenues, mobilize revenues, but to fundamentally change the tax system. The strategy aims to reduce tax evasion, tax avoidance, to improve tax compliance, and more broadly enhance the fairness and equity of the tax system. And the IMF has long advocated for countries that it is not about raising rates. It is about broadening the base and making tax systems as fair and equitable as possible.

Ms. Mossot: Back to this side. The gentleman on the second row.

Question: I just want to ask a couple of questions, blended into one. In July, the IMF released calculations showing that the U.K. budget balance, excluding interest payments, would need to improve by between .8 and 1.4 percentage points of GDP per year to get debt under control, an adjustment of 22 to 39 billion pounds. Since then, we know that the Treasury has carried out an audit and discovered over‑spends it was not aware of, and the government has made decisions on things like public sector pay. So my question to you is, how has that changed the calculations you made in July? You talked about the importance of people‑focused adjustments. Would an increase in employer national insurance contributions be people‑friendly and growth‑friendly in your view?

Mr. Gaspar: Thank you so much. So, your questions are very detailed and very specific, and so I am not in a position to comment on them at this point in time. Concerning the U.K., we believe it is very important to bring public debt under control. It is very important to control for public debt risks. In the Fiscal Monitor, we actually make the point that the risks that one should take into account when conducting a prudent fiscal policy go beyond the reference to the baseline that you made. So we believe that it is possible to make a stronger case for fiscal prudence than what was implicit in your question.

Still, it is important how the adjustment is made, and Era has emphasized very much the importance of being people‑friendly. And we, all of us, have emphasized the important contribution of public investment. And there you do have specific estimates for the U.K., impacts of public investment on economic activity and growth from the Office of Budget’s responsibility. I do not know if you want to add something.

Ms. Dabla‑Norris: No. Just to say that there are important tradeoffs, not just for the U.K., but for many countries, and there may be certain short‑term measures that see or appear to be less people‑friendly but that they improve the sustainability of the system for future generations. So there is an intertemporal aspect of this, referring to fiscal policy, that we often forget. So, pension systems, health systems, the sustainability, the fiscal sustainability of the system also matters for people because it is going to impact different generations in a different way.

Ms. Mossot: The very last question.

Question: Thank you. I would like to ask, what are the prescriptions on how developing countries can put their public debt in order, especially sub‑Saharan Africa? And, for example, Nigeria now and many other countries in Africa, their public debt has ballooned because of exchange rates devaluation. So what are your prescriptions? You also mentioned the tax systems should be friendly. In Africa, we are not seeing tax systems as being friendly now because a lot of people, they say, okay, why did not the tax base broaden? How much can you broaden since you have a lot of poor people? So, what kinds of tradeoffs do you do when incomes and people are also squeezed?

The last one is from the report. $100 trillion of global debt. How much of that is from developing economies? Thank you.

Mr. Furceri: Thank you very much. The challenges that Nigeria faces, as well as many other countries in the region, there are two. One is very low revenue‑to‑GDP ratio. For example, I believe that in the case of Nigeria it is about 10 percentage points. The second, one trend that we have seen, that we are a bit concerned, is that the ratio—the debt service obligation to revenue has been increasing. So for the average low‑income country, it is about 15 percent. What does it mean? It means that basically a large part of revenue in these countries goes to just finance the debt. And this is something that we would recommend to improve, or we can improve as we mentioned revenue mobilization. We think that it is important. It is important to broaden the tax base. But at the same time, and especially in countries like Nigeria that have been severely affected by the drought, we have seen also higher food price, it is important to put in place ex ante system and mechanisms that are transfer resources from the government to those that are most affected and those that are poor.

Ms. Mossot: Thank you very much. We have to close this session. Thank you again Era, Davide, and Vitor. You can find the full report of the Fiscal Monitor on the IMF website and also a reminder that there is tomorrow at 8:00 a.m. the Managing Director’s press conference. Thank you, all.

IMF Communications Department

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MIL OSI Economics –

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
Entirely led and staffed by First Nations Australians, the Department funds drama, documentary and children’s content across all platforms. The Department also identifies emerging First Nations talent, advocates for representation and funds skills development and career escalation opportunities. For more information on the First Nations Department and funding available, click here.
Screen Australia is expanding the First Nations Department and is recruiting for the new position of Director of First Nations. This is to align with the Agency’s commitment to supporting authentic First Nations screen stories, to further champion industry practitioners and build opportunities for growth and visibility. For more information about the role, click here.
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MIL OSI News –

January 25, 2025

MIL-OSI Australia: TV interview, ABC News Breakfast with Bridget Brennan

Source: Australian Government – Minister of Foreign Affairs

Bridget Brennan, Host: Australia is expected to face added pressure to end fossil fuel exports and go further on climate action at the Commonwealth Heads of Government Meeting in Samoa, which officially kicks off today.

The Prime Minister is attending along with the Foreign Minister, Penny Wong, who joins us from the capital, Apia. Good morning to you, Penny Wong.

Penny Wong, Foreign Minister: Good morning, good to be with you. I am here in Samoa, and I’m afraid it’s quite wet and windy.

Brennan: Oh, is it? Oh, well, not a bad place to be despite the rain. What’s on the agenda there in Samoa?

Foreign Minister: Well, as you know, this is the first time the Commonwealth Heads of Government Meeting has been held in a Pacific Island country. So obviously that is a big deal, it’s a big deal for Samoa, it’s a big deal for the Pacific, and it’s why we’re so focused on backing in Samoa’s priorities, which are particularly looking at oceans, but also making sure we work with others to explore the benefit that is the Commonwealth; 56 nations, 2.7 billion people, and importantly, the majority of Small Island States are members of the Commonwealth.

So, it’s a great opportunity for Australia to work in partnership with countries around the world.

Brennan: Well, that’s right. King Charles himself will get a look at the sea level rise and what’s happened with the warming ocean there, I believe, today.

These nations are so susceptible to climate change, it’s a very matter of survival. You must be cognisant that they’re pressing Australia to end fossil fuel exports. Are we listening?

Foreign Minister: Well, look, I have spent the last two and a half years or two and a bit years travelling through the Pacific. I’ve visited every Pacific Island Forum member, I am acutely aware, as is the Prime Minister and our whole Government, of what climate change is here in the Pacific.

You know, you might recall Peter Dutton made a joke about water lapping at people’s doors. Well, we are with them, working with them on how we increase climate resilience, climate adaptation. We have the groundbreaking treaty with Tuvalu which enables mobility with dignity, and also, we have legislated very ambitious targets.

Brennan: So then how do we explain our decision to enable the expansion of coal mines, for example, to countries where they’re seeing the water rising very quickly?

Foreign Minister: Well, it is the case that we have to transition our economy, and we will do that; we are doing that. That is a big task. When we came to government, I think some 30 per cent of our electricity was from renewable sources, and obviously our target is 82 per cent by 2030. That’s a very big turnaround, and we’re well on the way to doing that.

But I would make this point: the whole world needs to work to reduce our emissions. The majority of new, the vast majority of new coalfired power is in developing countries, as it is in China. Australia has to reduce its emissions, but the whole world, if we are going to combat sea level rise, temperature rising, the whole world will have to peak and reduce emissions.

Brennan: Will gender equality and violence against women be on the agenda, because that’s also a really pressing issue for a lot of these nations, and it’s a pressing issue for our nation as well, Penny Wong.

Foreign Minister: It’s a pressing issue everywhere, and thank you for asking the question, because it is increasingly a part of our international development work. It is obviously a big focus, rightly, in Australia. We have a responsibility to try and reduce the unacceptable levels of violence against women and girls domestically, but also in the world, and we are focusing a lot more of our development assistance on women and girls.

As I have spoken at the UN about it, and I’ll be speaking here at the Commonwealth Heads of Government Meeting too, so country can achieve its full potential if it leaves behind 50 per cent of its population. So, this is an equity issue, this is an ethical issue, but it’s also a development issue. No country will achieve its full development unless it ensures it brings all of its people, including women and girls, to that task.

Brennan: I’m sure you know the UN is gravely concerned about displacement in Northern Gaza, the lack of aid going to civilians in that area and attacks on civilian infrastructure. What is our message to Israel about what’s unfolding in Northern Gaza right now?

Foreign Minister: Well, our message is as it has been for months now; we support a ceasefire in Gaza. We have for 10 months now, and we support the United States Secretary of State, Blinken, in his efforts to broker that ceasefire, which the United States, Australia and others has been calling for, for some time.

Brennan: Senator, do you think it was appropriate for Senator Lidia Thorpe to pledge allegiance to the sovereign’s “hairs” and not heirs, and is there anything the Government is considering around the response to this revelation?

Foreign Minister: Look, it was an unusual thing for her to come out and say, I have to say. You know, we’re all part of an institution, that is the Parliament and our democracy, and within that, we have very different views. I don’t share many views with some of the people on the other side of the Parliament, but we are all part of the same institution, a very important institution and our democracy, and that is the Australian Parliament, and, I think it’s a matter for Senator Thorpe to reflect on, the institution of which she is a part and how she wishes to play her role in that institution.

Brennan: All right. Well, we hope it’s a successful summit there in Samoa. Penny Wong, thanks for your time.

Foreign Minister: Really good to speak with you. Thanks for having me.

MIL OSI News –

January 25, 2025

MIL-OSI: ACAMS Announces Hong Kong Scholarship Recipients for the Certified Global Sanctions Specialist (CGSS) Certification

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Oct. 24, 2024 (GLOBE NEWSWIRE) — ACAMS, a leading global membership organization dedicated to the fight against illicit finance, in partnership with the ACAMS Hong Kong Chapter, is pleased to announce the recipients of its CGSS scholarship program for Hong Kong permanent residents. The program aims to cultivate local talent in sanctions compliance, arming them with the expertise, resources and peer support to excel in their careers and reinforce AFC efforts in Asia.

This initiative is timely as Hong Kong navigates the evolving sanctions landscape, requiring compliance professionals with advanced skills and up-to-date knowledge.

Five AFC professionals who are permanent residents of Hong Kong and work in sanctions functions or at financial institutions were awarded:

CGSS exam package, including all study materials;
Virtual classroom;
One-year ACAMS membership.

The latest CGSS certification program features up-to-date, real-world case studies and a flexible modular format to support practical learning for busy professionals. CGSS-certified individuals are equipped with specialized skills to better manage sanctions risk, establish an effective sanctions compliance program and demonstrate compliance with constantly evolving regulatory requirements.

“We are delighted to support these talented individuals as they advance their careers and amplify anti-financial crime efforts in Hong Kong and the region,” said Neil Sternthal, ACAMS CEO. “The modular format of the Certified Global Sanctions Specialist (CGSS) certification is specifically designed to accommodate the demanding schedules of AFC professionals while ensuring they receive targeted training to effectively combat financial crime.”

Moray Taylor-Smith and Ajay Budhrani, Co-Chairs of the Hong Kong Chapter, added: “The financial crime landscape is increasingly complex, particularly with the rise of digital assets, sophisticated laundering schemes and evolving sanctions regimes. By investing in motivated and capable talent through this scholarship, we are strengthening the region’s defenses and empowering the next generation of AFC leaders to make a significant impact.”

Scholarship submissions were reviewed by a select panel of judges: Moray Taylor-Smith, Hong Kong Chapter Co-Chair and Executive Director of Security, Integrity and Information Security, The Hong Kong Jockey Club; Jude Jung, Consultant of AFC Solutions, ACAMS for the Republic of Korea; Justin Lam, Head of Transaction and Fraud Monitoring, a retail bank in Hong Kong; and Tony Tse T F, Chief Inspector, Hong Kong Police Force.

More details about the scholarship recipients and judges are available here.

Find out more about the ACAMS Scholarship initiative here.

About ACAMS®

ACAMS is a leading international membership organization dedicated to providing opportunities for anti-financial crime education, best practices, and peer-to-peer networking to AFC professionals globally. With over 110,000 members across 200+ jurisdictions and territories, ACAMS is committed to the mission of ending financial crime through the provision of anti-money laundering/counterterrorism-financing and sanctions knowledge-sharing, thought leadership, risk-mitigation services, ESG initiatives, and platforms for public-private dialogue. The association’s CAMS certification is the gold-standard qualification for AFC professionals, while its CGSS and CCAS certifications are for sanctions professionals and AFC practitioners working in the crypto space, respectively. ACAMS’ 60+ Chapters globally further amplify the association’s mission through training and networking initiatives. Visit acams.org for more information.

About the CGSS Certification

Developed for professionals with 18 months to two years of experience in financial crime compliance, the CGSS certification helps them demonstrate the knowledge necessary to manage risks related to sanctions and ensure greater sanctions compliance. CGSS has been developed with active input from a cohort of recognized sanctions and AFC subject matter experts, including those from regulatory and law enforcement backgrounds. CGSS answers the need for an in-depth training program in sanctions compliance, to help industry professionals better respond to the current challenges. It can be deployed to teams globally, ensuring they are trained against the same standards and their specialized knowledge is formally recognized. CGSS-certified teams enable organizations to better manage sanctions risk, establish an effective sanctions compliance program and demonstrate compliance with constantly evolving regulatory requirements.

About the ACAMS Hong Kong Chapter

The ACAMS Hong Kong Chapter was founded in March 2012 to facilitate cooperation between private and public sector professionals in deterring financial crime. The Chapter’s mission is to strive for excellence in preventing money laundering and the financing of terrorism, by creating a forum in Hong Kong and Asia for training and the exchange of ideas within the financial services community. In 2021, it won the title of “ACAMS Chapter of the Year.”

Find out more about the ACAMS Hong Kong Chapter here.

Media Contact:
Rose Dahlan
rdahlan@acams.org

The MIL Network –

January 25, 2025

MIL-OSI China: China establishes internationally competitive new energy industry chain

Source: China State Council Information Office

China has established a complete new energy industry chain which is internationally competitive and provides more than 80 percent of global photovoltaic components and 70 percent of the world’s wind power equipment, an energy official said Wednesday.

Over the past decade, China has been key in lowering the average cost per kilowatt-hour of global wind and photovoltaic power generation projects, which have seen decreases of more than 60 percent and 80 percent, respectively, Zhang Jianhua, head of the National Energy Administration, said at a meeting in Qingdao, east China’s Shandong Province.

China’s wind and photovoltaic products have reached over 200 countries and regions worldwide — not only enriching global supply but also making outstanding contributions to green energy transition and the stability of the global energy market, Zhang added.

By the end of 2023, China’s installed capacity of wind and photovoltaic power had increased tenfold compared to a decade earlier, while the proportion of clean energy consumption in total energy consumption had risen from 15.5 percent to 26.4 percent.

Energy ministers from Belt and Road countries, ambassadors to China, and leaders of major domestic energy enterprises and financial institutions attended the meeting, engaging in discussions on topics such as energy transition and energy security, new energy storage, and advanced nuclear power technologies.

MIL OSI China News –

January 25, 2025

MIL-OSI China: Apple CEO pledges to increase investment in China

Source: China State Council Information Office

Apple CEO Tim Cook on Wednesday pledged to increase investment in China during his Beijing visit, which analysts believe highlights the importance of the Chinese market to the American tech giant.

In his second trip to the Chinese mainland this year, Cook met with China’s Minister of Industry and Information Technology Jin Zhuanglong on Wednesday, discussing topics including Apple’s development in China, online data security management and cloud services.

Cook said Apple is keen to seize the opportunities presented by China’s opening up and will continue to increase its investment in the country, thus contributing to the high-quality development of the industrial and supply chains.

On Tuesday, Cook met with Yang Jie, chairman of telecom giant China Mobile. The two sides exchanged views on further advancing cooperation in 5G applications, music and VR videos, building on existing cooperative programs in areas such as digital content, according to a China Mobile statement.

Cook also met with Chinese college students at a “science and technology backyard” in Beijing’s Shunyi District to learn how they are using Apple devices to help farmers adopt more efficient and sustainable practices.

In August 2023, the China Foundation for Rural Development set up a project to help “science and technology backyards” with social support. Apple was the first company to support the project.

Li Huimin, a student at China Agricultural University, and her research team have been developing an iOS app to provide extreme weather alerts, pest identification and pest warnings to raise fruit yields.

The app has been approved for testing and will be available after further improvements.

“The projects I just saw are amazing, and the students I met today are really motivated to make a positive impact for rural communities. I loved seeing how they’re using technology to help farmers increase production,” Cook said.

Chinese developers have thrived on the App Store. In 2022, roughly as in previous years, China accounted for 51 percent of the billings and sales facilitated by the App Store ecosystem, according to a study by Analysis Group.

During his Beijing trip, Cook also visited an Apple retail store in downtown Beijing, and met with developers at Chinese gaming company Gala Sports.

In his visit to Shanghai in March, Cook reiterated the company’s long-term commitment to the Chinese market when he opened Apple’s biggest retail store on the Chinese mainland.

“There’s no supply chain in the world that’s more critical to us than China,” Cook said, noting that Apple will strengthen its long-term cooperation with its Chinese supply chain partners and work closely with them on green and smart manufacturing to achieve win-win results.

His visit reflects Apple’s emphasis on the Chinese market and the company’s market strategy of combining local characteristics with global thinking, said Wu Shu, founding partner of Beijing-based Potential Capital.

“This may be regarded as Apple’s enhanced emphasis on the Chinese market, reflecting the strong magnetism of the Chinese market,” Wu said.

Apple’s new iPhone 16 lineup is off to a strong start on the Chinese market, with sales up 20 percent in the first three weeks after launch compared with the iPhone 15 series in 2023, data from market research firm Counterpoint Research showed.

As China’s “Double 11” online shopping event approaches, electronic items, along with other products, are expected to experience a surge in sales.

With the introduction of a host of incremental policies, China’s economy continues to show resilience and remains an attractive destination for foreign investment, Wu said. China’s opening-up policy and large market provide important opportunities for enterprises from all over the world, including the United States, he added.

MIL OSI China 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 Security: Wilsonville Woman Sentenced to Federal Prison for Laundering More than $4.6 Million in Drug Proceeds

Source: Office of United States Attorneys

PORTLAND, Ore.—A Wilsonville, Oregon woman was sentenced to federal prison today for laundering millions of dollars in drug proceeds as the chief money launderer for a drug trafficking organization operating in the Pacific Northwest and California.

Jacqueline Paola Rodriguez Barrientos, 44, was sentenced to 57 months in federal prison and three years’ supervised release.

“We thank the coordinated efforts of our federal, state, and local law enforcement partners actively combatting these drug trafficking organizations and the damage they inflict on our communities,” said Natalie Wight, U.S. Attorney for the District of Oregon.

“While people like Ms. Rodriguez Barrientos conceal the profits of drug enterprises, the losses fall on far too many Americans and their families,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “We will continue doing our part to expose the finances of criminal organizations.”

According to court documents, beginning in fall 2021, special agents from the U.S. Drug Enforcement Administration (DEA) in Portland began investigating a drug trafficking organization suspected of transporting counterfeit oxycodone pills containing fentanyl and heroin from California into Oregon and Washington State for distribution.

A parallel financial investigation led by IRS Criminal Investigation (IRS:CI) revealed that Barrientos laundered money generated by the drug trafficking organization through the Mazatlán Beauty Salon in Tualatin, Oregon and by buying real estate that she converted into income-generating rentals. The real estate purchases were made with cashier’s checks funded by large cash deposits. Currency Transaction Reports generated by several banks showed that Barrientos made frequent cash deposits ranging from $10,000 to more than $373,000 into accounts held in her name or the name of her salon. These deposits totaled more than $3.5 million during a 9-month period in 2021.

Since February 2021, members of the drug trafficking organization also purchased a total of nine residential properties in Oregon, Washington and Nevada with an estimated total value of more than $4.6 million. All nine properties were purchased outright with no mortgages. Barrientos used laundered funds to purchase eight of these properties. She then used third-party property management companies to rent these properties and received approximately $10,000 per month in rental income.

On February 17, 2022, DEA agents arrested Barrientos and an associate at their Las Vegas residence. Agents found and seized two luxury vehicles, several loose receipts documenting high-end retail purchases, credit card statements documenting more than $16,000 spent on tickets to attend a professional boxing match, and other evidence memorializing the couple’s high-end lifestyle.

On February 9, 2022, a federal grand jury in Portland returned an indictment charging Barrientos with conspiracy to launder drug proceeds. She pleaded guilty on July 31, 2024.

Barrientos has agreed to forfeiture of the properties purchased with criminal proceeds as part of the resolution of her case. Some of the properties have been sold by the government; others are pending forfeiture and sale. The proceeds of forfeited assets are deposited in the Justice Department’s Assets Forfeiture Fund (AFF) and used to restore funds to crime victims and for a variety of other law enforcement purposes. To learn more about the AFF, please visit: https://www.justice.gov/afp/assets-forfeiture-fund-aff.

This case was investigated by DEA with assistance from the FBI, Homeland Security Investigations (HSI), IRS:CI, Tigard Police Department, and Oregon State Police. It is being prosecuted by Peter D. Sax, Assistant U.S. Attorney for the District of Oregon. Forfeiture proceedings are being handled by AUSA Katie De Villiers, also of the District of Oregon.

This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

MIL Security OSI –

January 25, 2025

Category: Economy

Extradited to Azerbaijan

Lapshin’s Azerbaijani ordeal

Broader implications

Impact and challenges

Source: Office of the Ombudsman

Quotes attributable to Assistant Treasurer and Minister for Financial Services, Stephen Jones

Improving public services

Growing the economy

Making people’s lives easier

Access to data for research into online safety

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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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NOTES TO EDITORS

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October 24, 2024

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