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  • MIL-OSI: Global Carbon Dioxide Removal (CDR) Market Valuation Expected to Reach $2.11 Billion by 2032

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 29, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The global Carbon Dioxide Removal (CDR) Market has been growing in the past years and is expected to continue at a substantial pace for years to come. Growing awareness and concern about the impacts of climate change are driving governments, businesses, and individuals to seek effective solutions for mitigating carbon dioxide emissions. The CDR market benefits from this heightened awareness and the urgent need for sustainable practices. A report from Custom Marketing Insights said that the global Carbon Dioxide Removal (CDR) Market size is expected to record a CAGR of 14.8% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 610.9 Million. By 2032, the valuation is anticipated to reach USD 2,115.5 Million.   The report said: “Stringent Regulatory Policies and Targets: Governments around the world are implementing and enhancing regulatory frameworks aimed at reducing greenhouse gas emissions. The imposition of carbon reduction targets and the integration of carbon pricing mechanisms create a favorable environment for the growth of the CDR market, as industries seek ways to comply with these regulations.   Advancements in CDR Technologies: Ongoing research and development efforts are leading to technological advancements in carbon removal methods. Improved efficiency, scalability, and cost-effectiveness of CDR technologies contribute to their wider adoption and growth in the market.   Increasing Corporate Sustainability Initiatives: Many companies are adopting sustainability goals and committing to achieving net-zero emissions. As part of their corporate social responsibility (CSR) initiatives, businesses are investing in CDR technologies to offset their carbon footprint, contributing to the overall growth of the market.”   Active carbon companies in the markets this week include: BluSky Carbon Inc. (CSE: BSKY) (OTCQB: BSKCF), SLB (NYSE: SLB), DevvStream Holdings Inc. (OTCQB: DSTRF) (NEO: DESG), Base Carbon Inc. (OTCQX: BCBNF) (NEO: BCBN), LanzaTech Global, Inc. (NASDAQ: LNZA).

    Custom Marketing Insights continued: “Rising Investments and Funding: The CDR market is witnessing increased investments from both public and private sectors. Governments, venture capital firms, and major corporations are allocating funds to support research, development, and implementation of carbon removal technologies, fostering market growth.   Emergence of Carbon Offset Markets: The development of carbon offset markets, where entities can buy and sell carbon credits, provides financial incentives for the deployment of CDR technologies. This market dynamic encourages the adoption of carbon removal solutions as a means for businesses to offset their emissions and comply with regulatory requirements, thereby driving market growth.”

    BluSky Carbon Inc. (CSE: BSKY) (OTCQB: BSKCF) Commences Biochar Production in Arkansas – BluSky Carbon Inc. (FWB: QE4 /WKN A401NM) (“BluSky” or the “Company”), an innovative entry into the carbon removal clean technology sector is very pleased to announce that it has commenced production of biochar at a dedicated facility in Arkansas. The event marks the official startup of initial biochar production aimed at servicing the recently announced $105 million, ten-year supply agreement (see Company news release dated Sept 24, 2024) (“Supply Agreement”).

    A video showing the equipment start-up and providing some insights into the facility, the region, and BluSky’s strategic plan is available here.

    The startup of the Vulcan Heavy system at this location represents the first of three units required to service the totality of the Supply Agreement. Once the other two units are procured and fully operational (see news release dated September 24, 2024), these machines are expected to produce a combined output of approximately 40,000 tons of biochar annually. It is also expected that production byproducts such as bio-oil and syngas may help reduce the Company’s overall production costs by providing some of the energy required to power the Vulcan systems, potentially along with surplus power capacity to contribute towards operating BluSky’s related carbon removal technologies (CDR) including its Medusa Carbon mineralization process and Kronos Direct Air Carbon Capture technology.

    The inaugural production plant has been dedicated as “AR1“ and is located at 110 Industrial Park Drive in Warren, Arkansas. The facility consists of a multi-room 50,000 sq/ft enclosure located on an 8.54-acre property. Warren services an established sustainable timber industry with a strong presence in the town and surrounding area. Nearby softwood wood chip production (mostly yellow pine) serves as a nearly limitless source of clean biomass feedstock for the BluSky Vulcan Heavy pyrolysis systems.

    BluSky CEO Will Hessert comments, “The facility is ideally suited for scalability. We have ample room for the three Vulcan Heavy units as required to service our initial regional contract, with additional room to double that production without the need to create more space. The property itself is large and well suited to handle industrial scale logistics and storage needs.”   CONTINUED… Read this full press release and more news for BluSky Carbon at:   https://bluskycarbon.com/news/

    Other recent carbon developments in the markets of note include:

    SLB (NYSE: SLB), formerly known as Schlumberger, recently announced it was aiming to accelerate the deployment of carbon capture technology through an investment in Norway’s Aker Carbon Capture. SLB said that it will pay about $380 million, or 4.12 billion Norwegian kroner, for an 80% stake in the pure-play carbon capture company. The deal is expected to close by the end of the second quarter.

    Schlumberger rebranded as SLB in 2022 as part of the company’s growing focus on lower-carbon technologies. SLB is targeting $3 billion in revenue from its new energy business by the end of the decade. CEO Olivier Le Peuch told analysts during the company’s fourth-quarter earnings call that carbon capture and storage will be a leading contributor to that $3 billion target. SLB is participating in more than $400 million worth of tenders related to carbon capture and storage.

    DevvStream Holdings Inc. (NEO: DESG) (OTCQB: DSTRF), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, recently announced an agreement (the “Agreement”) to purchase 1.2 million carbon credits from the Ipixuna REDD+ Project (the “Project”), subject to final approval by the board of Focus Impact Acquisition Corp. (“Focus Impact”). In exchange for the credits, the vendor will receive newly authorized shares of common stock of the public company (“NewCo”) resulting from DevvStream’s previously announced business combination with Focus Impact (the “Business Combination”). Upon closing of the Business Combination-projected to occur on or before October 31, 2024-NewCo is expected to be named DevvStream Corp. and begin trading on the Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “DEVS.” The Company expects the carbon credit purchase Agreement to close in conjunction with and conditional upon the Business Combination and Nasdaq listing.

    Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (together, with affiliates, “Base Carbon”, or the “Company”), recently announced that it has received a second transfer of 1,014,635 carbon credits from its Rwanda project, each designated with Verra’s Article 6 Authorized label.

    Pursuant to the terms of the project agreement with the DelAgua Group, the project developer, and the letter of authorization issued by the Government of Rwanda (“LOA”) with respect to the project, the Company has received a transfer of 1,014,635 Article 6 Authorized labeled carbon credits. This volume is net of 23,060 carbon credits which have been retired to contribute towards global emission reductions and 115,300 carbon credits to be made available to the Government of Rwanda pursuant to the terms of the LOA. The Company now holds a total inventory of 1,712,193 carbon credits generated from the Rwanda project, all designated with Verra’s Article 6 Authorized label.

    LanzaTech Global, Inc. (NASDAQ: LNZA), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, has been awarded $3 million by the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM), as part of a broader $29 million investment program to advance its carbon management priorities. LanzaTech’s Project ADAPT (“Accelerating Decarbonization via Advanced Production Technologies”) was selected to address FECM’s priority of converting carbon dioxide (CO2) into environmentally responsible and economically valuable products…

    …”We are thrilled to receive this support from the U.S. Department of Energy to progress our work around scaling the conversion of waste CO2 to make some of the world’s most needed chemicals,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “CO2 is an essential feedstock of today and the future, and Project ADAPT leverages our expertise and existing operations to accelerate the commercialization of transformational carbon capture and utilization technologies that deliver cleaner and more sustainable energy and products.”

    About FN Media Group:

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated twenty three hundred dollars for news coverage of the current press releases issued by BluSky Carbon Inc. by the company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

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    SOURCE: FN Media Group, LLC.

    The MIL Network –

  • MIL-OSI: GDS Announces US$1.0 Billion Equity Raise By Its International Affiliate Led By Prestigious New US Investors

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 29, 2024 (GLOBE NEWSWIRE) — GDS Holdings Limited (the “Company” or “GDSH”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China and South East Asia, today announced that its international affiliate, DigitalLand Holdings Limited (“GDS International” or “GDSI”), which acts as the holding company for GDSH’s data center assets and operations outside of mainland China, has entered into definitive agreements for certain institutional private equity investors (the “Investors”) to subscribe for US$1.0 billion of Series B convertible preferred shares (the “Series B”) newly issued by GDSI.

    GDS International was established in 2022 with its corporate headquarters in Singapore. Its portfolio currently comprises approximately 480 MW of data center capacity in service and under construction and an additional 590 MW held for future development across strategic locations in Hong Kong, Singapore, Malaysia (Johor), Indonesia (Batam), and Japan (Tokyo).

    The US$1 billion Series B investment is mostly comprised of new US investors, led by Coatue Management with substantial participation by The Baupost Group. Together with GDSI’s existing equity, the Series B raise will be sufficient to capitalize the development of up to 1 GW of total data center capacity.

    GDSH has determined not to exercise its pre-emption rights for the Series B equity raise. Post closing and on an as-converted basis, GDSH will own approximately 37.6% of the equity interest of GDSI in the form of ordinary shares. The value of GDSH’s equity interest in GDSI implied by the Series B subscription price is approximately US$1.3 billion, equivalent to approximately US$6.75 per American Depositary Share of GDSH. Post closing, GDSH will no longer consolidate GDSI for accounting purposes and GDSH will no longer have the right to appoint a majority of directors to the Board of GDSI.

    “I am delighted to announce this new capital raising for our international business,” said Mr. William Huang, Chairman and CEO of GDSH and Chairman of GDSI. “Within a short period of time, we have created new markets in and around Singapore-Johor-Batam which are attracting both regional and global hyperscale demand. We see tremendous opportunities for growth in these markets as well as in other new markets which we are currently evaluating. The Series B equity issue benchmarks significant incremental value creation for our shareholders. We look forward to further achievements by our international business as we take it to the next level.”

    “Data centers are mission critical infrastructure to support the future of AI and cloud,” said Philippe Laffont, Founder of Coatue. “We have been very impressed by the management team, and its capabilities to execute and expand the footprint of the business in such a short period of time. We are excited to work alongside management to expand GDSI into a global leading data center platform.”

    “GDSI has emerged as one of the most rapidly expanding data center platforms in the APAC region,” said Robert Yin, Partner at Coatue. “We believe GDSI is strategically positioned to capitalize on demand for future AI and hyperscale solutions, and we look forward to supporting the business in its continued expansion of next-generation infrastructure.”

    “As a shareholder of GDSH, we are extremely impressed with William and his team and GDSI’s ambitious and credible international expansion plan,” said Richard Carona, Partner, The Baupost Group. “We’re pleased to support their growth as part of this Series B financing.”

    The Closing is expected to occur as soon as the closing conditions provided in the definitive agreements are satisfied. It is expected that the Series B issuance will be exempted from registration under the Securities Act of 1933, as amended, (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or Regulation S under the Securities Act.

    The Series B shares and the ordinary shares deliverable upon conversion of the Series B shares have not been registered under the Securities Act or any state securities laws. They may not be offered or sold within the United States or to U.S. persons absent registration or an applicable exemption from registration. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

    GDSI’s financial and legal advisors for this transaction are Morgan Stanley Asia Limited and White & Case, respectively. Latham & Watkins served as the legal advisor for Coatue.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in mainland China and, through an equity investment in its international affiliate, in Hong Kong and South East Asia. The Company’s facilities are strategically located in primary economic hubs where demand for high-performance data center services is concentrated. The Company also builds, operates and transfers data centers at other locations selected by its customers in order to fulfill their broader requirements. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 23-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the continued adoption of cloud computing and cloud service providers in China and South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations; competition in GDS Holdings’ industry in China and South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China, South East Asia and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com
    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    The MIL Network –

  • MIL-OSI Banking: Pan Gongsheng: Strike the right balance and pursue high-quality development of the Chinese economy

    Source: Bank for International Settlements

    Distinguished Party Secretary Yin Li, Mayor Yin Yong, Mr. Wang Jiang, Mr. Li Yunze, Mr. Wu Qing, Mr. Fu Hua, Mr. Zhu Hexin, and dear guests,

    Good morning!

    It is a great pleasure to attend the Financial Street Forum. I would like to take this opportunity to exchange views with you on three issues.

    I. Progress in implementing a package of incremental monetary policies

    According to arrangements of the CPC Central Committee, financial regulators announced a package of policies to support stable economic growth on September 24. The move attracted great attention and received extensive support. The day before yesterday, the PBOC, the National Financial Regulatory Administration (NFRA), and China Securities Regulatory Commission (CSRC) organized a meeting with major commercial banks, securities firms, and fund companies to make arrangements for prompt implementation of the package of policies. Here I would like to share with you our progress in implementing relevant policies.

    In terms of the required reserve ratio (RRR) and interest rate cut, on September 27, the RRR was cut by 0.5 percentage points, the 7-day reverse repo rate was cut by 0.2 percentage points, and the medium-term lending facility (MLF) rate was cut by 0.3 percentage points from 2.3 percent to 2 percent. We might further cut the RRR by 0.25-0.5 percentage points at proper time, depending on the market liquidity before the year-end. This morning, the commercial banks have announced to lower the deposit rates, and the loan prime rate (LPR) to be released on October 21 is also expected to drop by 0.2-0.25 percentage points. The four policies related to real estate finance have all been rolled out. Specifically, the adjustment of rates on existing housing loans is a policy to benefit people’s livelihood unveiled at the decision of the CPC Central Committee. It will benefit 50 million households, whose interest expenses will be reduced by about RMB150 billion each year. As for the two financial instruments to support stable development of the capital market, the PBOC has established a special working group together with the CSRC and NFRA. Securities, funds and insurance companies swap facility (SFISF) are now open to financial institutions for application. The policies related to special central bank lending for shares buyback and holdings increase have been officially released today for implementation.

    Since it was announced and implemented, the policy package has received positive feedback both at home and abroad. It has vigorously boosted social confidence and played an effective role in promoting stable economic and financial performance. We have taken three main factors into consideration while formulating these policies.

    First, given the current economic performance, we need to implement strong macro aggregate policies. Major problems in the current economic operation, as reflected at the macro level, are insufficient effective demand, weak social expectations and low prices. A common market view is that we need to launch strong macro policies. According to the arrangements of the CPC Central Committee, the PBOC has conducted in-depth researches and prepared policy plans in advance. Against this backdrop, the CPC Central Committee promptly made the decision to launch a package of incremental policies, which reflect its determination to secure the economy, stabilize expectations, boost consumption and benefit people’s livelihood. The market responded to the initiative positively.

    Second, the economy still faces some prominent challenges, which are mainly related to the real estate market and the capital market. Drawing on international experience and China’s practices in the past, we need to unveil targeted policies in response.

    In terms of the real estate market, the PBOC, based on its mandate, has improved four real estate finance-related policies, supporting risk defusing and sound development of the real estate market from a macro-prudential perspective.

    In terms of the capital market, the PBOC, together with the CSRC, has developed two instruments to facilitate the stable development of the capital market. The two instruments were designed completely based on market principles, and internationally there had been successful practices. Regarding the SFISF, the central bank does not provide fund support for the market directly, so it does not expand the central bank’s money supply and base money. The central bank lending for shares buyback and holdings increase is targeted. The credit funds must not enter the stock market in violation of financial regulation. This remains a red line. The two instruments showcase the efforts of the PBOC to expand and explore its mandate of maintaining financial stability. We will keep on cooperating with the CSRC to gradually improve the instruments in practice, and explore day-to-day institutional arrangements.

    Third, the central bank needs to observe and evaluate financial market risks, and adopt proper measures to cut off or moderate the accumulation of financial market risks from the perspective of macro-prudential management. Recently, the PBOC strengthened communications with the market on the long-term government bond yield. We aimed to contain the potential systemic risk derived from one-sided downward movement of long-term government bond yield driven by herd effect. The financial markets are highly sensitive, which means they rapidly react to and price in changes in policies and various factors. From a macro and in-depth point of view, the real economy and the capital market are interwoven and interactive. The valuation recovery helps the capital market to perform its functions of investment and financing. It breaks the vicious cycle of market slump and equity pledge risks, thus promoting the healthy development of listed companies, improving social expectations, and invigorating consumption and investment demand.

    II. The right balance and high-quality development of the Chinese economy

    The objective of macroeconomic adjustments is to calibrate the economic development trajectory in the short term, while that of reforms and economic restructuring focuses on the mid- to long-term, which is to achieve high-quality development and sustainable economic growth.

    Since the 18th National Congress of the CPC, General Secretary Xi Jinping and the CPC Central Committee have been highlighting the importance of improving the quality and benefits of economic growth. The 19th National Congress of the CPC made it clear that the Chinese economy had been transitioning from a phase of rapid growth to a stage of high-quality development. A requisite for China to adapt to the evolution of the principal contradiction facing the Chinese society, high-quality development focuses on addressing the problem of unbalanced and inadequate development, so as to better harmonize the major ratios in the national economy.

    In physics, balance means that an object remains relatively stable under the combined action of several forces. The right balance in economic development refers to a dynamic process of the interaction and improvement of various economic structures and ratios, and it is a common phenomenon in the economic development of various countries.

    Since the beginning of this century, the global economy has gone through three major balancing periods in which China were deeply engaged and made active contributions.

    The first period was between 2001 and 2007. After China’s accession to the WTO, its low cost factors fully integrated into the global industrial division of labour, which effectively expanded global supply, and enhanced the production efficiency. It helped to tame the global inflation and boost economic growth.

    The second period was between 2008 and 2017. After the Global Financial Crisis, the world economy featured “three lows and one high”, namely, low growth rate, low inflation, low interest rate, and high debt level. When the global demand was dampened, China took the initiative to vigorously boost domestic demand. The efforts helped spur the world economy and avoid its deflation. During the decade, China’s contribution to the world economic growth was stable at around 30 percent.

    The third period was after the outbreak of the COVID-19. Due to supply shocks and potent demand side stimulus, the global inflation once surged and stayed elevated. While China’s supply chain system remained stable, it helped to fill the global supply gap, presenting China’s sustained contribution to bringing down inflation and achieving economic balance in the world.

    The Chinese economy has also undergone profound restructuring and balancing processes. In recent years, with the deepening of supply-side structural reforms, the acceleration in the establishment of a new development paradigm, and the adoption of other strategic measures, China has made continued efforts to shift its economic growth model from the traditional focus on high-speed growth to an innovation-driven, quality- and efficiency-oriented mode. As a result, the quality and efficiency of supply have been improving while the value added of high-tech manufacturing has accounted for an expanding share. With the contribution from consumption continuously on the rise, consumption, investment, and net exports made up 56 percent, 42 percent, and 2 percent of China’s GDP in 2023, respectively, as compared with the corresponding data of 49 percent, 47 percent, and 4 percent in 2010.

    To promote high-quality economic development and sustainable growth, we need to strike the right balance in economic operation from the following three perspectives.

    First, we need to strike the right balance between the pace and quality of economic growth. Given the vast size of the Chinese economy, we need to keep economic growth at a reasonable rate in order to boost employment and people’s income. As the transformation of the economic development model and economic restructuring will likely affect economic growth in the short term, we need to strike the right balance, put effort into fostering the new drivers of economic growth, and firmly support stable economic growth so as to effectively upgrade and appropriately expand China’s economic output.

    Second, we need to strike the right balance between internal and external concerns in achieving economic growth. In recent years, the Chinese economy has seen effective improvements in its external equilibrium. China’s current account surplus-to-GDP ratio, which fell from around 10 percent in 2007 to approximately 2 percent in 2011, has stayed within an internationally accepted range of 1-2 percent in recent years. Currently, as international geopolitical tensions have led to economic deglobalization, international trade politicalization and instrumentalization, the world’s sustainable economic growth and welfare growth are facing obstacles. Upholding free trade and fair competition, we will remain committed to expanding two-way opening-up, and we will make better use of both domestic and international markets as well as their resources to further enhance the international competitiveness of Chinese enterprises and to accelerate the establishment of a new development paradigm.

    Third, we need to strike the right balance between investment and consumption. During past economic cycles in the history, we have confronted economic downward pressures mainly by boosting investment and maintaining supply-side productive capacity, which has played a significant and effective role. In pursuing high-quality development, we need to follow the direction of economic restructuring to adjust investments and channel more of them to areas such as sci-tech innovation and basic livelihoods. We will continue to apply a people-centered development philosophy, focus on raising household income, optimize the structure of fiscal expenditures, enhance the social security system, and promote consumption growth, thus giving rise to a virtuous cycle in which “government encourages consumption, consumption activates markets, markets lead businesses, and businesses expand investment”.

    To achieve the right balance in the economy, we need to deal with the following priorities. First, macro economic policies should pivot from over-emphasis on investment to both consumption and investment, with more focus on consumption. Second, the relationship between government and market should be handled in a more appropriate manner, which calls for a scientific management and balance of the boundaries between government and market, and an enhanced pertinence as well as targetedness of policies regarding market concerns. Third, reform and opening-up will be further deepened to foster a favorable economic environment based on the rule of law and to create a more equitable and vibrant market environment.

    III. The positive role the PBOC plays in serving high-quality development of the economy

    The PBOC is both a financial regulator and a supervisory authority of the macro economy. Focused on the primary mandate of serving high-quality development, we will intensify the counter-cyclical adjustments of monetary policies and macro-prudential policies, and enhance the precision and effectiveness of financial support policies, so as to create a sound monetary and financial environment for the stable growth and structural adjustments of the economy. We will steadily advance the financial opening-up at a high level and strike the right balance of the economy.

    First, we will further improve the monetary policy framework. I elaborated on the framework in Lujiazui Forum in June. Today, I would like to emphasize the following points. In terms of policy objectives, we will take reasonable prices rise as an important consideration, and give a bigger role to price-based policy tools, such as interest rate. In terms of policy implementation, we will enrich the monetary policy toolbox on an ongoing basis, make good use of structural monetary policy tools, and gradually increase transactions of government bonds in open market operations. The PBOC and the Ministry of Finance (MOF) have established a joint working group, and relevant institutional arrangements will be improved continuously. In terms of policy transmission, we will continue to enhance the transparency of monetary policies, improve the independent pricing capabilities of financial institutions, and heighten consistency with fiscal policies, industrial policies, and regulatory policies, in a bid to achieve a more efficient transmission of monetary policies.

    Second, we will provide more adaptive and targeted financial services to support economic restructuring and rebalancing. We will further intensify the macro credit management, continue to promote technology finance, green finance, inclusive finance, old-age finance and digital finance, and step up efforts to provide prime financial services for major national strategies, key areas and weak links. We will continue to build a financial market that is well-regulated, transparent, open, dynamic and resilient, and support developing diversified financing channels.

    The high-quality development is inseparable from sci-tech innovation. Modern sci-tech innovation projects are characterized by long investment cycle, huge investment, high risk and uncertainty. They call for diversified financial services. In particular, enterprises in seed stage and start-ups are highly reliant on equity financing. Therefore, active private equity investments (PEs) and venture capitals (VCs) are very important market participants. The PBOC will strengthen communication and cooperation with relevant authorities, improve the financial policies supporting sci-tech innovation, cultivate a financial market ecology that is conducive to sci-tech innovation, so as to continuously enhance the capacity, intensity and quality of financial support for sci-tech innovation.

    Third, we will improve the macro-prudential framework and the mechanism for systemic financial risk prevention and resolution. From a macro perspective, we will maintain a right balance between economic growth, economic restructuring and financial risk prevention, improve the system of risk monitoring, early warning and resolution, and enhance the financial stability guarantee system. We will closely watch the economic and financial performance, make timely counter-cyclical adjustments, and preemptively forestall and defuse systemic financial risks.

    Fourth, we will build a new and open financial system at a higher level. We will steadily expand the institutional opening-up of financial services and financial markets, expand the connectivity between domestic and overseas financial markets, facilitate trade, investment and financing. In line with the market-driven principle and based on the independent decision-making of market participants, we will make steady and solid progress in advancing RMB internationalization. We will take an active part in global economic and financial governance and cooperation, and promote the balanced and sustainable economic development of China and the world as a whole.

    Last but not least, I’d like to wish this forum a complete success! Thank you!

    MIL OSI Global Banks –

  • MIL-OSI Video: President Biden Delivers Remarks on his Investing in America Agenda

    Source: United States of America – The White House (video statements)

    President Biden delivers remarks on how his Investing in America agenda is rebuilding our infrastructure, tackling the climate crisis, and creating good paying union jobs.

    Baltimore, MD

    https://www.youtube.com/watch?v=J9xEZeNRaug

    MIL OSI Video –

  • MIL-OSI: LPL Financial Welcomes Goodwin Petrilli Financial

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    Related

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

    About LPL Financial

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

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

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

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

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

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

    Tracking #649120

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    Merger

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

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

    Third Quarter 2024 Highlights:

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

    About Northwest Washington

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

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

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

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

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

    About Savi Financial Corporation Inc. and SaviBank

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

    About Harborstone Credit Union

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

    Forward Looking Statements

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

     
    SELECTED FINANCIAL DATA                           
    (In thousands of dollars, except for ratios and per share amounts)                      
    Unaudited                              
      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   September 30,
    2023    		   Var %   June 30,
    2024    		   Var %   September 30,
    2024    		   September 30,
    2023    		   Var %
    SUMMARY OF OPERATIONS                              
    Interest income $ 8,756     $ 7,573     16 %   $ 8,371     5 %   $ 24,962     $ 21,092     18 %
    Interest expense   (3,698 )     (2,539 )   46       (3,509 )   5       (10,411 )     (6,092 )   71  
    Net interest income   5,058       5,034     0       4,862     4       14,551       15,000     (3 )
    Provision for loan losses   (86 )     350     (125 )     (255 )   (66 )     (578 )     539     (207 )
                                                             
    NII after loss provision   4,972       5,384     (8 )     4,607     8       13,973       15,539     (10 )
    Non-interest income   825       852     (3 )     1,181     (30 )     2,587       2,796     (7 )
    Non-interest expense   (5,566 )     (5,559 )   0       (5,823 )   (4 )     (16,920 )     (16,415 )   3  
    Income before tax   231       677     (66 )     (35 )   (760 )     (360 )     1,920     (119 )
    Federal income tax expense   26       119     (78 )     (30 )   (187 )     (144 )     333     (143 )
    Net income $ 205     $ 558     (63 )%   $ (5 )   (4,200 )%   $ (216 )   $ 1,587     (114 )%
                                   
    PER COMMON SHARE DATA                              
    Number of shares outstanding (000s)   3,465       3,460     0 %     3,465     — %     3,465       3,460     0.14 %
    Earnings per share, basic $ 0.06     $ 0.16     (63 )   $ (0.00 )   (4,200 )   $ (0.06 )   $ 0.46     (114 )
    Earnings per share, diluted $ 0.05     $ 0.13     (63 )   $ (0.00 )   (4,201 )   $ (0.05 )   $ 0.36     (114 )
    Market value   14.50       6.86     111       14.79     (2 )     14.50       6.86     111  
    Book value   10.93       10.95     (0 )     10.61     3       10.93       10.95     (0 )
    Market value to book value   132.63 %     62.65 %   112       139.40 %   (5 )     132.63 %     62.65 %   112  
                                   
    BALANCE SHEET DATA                              
    Assets $ 623,637     $ 591,370     5 %   $ 621,191     0 %   $ 623,637     $ 591,370     5 %
    Investments securities   36,629       35,140     4       34,698     6       36,629       35,140     4  
    Total loans   509,535       487,184     5       512,080     (0 )     509,535       487,184     5  
    Total deposits   512,912       481,476     7       492,140     4       512,912       481,476     7  
    Borrowings   52,500       52,500     –       72,000     (27 )     52,500       52,500     –  
    Sub Debt – Savi Financial Only   17,000       17,000     –       17,000     –       17,000       17,000     –  
    Shareholders’ equity   37,881       37,887     (0 )     36,777     3       37,881       37,887     (0 )
                                   
    AVERAGE BALANCE SHEET DATA                              
    Average assets $ 622,414     $ 583,931     7 %   $ 612,262     2 %   $ 608,559     $ 557,460     9 %
    Average total loans   512,751       473,590     8       503,793     2       502,860       459,765     9  
    Average total deposits   502,526       474,076     6       490,753     2       498,373       456,093     9  
    Average shareholders’ equity   37,329       37,812     (1 )     36,678     2       37,534       37,082     1  
                                   
    ASSET QUALITY RATIOS                              
    Net (charge-offs) recoveries $ (214 )   $ (77 )   N/M     $ (35 )   N/M     $ (422 )   $ (266 )   N/M  
    Net (charge-offs) recoveries to average loans   (0.17 )%     (0.07 )%   N/M       (0.03 )%   N/M       (0.11 )%     (0.08 )%   N/M  
    Non-performing loans as a % of loans   0.26       0.09     183       0.24     6       0.26       0.09     183  
    Non-performing assets as a % of assets   0.21       0.19     10       0.20     4       0.21       0.19     10  
    Allowance for loan losses as a % of total loans   1.18       1.16     2       1.19     (1 )     1.18       1.16     2  
    Allowance for loan losses as a % of non-performing loans   462.69       1,223.59     (62 )     492.30     (6 )     462.69       1,223.59     (62 )
                                   
    FINANCIAL RATIOSSTATISTICS                              
    Return on average equity   2.20 %     5.90 %   (63 )%     -0.05 %   (4,128 )%     -0.77 %     5.71 %   (113 )%
    Return on average assets   0.13       0.38     (66 )     (0.00 )   (4,133 )     (0.05 )     0.38     (112 )
    Net interest margin   3.52       3.66     (4 )     3.48     1       3.47       3.77     (8 )
    Efficiency ratio   81.59       92.23     (12 )     83.37     (2 )     85.53       92.24     (7 )
    Average number of employees (FTE)   136       145     (6 )     140     (3 )     142       146     (3 )
                                   
    CAPITAL RATIOS                              
                                   
    Tier 1 leverage ratio — Bank   8.19       8.24     (1 )%     8.27     (1 )%     8.19       8.24     (1 )%
    Common equity tier 1 ratio — Bank   9.59       9.08     6       9.36     2       9.59       9.08     6  
    Tier 1 risk-based capital ratio — Bank   9.59       9.08     6       9.36     2       9.59       9.08     6  
    Total risk-based capital ratio –Bank   10.78       10.22     5       10.56     2       10.78       10.22     5  
                                   

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Media Contacts
    Inkhouse for insightsoftware
    insightsoftware@inkhouse.com

    Daniel Tummeley
    Corporate Communications Manager
    PR@insightsoftware.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    80% of respondents said they want the ability to pay for a medical bill in installments or as part of a payment plan

    60% cannot afford to pay for an unexpected illness or injury in one lump sum

    Additional Flywire research shows improving the patient payment experience can boost a hospital’s bottom line

    BOSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, has released its new report, Is Paying for Healthcare Consumer Friendly Yet? examining the topic of healthcare affordability and accessibility among patients in the U.S. The research highlights a significant disconnect between patient expectations and current billing practices in U.S. healthcare, and uncovers opportunities for healthcare providers to both improve the patient payment experience and increase collections.

    “Our research found that patients want medical statements that are easier to understand, the ability to pay bills securely online, and they want to pay in installments of longer than 12 months to better manage the high cost of healthcare,” said John Talaga, EVP and GM of Healthcare, Flywire. “By meeting these demands, hospitals and health systems can not only boost patient satisfaction but also protect the financial health of their organization, as we know that patients satisfied with the financial aspect of their care are more likely to pay their bill, return for service and refer their friends. Flywire helps providers engage patients at every stage of the financial journey, with easy to understand, affordable payment options – streamlining the collections process, while helping patients feel more in control of their medical expenses.”

    Patients Are Stressed About High and Unexpected Medical Costs

    With 89% of Americans concerned about rising medical costs, it’s no surprise that understanding bills has become a top priority for patients. 75% of those surveyed said medical bills are too complicated, up from 65% in 2021. Patients are also stressed about unexpected medical bills that may loom in the future: 60% of those surveyed said they cannot afford to pay for an unexpected illness or injury in one lump sum, which increased from 46% in 2021.

    Patients also emphasized the need for bills to be clearer, with many expressing a desire for simplified, easy-to-read statements that outline charges and payment options more effectively. In fact, nearly everyone surveyed (95%) agreed that there needs to be a better way to simplify and pay for medical bills.

    Patients want payment plans and financing options to help them afford medical bills

    93% say it should be easier to pay their medical bills over time. Those with a child in the household are more likely to say they would want to pay in installments than those without a child in the household (84% vs. 79%).

    81% said they would want to have the ability to pay for a medical expense over time – in installments or as part of a payment plan. Respondents cited both longer terms to pay and financing options as ways to make paying for medical bills more affordable, with 38% saying they would prefer to pay medical bills over 12 or 18 months, and 85% of respondents saying they wish they had consumer-friendly options, like buy-now, pay-later.

    Patients weigh payment security in healthcare payment decisions

    Security remains a top concern for American healthcare patients, with 67% of respondents worried about the potential for healthcare payment data breaches. This concern is exacerbated by the fact that 31% have already received notifications of a breach involving their healthcare or personal information, so it’s no surprise that 59% of patients are more concerned about payment security now than they were a few years ago.

    7 ways Flywire solves patients’ biggest payment concerns and boost health systems’ bottom lines

    Flywire’s solutions are designed to optimize the patient financial experience for health systems throughout the U.S., providing patients with a personalized pathway to pay off their balance that’s fully customized to meet every patient’s unique financial needs. And more data suggests that improving the payment experience is core to protecting the financial health of hospitals and health systems. A separate Total Economic Impact analysis showed that by using Flywire’s patient financial engagement platform, healthcare organizations increased revenue by 29% and reduced bad debt as a percentage of net revenue from 5.5% to 4%. Other Flywire clients have reported to reduce their cost per patient payment by 43%.

    As one client put it:

    “Implementing Flywire has been one of the best decisions we’ve made as an organization, because we have seen it in the feedback from our patients. We see, ‘Thank you for making the statements easy to understand,’ because patients weren’t understanding our statements. And ‘Thank you for having the option to go online and pay and be able to set up payment plans and make arrangements,’” said Sonya Turner, Senior Director Patient Accounting, Centra Healthcare

    Additionally, Flywire helps healthcare systems:

    1. Deliver more payment plan options with personalized payment plans that are tailored to patient financial capacity.

    2. Extend collection terms beyond 12 months with non-recourse, integrated financing.

    3. Provide a single platform for in-house and outsourced payment plans.

    4. Provide a single portal to make payments by integrating with an EHR strategy for a single-sign on experience

    5. Provide a secure way to pay online. Ensure compliance with regulatory and industry standards, such as HIPAA and PCI DSS v 4.0, and more.

    6. Increase self-pay collection

    7. Reduce time spent dealing with accounts receivable.

    To view the complete report, please visit here

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports more than 4,000 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s expectations regarding the benefits of its solutions to healthcare patients, Flywire’s business strategy and plans, market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, the factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, expected to be filed with the SEC in the fourth quarter of 2024. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Media Contacts

    Sarah King
    media@flywire.com

    Investor Relations Contact:

    Masha Kahn
    IR@Flywire.com

    The MIL Network –

  • MIL-OSI: BlackLine Honored with Multiple Consecutive Industry Accolades

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    About BlackLine

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

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

    For more information, please visit blackline.com.

    Media Contact:

    Samantha Darilek

    VP, Communications

    BlackLine

    samantha.darilek@blackline.com

    BlackLine Forward-looking Statements

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

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

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

    The MIL Network –

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

    Source: Hong Kong Information Services

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

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

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News –

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

    Source: GlobeNewswire (MIL-OSI)

    Statement regarding the proposed issue of a prospectus

    LEI Code 213800OVSRDHRJBMO720

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

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

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

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

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

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

    Enquiries:

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

    29 October 2024

    The MIL Network –

  • MIL-OSI Security: Holland Man Sentenced For Sexual Exploitation Of A Child, Penalties For Registered Sex Offenders

    Source: Office of United States Attorneys

              GRAND RAPIDS, MICHIGAN — U.S. Attorney for the Western District of Michigan Mark Totten today announced that Jared Hanner, 32, of Holland, was sentenced to 35 years in federal prison for Sexual Exploitation of a Child and Penalties for Registered Sex Offenders. Hanner previously pleaded guilty to the charges and faced a mandatory 35-year prison sentence.

              “Sexual exploitation crimes against our children are especially egregious,” said U.S. Attorney Mark Totten. “We will continue to hold sexual predators and their coconspirators accountable by working with our law enforcement partners to secure a measure of justice for the minor victims and prevent future harm.”

              Last year, Hanner met Tasha Erin Blake, 38, of Grand Haven, online and convinced her to text him explicit photos of a minor in her care and custody, under 13 years of age. Blake complied, but subsequently confessed her actions to the police. Law enforcement executed a search warrant on Hanner’s phone and found the explicit photos and his request for them. Blake pleaded guilty to Distribution of Child Pornography earlier this year and was sentenced to 18 years in federal prison.

              “Anyone who means to manipulate and sexually exploit children should face severe consequences, and the FBI will never stop seeking justice for victims,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “This sentencing would not be possible without the dedicated work of our FBI West Michigan Based Child Exploitation Task Force (WEBCHEX) and collaboration with our law enforcement partners who we remain committed to working alongside to protect our communities.”

              The Federal Bureau of Investigation, Grand Haven Department of Public Safety, Ottawa County Sheriff’s Office, and Kent County Sheriff’s Office investigated the case. Assistant U.S. Attorney Doaa Al-Howaishy prosecuted it.

              This case is part of Project Safe Childhood, a nationwide initiative designed to protect children from online exploitation and abuse. The U.S. Attorney’s Office, county prosecutor’s offices, the Internet Crimes Against Children task force (ICAC), federal, state, tribal, and local law enforcement are working closely together to locate, apprehend, and prosecute individuals who exploit children. The partners in Project Safe Childhood work to educate local communities about the dangers of online child exploitation, and to teach children how to protect themselves. For more information about Project Safe Childhood, visit www.projectsafechildhood.gov. Individuals with information or concerns about possible child exploitation should contact local law enforcement officials.

    ###

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    Highlights for the quarter ended September 30, 2024:

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

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

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

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

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

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

    September 30, 2024
      Noninterest-bearing demand Interest-bearing demand Savings Money
    market    		 Certificates of deposit, retail Brokered
    deposits    		 Total
      (Dollars in thousands)
    King County              
    Renton $ 29,388 $ 14,153 $ 10,654 $ 305,836 $ 315,721 $ – $ 675,752
    Landing   3,442   1,660   237   8,348   12,733   –   26,420
    Woodinville   1,968   2,234   959   8,852   11,522   –   25,535
    Bothell   2,965   1,151   401   1,536   5,918   –   11,971
    Crossroads   14,770   2,039   107   31,665   18,136   –   66,717
    Kent   5,417   10,502   44   16,053   8,562   –   40,578
    Kirkland   10,967   1,890   206   11,243   2,240   –   26,546
    Issaquah   1,186   294   18   2,547   6,580   –   10,625
    Total King County   70,103   33,923   12,626   386,080   381,412   –   884,144
    Snohomish County              
    Mill Creek   3,990   2,171   384   14,628   10,312   –   31,485
    Edmonds   9,254   6,831   330   18,549   13,281   –   48,245
    Clearview   5,587   5,242   1,462   21,206   12,251   –   45,748
    Lake Stevens   3,970   4,282   1,244   23,257   15,571   –   48,324
    Smokey Point   2,994   1,664   969   29,353   11,387   –   46,367
    Total Snohomish County   25,795   20,190   4,389   106,993   62,802   –   220,169
    Pierce County              
    University Place   2,940   53   4   1,848   1,458   –   6,303
    Gig Harbor   1,628   1,340   12   1,057   1,802   –   5,839
    Total Pierce County   4,568   1,393   16   2,905   3,260   –   12,142
                   
    Brokered deposits   –   –   –   –   –   50,900   50,900
                   
    Total deposits $ 100,466 $ 55,506 $ 17,031 $ 495,978 $ 447,474 $ 50,900 $ 1,167,355
    June 30, 2024
      Noninterest-bearing demand Interest-bearing demand Savings Money
    market    		 Certificates of deposit, retail Brokered
    deposits    		 Total
      (Dollars in thousands)
    King County              
    Renton $ 30,336 $ 14,380 $ 11,186 $ 306,176 $ 246,076 $ – $ 608,154
    Landing   2,079   566   113   7,895   9,881   –   20,534
    Woodinville   1,953   2,949   987   10,931   10,845   –   27,665
    Bothell   3,336   847   398   1,595   6,055   –   12,231
    Crossroads   13,585   2,858   28   25,599   17,748   –   59,818
    Kent   7,729   8,142   42   14,525   7,448   –   37,886
    Kirkland   8,326   1,789   210   15,007   1,752   –   27,084
    Issaquah   1,287   232   22   3,971   6,202   –   11,714
    Total King County   68,631   31,763   12,986   385,699   306,007   –   805,086
    Snohomish County              
    Mill Creek   5,823   2,306   420   15,209   9,578   –   33,336
    Edmonds   10,418   9,470   402   20,255   12,753   –   53,298
    Clearview   4,810   4,888   1,444   18,695   9,504   –   39,341
    Lake Stevens   4,111   4,445   1,171   22,618   14,090   –   46,435
    Smokey Point   2,700   3,152   982   31,808   10,435   –   49,077
    Total Snohomish County   27,862   24,261   4,419   108,585   56,360   –   221,487
    Pierce County              
    University Place   2,385   41   2   1,819   1,503   –   5,750
    Gig Harbor   964   968   16   1,242   1,657   –   4,847
    Total Pierce County   3,349   1,009   18   3,061   3,160   –   10,597
                   
    Brokered deposits   –   –   –   –   –   51,004   51,004
                   
    Total deposits $ 99,842 $ 57,033 $ 17,423 $ 497,345 $ 365,527 $ 51,004 $ 1,088,174
     

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

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

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

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

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

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

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

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

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

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

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

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

    Any of the forward-looking statements that we make in this Press Release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

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

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Dollars in thousands)
    (Unaudited)
     
    Assets Sep 30,
    2024    		   Jun 30,
    2024    		   Sep 30,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
                       
    Cash on hand and in banks $ 8,423     $ 10,811     $ 8,074     (22.1 )%   4.3 %
    Interest-earning deposits with banks   72,884       48,173       49,618     51.3     46.9  
    Investments available-for-sale, at fair value   156,609       160,693       204,975     (2.5 )   (23.6 )
    Investments held-to-maturity, at amortized cost   2,462       2,456       2,450     0.2     0.5  
    Loans receivable, net of allowance of $16,265, $14,796, and $15,306 respectively   1,126,146       1,135,067       1,168,079     (0.8 )   (3.6 )
    Federal Home Loan Bank (“FHLB”) stock, at cost   5,403       8,823       6,803     (38.8 )   (20.6 )
    Accrued interest receivable   6,638       6,632       7,263     0.1     (8.6 )
    Deferred tax assets, net   2,690       2,360       3,156     14.0     (14.8 )
    Premises and equipment, net   18,584       19,007       19,921     (2.2 )   (6.7 )
    Bank owned life insurance (“BOLI”), net   38,661       38,368       37,398     0.8     3.4  
    Prepaid expenses and other assets   8,898       11,447       13,673     (22.3 )   (34.9 )
    Right of use asset (“ROU”), net   2,473       2,670       2,818     (7.4 )   (12.2 )
    Goodwill   889       889       889     0.0     0.0  
    Core deposit intangible, net   326       357       451     (8.7 )   (27.7 )
    Total assets $ 1,451,086     $ 1,447,753     $ 1,525,568     0.2     (4.9 )
                       
    Liabilities and Stockholders’ Equity                  
                       
    Deposits                  
    Noninterest-bearing deposits $ 100,466     $ 99,842     $ 104,164     0.6     (3.6 )
    Interest-bearing deposits   1,066,889       988,332       1,106,246     7.9     (3.6 )
    Total deposits   1,167,355       1,088,174       1,210,410     7.3     (3.6 )
    Advances from the FHLB   100,000       176,000       125,000     (43.2 )   (20.0 )
    Advance payments from borrowers for taxes and insurance   5,211       2,764       4,760     88.5     9.5  
    Lease liability, net   2,673       2,866       3,011     (6.7 )   (11.2 )
    Accrued interest payable   294       1,117       2,646     (73.7 )   (88.9 )
    Other liabilities   15,340       16,139       20,506     (5.0 )   (25.2 )
    Total liabilities   1,290,873       1,287,060       1,366,333     0.3     (5.5 )
                       
    Commitments and contingencies                  
                       
    Stockholders’ Equity                  
    Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding   –       –       –     n/a   n/a
    Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding                  
    9,213,969 shares at September 30, 2024; 9,179,825 shares at June 30, 2024; and 9,179,510 shares at September 30, 2023   92       92       92     0.0     0.0  
    Additional paid-in capital   72,916       72,953       72,926     (0.1 )   (0.0 )
    Retained earnings   93,692       94,300       96,206     (0.6 )   (2.6 )
    Accumulated other comprehensive loss, net of tax   (6,487 )     (6,652 )     (9,989 )   (2.5 )   (35.1 )
    Total stockholders’ equity   160,213       160,693       159,235     (0.3 )   0.6  
    Total liabilities and stockholders’ equity $ 1,451,086     $ 1,447,753     $ 1,525,568     0.2 %   (4.9 )%
    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
    Consolidated Income Statements
    (Dollars in thousands, except per share data)
    (Unaudited)
     
      Quarter Ended        
      Sep 30,
    2024    		   Jun 30,
    2024    		   Sep 30,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
    Interest income                  
    Loans, including fees $ 16,658     $ 16,805     $ 16,918     (0.9 )%   (1.5 )%
    Investments   1,744       1,886       2,118     (7.5 )   (17.7 )
    Interest-earning deposits with banks   863       482       525     79.0     64.4  
    Dividends on FHLB Stock   150       144       113     4.2     32.7  
    Total interest income   19,415       19,317       19,674     0.5     (1.3 )
    Interest expense                  
    Deposits   9,748       9,498       9,205     2.6     5.9  
    Other borrowings   1,213       849       766     42.9     58.4  
    Total interest expense   10,961       10,347       9,971     5.9     9.9  
    Net interest income   8,454       8,970       9,703     (5.8 )   (12.9 )
    Provision (recapture of provision) for credit losses   1,575       (200 )     (300 )   (887.5 )   (625.0 )
    Net interest income after provision (recapture of provision) for credit losses   6,879       9,170       10,003     (25.0 )   (31.2 )
                       
    Noninterest income                  
    BOLI income   295       310       244     (4.8 )   20.9  
    Wealth management revenue   42       54       53     (22.2 )   (20.8 )
    Deposit related fees   236       240       247     (1.7 )   (4.5 )
    Loan related fees   96       97       79     (1.0 )   21.5  
    Other income (expense), net   8       (28 )     54     (128.6 )   (85.2 )
    Total noninterest income   677       673       677     0.6     0.0  
                       
    Noninterest expense                  
    Salaries and employee benefits   4,606       3,817       5,018     20.7     (8.2 )
    Occupancy and equipment   1,183       1,225       1,193     (3.4 )   (0.8 )
    Professional fees   585       749       553     (21.9 )   5.8  
    Data processing   838       856       742     (2.1 )   12.9  
    Regulatory assessments   165       170       200     (2.9 )   (17.5 )
    Insurance and bond premiums   113       118       111     (4.2 )   1.8  
    Marketing   46       47       97     (2.1 )   (52.6 )
    Other general and administrative   952       959       856     (0.7 )   11.2  
    Total noninterest expense   8,488       7,941       8,770     6.9     (3.2 )
    (Loss) income before federal income tax (benefit) provision   (932 )     1,902       1,910     (149.0 )   (148.8 )
    Federal income tax (benefit) provision   (324 )     347       409     (193.4 )   (179.2 )
    Net (loss) income $ (608 )   $ 1,555     $ 1,501     (139.1 )%   (140.5 )%
                       
    Basic (loss) earnings per share $ (0.07 )   $ 0.17     $ 0.16          
    Diluted (loss) earnings per share $ (0.07 )   $ 0.17     $ 0.16          
    Weighted average number of common shares outstanding   9,190,146       9,168,414       9,127,568          
    Weighted average number of diluted shares outstanding   9,190,146       9,235,446       9,150,059          
     

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

      September 30, 2024 June 30, 2024 September 30, 2023
      Amount   Percent   Amount   Percent   Amount   Percent
      (Dollars in thousands)
    Commercial real estate:                      
    Residential:                      
    Multifamily $ 132,811     11.6 %   $ 134,302     11.7 %   $ 140,022     11.7 %
    Total multifamily residential   132,811     11.6       134,302     11.7       140,022     11.7  
                           
    Non-residential:                      
    Retail   118,840     10.4       118,154     10.4       130,101     11.0  
    Office   73,778     6.5       74,032     6.4       72,773     6.1  
    Hotel / motel   54,716     4.8       55,018     4.8       63,954     5.4  
    Storage   32,443     2.8       32,636     2.8       33,229     2.8  
    Mobile home park   22,443     2.0       23,159     2.0       21,285     1.8  
    Warehouse   18,743     1.6       18,868     1.6       19,446     1.6  
    Nursing Home   11,407     1.0       11,474     1.0       11,676     1.0  
    Other non-residential   30,719     2.7       32,139     2.8       42,227     3.7  
    Total non-residential   363,089     31.8       365,480     31.8       394,691     33.4  
                           
    Construction/land:                      
    One-to-four family residential   42,846     3.8       39,908     3.5       43,532     3.7  
    Multifamily   7,227     0.6       6,078     0.5       2,043     0.2  
    Land development   10,148     0.8       9,800     0.8       9,766     0.8  
    Total construction/land   60,221     5.2       55,786     4.8       55,341     4.7  
                           
    One-to-four family residential:                      
    Permanent owner occupied   279,744     24.5       283,516     24.7       260,970     22.1  
    Permanent non-owner occupied   221,127     19.4       225,423     19.6       232,238     19.6  
    Total one-to-four family residential   500,871     43.9       508,939     44.3       493,208     41.7  
                           
    Business:                      
    Aircraft   –     0.0       –     0.0       1,981     0.2  
    Small Business Administration (“SBA”)   1,745     0.2       1,763     0.2       1,810     0.3  
    Paycheck Protection Plan (“PPP”)   238     0.0       316     0.0       551     0.0  
    Other business   12,416     1.1       12,984     1.1       23,633     1.9  
    Total business   14,399     1.3       15,063     1.3       27,975     2.4  
                           
    Consumer:                      
    Classic, collectible and other auto   58,085     5.1       56,758     4.9       59,955     5.1  
    Other consumer   12,935     1.1       13,535     1.2       12,193     1.0  
    Total consumer   71,020     6.2       70,293     6.1       72,148     6.1  
                           
    Total loans   1,142,411     100.0 %     1,149,863     100.0 %     1,183,385     100.0 %
    Less:                      
    ACL   16,265           14,796           15,306      
    Loans receivable, net $ 1,126,146         $ 1,135,067         $ 1,168,079      
                           
    Concentrations of credit: (1)                      
    Construction loans as % of total capital   36.8 %         34.8 %         37.8 %    
    Total non-owner occupied commercial
    real estate as % of total capital    		   296.2 %         298.8 %         328.1 %    
     

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

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
    Key Financial Measures
    (Unaudited)
     
      At or For the Quarter Ended
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
        2024       2024       2024       2023       2023  
      (Dollars in thousands, except per share data)
    Performance Ratios: (1)                  
    Return on assets   (0.17 )%     0.43 %     (0.29 )%     0.31 %     0.39 %
    Return on equity   (1.50 )     3.88       (2.67 )     2.97       3.71  
    Dividend payout ratio   0.00       76.47       (108.33 )     100.00       79.26  
    Equity-to-assets ratio   11.04       11.10       10.91       10.74       10.44  
    Tangible equity ratio (2)   10.97       11.02       10.83       10.66       10.36  
    Net interest margin   2.46       2.66       2.55       2.54       2.69  
    Average interest-earning assets to average interest-bearing liabilities   116.46       117.01       116.40       115.84       116.94  
    Efficiency ratio   92.96       82.35       116.97       85.17       84.49  
    Noninterest expense as a percent of average total assets   2.32       2.21       3.05       2.18       2.29  
    Book value per common share $ 17.39     $ 17.51     $ 17.46     $ 17.61     $ 17.35  
    Tangible book value per share (2)   17.26       17.37       17.32       17.47       17.20  
                       
    Capital Ratios: (3)                  
    Tier 1 leverage ratio   10.86 %     10.91 %     10.41 %     10.18 %     10.25 %
    Common equity tier 1 capital ratio   15.43       15.39       14.98       14.90       14.75  
    Tier 1 capital ratio   15.43       15.39       14.98       14.90       14.75  
    Total capital ratio   16.68       16.64       16.24       16.15       16.00  
                       
    Asset Quality Ratios: (4)                  
    Nonaccrual loans as a percent of total loans   0.07 %     0.41 %     0.02 %     0.02 %     0.02 %
    Nonaccrual loans as a percent of total assets   0.06       0.32       0.01       0.01       0.01  
    ACL as a percent of total loans   1.42       1.29       1.30       1.28       1.29  
    Net charge-offs to average loans receivable, net   0.00       0.00       0.00       0.00       0.00  
                       
    Allowance for Credit Losses:                  
    ACL ‒ loans                  
    Beginning balance $ 14,796     $ 14,996     $ 15,306     $ 15,306     $ 15,606  
    Provision (recapture of provision) for credit losses   1,500       (200 )     (300 )     –       (300 )
    Charge-offs   (31 )     –       (10 )     –       –  
    Recoveries   –       –       –       –       –  
    Ending balance $ 16,265     $ 14,796     $ 14,996     $ 15,306     $ 15,306  
                       
    Allowance for unfunded commitments                  
    Beginning balance $ 564     $ 564     $ 439     $ 439     $ 439  
    Provision for credit losses   75       –       125       –       –  
    Ending balance $ 639     $ 564     $ 564     $ 439     $ 439  
                       
    Provision (recapture of provision) for credit losses                  
    ACL – loans $ 1,500     $ (200 )   $ (300 )   $ –     $ (300 )
    Allowance for unfunded commitments   75       –       125       –       –  
    Total $ 1,575     $ (200 )   $ (175 )   $ –     $ (300 )
     

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

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
    Key Financial Measures
    (Unaudited)
     
      At or For the Quarter Ended
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
        2024       2024       2024       2023       2023  
      (Dollars in thousands)
    Yields and Costs: (1)                  
    Yield on loans   5.86 %     5.93 %     5.88 %     5.83 %     5.73 %
    Yield on investments   4.30       4.38       4.11       4.11       3.98  
    Yield on interest-earning deposits   5.27       5.25       5.28       5.32       5.18  
    Yield on FHLB stock   7.73       8.63       7.79       7.29       6.57  
    Yield on interest-earning assets   5.66 %     5.73 %     5.62 %     5.56 %     5.46 %
                       
    Cost of interest-bearing deposits   3.80 %     3.71 %     3.69 %     3.62 %     3.33 %
    Cost of borrowings   3.19       2.64       2.65       2.40       2.42  
    Cost of interest-bearing liabilities   3.72 %     3.59 %     3.58 %     3.50 %     3.24 %
                       
    Cost of total deposits (2)   3.47 %     3.38 %     3.38 %     3.31 %     3.03 %
    Cost of funds (3)   3.44 %     3.30 %     3.31 %     3.23 %     2.97 %
                       
    Average Balances:                  
    Loans $ 1,131,473     $ 1,139,017     $ 1,160,156     $ 1,167,339     $ 1,171,483  
    Investments   161,232       173,102       202,106       206,837       211,291  
    Interest-earning deposits   65,149       36,959       37,032       65,680       40,202  
    FHLB stock   7,719       6,714       6,554       6,584       6,820  
    Total interest-earning assets $ 1,365,573     $ 1,355,792     $ 1,405,848     $ 1,446,440     $ 1,429,796  
                       
    Interest-bearing deposits $ 1,021,041     $ 1,029,608     $ 1,082,168     $ 1,127,690     $ 1,097,324  
    Borrowings   151,478       129,126       125,604       120,978       125,402  
    Total interest-bearing liabilities   1,172,519       1,158,734       1,207,772       1,248,668       1,222,726  
    Noninterest-bearing deposits   96,003       101,196       99,173       102,869       109,384  
    Total deposits and borrowings $ 1,268,522     $ 1,259,930     $ 1,306,945     $ 1,351,537     $ 1,332,110  
                       
    Average assets $ 1,453,431     $ 1,446,207     $ 1,495,753     $ 1,538,955     $ 1,522,224  
    Average stockholders’ equity   161,569       161,057       161,823       159,659       160,299  
     

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

    Non-GAAP Financial Measures

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

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

      Quarter Ended
        Sep 30,
    2024    		       Jun 30,
    2024    		       Mar 31,
    2024    		       Dec 31,
    2023    		       Sep 30,
    2023    		  
      (Dollars in thousands, except per share data)
    Tangible equity to tangible assets and tangible book value per share:
                                           
    Total stockholders’ equity (GAAP) $ 160,213     $ 160,693     $ 160,183     $ 161,660     $ 159,235  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible, net   326       357       388       419       451  
    Tangible equity (Non-GAAP) $ 158,998     $ 159,447     $ 158,906     $ 160,352     $ 157,895  
                       
    Total assets (GAAP) $ 1,451,086     $ 1,447,753     $ 1,468,350     $ 1,505,082     $ 1,525,568  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible, net   326       357       388       419       451  
    Tangible assets (Non-GAAP) $ 1,449,871     $ 1,446,507     $ 1,467,073     $ 1,503,774     $ 1,524,228  
                       
    Common shares outstanding at period end   9,213,969       9,179,825       9,174,425       9,179,510       9,179,510  
                       
    Equity-to-assets ratio (GAAP)   11.04 %     11.10 %     10.91 %     10.74 %     10.44 %
    Tangible equity-to-tangible assets ratio (Non-GAAP)   10.97       11.02       10.83       10.66       10.36  
    Book value per common share (GAAP) $ 17.39     $ 17.51     $ 17.46     $ 17.61     $ 17.35  
    Tangible book value per share (Non-GAAP)   17.26       17.37       17.32       17.47       17.20  

    The MIL Network –

  • MIL-OSI: Jamf Ventures invests in LifeSaver Mobile

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

    Media Contact:
    Natali Brockett | media@jamf.com

    Investor Contact:
    Jennifer Gaumond | ir@jamf.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    The new Indiana Member Directors are:

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

    The new Independent Directors are:

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) —

    CEO Commentary
    “This was a quarter of mixed results. Progress on customer deposit gathering and the termination of the FDIC Consent Order was overshadowed by a quarterly loss driven by additional provisions primarily related to certain equity loans made to high net worth, accredited investors.

    The teamwork and collaboration between Staff, Management and the Board to address the matters identified in the Consent Order is demonstrative of the qualifications, determination and capabilities of the First Fed team. We appreciate that the FDIC acknowledged the planning, monitoring and execution required to comply with the Order and validation that all of these matters were properly addressed. I am very proud of this accomplishment, and I would like to thank all of the many people within the bank who worked tirelessly to reach this achievement less than one year after the Order was issued.

    Through an internal review of our loan portfolio and with consultation with our prudential regulators, it was determined that larger provisions were required in the second quarter of 2024. As a result, we decided it was appropriate to file a restated quarterly report on Form 10-Q for the quarter ended June 30, 2024, and identified a material weakness in the design of certain internal controls. The loans for which we increased reserves were originated between 2020 and 2023. More recent vintages of our loan portfolio are performing well as we have engaged in lending and partnerships that we have evaluated as having a relatively lower risk profile. The provision for credit losses after the amendment was $8.7 million in the second quarter of 2024.

    Management and the Board of Directors take the reported material weakness very seriously. We have taken corrective action to address the basis for the restatement and are working to promptly remediate. 

    We also acknowledge the ongoing lawsuits filed by some of the Water Station equipment borrowers. We intend to vigorously defend against these claims, which we believe are meritless. We also intend to continue pursuing collection of all monies owed by the litigants using all available legal means.

    Moving forward, the highly capable bankers at First Fed are focused on continuing to build relationships with small businesses and individuals in the communities we serve. We continue to pursue inroads in SBA, treasury, maritime lending, first and second mortgage lending and community banking. We are introducing products and services to meet our customers where they are and to enhance their overall experience with First Fed. We believe that focusing on these fundamentals of Community Banking will improve our results and our overall franchise value.”

    — Matthew P. Deines, President and CEO, First Northwest Bancorp

    2024 FINANCIAL RESULTS   3Q 24     2Q 24     3Q 23     2024 YTD     2023 YTD  
    OPERATING RESULTS (in millions)                                        
    Net (loss) income   $ (2.0 )   $ (2.2 )   $ 2.5     $ (3.8 )   $ 7.8  
    Pre-provision net interest income     14.0       14.2       15.0       42.2       47.2  
    Provision for credit losses     3.1       8.7       0.4       12.8       0.2  
    Noninterest expense     15.8       15.6       14.4       45.8       44.5  
    Total revenue, net of interest expense *     15.8       21.6       17.9       53.5       54.2  
    PER SHARE DATA                                        
    Basic and diluted (loss) earnings   $ (0.23 )   $ (0.25 )   $ 0.28     $ (0.43 )   $ 0.87  
    Book value     17.17       16.81       16.20       17.17       16.20  
    Tangible book value *     17.00       16.64       16.03       17.00       16.03  
    BALANCE SHEET (in millions)                                        
    Total assets   $ 2,255     $ 2,216     $ 2,154     $ 2,255     $ 2,154  
    Total loans     1,735       1,698       1,635       1,735       1,635  
    Total deposits     1,712       1,708       1,658       1,712       1,658  
    Total shareholders’ equity     161       159       156       161       156  
    ASSET QUALITY                                        
    Net charge-off ratio(1)     0.10 %     1.70 %     0.30 %     0.67 %     0.10 %
    Nonperforming assets to total assets     1.35       1.07       0.11       1.35       0.11  
    Allowance for credit losses on loans                                        
    to total loans     1.27       1.14       1.04       1.27       1.04  
    Nonaccrual loan coverage ratio     72       82       714       72       714  
    (1)  Performance ratios are annualized, where appropriate.
    *See reconciliation of Non-GAAP Financial Measures later in this release.
                                             
    2024 FINANCIAL RESULTS (Continued)   3Q 24     2Q 24     3Q 23     2024 YTD     2023 YTD  
    SELECTED RATIOS                                        
    Return on average assets(1)     -0.36 %     -0.40 %     0.46 %     -0.23 %     0.50 %
    Return on average equity(1)     -4.91       -5.47       6.17       -3.14       6.50  
    Return on average tangible common equity(1) *     -4.96       -5.53       6.23       -3.17       6.57  
    Net interest margin     2.70       2.76       2.97       2.74       3.22  
    Efficiency ratio     100.31       72.32       80.52       85.54       82.06  
    Bank common equity tier 1 (CETI) ratio     12.20       12.40       13.43       12.20       13.43  
    Bank total risk-based capital ratio     13.44       13.49       14.38       13.44       14.38  
    (1)  Performance ratios are annualized, where appropriate.
    *See reconciliation of Non-GAAP Financial Measures later in this release.
                                             
      2024 Significant Items as of September 30, 2024
    • Year-to-date net loss of $3.8 million was primarily due to a provision for credit losses of $12.8 million as the collectability of a small number of loan relationships continued to deteriorate and additional reserves were taken on purchased loan pools.
    • First Fed Bank (“First Fed” or the “Bank”) balance sheet restructuring contributed to an improved year-to-date yield on earning assets by 16-basis points over the prior year end to 5.44%.
      –  Sale-leaseback transaction completed in the second quarter, resulting in a $7.9 million gain on sale of premises and equipment.
      –  Sold $23.2 million of lower-yielding security investments which resulted in $2.1 million year-to-date loss on sale.
      –  Purchased $53.3 million of higher-yielding security investments year-to-date.
      –  Continued conversion of lower-yielding bank-owned life insurance (“BOLI”) with one conversion completed in the first quarter and an exchange in the third quarter. Two additional policy restructures expected to be completed by the end of the first quarter of 2025.
    • Net interest margin decreased over the prior year end from 3.13% to 2.74%, impacted by the increase in deposit and borrowing costs outpacing increased yields on loans and investments.
    • Loan mix shifted away from construction and commercial real estate into commercial business, auto, multi-family real estate, one-to-four family and home equity compared to the prior year end. The weighted-average rate on new loans year-to-date was 8.5%.
    • Borrowings increased $14.1 million, or 4.4%, to $335.0 million at September 30, 2024, compared to $320.9 million at December 31, 2023.
    • Repurchased 214,132 shares during the first quarter, which closed out the October 2020 Stock Repurchase Plan.
    • Repurchased 98,156 shares during the third quarter under the new share repurchase plan approved in April 2024. 
    • Year-to-date deposit growth of $34.7 million, or 2.0%, to $1.71 billion, with a $30.0 million shift from savings to money market accounts. Cost of total deposits increased over the prior year end from 1.66% to 2.49%.
    • Estimated insured deposits totaled $1.3 billion, or 77% of total deposits at September 30, 2024. Available liquidity to uninsured deposit coverage remained strong at 142% at September 30, 2024.
    • Classified loans increased to 2.71% of total loans at September 30, 2024, compared to 2.12% at December 31, 2023.
    • Nonperforming assets increased $11.7 million year-to-date mainly due to three commercial loan relationships included in commercial construction, commercial real estate and commercial business.
    • Completed a reduction-in-force impacting 9% of our workforce on July 24, 2024. This action, along with year-to-date headcount management through attrition, is expected to result in a reduction in current levels of compensation expense by approximately $820,000 per quarter starting in the fourth quarter of 2024.
       

    First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported a net loss of $2.0 million for the third quarter of 2024, compared to a net loss of $2.2 million for the second quarter of 2024 and net income of $2.5 million for the third quarter of 2023. Basic and diluted loss per share were $0.23 for the third quarter of 2024, compared to basic and diluted loss per share of $0.25 for the second quarter of 2024 and basic and diluted earnings per share of $0.28 for the third quarter of 2023. In the third quarter of 2024, the Company generated a return on average assets of -0.36%, a return on average equity of -4.91% and a return on average tangible common equity* of -4.96%. Loss before provision for income taxes was $3.2 million for the third quarter of 2024, compared to a loss before provision for income taxes of $2.8 million for the preceding quarter, a decrease of $417,000, or 15.1%, and decreased $6.3 million compared to income of $3.1 million for the third quarter of 2023.

    The Bank recorded reserves on individually analyzed loans totaling $1.9 million due to the uncertain future cash flows from specific loan relationships in the third quarter of 2024. An additional credit loss on loans of $1.8 million was attributable to an increase in the reserve on pooled commercial business loans, with a reserve loss rate of 3.4% applied to that segment of the loan portfolio at period end. We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers. The provision for credit losses on loans had a significant negative impact on net income and was the only reason for the net loss recorded for the third quarter of 2024.

    Steps taken to restructure the Bank’s balance sheet continue to have a positive impact. The fair value hedge on loans, tied to the compounded overnight index swap using the secured overnight financing rate index, established in the first quarter of 2024 added $946,000 to interest income year-to-date. The fair value hedge on loans reduces interest rate risk by reducing liability sensitivity while increasing interest income. We estimate that if rates remain unchanged, this hedge will add $1.3 million of annualized interest income in 2024. The estimated impact will be reduced if the Federal Reserve Board (“FRB”) implements additional rate cuts during the year. The Bank expects to maintain a positive carry on its derivative for up to 75-basis points of additional rate cuts.

    The balance sheet restructure plan also includes the conversion of BOLI policies in order to reinvest in higher yielding products. The first $6.1 million policy earning 2.58% was surrendered during the first quarter and reinvested into a policy earning 5.18%. In the third quarter of 2024, a $1.3 million policy earning 3.18% was exchanged and reinvested into a policy earning 5.73%. The remaining surrender and exchange transactions are expected to be completed by the end of the first quarter of 2025.

    Net Interest Income
    Total interest income decreased $405,000 to $28.2 million for the third quarter of 2024, compared to $28.6 million in the previous quarter, and increased $2.4 million compared to $25.8 million in the third quarter of 2023. Interest income decreased in the third quarter of 2024 primarily due to interest reversals for loans placed on nonaccrual totaling $619,000. The interest adjustments were partially offset by higher yields on performing loans combined with increased loan volume. Interest and fees on loans increased year-over-year as the loan portfolio grew as a result of draws on new and existing lines of credit, originations of commercial real estate, commercial business and home equity loans, and auto and manufactured home loan purchases. Loan yields increased over the prior year due to higher rates on new originations as well as the repricing of variable and adjustable-rate loans tied to the Prime Rate or other indices.

    Total interest expense decreased $190,000 to $14.2 million for the third quarter of 2024, compared to $14.4 million in the second quarter of 2024, and increased $3.3 million compared to $10.9 million in the third quarter of 2023. Interest expense for the three months ended September 30, 2024, was lower primarily due to lower rates on advances combined with decreased advance volumes. The decrease was partially offset by a 9-basis point increase in the cost of deposits to 2.56% for the quarter ended September 30, 2024, from 2.47% for the prior quarter as a result of customers continuing to shift deposit balances into higher earning products. The increase over the third quarter of 2023 was the result of a 71-basis point increase in the cost of deposits from 1.85% in the third quarter one year ago. A shift in the deposit mix from transaction and savings accounts to money market accounts and time deposits also added to the higher cost of deposits compared to the third quarter of 2023. Higher costs of brokered time deposits also contributed to additional deposit costs with a 57-basis point increase to 4.88% for the current quarter compared to 4.31% for the third quarter one year ago.

    Net interest income before provision for credit losses for the third quarter of 2024 decreased $215,000, or 1.5%, to $14.0 million, compared to $14.2 million for the preceding quarter, and decreased $930,000, or 6.2%, from the third quarter one year ago. The impact of the September FRB rate cut will be reflected beginning with fourth quarter 2024 interest income and expenses.

    The Company recorded a $3.1 million provision for credit losses on loans in the third quarter of 2024, primarily due to reserves taken individually analyzed loans and Current Expected Credit Loss model loss factor increases attributable to pooled commercial business and multi-family loans at quarter end. Credit loss provision increases were offset by decreases to the loss factors applied to consumer, commercial real estate and one-to-four family loans. Higher loss factors applied to unfunded commitments and a moderate increase in commitment balances also resulted in a provision for credit losses on unfunded commitments of $57,000 for the quarter. The total provision for credit loss recorded for the third quarter of 2024 was $3.1 million, compared to a credit loss provision of $8.7 million for the preceding quarter and a provision of $371,000 for the third quarter of 2023.

    The net interest margin decreased to 2.70% for the third quarter of 2024, from 2.76% for the prior quarter, and decreased 27-basis points from 2.97% for the third quarter of 2023. The decrease over the linked quarter is primarily due to the accrued interest reversed on three nonperforming commercial loans during the three months ended September 30, 2024, partially offset by an increase in interest income earned on a higher volume of loans. Investment securities also had decreased volume due to regular payments and lower yields due to variable-rate securities compared to the preceding quarter. The Company reported reduced rates and declining volume of borrowings during the quarter which lowered costs; however, these savings were partially offset by an increase in cost due to a higher volume of retail customer deposits. The decrease in net interest margin from the same quarter one year ago is due to higher funding costs for deposits and borrowed funds. Organic loan production comprised 73% of new loan commitments for the third quarter with the remaining 27% added through purchases of higher-yielding loans from established third-party relationships. The Bank’s fair value hedging agreements on securities and loans added $188,000 and $395,000, respectively, to interest income for the third quarter of 2024.

    The yield on average earning assets for the third quarter of 2024 decreased 11-basis points to 5.44% compared to 5.55% for the second quarter of 2024 and increased 30-basis points from 5.14% for the third quarter of 2023. The third quarter decrease is attributable to the accrued interest reversed on nonperforming loans, a lower yield and volume of investment securities and a decrease in the balance of Federal Home Loan Bank (“FHLB”) stock. The year-over-year increase in interest income was primarily due to higher average loan balances augmented by increases in yields on all earning assets, which were positively impacted by the higher rate environment.

    The cost of average interest-bearing liabilities decreased 5-basis points to 3.23% for the third quarter of 2024, compared to 3.28% for the second quarter of 2024, and increased 63-basis points from 2.60% for the third quarter of 2023. Total cost of funds decreased to 2.82% for the third quarter of 2024 from 2.87% in the prior quarter and increased from 2.23% for the third quarter of 2023. Current quarter decreases were due to lower average balances and costs on borrowings. The Bank continues to offer higher rate specials on money market and CD accounts to attract and retain retail customer deposits. The average brokered CD balance decreased $5.5 million from the linked quarter with a 6-basis point decrease in the average rate paid on brokered funds.

    The increase in cost of average interest-bearing liabilities over the same quarter last year was driven by higher rates paid on deposits and borrowings and higher average CD balances. The Company attracted and retained funding through the use of promotional products and a focus on digital account acquisition. The mix of retail deposit balances shifted from no or low-cost transaction and savings accounts towards higher cost term certificate and higher yield money market accounts. Retail CDs represented 29.3%, 26.8% and 27.6% of retail deposits at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Average interest-bearing deposit balances increased $44.8 million, or 3.2%, to $1.45 billion for the third quarter of 2024 compared to the second quarter of 2024 and increased $75.0 million, or 5.4%, compared to $1.38 billion for the third quarter of 2023.

    Selected Yields   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Loan yield     5.51 %     5.62 %     5.51 %     5.38 %     5.31 %
    Investment securities yield     4.90       5.01       4.75       4.53       4.18  
    Cost of interest-bearing deposits     3.00       2.91       2.86       2.52       2.22  
    Cost of total deposits     2.56       2.47       2.43       2.12       1.85  
    Cost of borrowed funds     4.35       4.76       4.52       4.50       4.45  
    Net interest spread     2.21       2.27       2.28       2.40       2.54  
    Net interest margin     2.70       2.76       2.76       2.84       2.97  
                                             

    Noninterest Income
    Noninterest income decreased to $1.8 million for the third quarter of 2024 compared to $7.4 million for the second quarter of 2024. Nonrecurring second quarter transactions included a sale-leaseback transaction which resulted in a gain on sale of premises and equipment of $7.9 million, partially offset by a $2.1 million loss on the sale of lower-yielding available-for-sale securities. Income from the gain on sale of loans in the third quarter of 2024 includes $51,000 from SBA loans, compared to $116,000 in the prior quarter. Write-downs on sold loan servicing rights mark-to-market valuation totaled $161,000 for the third quarter of 2024 compared to $103,000 in the prior quarter. Other noninterest income includes a valuation gain on partnership investments of $279,000 compared to a loss of $56,000 in the preceding quarter.

    Noninterest income decreased 38.7% from $2.9 million in the same quarter one year ago. The third quarter of 2023 included $750,000 in credit enhancements reimbursed to the Company on Splash charge-offs recorded in other noninterest income. The quarter ended September 30, 2023, also included a $102,000 gain on sale of mortgage loans, compared to a $6,000 gain in the third quarter of 2024.

    Noninterest Income                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Loan and deposit service fees   $ 1,059     $ 1,076     $ 1,102       1,068     $ 1,068  
    Sold loan servicing fees and servicing rights mark-to-market     10       74       219       276       98  
    Net gain on sale of loans     58       150       52       33       171  
    Net (loss) gain on sale of investment securities     —       (2,117 )     —       (5,397 )     —  
    Net gain on sale of premises and equipment     —       7,919       —       —       —  
    Increase in cash surrender value of bank-owned life insurance     315       293       243       260       252  
    Other income     337       (48 )     572       831       1,315  
    Total noninterest income   $ 1,779     $ 7,347     $ 2,188     $ (2,929 )   $ 2,904  
                                             

    Noninterest Expense
    Noninterest expense totaled $15.9 million for the third quarter of 2024, compared to $15.6 million for the preceding quarter and $14.4 million for the third quarter a year ago. Increases were primarily due to one-time severance payouts of $704,000 during the three months ended September 30, 2024, partially offset by a decrease in occupancy due to the one-time tax assessment on the sale-leaseback of $359,000 paid in the previous quarter. Other expense increased this quarter primarily due to $161,000 of additional credit related expenses.

    The increase in total noninterest expenses compared to the third quarter of 2023 is mainly due to current quarter one-time severance payouts of $704,000, additional payroll tax expense of $342,000 and additional medical benefit expense of $162,000. Payroll tax expense in the third quarter of 2023 included accretion of the employee retention credit (“ERC”) which reduced the expense by $293,000. In the fourth quarter of 2023, the Bank stopped the recognition of the ERC for the foreseeable future. Occupancy increased due to the additional rent of $416,000 from the previous quarter sale-leaseback transaction. Other increases compared to the third quarter of 2023 included $51,000 in stockholder communications, $103,000 of state taxes, $163,000 in FDIC insurance premiums, and $269,000 of additional credit related expenses. These increases were partially offset by lower legal fees of $204,000, consulting fees of $146,000 and advertising costs of $91,000. The Company continues to focus on controlling compensation expense and reducing advertising and other discretionary spending to improve earnings.

    Noninterest Expense                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Compensation and benefits   $ 8,582     $ 8,588     $ 8,128     $ 7,397     $ 7,795  
    Data processing     2,085       2,008       1,944       2,107       1,945  
    Occupancy and equipment     1,553       1,799       1,240       1,262       1,173  
    Supplies, postage, and telephone     360       317       293       351       292  
    Regulatory assessments and state taxes     548       457       513       376       446  
    Advertising     409       377       309       235       501  
    Professional fees     698       684       910       1,119       929  
    FDIC insurance premium     533       473       386       418       369  
    Other expense     1,080       906       580       3,725       926  
    Total noninterest expense   $ 15,848     $ 15,609     $ 14,303     $ 16,990     $ 14,376  
                                             
    Efficiency ratio     100.31 %     72.32 %     88.75 %     150.81 %     80.52 %
                                             

    Investment Securities
    Investment securities increased $4.2 million, or 1.4%, to $310.9 million at September 30, 2024, compared to $306.7 million three months earlier, and increased $1.5 million compared to $309.3 million at September 30, 2023. The market value of the portfolio increased $8.1 million during the third quarter of 2024 primarily due to the market rally in the second half the third quarter which drove the yield curve lower. At September 30, 2024, municipal bonds totaled $81.4 million and comprised the largest portion of the investment portfolio at 26.2%. Agency issued mortgage-backed securities (“MBS agency”) were the second largest segment, totaling $78.5 million, or 25.3%, of the portfolio at quarter end. Included in MBS non-agency were $29.6 million of commercial mortgage-backed securities (“CMBS”), of which 89.8% were in “A” tranches and the remaining 10.2% were in “B” tranches. Our largest exposure in the CMBS portfolio at September 30, 2024, was to long-term care facilities, which comprised 65.0%, or $19.2 million, of our private label CMBS securities. All of the CMBS bonds had credit enhancements ranging from 28.8% to 71.8%, with a weighted-average credit enhancement of 55.3%, that further reduced the risk of loss on these investments.

    The estimated average life of the securities portfolio was approximately 7.4 years at September 30, 2024, 7.8 years at the prior quarter end and 7.7 years for the third quarter of 2023. The effective duration of the portfolio was approximately 3.9 years at September 30, 2024, compared to 4.3 years in the prior quarter and 4.9 years at the end of the third quarter of 2023. Our recent investment purchases have primarily been floating rate securities to take advantage of higher short-term rates above those offered on cash and to reduce our liability sensitivity.

    Investment Securities Available for Sale, at Fair Value                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Municipal bonds   $ 81,363     $ 78,825     $ 87,004     $ 87,761     $ 93,995  
    U.S. Treasury notes     —       —       —       —       2,377  
    International agency issued bonds (Agency bonds)     —       —       —       —       1,703  
    U.S. government agency issued asset-backed securities (ABS agency)     13,296       13,982       14,822       11,782       —  
    Corporate issued asset-backed securities (ABS corporate)     16,391       16,483       13,929       5,286       —  
    Corporate issued debt securities (Corporate debt):                                        
    Senior positions     10,241       9,066       13,617       9,270       16,975  
    Subordinated bank notes     43,817       43,826       39,414       42,184       37,360  
    U.S. Small Business Administration securities (SBA)     9,317       9,772       7,911       —       —  
    Mortgage-backed securities:                                        
    U.S. government agency issued mortgage-backed securities (MBS agency)     78,549       77,301       83,271       63,247       66,946  
    Non-agency issued mortgage-backed securities (MBS non-agency)     57,886       57,459       65,987       76,093       89,968  
    Total securities available for sale, at fair value   $ 310,860     $ 306,714     $ 325,955     $ 295,623     $ 309,324  
                                             

    Loans and Unfunded Loan Commitments
    Net loans, excluding loans held for sale, increased $36.7 million, or 2.2%, to $1.71 billion at September 30, 2024, from $1.68 billion at June 30, 2024, and increased $96.4 million, or 6.0%, from $1.62 billion one year ago.

    Commercial business loans increased $38.2 million, primarily attributable to a $29.0 million increase in our Northpointe Bank Mortgage Purchase Program participation, organic originations totaling $7.9 million and draws on existing lines of credit of $5.7 million which were partially offset by payments. One-to-four family loans increased $5.9 million during the third quarter of 2024 as a result of $14.2 million in residential construction loans that converted to permanent amortizing loans, partially offset by payoffs and scheduled payments. Home equity loans increased $4.3 million over the previous quarter due to organic home equity loan production of $5.5 million and draws on new and existing commitments of $4.6 million, partially offset by payoffs and scheduled payments. Multi-family loans increased $3.7 million during the current quarter. The increase was primarily the result of $9.2 million of construction loans converting into permanent amortizing loans, partially offset by payoffs and scheduled payments. Commercial real estate loans increased $497,000 during the third quarter of 2024 compared to the previous quarter as originations of $8.6 million were offset by payoffs and scheduled payments.

    Construction loans decreased $11.6 million during the quarter, with $23.4 million converting into fully amortizing loans, partially offset by draws on new and existing loans. New single-family residence construction loan commitments totaled $4.1 million in the third quarter, compared to $2.7 million in the preceding quarter. Auto and other consumer loans decreased $4.4 million during the third quarter of 2024 as payoffs and scheduled payments were higher than $5.8 million of new auto loan purchases, a $4.3 million manufactured home loan pool and individual manufactured home loan purchases totaling $1.2 million. 

    The Company originated $3.4 million in residential mortgages during the third quarter of 2023 and sold $3.9 million, with an average gross margin on sale of mortgage loans of approximately 2.06%. This production compares to residential mortgage originations of $5.0 million in the preceding quarter with sales of $4.9 million, and an average gross margin of 2.05%. Single-family home inventory remained historically low and higher market rates on mortgage loans continued to limit saleable mortgage loan production through much of the third quarter.

    Loans by Collateral and Unfunded Commitments                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    One-to-four family construction   $ 51,607     $ 49,440     $ 70,100     $ 60,211     $ 72,991  
    All other construction and land     45,166       58,346       55,286       69,484       71,092  
    One-to-four family first mortgage     469,053       434,840       436,543       426,159       409,207  
    One-to-four family junior liens     14,701       13,706       12,608       12,250       12,859  
    One-to-four family revolving open-end     48,459       44,803       45,536       42,479       38,413  
    Commercial real estate, owner occupied:                                        
    Health care     29,407       29,678       29,946       22,523       22,677  
    Office     17,901       19,215       17,951       18,468       18,599  
    Warehouse     11,645       14,613       14,683       14,758       14,890  
    Other     64,535       56,292       55,063       61,304       57,414  
    Commercial real estate, non-owner occupied:                                        
    Office     49,770       50,158       53,099       53,548       53,879  
    Retail     49,717       50,101       50,478       51,384       51,466  
    Hospitality     62,282       62,628       66,982       67,332       61,339  
    Other     82,573       84,428       93,040       94,822       96,083  
    Multi-family residential     354,118       350,382       339,907       333,428       325,338  
    Commercial business loans     86,904       79,055       90,781       76,920       75,068  
    Commercial agriculture and fishing loans     15,369       14,411       10,200       5,422       4,437  
    State and political subdivision obligations     404       405       405       405       439  
    Consumer automobile loans     144,036       151,121       139,524       132,877       134,695  
    Consumer loans secured by other assets     132,749       129,293       122,895       108,542       104,999  
    Consumer loans unsecured     4,411       5,209       6,415       7,712       9,093  
    Total loans   $ 1,734,807     $ 1,698,124     $ 1,711,442     $ 1,660,028     $ 1,634,978  
                                             
    Unfunded commitments under lines of credit or existing loans   $ 166,446     $ 155,005     $ 148,736     $ 149,631     $ 154,722  
                                             

    Deposits
    Total deposits increased $3.4 million to $1.71 billion at September 30, 2024, compared to $1.71 billion at June 30, 2024, and increased $53.9 million, or 3.3%, compared to $1.66 billion one year ago. During the third quarter of 2024, total retail customer deposit balances increased $23.4 million and brokered deposit balances decreased $20.0 million. Compared to the preceding quarter, there were balance increases of $18.1 million in consumer time deposits, $17.7 million in business money market accounts, $7.9 million in consumer demand accounts and $7.7 million in business time deposits. These increases were partially offset by decreases in business demand accounts of $26.4 million, brokered time deposits of $20.0 million, consumer money market accounts of $7.4 million, business savings accounts of $6.5 million, consumer savings accounts of $5.3 million and public fund time deposits of $941,000, during the third quarter of 2024. Increases in time deposits and money market accounts were driven by customer behavior as they sought out higher rates. Overall, the current rate environment continues to contribute to greater competition for deposits with ongoing deposit rate specials offered to attract new funds.

    The Company estimates that $401.0 million, or 23%, of total deposit balances were uninsured at September 30, 2024. Approximately $265.7 million, or 16%, of total deposits were uninsured business and consumer deposits with the remaining $135.3 million, or 8%, consisting of uninsured public funds at September 30, 2024. Uninsured public fund balances were fully collateralized. The Bank holds an FHLB standby letter of credit as part of our participation in the Washington Public Deposit Protection Commission program which covered $115.5 million of related deposit balances while the remaining $19.8 million of uninsured tribal accounts was fully covered through pledged securities at September 30, 2024.

    As of September 30, 2024, consumer deposits made up 58% of total deposits with an average balance of $24,000 per account, business deposits made up 22% of total deposits with an average balance of $51,000 per account, public fund deposits made up 8% of total deposits with an average balance of $1.6 million per account and the remaining 12% of account balances are brokered time deposits. We have maintained the majority of our public fund relationships for over 10 years. Approximately 70% of our customer base is located in rural areas, with 18% in urban areas and the remaining 12% are brokered deposits as of September 30, 2024.

    Deposits                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Noninterest-bearing demand deposits   $ 252,999     $ 276,543     $ 252,083     $ 269,800     $ 280,475  
    Interest-bearing demand deposits     167,202       162,201       169,418       182,361       179,029  
    Money market accounts     433,307       423,047       362,205       372,706       374,269  
    Savings accounts     212,763       224,631       242,148       253,182       260,279  
    Certificates of deposit, retail     441,665       398,161       443,412       410,136       379,484  
    Total retail deposits     1,507,936       1,484,583       1,469,266       1,488,185       1,473,536  
    Certificates of deposit, brokered     203,705       223,705       207,626       169,577       179,586  
    Total deposits   $ 1,711,641     $ 1,708,288     $ 1,676,892     $ 1,657,762     $ 1,653,122  
                                             
    Public fund and tribal deposits included in total deposits   $ 139,729     $ 138,439     $ 132,652     $ 128,627     $ 130,974  
    Total loans to total deposits     101 %     99 %     102 %     100 %     99 %
                                             
    Deposit Mix   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Noninterest-bearing demand deposits     14.8 %     16.2 %     15.0 %     16.3 %     17.0 %
    Interest-bearing demand deposits     9.8       9.5       10.1       11.0       10.8  
    Money market accounts     25.3       24.8       21.6       22.5       22.6  
    Savings accounts     12.4       13.1       14.4       15.3       15.7  
    Certificates of deposit, retail     25.8       23.3       26.5       24.7       23.0  
    Certificates of deposit, brokered     11.9       13.1       12.4       10.2       10.9  
                                             
    Cost of Deposits for the Quarter Ended   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Interest-bearing demand deposits     0.45 %     0.47 %     0.45 %     0.45 %     0.46 %
    Money market accounts     2.65       2.40       2.08       1.48       1.22  
    Savings accounts     1.64       1.62       1.63       1.54       1.42  
    Certificates of deposit, retail     4.16       4.10       4.13       3.92       3.52  
    Certificates of deposit, brokered     4.88       4.94       4.94       4.72       4.31  
    Cost of total deposits     2.56       2.47       2.43       2.12       1.85  
                                             

    Asset Quality
    The allowance for credit losses on loans (“ACLL”) increased $2.6 million from $19.3 million at June 30, 2024, to $22.0 million at September 30, 2024. The ACLL as a percentage of total loans was 1.27% at September 30, 2024, increasing from 1.14% at June 30, 2024, and increasing from 1.04% one year earlier. The current quarter increase can be attributed to $1.9 million of additional reserves taken on individually evaluated commercial business loans due uncertainty in the collectability of these loans. The pooled loan reserve increased $1.2 million due to higher loss factors applied to commercial business and multi-family loans, partially offset by lower loss factors applied to one-to-four family, commercial real estate, home equity, auto and other consumer loans. Loss factors were revised based on the results of an annual loss driver analysis, in conjunction with other relevant factors, to update each segment’s sensitivity to qualitative factors used in the calculation of the pooled reserve at September 30, 2024.

    Nonperforming loans totaled $30.4 million at September 30, 2024, an increase of $6.8 million from June 30, 2024, primarily attributable to a $5.6 million delinquent commercial real estate relationship and two commercial business loans with an aggregate total of $1.7 million placed on nonaccrual due to credit concerns. The percentage of the allowance for credit losses on loans to nonperforming loans decreased to 72% at September 30, 2024, from 82% at June 30, 2024, and from 714% at September 30, 2023. This ratio continues to decline as higher balances of real estate loans are included in nonperforming assets with no significant corresponding increase to the ACLL as these secured loans are considered adequately reserved for based on information currently available.

    Classified loans increased $7.2 million to $46.9 million at September 30, 2024, due to the downgrade of one $6.4 million commercial real estate loan and ten commercial business loans totaling $5.6 million during the third quarter, partially offset by loan payoffs totaling $5.0 million. An $11.2 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; an $8.1 million commercial construction loan relationship, which became classified in the previous quarter; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 55% of the classified loan balance at September 30, 2024. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral dependent relationships. The Bank is also closely monitoring certain equity program loans, with 14 loans totaling $5.9 million included in classified loans at September 30, 2024, and an additional nine loans totaling $3.1 million included in the special mention risk grading category.

    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Allowance for credit losses on loans to total loans     1.27 %     1.14 %     1.05 %     1.05 %     1.04 %
    Allowance for credit losses on loans to nonaccrual loans     72       82       92       94       714  
    Nonaccrual loans to total loans     1.75       1.39       1.14       1.12       0.15  
    Net charge-off ratio (annualized)     0.10       1.70       0.19       0.14       0.30  
                                             
    Total nonaccrual loans   $ 30,376     $ 23,631     $ 19,481     $ 18,644     $ 2,374  
    Reserve for unfunded commitments   $ 704     $ 647     $ 548     $ 817     $ 828  
                                             

    Capital
    Total shareholders’ equity increased to $160.8 million at September 30, 2024, compared to $158.9 million three months earlier, due to an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $6.3 million, partially offset by a net loss of $2.0 million, a decrease in the after-tax fair market values of derivatives of $1.2 million, share repurchases totaling $1.0 million and dividends declared of $659,000.

    Book value per common share was $17.17 at September 30, 2024, compared to $16.81 at June 30, 2024, and $16.20 at September 30, 2023. Tangible book value per common share* was $17.00 at September 30, 2024, compared to $16.64 at June 30, 2024, and $16.03 at September 30, 2023.

    Capital levels for both the Company and its operating bank, First Fed, remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at September 30, 2024. Common Equity Tier 1 and Total Risk-Based Capital Ratios at September 30, 2024, were 12.2% and 13.4%, respectively.

        3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Equity to total assets     7.13 %     7.17 %     7.17 %     7.42 %     7.25 %
    Tangible common equity to tangible assets *     7.06       7.10       7.10       7.35       7.17  
    Capital ratios (First Fed Bank):                                        
    Tier 1 leverage     9.39       9.38       9.74       9.90       10.12  
    Common equity Tier 1 capital     12.20       12.40       12.56       13.12       13.43  
    Tier 1 risk-based     12.20       12.40       12.56       13.12       13.43  
    Total risk-based     13.44       13.49       13.57       14.11       14.38  
                                             

    Share Repurchase Program and Cash Dividend
    First Northwest continued to return capital to our shareholders through cash dividends and share repurchases during the third quarter of 2024. We repurchased 98,156 shares of common stock under the Company’s April 2024 Stock Repurchase Plan (“Repurchase Plan”) at an average price of $10.19 per share for a total of $1.0 million during the quarter ended September 30, 2024, leaving 846,123 shares remaining under the plan. In addition, the Company paid cash dividends totaling $652,000 in the third quarter of 2024.

    ____________________
    *     See reconciliation of Non-GAAP Financial Measures later in this release.

    Awards/Recognition
    The Company received several accolades as a leader in the community in the last year.

    In September 2024, the First Fed team was recognized in the 2024 Best of Olympic Peninsula surveys, winning Best Bank and Best Lender in Clallam County; Best Bank and Best Financial Advisor in the West End; and Best Lender in Jefferson County. First Fed was also a finalist for Best Bank, Best Customer Service, Best Employer and Best Financial Advisor in Jefferson County; Best Customer Service, Best Employer and Best Financial Advisor in Clallam County; and Best Customer Service and Best Employer in the West End.
    In May 2024, First Fed, along with the First Fed Community Foundation, were honored to be ranked second on the Puget Sound Business Journal Midsize Corporate Philanthropists list.
    In October 2023, the First Fed team was honored to bring home the Gold for Best Bank in the Best of the Northwest survey hosted by Bellingham Alive for the second year in a row.
    In September 2023, the First Fed team was recognized in the 2023 Best of Olympic Peninsula surveys as a finalist for Best Employer in Kitsap County and Best Bank and Best Financial Institution in Bainbridge.
       

    About the Company
    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

    Forward-Looking Statements
    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; the risk of inaccuracies in the reporting of our financial condition as a result of the material weakness in our internal controls; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2024 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

    For More Information Contact:
    Matthew P. Deines, President and Chief Executive Officer
    Geri Bullard, EVP, Chief Financial Officer and Chief Operating Officer
    IRGroup@ourfirstfed.com
    360-457-0461

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data) (Unaudited)

        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
    ASSETS                                        
    Cash and due from banks   $ 17,953     $ 19,184     $ 20,609       -6.4 %     -12.9 %
    Interest-earning deposits in banks     64,769       63,995       63,277       1.2       2.4  
    Investment securities available for sale, at fair value     310,860       306,714       309,324       1.4       0.5  
    Loans held for sale     378       1,086       689       -65.2       -45.1  
    Loans receivable (net of allowance for credit losses on loans $21,970, $19,343, and $16,945)     1,714,416       1,677,764       1,618,033       2.2       6.0  
    Federal Home Loan Bank (FHLB) stock, at cost     14,435       13,086       12,621       10.3       14.4  
    Accrued interest receivable     8,939       9,466       8,093       -5.6       10.5  
    Premises and equipment, net     10,436       10,714       17,954       -2.6       -41.9  
    Servicing rights on sold loans, at fair value     3,584       3,740       3,729       -4.2       -3.9  
    Bank-owned life insurance, net     41,429       41,113       40,318       0.8       2.8  
    Equity and partnership investments     14,912       15,085       14,623       -1.1       2.0  
    Goodwill and other intangible assets, net     1,083       1,084       1,087       -0.1       -0.4  
    Deferred tax asset, net     10,802       12,216       16,611       -11.6       -35.0  
    Prepaid expenses and other assets     41,490       40,715       26,577       1.9       56.1  
    Total assets   $ 2,255,486     $ 2,215,962     $ 2,153,545       1.8 %     4.7 %
                                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                        
    Deposits   $ 1,711,641     $ 1,708,288     $ 1,657,762       0.2 %     3.3 %
    Borrowings     334,994       302,575       300,416       10.7       11.5  
    Accrued interest payable     2,153       3,143       2,276       -31.5       -5.4  
    Accrued expenses and other liabilities     43,424       41,771       34,651       4.0       25.3  
    Advances from borrowers for taxes and insurance     2,485       1,304       2,375       90.6       4.6  
    Total liabilities     2,094,697       2,057,081       1,997,480       1.8       4.9  
                                             
    Shareholders’ Equity                                        
    Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding     —       —       —       n/a       n/a  
    Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 9,365,979 at September 30, 2024; issued and outstanding 9,453,247 at June 30, 2024; and issued and outstanding 9,630,735 at September 30, 2023     94       94       96       0.0       -2.1  
    Additional paid-in capital     93,218       93,985       95,658       -0.8       -2.6  
    Retained earnings     100,660       103,322       113,579       -2.6       -11.4  
    Accumulated other comprehensive loss, net of tax     (26,424 )     (31,597 )     (45,850 )     16.4       42.4  
    Unearned employee stock ownership plan (ESOP) shares     (6,759 )     (6,923 )     (7,418 )     2.4       8.9  
    Total shareholders’ equity     160,789       158,881       156,065       1.2       3.0  
    Total liabilities and shareholders’ equity   $ 2,255,486     $ 2,215,962     $ 2,153,545       1.8 %     4.7 %
                                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)

        Quarter Ended                  
        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
    INTEREST INCOME                                        
    Interest and fees on loans receivable   $ 23,536     $ 23,733     $ 21,728       -0.8 %     8.3 %
    Interest on investment securities     3,786       3,949       3,368       -4.1       12.4  
    Interest on deposits in banks     582       571       524       1.9       11.1  
    FHLB dividends     302       358       214       -15.6       41.1  
    Total interest income     28,206       28,611       25,834       -1.4       9.2  
    INTEREST EXPENSE                                        
    Deposits     10,960       10,180       7,699       7.7       42.4  
    Borrowings     3,226       4,196       3,185       -23.1       1.3  
    Total interest expense     14,186       14,376       10,884       -1.3       30.3  
    Net interest income     14,020       14,235       14,950       -1.5       -6.2  
    PROVISION FOR CREDIT LOSSES                                        
    Provision for credit losses on loans     3,077       8,640       880       -64.4       249.7  
    Provision for (recapture of) credit losses on unfunded commitments     57       99       (509 )     -42.4       111.2  
    Provision for credit losses     3,134       8,739       371       -64.1       744.7  
    Net interest income after provision for credit losses     10,886       5,496       14,579       98.1       -25.3  
    NONINTEREST INCOME                                        
    Loan and deposit service fees     1,059       1,076       1,068       -1.6       -0.8  
    Sold loan servicing fees and servicing rights mark-to-market     10       74       98       -86.5       -89.8  
    Net gain on sale of loans     58       150       171       -61.3       -66.1  
    Net loss on sale of investment securities     —       (2,117 )     —       100.0       n/a  
    Net gain on sale of premises and equipment     —       7,919       —       -100.0       n/a  
    Increase in cash surrender value of bank-owned life insurance     315       293       252       7.5       25.0  
    Other income     337       (48 )     1,315       802.1       -74.4  
    Total noninterest income     1,779       7,347       2,904       -75.8       -38.7  
    NONINTEREST EXPENSE                                        
    Compensation and benefits     8,582       8,588       7,795       -0.1       10.1  
    Data processing     2,085       2,008       1,945       3.8       7.2  
    Occupancy and equipment     1,553       1,799       1,173       -13.7       32.4  
    Supplies, postage, and telephone     360       317       292       13.6       23.3  
    Regulatory assessments and state taxes     548       457       446       19.9       22.9  
    Advertising     409       377       501       8.5       -18.4  
    Professional fees     698       684       929       2.0       -24.9  
    FDIC insurance premium     533       473       369       12.7       44.4  
    Other expense     1,080       906       926       19.2       16.6  
    Total noninterest expense     15,848       15,609       14,376       1.5       10.2  
    (Loss) income before (benefit) provision for income taxes     (3,183 )     (2,766 )     3,107       -15.1       -202.4  
    (Benefit) provision for income taxes     (1,203 )     (547 )     603       -119.9       -299.5  
    Net (loss) income   $ (1,980 )   $ (2,219 )   $ 2,504       10.8 %     -179.1 %
                                             
    Basic and diluted (loss) earnings per common share   $ (0.23 )   $ (0.25 )   $ 0.28       8.0 %     -182.1 %
                                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)

        Nine Months Ended September 30,     Percent  
        2024     2023     Change  
    INTEREST INCOME                        
    Interest and fees on loans receivable   $ 70,036     $ 62,531       12.0 %
    Interest on investment securities     11,367       9,886       15.0  
    Interest on deposits in banks     1,798       1,545       16.4  
    FHLB dividends     942       628       50.0  
    Total interest income     84,143       74,590       12.8  
    INTEREST EXPENSE                        
    Deposits     31,252       18,261       71.1  
    Borrowings     10,708       9,092       17.8  
    Total interest expense     41,960       27,353       53.4  
    Net interest income     42,183       47,237       -10.7  
    PROVISION FOR CREDIT LOSSES                        
    Provision for credit losses on loans     12,956       1,195       984.2  
    (Recapture of) provision for credit losses on unfunded commitments     (113 )     (1,024 )     89.0  
    Provision for credit losses     12,843       171       7,410.5  
    Net interest income after provision for credit losses     29,340       47,066       -37.7  
    NONINTEREST INCOME                        
    Loan and deposit service fees     3,237       3,273       -1.1  
    Sold loan servicing fees and servicing rights mark-to-market     303       400       -24.3  
    Net gain on sale of loans     260       405       -35.8  
    Net loss on sale of investment securities     (2,117 )     —       100.0  
    Net gain on sale of premises and equipment     7,919       —       100.0  
    Increase in cash surrender value of bank-owned life insurance     851       668       27.4  
    Other income     861       2,203       -60.9  
    Total noninterest income     11,314       6,949       62.8  
    NONINTEREST EXPENSE                        
    Compensation and benefits     25,298       23,812       6.2  
    Data processing     6,037       6,063       -0.4  
    Occupancy and equipment     4,592       3,596       27.7  
    Supplies, postage, and telephone     970       1,082       -10.4  
    Regulatory assessments and state taxes     1,518       1,259       20.6  
    Advertising     1,095       2,471       -55.7  
    Professional fees     2,292       2,619       -12.5  
    FDIC insurance premium     1,392       939       48.2  
    Other     2,566       2,623       -2.2  
    Total noninterest expense     45,760       44,464       2.9  
    (Loss) income before (benefit) provision for income taxes     (5,106 )     9,551       -153.5  
    (Benefit) provision for income taxes     (1,303 )     1,903       -168.5  
    Net (loss) income     (3,803 )     7,648       -149.7  
    Net loss attributable to noncontrolling interest in Quin Ventures, Inc.     —       160       -100.0  
    Net (loss) income attributable to parent   $ (3,803 )   $ 7,808       -148.7 %
                             
    Basic and diluted (loss) earnings per common share   $ (0.43 )   $ 0.87       -149.4 %
                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    Selected Financial Ratios and Other Data
    (Dollars in thousands, except per share data) (Unaudited)

        As of or For the Quarter Ended  
        September 30, 2024     June 30, 2024     March 31, 2024     December 31, 2023     September 30, 2023  
    Performance ratios:(1)                                        
    Return on average assets     -0.36 %     -0.40 %     0.07 %     -1.03 %     0.46 %
    Return on average equity     -4.91       -5.47       0.98       -14.05       6.17  
    Average interest rate spread     2.21       2.27       2.28       2.40       2.54  
    Net interest margin(2)     2.70       2.76       2.76       2.84       2.97  
    Efficiency ratio(3)     100.3       72.3       88.8       150.8       80.5  
    Equity to total assets     7.13       7.17       7.17       7.42       7.25  
    Average interest-earning assets to average interest-bearing liabilities     118.0       117.6       118.3       118.2       120.0  
    Book value per common share   $ 17.17     $ 16.81     $ 17.00     $ 16.99     $ 16.20  
                                             
    Tangible performance ratios:(1)                                        
    Tangible common equity to tangible assets(4)     7.06 %     7.10 %     7.10 %     7.35 %     7.17 %
    Return on average tangible common equity(4)     -4.96       -5.53       0.99       -14.20       6.23  
    Tangible book value per common share(4)   $ 17.00     $ 16.64     $ 16.83     $ 16.83     $ 16.03  
                                             
    Asset quality ratios:                                        
    Nonperforming assets to total assets at end of period(5)     1.35 %     1.07 %     0.87 %     0.85 %     0.11 %
    Nonaccrual loans to total loans(6)     1.75       1.39       1.14       1.12       0.15  
    Allowance for credit losses on loans to nonaccrual loans(6)     72.33       81.85       92.18       93.92       713.77  
    Allowance for credit losses on loans to total loans     1.27       1.14       1.05       1.05       1.04  
    Annualized net charge-offs to average outstanding loans     0.10       1.70       0.19       0.14       0.30  
                                             
    Capital ratios (First Fed Bank):                                        
    Tier 1 leverage     9.4 %     9.4 %     9.7 %     9.9 %     10.1 %
    Common equity Tier 1 capital     12.2       12.4       12.6       13.1       13.4  
    Tier 1 risk-based     12.2       12.4       12.6       13.1       13.4  
    Total risk-based     13.4       13.5       13.6       14.1       14.4  
                                             
    Other Information:                                        
    Average total assets   $ 2,209,333     $ 2,219,370     $ 2,166,187     $ 2,127,655     $ 2,139,734  
    Average total loans     1,718,402       1,717,830       1,678,656       1,645,418       1,641,206  
    Average interest-earning assets     2,061,970       2,072,280       2,027,821       1,980,226       1,994,251  
    Average noninterest-bearing deposits     252,911       251,442       249,283       259,845       276,294  
    Average interest-bearing deposits     1,452,817       1,408,018       1,422,116       1,379,059       1,377,734  
    Average interest-bearing liabilities     1,747,649       1,762,858       1,714,474       1,675,044       1,661,996  
    Average equity     160,479       163,079       161,867       155,971       160,994  
    Average common shares — basic     8,756,765       8,783,086       8,876,236       8,928,620       8,906,526  
    Average common shares — diluted     8,756,765       8,783,086       8,907,184       8,968,828       8,934,882  
    Tangible assets(4)     2,253,914       2,214,361       2,238,446       2,200,230       2,151,849  
    Tangible common equity(4)     159,217       157,280       158,932       161,773       154,369  
    (1) Performance ratios are annualized, where appropriate.
    (2) Net interest income divided by average interest-earning assets.
    (3) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (4) See reconciliation of Non-GAAP Financial Measures later in this release.
    (5) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.
    (6) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
       

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    Selected Financial Ratios and Other Data
    (Dollars in thousands, except per share data) (Unaudited)

        As of or For the Nine Months Ended September 30,  
        2024     2023  
    Performance ratios:(1)                
    Return on average assets     -0.23 %     0.50 %
    Return on average equity     -3.14       6.50  
    Average interest rate spread     2.25       2.83  
    Net interest margin(2)     2.74       3.22  
    Efficiency ratio(3)     85.54       82.06  
    Equity to total assets     7.13       7.25  
    Average interest-earning assets to average interest-bearing liabilities     117.9       121.0  
    Book value per common share   $ 17.17     $ 16.20  
                     
    Tangible performance ratios:(1)                
    Tangible common equity to tangible assets(4)     7.06 %     7.17 %
    Return on average tangible common equity(4)     -3.17       6.57  
    Tangible book value per common share(4)   $ 17.00     $ 16.03  
                     
    Asset quality ratios:                
    Nonperforming assets to total assets at end of period(5)     1.35 %     0.11 %
    Nonaccrual loans to total loans(6)     1.75       0.15  
    Allowance for credit losses on loans to nonaccrual loans(6)     72.33       713.77  
    Allowance for credit losses on loans to total loans     1.27       1.04  
    Annualized net charge-offs to average outstanding loans     0.67       0.10  
                     
    Capital ratios (First Fed Bank):                
    Tier 1 leverage     9.4 %     10.1 %
    Common equity Tier 1 capital     12.2       13.4  
    Tier 1 risk-based     12.2       13.4  
    Total risk-based     13.4       14.4  
                     
    Other Information:                
    Average total assets   $ 2,198,337     $ 2,102,980  
    Average total loans     1,705,088       1,698,394  
    Average interest-earning assets     2,054,052       1,959,946  
    Average noninterest-bearing deposits     251,218       284,282  
    Average interest-bearing deposits     1,427,743       1,333,696  
    Average interest-bearing liabilities     1,741,683       1,619,763  
    Average equity     161,803       160,573  
    Average common shares — basic     8,805,124       8,910,391  
    Average common shares — diluted     8,805,124       8,930,404  
    Tangible assets(4)     2,253,914       2,151,849  
    Tangible common equity(4)     159,217       154,369  
    (1) Performance ratios are annualized, where appropriate.
    (2) Net interest income divided by average interest-earning assets.
    (3) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (4) See reconciliation of Non-GAAP Financial Measures later in this release.
    (5) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.
    (6) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
       

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
        (In thousands)  
    Real Estate:                                        
    One-to-four family   $ 395,792     $ 389,934     $ 369,950     $ 5,858     $ 25,842  
    Multi-family     353,813       350,076       325,496       3,737       28,317  
    Commercial real estate     376,008       375,511       381,508       497       (5,500 )
    Construction and land     95,709       107,273       143,434       (11,564 )     (47,725 )
    Total real estate loans     1,221,322       1,222,794       1,220,388       (1,472 )     934  
    Consumer:                                        
    Home equity     76,960       72,613       64,424       4,347       12,536  
    Auto and other consumer     281,198       285,623       248,786       (4,425 )     32,412  
    Total consumer loans     358,158       358,236       313,210       (78 )     44,948  
    Commercial business     155,327       117,094       101,380       38,233       53,947  
    Total loans receivable     1,734,807       1,698,124       1,634,978       36,683       99,829  
    Less:                                        
    Derivative basis adjustment     (1,579 )     1,017       —       (2,596 )     (1,579 )
    Allowance for credit losses on loans     21,970       19,343       16,945       2,627       5,025  
    Total loans receivable, net   $ 1,714,416     $ 1,677,764     $ 1,618,033     $ 36,652     $ 96,383  
                                             

    Selected loan detail:

        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
        (In thousands)  
    Construction and land loans breakout                                        
    1-4 Family construction   $ 43,125     $ 56,514     $ 63,371     $ (13,389 )   $ (20,246 )
    Multifamily construction     29,109       43,341       54,318       (14,232 )     (25,209 )
    Nonresidential construction     17,500       1,015       18,746       16,485       (1,246 )
    Land and development     5,975       6,403       6,999       (428 )     (1,024 )
    Total construction and land loans   $ 95,709     $ 107,273     $ 143,434     $ (11,564 )   $ (47,725 )
                                             
    Auto and other consumer loans breakout                                        
    Triad Manufactured Home loans   $ 129,600     $ 125,906     $ 101,339     $ 3,694     $ 28,261  
    Woodside auto loans     126,129       131,151       124,833       (5,022 )     1,296  
    First Help auto loans     15,971       17,427       5,079       (1,456 )     10,892  
    Other auto loans     2,064       2,690       5,022       (626 )     (2,958 )
    Other consumer loans     7,434       8,449       12,513       (1,015 )     (5,079 )
    Total auto and other consumer loans   $ 281,198     $ 285,623     $ 248,786     $ (4,425 )   $ 32,412  
                                             
    Commercial business loans breakout                                        
    PPP loans   $ –     $ 5     $ 45     $ (5 )   $ (45 )
    Northpointe Bank MPP     38,155       9,150       162       29,005       37,993  
    Secured lines of credit     37,686       28,862       35,833       8,824       1,853  
    Unsecured lines of credit     1,571       1,133       919       438       652  
    SBA loans     7,219       7,146       9,149       73       (1,930 )
    Other commercial business loans     70,696       70,798       55,272       (102 )     15,424  
    Total commercial business loans   $ 155,327     $ 117,094     $ 101,380     $ 38,233     $ 53,947  
                                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

    Non-GAAP Financial Measures
    This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

    Calculation of Total Revenue:

        September 30, 2024     June 30, 2024     March 31, 2024     December 31, 2023     September 30, 2023  
        (Dollars in thousands)  
    Net interest income   $ 14,020     $ 14,235     $ 13,928     $ 14,195     $ 14,950  
    Noninterest income     1,779       7,347       2,188       (2,929 )     2,904  
    Total revenue, net of interest expense(1)   $ 15,799     $ 21,582     $ 16,116     $ 11,266     $ 17,854  
     
    (1)  We believe this non-GAAP metric provides an important measure with which to analyze and evaluate income available for noninterest expenses.
     

    Calculations Based on Tangible Common Equity:

        September 30, 2024     June 30, 2024     March 31, 2024     December 31, 2023     September 30, 2023  
        (Dollars in thousands, except per share data)  
    Total shareholders’ equity   $ 160,789     $ 158,881     $ 160,506     $ 163,340     $ 156,065  
    Less: Goodwill and other intangible assets     1,083       1,084       1,085       1,086       1,087  
    Disallowed non-mortgage loan servicing rights     489       517       489       481       609  
    Total tangible common equity   $ 159,217     $ 157,280     $ 158,932     $ 161,773     $ 154,369  
                                             
    Total assets   $ 2,255,486     $ 2,215,962     $ 2,240,020     $ 2,201,797     $ 2,153,545  
    Less: Goodwill and other intangible assets     1,083       1,084       1,085       1,086       1,087  
    Disallowed non-mortgage loan servicing rights     489       517       489       481       609  
    Total tangible assets   $ 2,253,914     $ 2,214,361     $ 2,238,446     $ 2,200,230     $ 2,151,849  
                                             
    Average shareholders’ equity   $ 160,479     $ 163,079     $ 161,867     $ 155,971     $ 160,994  
    Less: Average goodwill and other intangible assets     1,084       1,085       1,085       1,086       1,087  
    Average disallowed non-mortgage loan servicing rights     517       489       481       608       557  
    Total average tangible common equity   $ 158,878     $ 161,505     $ 160,301     $ 154,277     $ 159,350  
                                             
    Net (loss) income   $ (1,980 )   $ (2,219 )   $ 396     $ (5,522 )   $ 2,504  
    Common shares outstanding     9,365,979       9,453,247       9,442,796       9,611,876       9,630,735  
    GAAP Ratios:                                        
    Equity to total assets     7.13 %     7.17 %     7.17 %     7.42 %     7.25 %
    Return on average equity     -4.91 %     -5.47 %     0.98 %     -14.05 %     6.17 %
    Book value per common share   $ 17.17     $ 16.81     $ 17.00     $ 16.99     $ 16.20  
    Non-GAAP Ratios:                                        
    Tangible common equity to tangible assets(1)     7.06 %     7.10 %     7.10 %     7.35 %     7.17 %
    Return on average tangible common equity(1)     -4.96 %     -5.53 %     0.99 %     -14.20 %     6.23 %
    Tangible book value per common share(1)   $ 17.00     $ 16.64     $ 16.83     $ 16.83     $ 16.03  
     
    (1)  We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
     

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

        September 30, 2024     September 30, 2023  
        (Dollars in thousands, except per share data)  
    Total shareholders’ equity   $ 160,789     $ 156,065  
    Less: Goodwill and other intangible assets     1,083       1,087  
    Disallowed non-mortgage loan servicing rights     489       609  
    Total tangible common equity   $ 159,217     $ 154,369  
                     
    Total assets   $ 2,255,486     $ 2,153,545  
    Less: Goodwill and other intangible assets     1,083       1,087  
    Disallowed non-mortgage loan servicing rights     489       609  
    Total tangible assets   $ 2,253,914     $ 2,151,849  
                     
    Average shareholders’ equity   $ 161,803     $ 160,573  
    Less: Average goodwill and other intangible assets     1,085       1,088  
    Average disallowed non-mortgage loan servicing rights     496       690  
    Total average tangible common equity   $ 160,222     $ 158,795  
                     
    Net (loss) income   $ (3,803 )   $ 7,808  
    Common shares outstanding     9,365,979       9,630,735  
    GAAP Ratios:                
    Equity to total assets     7.13 %     7.25 %
    Return on average equity     -3.14 %     6.50 %
    Book value per common share   $ 17.17     $ 16.20  
    Non-GAAP Ratios:                
    Tangible common equity to tangible assets(1)     7.06 %     7.17 %
    Return on average tangible common equity(1)     -3.17 %     6.57 %
    Tangible book value per common share(1)   $ 17.00     $ 16.03  
     
    (1)  We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
     

    Images accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e387e9e8-0a9a-4306-8623-41b739acb402
    https://www.globenewswire.com/NewsRoom/AttachmentNg/4a433c9b-6823-47f3-8843-0d8138f89182
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d5ca9bb6-4a5d-45aa-8336-dd1ae06f0786
    https://www.globenewswire.com/NewsRoom/AttachmentNg/5b9aaf8c-4fd4-437d-af24-7ba8fc60616c

    The MIL Network –

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

    The road to recovery

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

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

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

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

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

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

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

    MIL OSI – Global Reports –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    Recent Company Highlights

    About Sono Group N.V.

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Since July 2024: 

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

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

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

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

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

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

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

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

    About Grayscale Investments® 

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

    Media Contact 
    Jennifer Rosenthal
    press@grayscale.com 

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

    The MIL Network –

  • MIL-OSI Economics: Frank Elderson: Finance and Biodiversity Day of 16th United Nations Conference on Biological Diversity (COP16) – transcript of video recording

    Source: Bank for International Settlements

    The global economy and finance need nature to survive. Analysis by the ECB shows that the economy depends critically on nature: 72% of non-financial businesses in the euro area – around 4.2 million individual companies – would experience significant problems as a result of ecosystem degradation. These businesses rely on ecosystem services like fertile soils, timber and clean water. And 75% of bank loans are tied to these businesses. So, if they run into trouble, the banks that finance them will too. This interdependence underscores why the ECB made nature one of the focus areas of its climate and nature plan for 2024 and 2025. It is also why we push banks under our supervision to manage all material nature-related risks.

    The ECB does not stand alone in recognising this threat. The value of nature for the economy is acknowledged by the global Network of Central Banks and Supervisors for Greening the Financial System, which has 141 members worldwide. Additionally, a recent stocktake by the Financial Stability Board showed that a growing number of policy authorities around the world are considering the potential implications of nature-related risks for financial stability.

    In recognition of the vital importance of nature for the economy, international fora must ensure that nature considerations are fully integrated into regulation and supervision, alongside ongoing efforts to account for climate-related considerations. This starts with identifying exposures and vulnerabilities to nature-related risks.

    While central banks and supervisors are not nature policymakers, we must take nature into account to fulfil our mandate of price stability and safe and sound banks. Otherwise, we risk failing to deliver on our mandate.

    My message on this Finance and Biodiversity Day is clear: if you destroy nature, you destroy the economy. The right conditions must be established for nature – and consequently the economy – to thrive. The economy needs nature to survive. Financial stability needs nature to survive. To deliver on our mandate, we need nature to survive. And the survival of nature requires financing. Therefore, your success here in Cali is vitally important.

    Thank you. Buena suerte.

    MIL OSI Economics –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the 110th Meeting of the Development Committee

    Source: United Nations secretary general

    Chair,

    Excellencies,

    Let me begin by acknowledging the inspired leadership of Ajay and Kristalina, and thanking them for their support at the UN High-Level Week.

    This week, our global economy has been diagnosed as suffering from low growth, and high debt.

    This toxic combination further exacerbates a sustainable development crisis for millions of people across the world.

    With only 17 per cent of SDG targets on track, hunger is rising, global temperatures are soaring, conflicts are spreading, and the fight for gender equality is floundering.

    Financing challenges are at the heart of this crisis.

    Financing gaps are growing.

    Debt service is crowding out investments.

    And economies are repeatedly rocked by external shocks that our financial system cannot contain.

    Last month, against geopolitical tensions, Heads of States from the Global North and South agreed a Pact for the Future.

    The Pact lays the foundations for a future-ready world.

    It commits to deepen multilateralism to rescue the SDGs;

    To guide us through a new era of technology;

    to renew our approach to restoring and keeping peace;

    and to accelerate reform of the international financial architecture to reflect today’s world and meet today’s challenges.

    Here, the Pact urges specific actions:

    To raise the voice and representation of developing countries…

    To scale up development finance…

    To promote sustainable borrowing, and resolve debt crises as and before they occur…

    And to strengthen the global safety net. 

    Agreements reached at the United Nations cannot deliver change overnight. But they provide a powerful political signal for action in other fora – including this one.

    Over the last two weeks, we have seen important steps forward.

    The World Bank’s reduction of its equity to loan ratio frees up an additional $30 billion in lending.

    And the IMF’s overhaul of its surcharge policy will lessen the penalty borne by countries most dependent on support.

    We must now build on these steps, with urgency, to meet the needs and expectations of Member States and their people.

    This brings me to one commitment that we must deliver this year.

    IDA is the largest and most powerful instrument of financial assistance to the world’s poorest and most vulnerable countries.

     That’s why the Pact for the Future urges Member States to deliver a robust 21st replenishment, to enable IDA to continue its vital work.

    The Secretary-General and I wholeheartedly endorse this.

    Another commitment is to seize the opportunity approved by the Fund to rechannel SDRs to acquire hybrid capital in our multilateral development banks. Champions of this initiative believe we can get this done by next month’s G20 summit.   

    I look forward to working with the Bank and Fund to deliver other commitments in the Pact: from reviewing the sovereign debt architecture, to improving access to concessional finance.

    With next year’s Fourth International Conference on Financing for Development, we have a once-in-a-decade opportunity to transform financing for sustainable development to deliver the SDGs.

    To do this for a future ready World Bank, we must work better together at the country level surging combined expertise and resources in support of our commitments to countries and their people.

    Let’s work together to deliver this.

    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI USA: New NASA Instrument for Studying Snowpack Completes Airborne Testing

    Source: NASA

    The Rocky Mountains in Colorado, as seen from the International Space Station. Snowmelt from the mountainous western United States is an essential natural resource, making up as much as 75% of some states’ annual freshwater supply.

    Summer heat has significant effects in the mountainous regions of the western United States. Melted snow washes from snowy peaks into the rivers, reservoirs, and streams that supply millions of Americans with freshwater—as much as 75% of the annual freshwater supply for some states.

    But as climate change brings winter temperatures to new highs, these summer rushes of freshwater can sometimes slow to a trickle.

    “The runoff supports cities most people wouldn’t expect,” explained Chris Derksen, a glaciologist and Research Scientist with Environment and Climate Change Canada. “Big cities like San Francisco and Los Angeles get water from snowmelt.”

    To forecast snowmelt with greater accuracy, NASA’s Earth Science Technology Office (ESTO) and a team of researchers from the University of Massachusetts, Amherst, are developing SNOWWI, a dual-frequency synthetic aperture radar that could one day be the cornerstone of future missions dedicated to measuring snow mass on a global scale – something the science community lacks.

    SNOWWI aims to fill this technology gap. In January and March 2024, the SNOWWI research team passed a key milestone, flying their prototype for the first time aboard a small, twin-engine aircraft in Grand Mesa, Colorado, and gathering useful data on the area’s winter snowfields.

    “I’d say the big development is that we’ve gone from pieces of hardware in a lab to something that makes meaningful data,” explained Paul Siqueira, professor of engineering at the University of Massachusetts, Amherst, and principal investigator for SNOWWI.

    SNOWWI stands for Snow Water-equivalent Wide Swath Interferometer and Scatterometer. The instrument probes snowpack with two Ku-band radar signals: a high-frequency signal that interacts with individual snow grains, and a low-frequency signal that passes through the snowpack to the ground. 

    The high-frequency signal gives researchers a clear look at the consistency of the snowpack, while the low-frequency signal helps researchers determine its total depth.

    “Having two frequencies allows us to better separate the influence of the snow microstructure from the influence of the snow depth,” said Derksen, who participated in the Grand Mesa field campaign. “One frequency is good, two frequencies are better.”

    The SNOWWI team in Grand Mesa, preparing to flight test their instrument. From an altitude of 4 kilometers (2.5 miles), SNOWWI can map 100 square kilometers (about 38 square miles) in just 30 minutes.

    As both of those scattered signals interact with the snowpack and bounce back towards the instrument, they lose energy. SNOWWI measures that lost energy, and researchers later correlate those losses to features within the snowpack, especially its depth, density, and mass.

    From an airborne platform with an altitude of 2.5 miles (4 kilometers), SNOWWI could map 40 square miles (100 square kilometers) of snowy terrain in just 30 minutes. From space, SNOWWI’s coverage would be even greater. Siqueira is working with Capella Space to develop a space-ready SNOWWI for satellite missions.

    But there’s still much work to be done before SNOWWI visits space. Siqueira plans to lead another field campaign, this time in the mountains of Idaho. Grand Mesa is relatively flat, and Siqueira wants to see how well SNOWWI can measure snowpack tucked in the folds of complex, asymmetrical terrain.

    For Derksen, who spends much of his time quantifying the freshwater content of snowpack in Canada, having a reliable database of global snowpack measurements would be game-changing.

    “Snowmelt is money. It has intrinsic economic value,” he said. “If you want your salmon to run in mountain streams in the spring, you must have snowmelt. But unlike other natural resources, at this time, we really can’t monitor it very well.”

    For information about opportunities to collaborate with NASA on novel, Earth-observing instruments, see ESTO’s catalog of open solicitations with its Instrument Incubator Program here.

    Project Leads: Dr. Paul Siqueira, University of Massachusetts (Principal Investigator); Hans-Peter Marshall, University of Idaho (Co-Investigator)

    Sponsoring Organizations: NASA’s Earth Science Technology Office (ESTO), Instrument Incubator Program (IIP)

    MIL OSI USA News –

  • MIL-OSI Europe: President Meloni attends Italy-Libya Business Forum in Tripoli

    Source: Government of Italy (English)

    The President of the Council of Ministers, Giorgia Meloni, travelled to Tripoli today to participate in the first Italy-Libya Business Forum to be held in Libya for over ten years.

    The Business Forum gathered together high-level representatives from the Italian and Libyan business communities, and was structured across four sector-specific working groups dedicated to: energy; fishing and agro-industry; healthcare and pharmaceuticals; and, infrastructure and design. There was also a session focusing on the forms of public support available to Italian companies intending to do business in Libya provided by ICE [Italian Trade and Investment Agency], SACE [Italian Export Credit Agency] and SIMEST.

    During her opening address, the President of the Council of Ministers, who was accompanied by Minister of Enterprises and Made in Italy Adolfo Urso, announced that ITA Airways would be resuming direct flights to Libya in January next year, testifying to the gradual and steady strengthening of cooperation between the two nations.

    In the margins of the Business Forum, President Meloni had a bilateral meeting with the Prime Minister of the Libyan Government of National Unity, Abdul Hamid Dabaiba.
    Their discussion focused on the various areas of the continuously growing bilateral cooperation. Among the sectors in which Italy and Libya collaborate, the two leaders addressed the issue of migration management, in relation to which President Meloni stressed the need to intensify efforts to combat human trafficking at the same time as boosting cooperation with nations of origin and of transit, in the context of the Rome Process and the Trans-Mediterranean Migration Forum which was held in Tripoli in July.

    In closing, there was also unanimous agreement to work together with the goal of creating equal partnerships with African nations within the framework of the concrete projects launched as part of the Mattei Plan for Africa.

    [This video is available in Italian only]

    MIL OSI Europe News –

  • MIL-OSI USA: Shaheen Leads Roundtable on Youth Substance Misuse Prevention in Claremont, Visits Hypertherm to Discuss Workforce Development, Continues “Invest in NH Tour” With Visit to Schaefer Center for Health Sciences at Colby-Sawyer College Nursing School

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Claremont, NH) – U.S. Senator Jeanne Shaheen (D-NH) led a roundtable in Claremont on substance misuse prevention with Youth CAN leadership and community members. She then visited Hypertherm in Lebanon to discuss workforce challenges, housing and child care. Later, Shaheen continued her “Invest in NH Tour” with a visit to the Schaefer Center for Health Sciences at the Colby-Sawyer College Nursing School, which she secured funding to build. Photos from today’s events can be found here.

    In Claremont, Shaheen led a roundtable with the Youth CAN coalition leadership team and community partners to discuss the organization’s work to prevent youth substance misuse in the Claremont and Newport area. Youth CAN is part of the Drug-Free Communities (DFC) Program which provides grants to local community coalitions to address the youth substance use disorder crisis.

    “It is crucial that we reach children as early as possible to educate them about the dangers of substance misuse, and one of our most effective tools to do that is the Drug-Free Communities Program, said Senator Shaheen. “I’ve strongly advocated for the program and was happy to meet with Claremont and Newport’s coalition and discuss their critical work to prevent substance misuse.”

    Shaheen has spearheaded crucial legislation and funding to stem the opioid epidemic, including to support the DFC Program. Shaheen recently introduced the Keeping Drugs Out of Schools Act to establish a new grant program that allows DFC coalitions to partner with schools to provide resources educating students about the dangers of drug use.

    Shaheen then visited Hypertherm, an employee-owned manufacturer of cutting products and software, to tour its facility and discuss the company’s in-house technical training program for workforce development, as well as engagement with Vital Communities’ Corporate Council to address regional housing and child care challenges. Vital Communities’ Corporate Council collaborates with Upper Valley employers to help solve the challenges they’re facing.

    “Many Granite State businesses, like Hypertherm in Lebanon, face complex barriers to recruiting and retaining a workforce,” said Senator Shaheen. “I was pleased to visit Hypertherm to learn more about the manufacturer’s innovative approach to workforce development and their collaboration with Vital Communities as well as discuss how Congress can continue help New Hampshire businesses address housing and child care challenges.”

    Senator Shaheen has long supported programs that support workforce development and increase opportunities and growth for New Hampshire businesses, including by tackling New Hampshire’s housing affordability crisis and the child care crisis. Recently, Shaheen joined Acting Secretary of Labor Julie Su at A Place to Grow to host a roundtable discussion at the facility to discuss the first U.S. Department of Labor approved apprenticeship program for early childhood education operations managers and a new report emphasizing the importance of care workers.

    Later, as part of her “Invest in NH Tour”, Shaheen visited the Schaefer Center for Health Sciences at Colby-Sawyer College to discuss its new nursing and health sciences facility, which is funded in part by Congressionally Directed Spending. Shaheen secured $1.5 million in the Fiscal Year 2022 government funding legislation to construct the new building and to help address critical health care workforce needs by training the next generation of nurses.

    “As health care workforce shortages continue to impact our state, I was glad to visit and tour the Schaefer Center for Health Sciences at Colby-Sawyer College where they’re training the next generation of nurses,” said Senator Shaheen. “I secured funding to help construct the building and was glad to learn more about how the program is working to fill desperately needed nursing positions in the Granite State.”

    Senator Shaheen has spearheaded numerous efforts in the Senate in support of New Hampshire’s health care workforce. During negotiations surrounding the American Rescue Plan Act, Shaheen helped steer efforts to increase funding for the Provider Relief Fund (PRF) to ensure hospitals, nursing homes and other health care providers on the frontlines had the support they needed to keep their doors open and continue to care for patients. As a senior member of the U.S. Senate Appropriations Committee, Shaheen secured $17,419,000 in Congressionally Directed Spending in the FY 2024 government funding legislation to support health care and education needs in the Granite State.

    MIL OSI USA News –

  • MIL-OSI Economics: Trade finance resilience and low credit risk persist amid global challenges, confirms ICC 

    Source: International Chamber of Commerce

    Headline: Trade finance resilience and low credit risk persist amid global challenges, confirms ICC 

    The International Chamber of Commerce (ICC), along with partners Global Credit Data (GCD) and Boston Consulting Group (BCG), has released its 2024 Trade Register Report, reaffirming the resilience of trade finance instruments and the continued low credit risk across products despite ongoing geopolitical and economic challenges . 

    The 2024 report confirms that trade, supply chain and export finance continue to exhibit low risk, with default rates remaining low across all regions and asset classes overall. When defaults do occur, they are generally idiosyncratic, stemming from well-known commercial, geopolitical or macroeconomic factors. As global trade faces ongoing geopolitical and economic pressures, these financial products continue to serve as vital tools for mitigating risk and maintaining liquidity, supporting the stability of trade flows. 

    The ICC Trade Register remains the leading, authoritative global source on credit risk and broader market dynamics in trade and supply chain finance. Its data set represents nearly a quarter of all global trade finance transactions. This 2024 edition includes extended market insights and data on global trade and trade finance. New features include insights from ICC and BCG’s practitioner survey on key trends and opportunities in trade and supply chain finance as well as a comprehensive data pack with analysis on credit risk in trade finance, available for member banks or for separate purchase through ICC.  

    This year, ICC and GCD demonstrated the value of high-quality, representative data in shaping trade finance regulations through their contributions to emerging regulation on Basel III capital treatment. Krishan Ramadurai, outgoing Chair of the ICC Trade Register Project, encourages more banks to participate in the project and says that more data will only reinforce the point that trade finance is a low default asset class.  

    The ICC Trade Register continues to look beyond credit risk, with detailed analysis on market trends and competitive dynamics across the trade and supply chain finance market.  

    Ravi Hanspal, Partner at BCG, said: 

    “Despite ongoing headwinds, we are seeing the trade and supply chain finance market continue to evolve rapidly. Banks are observing that customers are now prioritising leading service and digital capabilities more than ever, driving a step-change in investment by banks in technology to accelerate seamless trade.” 

    Marilyn Blattner-Hoyle, Global Head of Trade Finance and Working Capital Solutions at Swiss Reinsurance Company, said:  

    “ICC’s Trade Register and its deep data over many cycles is perhaps the most critical publication in the trade industry. The Register’s role in sharing quantitative and qualitative statistics underpins the power of trade as well as the stability of trade-related credit risks. It helps us to get comfortable insuring more trade with our bank clients, thus making trade and the world more resilient together. We use the Register in our actuarial assessments as well as our internal/external advocacy. We are proud to be the first insurance sponsor of the publication, affirming the important role of insurance in the global trade ecosystem.” 

    Christian Hausherr, Product Manager for SCF at Deutsche Bank and member of ICC Trade Register Steering Committee, said:  

    “In its thirteenth year after being established, the ICC Trade Register proves its relevance and importance to the trade finance community. Since then, the data approach as well as the scope of the Trade Register have been materially enhanced by the team managing the publication process on an annual basis. As of today, the Trade Register offers unique insights not only into trade finance risk, but also provides valuable macro-economic insights to its readers.” 

    ICC Policy Manager Tomasch Kubiak thanks member banks for their ongoing contributions.

    “ICC is very appreciative of all the efforts member banks are putting in yet again for an enhanced version of the ICC Trade Register. This year’s project provides a full insight into meaningful trends in global trade finance as well as complete data collected from our members, which is now available on demand,”  

    he said.

    Read or purchase the full ICC Trade Register Report. 

    MIL OSI Economics –

  • MIL-OSI USA: WARNER, KAINE, AND SCOTT APPLAUD $380 MILLION IN INFLATION REDUCTION ACT FUNDING FOR PORT OF VIRGINIA

    Source: United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: WARNER, KAINE, AND SCOTT APPLAUD $380 MILLION IN INFLATION REDUCTION ACT FUNDING FOR PORT OF VIRGINIA

    WASHINGTON, D.C. –  Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) and U.S. Representative Bobby Scott (D-VA-03) announced $380,000,000 in federal funding for the Port of Virginia to accelerate its plan to become carbon-neutral by 2040. Warner, Kaine, and Scott advocated for this funding and sent a letter of support for this grant. The funding was awarded through the Environmental Protection Agency’s Clean Ports Program, which was made possible by the Inflation Reduction Act that the members helped pass. 

    “The Port of Virginia is one of the largest and busiest ports on the eastern seaboard, and it’s critical to Virginia’s economy and offshore wind industry. As the Port of Virginia continues to grow thanks to investments we’re making, we must also ensure we’re reducing greenhouse gas emissions, which result in negative health and environmental impacts for our communities,” said the lawmakers. “That’s why we’re thrilled that this federal funding, which was made possible by the Inflation Reduction Act we supported, will accelerate the Port’s efforts to achieve net-zero carbon emissions by 2040 and further cement Virginia’s place as a leader in clean energy.”  

    The Inflation Reduction Act made historic investments to support clean energy projects. It included clean energy tax credits that have incentivized a series of corporate investments in Virginia, including:

    • A $681 million investment by LS GreenLink to build a state-of-the-art facility to manufacture high-voltage subsea cables used for offshore wind farms in Chesapeake, which will create over 330 jobs in Virginia.
    • An investment of over $400 million by Topsoe to build a new manufacturing facility in Chesterfield County, which will create at least 150 new jobs in Virginia.
    • An investment of $208 million by Mack and Volvo Trucks—in addition to a federal grant award of over $208 million for the company—to sustain 7,900 union jobs and create 295 new jobs in Virginia, Maryland, and Pennsylvania. Volvo Trucks is the second largest employer in the New River Valley, sustaining 3,600 jobs in Dublin, including 3,200 United Automobile Workers (UAW) jobs. In September 2024, Warner and Kaine visited Volvo’s New River Valley plant to celebrate the investment.

    Today’s announcement builds on other transformational investments made to the Port of Virginia by the Biden-Harris administration with the backing of Warner, Kaine, and Scott. That includes $225.4 million to fully fund the Norfolk Harbor Deepening and Widening Project, which will improve navigation and expand capacity by deepening and widening Norfolk Harbor’s shipping channels, allowing for two-way traffic in and out of the harbor. Of this amount, $141.7 million was made available through the Infrastructure Investment and Jobs Act and $83.7 million was provided through the Fiscal Year 2022 omnibus appropriations bill.

    The Port also previously received $20 million in federal funding from the Department of Transportation for improvements to Portsmouth Marine Terminal that will allow it to serve as a staging area to support the manufacturing and movement of offshore wind goods to support the 2.6 gigawatt Coastal Virginia Offshore Wind commercial project and other commercial offshore wind projects up-and-down the East Coast. Warner, Kaine, and Scott led a Virginia Congressional Delegation letter to Secretary of Transportation Pete Buttigieg in support of the Port’s application for that funding.

    ###

    MIL OSI USA News –

  • MIL-OSI: Progressive Announces Investor Relations Call

    Source: GlobeNewswire (MIL-OSI)

    MAYFIELD VILLAGE, OHIO, Oct. 29, 2024 (GLOBE NEWSWIRE) — As previously announced, The Progressive Corporation (NYSE: PGR) will host an Investor Relations conference call on Tuesday, November 5, 2024, beginning at 9:30 a.m. eastern time. This quarterly call, which will consist of both a conference call and audio-only webcast, is scheduled to last 60 minutes and will consist of a question-and-answer session with Tricia Griffith, our CEO, and John Sauerland, our CFO. Call-in participants will be able to ask questions via phone, however, webcast participants will not be able to submit questions online.

    On November 4, 2024, Progressive expects to file its Quarterly Report on Form 10-Q with the Securities and Exchange Commission and post its Shareholders’ Report, including the Letter to Shareholders from Tricia Griffith, to its website at www.progressive.com/annualreport.

    To receive the details on how to access the call or to join the webcast, visit Progressive’s website at https://investors.progressive.com/events/default.aspx.

    Replays of the webcast will be available approximately two hours after the call concludes. The archived webcast will be able to be accessed from Progressive’s website at https://investors.progressive.com/events/default.aspx and will remain available until November 6, 2025.

    About Progressive
    Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

    Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. 

    Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

    The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

    Company Contact:
    Douglas S. Constantine
    (440) 395-3707
    investor_relations@progressive.com

    The Progressive Corporation
    300 North Commons Blvd.
    Mayfield Village, Ohio 44143
    https://www.progressive.com

    The MIL Network –

  • MIL-OSI: Coco Pool Corp. and Viridian Metals Corp. Announce TSXV Conditional Acceptance and Filing of Filing Statement for Their Qualifying Transaction

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. news wire services or for dissemination in the United States

    VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — Coco Pool Corp. (“Coco”) (TSXV: CCPC.P), a capital pool company, is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (“TSXV”) for the closing of its proposed amalgamation transaction with Viridian Metals Corp. (“Viridian”) which transaction (the “Transaction”) is intended to constitute Coco’s Qualifying Transaction (within the meaning of Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “Exchange”).

    Coco has filed a filing statement that is dated effective October 28, 2024 (the “Filing Statement”) and certain additional documents, including a 43-101 Technical Report on Viridian’s Kraken Project with the TSXV and on Coco’s SEDAR+ profile at www.sedarplus.ca.

    Further to its comprehensive news release dated August 2, 2024, Coco will acquire Viridian by way of a three cornered amalgamation of Coco, 16217494 Canada Inc., a wholly owned subsidiary of Coco, and Viridian under the Canada Business Corporations Act. In connection with the Qualifying Transaction, Coco will change its name to Viridian Metals Inc. (the “Resulting Issuer”). It is anticipated that the common shares of the Resulting Issuer will trade under the ticker “VRDN”.

    All details of the Transaction as disclosed in Coco’s comprehensive news release dated August 2, 2024 remain the same other than Viridian is currently conducting an additional non-brokered private placement (the “Viridian Private Placement”) of between 714,286 and 1,428,571 units of Viridian (“Viridian Units”), at a price of $0.35 per Viridian Unit for aggregate gross proceeds of a minimum of $250,000 and a maximum $500,000. Each Viridian Unit is comprised of one common share of Viridian (each a “Viridian Share”) and one half of one common share purchase warrant, with each whole warrant (each a “Viridian Warrant”) entitling the holder thereof to acquire one Viridian Share at a price of $0.45 for a period of 60 months from the date of issuance.

    “Receiving conditional approval for our TSXV listing marks an important step in Viridian’s growth strategy. We are excited about the future as we move closer to unlocking the potential of our assets and bringing value to our shareholders. We look forward to continuing our journey as a publicly traded company on such a respected exchange,” said Tyrell Sutherland, CEO, Viridian Metals.

    The Viridian Private Placement is expected to close prior to the completion of the Transaction and the Viridian Shares and Viridian Warrants comprising the Viridian Units will be exchanged for common shares and common share purchase warrants of the Resulting Issuer, as applicable, pursuant to the terms of the amalgamation agreement entered into between the parties as described in the Filing Statement. The closing of the Viridian Private Placement is a condition precedent to the closing of the Transaction.

    It is now currently anticipated that, immediately prior to the closing of the Transaction, there will be approximately between 46,619,224 and 47,333,509 Viridian Shares issued and outstanding (including Viridian Shares issued pursuant to the Viridian Private Placement) and between 9,022,081 and 9,379,224 Viridian Warrants issued and outstanding (including Viridian Shares issued pursuant to the Viridian Private Placement). The value of the consideration for the Viridian Shares pursuant to the Transaction is between $12,120,998.20 (assuming completion of the minimum amount of the Viridian Private Placement) and $12,306,712.30 (assuming completion of the maximum amount of the Viridian Private Placement).

    The fully diluted capitalization of the Resulting Issuer is expected to be as follows:

    Description of Issue Number of Resulting Issuer Shares After Giving Effect to the Transaction Assuming Minimum Viridian Private Placement Percentage of Total Number of Resulting Issuer Shares After Giving Effect to the Transaction Assuming Maximum Viridian Private Placement

    Percentage of Total
    Outstanding Coco Consolidated Shares prior to the Amalgamation 2,852,000 4.84% 2,852,000 4.75%
    Issuable to the Viridian Shareholders 46,619,224 79.13% 47,333,509 78.91%
    Issuable on the exercise of existing Coco stock Options 285,196 0.48% 285,196 0.48%
    Issuable on the exercise of existing Coco Warrants 138,000 0.23% 138,000 0.23%
    Issuable on the exercise of Viridian Warrants 9,022,081 15.31% 9,379,224 15.64%
    Fully diluted share capital 58,916,501 100.00% 59,987,929 100.00%

    Additional information in respect of the Transaction, Coco, Viridian and the Resulting Issuer can be found in the Filing Statement. In accordance with the policies of the TSXV, Coco’s common shares are currently halted from trading and will remain so until such time as required by TSXV policies.

    Coco Shareholder Meeting

    Coco was required to hold a meeting to seek approval of the shareholders of Coco (the “Coco Shareholders”) of certain matters in respect of the Transaction.

    Coco held its annual general and special meeting on September 12, 2024 where, along with resolutions commonly placed before shareholders at an annual general meeting, the Coco Shareholders approved, conditional upon the completion of the Transaction:

    (ii) the name change of Coco to “Viridian Metals Inc.”;
    (iii) the consolidation of the common shares of Coco on the basis of 0.46 of a post consolidation common share for each pre consolidation common share;
    (iv) the election of directors of the Resulting Issuer following the closing of the Transaction as agreed between Viridian and Coco and as set out in the Filing Statement; and
    (v)  the adoption of a new omnibus equity incentive plan of the Resulting Issuer.

    The completion of the Transaction is subject to a number of conditions including, but not limited to, the required approvals of the shareholders of Viridian, receipt of all required regulatory approvals, including final Exchange approval, and satisfaction of other customary closing conditions. Assuming all conditions for closing are satisfied, closing of the Transaction is expected to occur on or about November 4, 2024 or such other date as Coco and Viridian may determine.

    Further Information

    Coco will provide further details in respect of the Transaction in due course by way of a subsequent news release, however, Coco will make available to the Exchange, all information, including financial information, as may be requested or required by the Exchange.

    For further information, please contact:

    All information contained in this news release with respect to Coco and Viridian was supplied by the respective party, for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.

    Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

    Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

    The TSX Venture Exchange has not in any way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

    Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    Cautionary Statement Regarding Forward Looking Information

    This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Coco and Viridian with respect to future business activities and operating performance.

    Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) expectations regarding whether the Transaction will be consummated, including whether conditions to the consummation of the Transaction will be satisfied including, but not limited to, the necessary regulatory approvals and the timing associated with obtaining such approvals, if at all; (ii) the business plans and expectations of the Resulting Issuer; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Viridian, Coco or the Resulting Issuer, as applicable, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Viridian, Coco and the Resulting Issuer, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Viridian and Coco’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects Viridian’s and Coco’s current beliefs and is based on information currently available to Viridian and Coco and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to:, Viridian, Coco or the Resulting Issuer; completion of the Transaction; satisfying the conditions precedent and covenants in the Amalgamation Agreement; satisfying the requirements of the Exchange with respect to the Transaction; meeting the minimum listing requirements of the Exchange, and anticipated and unanticipated costs and other factors referenced in this news release and the Filing Statement, including, but not limited to, those set forth in the Filing Statement under the caption “Risk Factors”. Although Viridian and Coco have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, Viridian and Coco disclaim any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Viridian and Coco have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Viridian and Coco do not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

    The MIL Network –

  • MIL-OSI Canada: Taché Celebrates Construction of New Community Centre

    Source: Government of Canada regional news

    October 29, 2024

    Taché Celebrates Construction of New Community Centre

    – – –
    Provincial Investment of $13.3 Million Helping to Bring Communities and Families Together

    LORETTE—The governments of Canada, Manitoba and the Rural Municipality (RM) of Taché celebrated the official groundbreaking for the new Taché Community Centre project today, Municipal and Northern Relations Minister Ian Bushie announced today, alongside partners from the RM of Taché.

    “It’s so exciting to see a growing community such as the RM of Taché getting a state-of-the-art facility that will foster a sense of community and encourage healthy living,” said Bushie. “Our government congratulates the people and leadership of Taché who have been working so hard to make this centre a reality. On behalf of the province, we are proud of the work you have done, and today we proudly celebrate your success.”

    RM of Taché Mayor Armand Poirier along with several councillors broke ground on the joint project that will serve as a central hub for the surrounding communities, providing a wide range of recreational services to residents from Lorette, Landmark, Ste. Geneviève, Ross, Linden and beyond.

    “The RM of Taché is proud to partner with Manitoba and the Government of Canada on the journey toward building the new Taché Community Centre, a project that is very close to our hearts,” said Poirier. “This centre will be a place where our residents can come together, celebrate and create lasting memories. It is a project that embodies the spirit of community and the value we place on providing spaces that serve the diverse needs of our population.”

    Once the construction site is fully prepared, construction will get underway in the weeks ahead with anticipated completion in the summer of 2026, noted Bushie. The new Taché Community Centre will include a new arena and skating rink, community library, seniors’ centre, multipurpose area and canteen.

    – 30 –

    MIL OSI Canada News –

  • MIL-OSI Canada: Correctional Service of Canada Responds to Correctional Investigator’s 2023-2024 Annual Report

    Source: Government of Canada News

    Today, Anne Kelly, the Commissioner of the Correctional Service of Canada, issued the following statement:

    OTTAWA, October 29, 2024 – Today, Anne Kelly, the Commissioner of the Correctional Service of Canada, issued the following statement:

    “I welcome the Office of the Correctional Investigator’s (OCI) 2023-2024 Annual Report and thank them for their work and recommendations. Our work in delivering effective corrections is something we take to heart and our response to the report outlines the ways we are addressing the recommendations put forward.

    First and foremost, I want to thank the Correctional Investigator for acknowledging and recognizing the professionalism and dedication of CSC employees across our institutions. An organization is nothing without its people and our employees work hard every day to keep Canadians safe.

    We continue to take action on ways to innovate within the correctional system. One of our major initiatives is the development of a new Offender Management System (OMS) that is more user-friendly, efficient, effective, and will improve how we work. This is a significant step forward in CSC’s goal of fulfilling its mandate by adopting more modern technology and practices.

    In order to increase the safety and security of our facilities, all of our institutions are now equipped with various drone detection systems, which are producing positive results.  From January 1 to June 30, 2024, out of 290 drone incidents, 98% of drones were detected.  CSC has also deployed detector dogs in all regions – dogs specifically trained to also detect electronic storage devices, including cell phones. In addition, we continue to work with Innovation, Science and Economic Development Canada (ISED) on innovative solutions to further reduce the entry of contraband within our correctional institutions.

    CSC’s mandate is to contribute to public safety by assisting and supporting offenders in their rehabilitation and eventual return to our communities as law-abiding citizens.  A key part of this is providing them with education, programming, interventions, and services that contribute to this end goal. Since 2021-2022, the percentage of offenders who:

    • upgraded their education prior to first release has increased by more than 15%;
    • completed a required correctional program prior to first release has increased by almost 10%;  and,
    • received a vocational certificate has increased by 38%.

    In addition, CSC has made significant efforts to increase access to culturally relevant interventions and programs for Indigenous offenders. In 2022-2023, there was a 144% increase from the previous year and, in 2023-2024, CSC saw a further 45% increase in the total number of Indigenous offenders transferred to Section 81 and CSC Healing Lodge facilities over the previous fiscal year.  

    Overall, during the past decade, there has been a steady and substantial improvement in the percentage of federal offenders not returning to federal custody within 5 years of sentence expiration:

    • from 83.3% in 2014-2015 to 89.9% in 2023-2024 for all offenders
      • 89.4% for men in 2023-2024
      • 96.2% for women in 2023-2024
    • from 74.8% in 2014-15 to 83.8% in 2023-24 for Indigenous offenders
    • from 88.7% in 2014-15 to 90.4% in 2023-24 for Black offenders

    In June, we evacuated more than 220 maximum security inmates from Port-Cartier Institution, in Quebec, over a 24-hour period to avoid the raging wildfires that were threatening the area.  In a letter to me dated August 8, 2024, the Correctional Investigator described the unprecedented transfers as “a feat” and agreed that “this large-scale operation in an emergency and high-security context was carried out masterfully.”

    CSC’s ability to manage through these extraordinary challenges is due to the hard work, dedication, and resiliency of our staff, partners, volunteers, and stakeholders. I am incredibly proud of our team and the work they do to deliver on our mandate and keep Canadians safe.

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