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  • MIL-OSI USA: U.S. Geological Survey Grants More than $4.8M to States to Preserve Vital Geologic Data and to Support Infrastructure Development 

    Source: US Geological Survey

    Of the $4.8 million to be awarded, $4.08 million comes from investments made by the Bipartisan Infrastructure Law. Every dollar awarded by the USGS is matched by state geological surveys, doubling the impact of the federal investment. This funding expands the capacity of the USGS NGGDPP to preserve physical samples (e.g., drill cores and geochemical samples) and earth-science assets, which are crucial for future scientific discovery, hazard mitigation, infrastructure development, critical mineral characterization, and climate resilience. 

    The U.S. relies heavily on critical minerals for uses ranging from smartphones and fertilizers to electric vehicles, defense and renewable energy. As supply chain vulnerabilities become a growing concern, interest in domestic resource potential has increased. Data and samples held by state geological surveys are key to identifying critical mineral potential, understanding groundwater resources and geologic hazards and supporting infrastructure projects.  

    Since 2007, the USGS NGGDPP has helped state geological surveys preserve data and samples through annual grants. This year’s funding includes more than $372,000 in appropriated funds from the USGS NGGDPP and an additional $328,000 from the USGS Earth Mapping Resources Initiative, on top of the $4.08 million from the Bipartisan Infrastructure Law. To support these preservation efforts, state geological surveys will contribute $4.8 million in matching funds. 

    The grants will preserve critical data by improving storage conditions for physical samples, advancing new technological methods to better characterize and use those samples, and driving the development of modern digital infrastructure that enhances public access to these important resources. 

    Various fossil specimens from USGS collection.

    Summary of Successes: Why This Matters 

    • Doubling the Impact: Every dollar awarded is matched by state geological surveys, effectively doubling the federal investment and magnifying its impact. 
    • Advancing Science: The program supports the preservation of crucial geological data and physical samples, enabling future scientific discoveries related to critical minerals, groundwater resources and geologic hazards. 
    • Critical Mineral Resources Support: In support of the USGS Earth Mapping Resources Initiative, the program facilitates the submission of up to 300 samples per state for geochemical analysis of existing geological materials with critical mineral potential. 
    • Infrastructure Development: Improvement in physical storage conditions preserves the long-term availability of samples and cores for new research without costly reacquisition (AR, AZ, IN, MO, MT, NE, NM, OH, WV). 

    • Data Modernization: Updating data formats and improving digital access to these resources ensures that scientists, policymakers and the public can leverage this valuable information efficiently. An example is well log digitization and conversion to industry standard formats for web access (FL, ID, IN).  

    More information about the National Geological and Geophysical Data Preservation Program and its grants can be found at the NGGDPP website.

    For more information about how the USGS is investing funding received from the Bipartisan Infrastructure Law can be found on the USGS BIL website. 

    MIL OSI USA News –

  • MIL-OSI Security: Marystown — Man injured by shot from small game rifle, Burin Peninsula RCMP looks to identify hunters in area of Grand Le Pierre

    Source: Royal Canadian Mounted Police

    Following the report of a gunshot injury sustained to an individual on the afternoon of October 26, 2024, Burin Peninsula RCMP is looking to identify hunters or any other individuals who may have been present when the incident occurred. The hunting area is located off Route 211, approximately 3 kilometers North/East of the community of Grand La Pierre.

    At approximately 3:30 p.m. on Saturday, Burin Peninsula RCMP received the report of a gunshot injury from the Burin Peninsula Health Care Centre. A man attended the hospital informing that he had been shot while scouting out the area to set some rabbit snares. A 22-Calibre round was removed from the man who was treated for minor injuries. The incident is believed to have occurred sometime earlier that afternoon between 1:00-1:30 p.m.

    No persons or vehicles were observed by the injured man. Police attended the described location but were unable to locate anyone in the area.

    The investigation is continuing.

    Anyone who may have been in the area on Saturday afternoon or who may have information about this incident is asked to contact Burin Peninsula RCMP at 709-279-3001. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

    MIL Security OSI –

  • 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 Global: The ancient Irish get way too much credit for Halloween

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

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

    This time of year, I often run across articles proclaiming Halloween a modern form of the pagan Irish holiday of Samhain – pronounced SAW-en. But as a historian of Ireland and its medieval literature, I can tell you: Samhain is Irish. Halloween isn’t.

    The Irish often get credit – or blame – for the bonfires, pranksters, witches, jack-o’-lanterns and beggars who wander from house to house, threatening tricks and soliciting treats.

    The first professional 19th-century folklorists were the ones who created a through line from Samhain to Halloween. Oxford University’s John Rhys and James Frazer of the University of Cambridge were keen to find the origins of their national cultures.

    They observed lingering customs in rural areas of Britain and Ireland and searched medieval texts for evidence that these practices and beliefs had ancient pagan roots. They mixed stories of magic and paganism with harvest festivals and whispers of human sacrifice, and you can still find echoes of their outdated theories on websites.

    But the Halloween we celebrate today has more to do with the English, a ninth-century pope and America’s obsession with consumerism.

    A changing of the seasons

    For two millennia, Samhain, the night of Oct. 31, has marked the turn from summer to winter on the Irish calendar. It was one of four seasonal signposts in agricultural and pastoral societies.

    After Samhain, people brought the animals inside as refuge from the long, cold nights of winter. Imbolc, which is on Feb. 1, marked the beginning of the lambing season, followed by spring planting. Beltaine signaled the start of mating season for humans and beasts alike on May 1, and Lughnasadh kicked off the harvest on Aug. 1.

    But whatever the ancient Irish did on Oct. 31 is lost to scholars because there’s almost no evidence of their pagan traditions except legends written by churchmen around 800 A.D., about 400 years after the Irish started turning Christian. Although they wrote about the adventures of their ancestors, churchmen could only imagine the pagan ways that had disappeared.

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

    An otherworld more utopian than terrifying

    These stories about the pagan past told of Irish kings holding annual weeklong feasts, markets and games at Samhain. The day ended early in northwestern Europe, before 5 p.m., and winter nights were long. After sundown, people went inside to eat, drink and listen to storytellers.

    The stories did not link Samhain with death and horror. But they did treat Samhain as a night of magic, when the otherworld – what, in Irish, was known as the “sí” – opened its portals to mortals. One tale, “The Adventure of Nera,” warned that if you went out on Samhain Eve, you might meet dead men or warriors from the sí, or you might unknowingly wander into the otherworld.

    When Nera went out on a dare, he met a thirsty corpse in search of drink and unwittingly followed warriors through a portal into the otherworld. But instead of ghosts and terror, Nera found love. He ended up marrying a “ban sídh” – pronounced “BAN-shee” – an otherworldly woman. But here’s the medieval twist to the tale: He lived happily ever after in this otherworld with his family and farm.

    The Irish otherworld was no hell, either. In medieval tales, it is a sunny place in perpetual spring. Everyone who lives there is beautiful, powerful, immortal and blond. They have good teeth. The rivers flow with mead and wine, and food appears on command. No sexual act is a sin. The houses sparkle with gems and precious metals. Even the horses are perfect.

    Clampdown on pagan customs

    The link between Oct. 31, ghosts and devils was really the pope’s fault.

    In 834, Pope Gregory IV decreed Nov. 1 the day for celebrating all Christian saints. In English, the feast day became All Hallows Day. The night before – Oct. 31 – became known as All Hallows Eve.

    Some modern interpretations insist that Pope Gregory created All Hallows Day to quell pagan celebrations of Samhain. But Gregory knew nothing of ancient Irish seasonal holidays. In reality, he probably did it because everyone celebrated All Saints on different days and, like other Popes, Gregory sought to consolidate and control the liturgical calendar.

    In the later Middle Ages, All Hallows Eve emerged as a popular celebration of the saints. People went to church and prayed to the saints for favors and blessings. Afterward, they went home to feast. Then, on Nov. 2, they celebrated All Souls’ Day by praying for the souls of their lost loved ones, hoping that prayers would help their dead relatives out of purgatory and into heaven.

    But in the 16th century, the Protestant rulers of Britain and Ireland quashed saints’ feast days, because praying to saints seemed idolatrous. Protestant ministers did their best to eliminate popular customs of the early November holidays, such as candle-lit processions and harvest bonfires.

    In the minds of ministers, these customs smacked of heathenism.

    A mishmash of traditions

    Our Halloween of costumed beggars and leering jack-o’-lanterns descends from this mess of traditions, storytelling and antiquarianism.

    Like our ancestors, we constantly remake our most important holidays to suit current culture.

    Jack-o’-lanterns are neither ancient nor Irish. One of the earliest references is an 18th-century account of an eponymous Jack, who tricked the devil one too many times and was condemned to wander the world forever.

    Supposedly, Jack, or whatever the hero was called, carved a turnip and stuck a candle in it as his lantern. But the custom of carving turnips in early November probably originated in England with celebrations of All Saints’ Day and another holiday, Guy Fawkes Day on Nov. 5, with its bonfires and fireworks, and it spread from there.

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

    As for ancient bonfires, the Irish and Britons built them to celebrate Beltaine, but not Samhain – at least, not according to the medieval tales.

    In 19th-century Ireland, All Hallows Eve was a time for communal suppers, games like bobbing for apples and celebrating the magic of courtship. For instance, girls tried to peel apples in one long peel; then they examined the peels to see what letters they resembled – the initials of their future husbands’ names. Boys crept out of the gathering, despite warnings, to make mischief, taking off farm gates or stealing cabbages and hurling them at the neighbors’ doors.

    Halloween with an American sheen

    Across the Atlantic, these customs first appeared in the mid-19th century, when the Irish, English and many other immigrant groups brought their holidays to the U.S.

    In medieval Scotland, “guisers” were people who dressed in disguise and begged for “soul cakes” on All Souls Day. These guisers probably became the costumed children who threatened – and sometimes perpetrated – mischief unless given treats. Meanwhile, carved turnips became jack-o’-lanterns, since pumpkins were plentiful in North America – and easier to carve.

    Like Christmas, Valentine’s Day and Easter, Halloween eventually became a feast of consumerism. Companies mass-produced costumes, paper decorations and packaged candy. People in Britain and Ireland blamed the Americans for the spread of modern Halloween and its customs. British schools even tried to quash the holiday in the 1990s because of its disorderly and demonic connotations.

    The only real remnant of Samhain in Halloween is the date. Nowadays, no one expects to stumble into a romance in the sí. Only those drawn to the ancient Celtic past sense the numinous opening of the otherworld at Samhain.

    But who’s to say which reality prevails when the portals swing open in the dark of Oct. 31?

    Lisa Bitel does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The ancient Irish get way too much credit for Halloween – https://theconversation.com/the-ancient-irish-get-way-too-much-credit-for-halloween-239801

    MIL OSI – Global Reports –

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

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Agriculture Committee, joined U.S. Senator Chuck Grassley (R-Iowa) in demanding answers from United States Department of Agriculture (USDA) Secretary Tom Vilsack regarding distribution and oversight of grants and loans following the recent bankruptcy filing of Pure Prairie Poultry.The Minnesota-based poultry processor received more than $45 million in USDA grants and loans intended to help meat and poultry processors start or expand processing capacity. However, Pure Prairie Poultry filed for bankruptcy after only a few short years of operation, which impacted up to 50 farmers and left more than 2 million chickens in Iowa, Minnesota, and Wisconsin without feed or the necessary processing capacity following the shutdown of their Charles City, Iowa plant. 
    “Pure Prairie Poultry’s abrupt closure shows the importance of proper vetting and oversight at USDA to ensure the agency’s multi-million dollar grants and loans are actually helping producers, rather than being flushed down the drain and harming entire rural communities in the process,” said Senator Ernst. “Encouraging the growth of meat processing and strengthening our supply chain is a cause I can support, but this lack of accountable spending hurts our farmers, livestock, and taxpayers.”“Over the past two years, USDA has provided $223 million in loan guarantees and grants to 30 meat and poultry processing companies,” the lawmakers wrote. “A press release from the USDA celebrated this funding as part of the Biden-Harris Administration’s ‘commitment to strengthen critical food supply chain infrastructure to create more thriving communities for the American people.’ Unfortunately, this investment has instead resulted in the loss of income, jobs, and poultry across three states.”“While we share USDA’s desired goals of expanding meat processing capacity and markets and building a robust national food supply chain, it is critical that livestock producers have resilient systems to ensure the production of healthy and affordable protein for both domestic and global consumption. Moreover, American taxpayers deserve the peace of mind that their dollars are being spent wisely,” the lawmakers concluded.
    Click here to read the full letter.

    MIL OSI USA News –

  • MIL-OSI Global: Rising partisanship is making nonprofits more reluctant to engage in policy debates − new research

    Source: The Conversation – USA – By Heather MacIndoe, Associate Professor of Public Policy, UMass Boston

    Divisiveness is on the rise. wildpixel/iStock via Getty Images Plus

    Afraid of partisan rancor, nonprofits are biting their tongues, with divisive politics hindering public policy engagement by social service organizations. This is one of our findings in a new study we conducted on behalf of Independent Sector – a coalition of nonprofits, foundations and corporate giving programs.

    Although the law bars charitable nonprofits from endorsing political candidates, charities are allowed to engage in at least some advocacy, lobbying and public affairs work tied to issues that are relevant to their own work. For example, a food pantry can hold an event about food insecurity in its neighborhood. Or the executive director of a homeless shelter can lobby elected officials about proposed zoning changes that would interfere with a planned expansion.

    Nonprofit advocacy involves attempts to influence government policy. This may include some lobbying, along with information-sharing activities, such as sponsoring events to raise public awareness of an issue, conducting research, or educating the public about policies that affect an organization.

    We, scholars who research nonprofits, spoke with a diverse sample of nonprofit leaders to learn about their organizations’ policy engagement.

    Some of the 40 executive directors of social service nonprofits across the nation whom we interviewed had engaged in advocacy, and others had not. The groups were of different sizes and were founded at different times. They were located in red, blue and purple states.

    Our team set out to identify some of the causes of a decline in nonprofit advocacy through these interviews.

    A few of these nonprofit leaders indicated that they lack expertise or don’t fully understand the restrictions they face regarding advocacy. We also heard many of these executives express concerns about partisanship and political polarization.

    As this growing divisiveness has permeated even the most local aspects of American life, many food pantries, homeless shelters and other social service nonprofits are hesitating to take policy positions that may appear partisan to members of their local communities or donors.

    In 2023, fights erupted at Glendale, Calif., school board meetings over the adoption of a resolution recognizing June as Pride Month.
    Robert Gauthier/Los Angeles Times via Getty Images

    When addressing a social media post about Israel and Palestine that had been misconstrued and sparked controversy, the leader of a legal services nonprofit remarked: “The more polarized we are as Americans, the harder it becomes for us to have an open conversation.”

    Other nonprofits feared the consequences of any kind of engagement regarding policy questions.

    “Nonprofits sometimes are afraid to engage with government officials,” a food security nonprofit leader said, because that advocacy might lead to “some form of retaliation” by the authorities.

    Another concern they expressed: Advocacy might alienate donors who disagree with the nonprofit leaders’ stances.

    “It’s like there’s no middle ground anymore,” said the executive director of an emergency housing center. Others discussed how polarization has led to more divisions in board rooms and the loss of donors. That makes it harder for these organizations to decide to take a public stand on many issues.

    Why it matters

    This study followed up on an earlier stage of our research, which showed that nonprofit advocacy and lobbying had declined over the past two decades.

    Extreme partisanship weakens democracy and erodes social relationships.

    We find this trend especially concerning because charitable nonprofits often serve as a voice for many people who don’t have one in American society.

    As a result, when nonprofits fail to engage in the policy process, those voices go unheard, and their needs may become more likely to go unmet. One reason for this is that the people with direct expertise aren’t weighing in on policies that could reduce the need for those services in the first place.

    “The loudest voices are the ones that get heard,” as one nonprofit leader put it. The “people we support don’t have a voice.”

    What still isn’t known

    We don’t know how polarization might affect longer-term engagement by the nonprofit sector.

    Indeed, some of these organizations have stepped up their advocacy efforts over the past five years, and some took strategic steps to buffer their organizations from resistance to policy engagement, such as by replacing board members who were opposed to taking policy stances that represented their clients’ interests.

    Future research is needed to understand these dynamics more fully and how nonprofits respond to prolonged contentious political discourse.

    The Research Brief is a short take about interesting academic work.

    Heather MacIndoe receives funding from Independent Sector and is a current Visiting Scholar with them.

    Lewis Faulk previously received funding from Independent Sector, where he is also a former visiting scholar.

    Mirae Kim previously received funding from Independent Sector. She is affiliated with the Association for Research on Nonprofit Organizations and Voluntary Action (ARNOVA) as a non-paid board member.

    – ref. Rising partisanship is making nonprofits more reluctant to engage in policy debates − new research – https://theconversation.com/rising-partisanship-is-making-nonprofits-more-reluctant-to-engage-in-policy-debates-new-research-231225

    MIL OSI – Global Reports –

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

    Source: The Conversation – USA – By Vivek Astvansh, Associate Professor of Quantitative Marketing and Analytics, McGill University

    Hoping to win over customers, businesses from Amazon to Zoom have taken to touting their good deeds in corporate social responsibility reports.

    CSR reports let companies spotlight what they’ve done for workers, consumers, communities and the environment – essentially all their goals beyond simply making a profit. Research shows that CSR statements are linked to rising sales.

    As a marketing professor, I thought that raised an interesting question: When companies find success with CSR disclosures, are they bringing in new customers – or are their extra sales coming from their existing base alone?

    In a recent study of several hundred Chinese companies, a colleague and I put the question to the test. We found that a CSR disclosure lowers a business’s dependence on current customers by 2.1%.

    That’s welcome news for businesses. It means those additional sales are coming from new customers, who are indeed impressed by the company’s CSR efforts.

    But the findings weren’t all positive.

    To sell more products, companies generally need to buy more supplies. So a logical follow-up question is: Does a company’s CSR disclosure lead it to source purchases from new suppliers?

    In fact, we found the opposite. Companies that released CSR disclosures seemed to scare away new suppliers. This is probably because suppliers often bear the costs when a company chooses to prioritize social responsibility.

    Becoming dependent on suppliers comes at a cost to businesses. When suppliers know a company depends on them, they tend to demand payment in cash rather than credit. That can hurt a company, because it now has less cash for investments.

    So while CSR reports impress customers, they appear to antagonize suppliers – and that comes at a price.

    Why it matters

    Prior research has shown that CSR disclosures can boost sales, but it’s long been unclear whether these additional sales are sourced from old customers or newly acquired ones. Our work brings clarity that businesses can use in making decisions.

    The findings are also of interest to lawmakers, regulators and corporate responsibility advocates who are debating making CSR reports mandatory.

    The U.S. doesn’t require businesses to release CSR reports, but some countries do. One is China, which in 2008 mandated that all public companies submit annual CSR reports starting in 2009. This created the conditions for the nearly natural experiment we conducted.

    Interestingly, the U.S. Securities and Exchange Commission has reportedly considered making some form of corporate social responsibility reporting mandatory. In the absence of requirements, many American corporations will continue to voluntarily report their CSR.

    In other words, the need for empirical evidence on the cost and benefits of CSR disclosure is greater than ever.

    What’s next

    The increasing incidence of extreme weather events and weather-related fatalities and injuries has piqued my interest in environmental responsibility. I have two ongoing research projects.

    First, I’m using a company’s public disclosures to measure its environmental risks and the activities it has undertaken to mitigate them. Second, I am researching how CEO incentives shape a company’s environmental disclosure, activities and spending – or the lack thereof.

    The Research Brief is a short take on interesting academic work.

    Vivek Astvansh does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Corporate social responsibility disclosures are a double-edged sword, new research suggests – https://theconversation.com/corporate-social-responsibility-disclosures-are-a-double-edged-sword-new-research-suggests-241540

    MIL OSI – Global Reports –

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

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

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

    In a pattern all too familiar to people affected by disasters, hurricanes Helene and Milton have disappeared from the headlines, just a few weeks after these disasters ravaged the Southeast. Although reporters have moved on, recovery is just beginning for people who were displaced.

    According to government and private analysts, damages may exceed US$50 billion apiece for these two storms. The Red Cross estimates that over 7,200 homes were destroyed or severely damaged and that more than 1,200 people were living in shelters across the affected states as of late October 2024.

    Staffers from the Federal Emergency Management Agency have been on the ground since before Helene and Milton hit, positioned to help as soon as the storms passed, along with state and local responders. But many people aren’t clear about how FEMA helps or what its responsibilities are.

    This may be one reason why the agency has had to dispel rumors about its response to Helene in North Carolina, such as assertions that representatives were coming to seize damaged property.

    We study the impacts of natural disasters and how communities recover. Here’s what FEMA does in zones battered by disasters like Helene and Milton:

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

    Quick cash grants, then funding for repairs

    FEMA works year-round helping communities prepare for disasters and training emergency management personnel to respond to these events. In the wake of declared federal disasters, it offers its Public Assistance and Individuals and Households programs.

    Public Assistance Program funds are available to state and local governments and some nonprofits to help pay for things like removing debris, preventing further damage and restoring public infrastructure. Support from the Individuals and Households Program may include funds for temporary housing and for repairing or replacing primary residences, as well as provision of temporary housing units for people displaced from their homes.

    FEMA launched a new form of flexible aid in March 2024 that provides quick cash payments of $750 per household for immediate needs, such as food, water, gasoline and emergency shelter. Contrary to rumors that have circulated in the wake of Helene, these payments are just a start, not the maximum support that FEMA offers.

    Applicants have to file claims to receive further aid. These requests go through extensive review, such as inspections of home damage. FEMA then decides how much aid to provide, if any.

    The agency will fund repairs intended to make the home safe to live in, but this work may not be enough to return the home to its pre-disaster state. Currently, the maximum FEMA aid for housing assistance is $42,500, plus an additional $42,500 for other disaster-related needs. For many, these amounts will be insufficient.

    FEMA officials say the agency has enough funding to handle immediate response and recovery from both Helene and Milton. However,
    until damage from both storms has been fully assessed, it is hard to know whether FEMA will need supplemental funds from Congress to support long-term recovery.

    Insurance plays a key role

    FEMA’s programs are intended to help with temporary housing and other needs that aren’t covered by insurance. Homeowners are expected to protect themselves against losing their dwellings by insuring their homes.

    However, some natural disasters are not always covered by homeowners insurance. They include storm-driven flooding, earthquakes and wind damage from hurricanes and tornadoes.

    In places that are vulnerable to these hazards, homeowners may have to seek separate coverage, either from private insurers or government-backed lenders of last resort. Households that don’t purchase special coverage, either because it costs too much or they don’t think they need it, will struggle to recover.

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

    Other federal funding sources

    Another federal funding source for housing repair and replacement and other personal property losses is the Small Business Administration. But, unlike FEMA grants that don’t need to be repaid, the SBA only offers low-interest loans.

    The main source of funding for long-term housing recovery is the U.S. Department of Housing and Urban Development’s Community Development Block Grant – Disaster Recovery grants. These funds must be approved by Congress following a disaster, so it can take months or years for funds to reach communities.

    Awarding this money as block grants gives state and local governments more flexibility to meet the needs of affected communities. However, it also makes it easier to allocate the funds in ways that don’t address the housing needs of the people they are intended to help.

    In recent years, we have seen many cases in which state or local officials have spent these funds inappropriately. For example, after Hurricane Katrina in 2005, Mississippi Governor Haley Barbour redirected most of his state’s HUD funds to economic development projects, including expanding the port of Gulfport, rather than rebuilding housing for storm survivors.

    Fighting to direct funds to those who need them most often requires legal action, extending the wait for hard-hit communities that need it.

    Renters have few options

    Disaster recovery programs often overlook renters, even though in many areas up to half of residents may rent their homes. Renters have little control over whether their homes are rebuilt at all, much less whether they will be allowed to return to them.

    Our research has shown that owner-occupied housing generally recovers much more quickly than rental housing. Apartment buildings also face a more uncertain recovery than single-family homes.

    Helping the neediest victims

    Even after recent updates to its rules, FEMA still struggles to adequately meet the needs of the most vulnerable groups in society. This includes low-income and minority households, people with disabilities and those who are undocumented.

    Poor households often live in homes that are in bad shape or that have gone through previous disasters without repair. In such cases, it can be hard for FEMA inspectors to determine how much damage was caused by the current disaster, which in turn can lead to claims being denied.

    In south Texas, after hurricanes Dolly and Ike in 2008, thousands of low-income households’ claims were denied, leading to a class-action lawsuit that homeowners ultimately won. After Hurricane Maria devastated Puerto Rico in 2017, many homeowners were denied rebuilding aid because they couldn’t provide a title to prove ownership.

    In response, FEMA created new rules in 2023 for demonstrating ownership. For example, FEMA has modified and expanded the types of documentation needed to prove ownership. The agency has also changed eligibility and assistance rules to make it easier to qualify for assistance.

    Recent research suggests that, at least on the whole, FEMA’s Individual Assistance Program is not likely to underserve poor households. Nonetheless, as people across the Southeast take stock of losses from this year’s hurricanes, we believe it will be important to pay special attention to under-resourced households, whose needs may not be adequately addressed by federal programs.

    Shannon Van Zandt receives funding from the U.S. Department of Housing & Urban Development and the National Institutes for Standards & Technology. She is a board member of Texas Housers, a non-profit that advocates for housing for low-income Texans.

    Walter Gillis Peacock research has been funded by a number of agencies including the National Institute for Standards and Technology, the National Science Foundation, the National Oceanic and Atmospheric Administration, the Department of Homeland Security, and the U.S. Army Corps of Engineers.

    – ref. Beyond bottled water and sandwiches: What FEMA is doing to get hurricane victims back into their homes – https://theconversation.com/beyond-bottled-water-and-sandwiches-what-fema-is-doing-to-get-hurricane-victims-back-into-their-homes-241176

    MIL OSI – Global Reports –

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

    Source: United Kingdom – Executive Government & Departments

    The UK, EU and Canada have announced further sanctions targeting the Myanmar military’s access to military material, equipment and funds.

    • The UK, EU and Canada have announced a further round of sanctions to increase pressure on the Myanmar military regime and its associates.  

    • UK sanctions target entities supplying aviation fuel and equipment to the Myanmar military. August 2024 saw the highest number of airstrikes on record by the Myanmar military, killing dozens of civilians.  

    The UK, EU and Canada have announced further sanctions targeting the Myanmar military’s access to military material, equipment and funds.  

    UK action will help to constrain the Myanmar military’s ability to conduct airstrikes on civilians, which amount to gross human rights violations.  

    The latest round of UK sanctions is against six entities involved either in providing aviation fuel to the Myanmar military or in the supply of restricted goods, including aircraft parts. Today’s announcement bolsters previous sanctions against suppliers of aviation fuel to the military in February and March 2023 and arms dealers in October 2023.  

    The UK will continue to work with partners to restrict the sale and transfer of arms and finance to the Myanmar military. Since the coup, the UK has provided more than £150 million for life-saving humanitarian assistance, healthcare, education and support for civil society and local communities in Myanmar.

    Minister for the Indo-Pacific, Catherine West said:  

    The human rights violations taking place across Myanmar, including airstrikes on civilian infrastructure, by the Myanmar military is unacceptable and the impact on innocent civilians is intolerable. 

    That is why today the UK is announcing fresh sanctions targeting the suppliers of equipment and aviation fuel to the Myanmar military. Alongside the EU and Canada, we are today further constraining the military’s access to funds, equipment and resources. 

    These sanctions will increase pressure on the Myanmar military. The UK remains steadfast in our support for the Myanmar people and their aspirations for a peaceful and democratic future.

    On 1 February 2021, the Myanmar military overthrew the democratically elected government, led by Aung San Suu Kyi, and installed a military regime. Since then, they have used violence and atrocities to maintain power and suppress any opposition voices. Increasingly brutal tactics have been implemented as the military continue to cling on to power, leading to the highest number of airstrikes on record by the Myanmar military this August (2024), killing dozens of civilians. 

    Over 3.4 million people are now displaced from their homes due to the fighting, over 18 million people are in need of humanitarian assistance, and Myanmar is now seeing a proliferation in serious and organised crime. 

    Background  

    Since the coup, the UK has designated 25 individuals and 33 entities under the Myanmar Sanctions Regime. The UK continues to lead international efforts to undermine the regime’s credibility and constrain their access to revenue and arms. 

    Today the UK has sanctioned: 

    1. Asia Sun Group Company Limited – for being owned or controlled by Zaw Min Tun, a Myanmar businessman previously sanctioned by the UK in 2023 for making available economic resources, namely aviation fuel, directly or indirectly to or for the benefit of the Myanmar security forces. 

    2. Swan Energy Company Limited – for being associated with Asia Sun Trading Company Limited and by for making available economic resources (aviation fuel) directly or indirectly to or for the benefit of the Myanmar security forces.  

    3. Myan-Oil Company Limited – for being associated with Asia Sun Trading Company Limited. 

    4. Rich Ray Trading Company Limited – for being associated with Asia Sun Trading Company Limited and by making available economic resources (aviation fuel) directly or indirectly to or for the benefit of the Myanmar security forces. 

    5. Progress Technology Support Company (a.k.a Royal Shune Lei Co) – for being involved in the supply to Myanmar of restricted goods or restricted technology or of material related to such goods or technology.  

    6. King Royal Technologies Company Limited- for being involved in the supply to Myanmar of goods or technology which could contribute to a serious human rights violation or abuse.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Independent Chair for Dartmoor Land Use Management Group

    Source: United Kingdom – Executive Government & Departments

    The government has appointed Phil Stocker as Independent Chair of the newly formed Dartmoor Land Use Management Group

    Phil Stocker has been appointed as Independent Chair of the Dartmoor Land Use Management Group, as the government moves forward with recommendations to create a long-term plan for land use which preserves the cultural heritage of the area, recovers nature and boosts food production.

    Mr Stocker has strong technical knowledge of farming and the environment and is recognised as progressive ensuring we are balancing food production with nature’s recovery. He has previously held posts at both the Soil Association and RSPB prior to his current role as Chief Executive for the National Sheep Association.

    Phil Stocker is also the Chairman of the Black Mountains Land Use Partnership which has given him unique extensive experience of managing different interests in delivering cooperative and sustainable land management in an upland setting. 

    Appointed through an open recruitment process, Phil Stocker has over 40 years’ experience in agriculture and land management. This included 15 years leading the Soil Association’s support work for its organic farmer and grower members. His varied background and leadership experience puts him in good stead for the role.

    The Dartmoor Land Use Management Group will provide a space for stakeholders to discuss important issues and work to strike the right balance between food security and preserving the diversity and abundance of nature in the area. Mr Stocker will be responsible for steering the Land Use Management Group to meet its aims and objectives. This includes oversight and delivery of the other 25 recommendations attributed to the group, put forward in the response to the review, and ensuring effective ways of working throughout.  

    As Chair, his first task will be to identify and appoint members who bring the necessary knowledge, expertise and engagement to the group. Defra will also review and confirm the appointments to ensure the group has a balanced membership with representation from different stakeholder groups.  

    Food Security and Rural Affairs Minister Daniel Zeichner said:

    Dartmoor is a breathtaking landscape with unique challenges. The area has one of the largest semi-natural moorland habitats in the country and over recent years the relationship between farming, nature and other impacts, such as climate change have lacked balance.

    With more than 40 years’ experience working in farming and the environment, I am delighted that Phil Stocker has been appointed. He is uniquely placed to consider the needs of our land: restoring nature, boosting food production and preserve its beauty for generations to come.

    Phil Stocker, Independent Chair of the Dartmoor Land Use Management Group, said:

    It is an honour to have been appointed as Independent Chair of the Dartmoor Land Use Management Group. This is a role that comes with great responsibility, and one which I have not taken on lightly.

    As someone who has worked on agriculture and land management across my career, I know only too well the delicate balance between nature and food production.

    It is now my intention to bring people together to ensure that the group delivers a land use plan that reflects the evidence and will create a sustainable future for Dartmoor.

    Andrea Ayres, Natural England Deputy Director for Devon, Cornwall and Isles of Scilly, said:

    We are working hard to find solutions with farmers and land managers on Dartmoor, and I am confident that Phil Stocker’s leadership will strike the right balance between protecting environmental objectives and preserving grazing on the commons.

    There are a wide range of stakeholders and challenges in Dartmoor and it’s important that all parties come together to build a sustainable vision for the future of this precious landscape.

    Kevin Bishop, Chief Executive, Dartmoor National Park Authority said:

    We want to see thriving farm businesses in Dartmoor that are delivering a high-quality environment that is alive with nature and with opportunities for all to enjoy and cherish this special place.

    We welcome the establishment of the Dartmoor Land Use Management Group and look forward to supporting the group deliver land management solutions that help achieve the vision in the Dartmoor Partnership Plan.

    The creation of the Dartmoor Land Use Management Group was a key proposal made by the Dartmoor Independent Review and the Government supports the recommendations of the Review.

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: DeLauro Announces $1.1 Million in Community Project Funding for Marrakech, Inc

    Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)

    Today, Congresswoman Rosa DeLauro (CT-03) announced $1,100,000 secured for Marrakech, Inc. This investment will support renovations to Marrakech’s headquarters, ensuring the facility is safer and more accessible for people with disabilities. The project will address critical issues, such as deteriorating building conditions and unsafe parking areas, which pose risks to both employees and visitors. Marrakech is a nonprofit organization that has been providing human services for individuals throughout Connecticut since 1971, serving over 1,000 individuals every year.

     “The funds I have secured for community projects go directly to communities and allow them to move forward with local infrastructure projects, foster new developments, invest in childcare, build climate resiliency, help our health care centers support their patients’ medical needs – and so much more,” said Congresswoman DeLauro. “The funding we are celebrating for Marrakech will help thoroughly renovate this facility, improving its efficiency, safety, and accessibility. It is my hope that this will improve both the working conditions forstaff and the visiting experience for their clients, creating a new community center for all those seeking a level up.”

     “I cannot overstate enough how important the funding of this project is to Marrakech, Inc. Just when we felt we were out of options, learning of the investment that Congresswoman Rosa DeLauro recommended on behalf of Marrakech actually brought me to tears. The improvements in the efficiency, safety, and accessibility of our main building will not only positively impact the persons supported, their families, and the many employees who work in or frequent the building but will also affect the community around it as we improve the condition of the building. Marrakech has been committed to providing quality services to residents of Connecticut for over 50 years. The support of Marrakech’s project is further proof of the Congresswoman’s commitment to people with disabilities and her understanding of the gravity of this commitment.” – Heather LaTorra, Marrakech Inc. President and CEO.

    Ranking Member of the House Appropriations Committee Rosa DeLauro (CT-03) secured over $16 million for local projects in Connecticut in the 2024 funding bill. A full breakdown of those projects is available here.

     

    MIL OSI USA News –

  • MIL-OSI USA: DeLauro Statement on Israel’s Targeted Strikes Against Iran

    Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)

    Today, Congresswoman Rosa DeLauro (CT-03) released a statement on Israel’s retaliatory strikes against Iran in response to Iran’s ballistic missile attacks:

    “Israel was right to respond strongly to Iran’s ballistic missile attack to ensure its security. Iran should no longer be permitted to work for Israel’s destruction.

    “Israel has had significant military victories in the last several weeks. Now is the time for a ceasefire and the release of the hostages. I regret that the Israeli government has escalated the war in Gaza with many civilian losses and blocked humanitarian aid. After October 7th, getting to negotiated security arrangements with moderate Arab states and moving to a two-state solution is the best way for Israel to achieve security and peace.”

    MIL OSI USA News –

  • MIL-OSI USA: DeLauro Statement on Final Outbound Investment Rule

    Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)

    Today, Congresswoman Rosa DeLauro (CT-03) released a statement in response to the U.S. Treasury Department finalizing its rule on U.S. outbound investments: 

    “The final rule issued by the Treasury Department on U.S. outbound investment is a meaningful step in strengthening U.S. competitiveness and safeguarding our national security and supply chains.

    “As I have said, we cannot allow U.S. capital and capabilities to fuel the Chinese Communist Party’s policies. We have already seen the impact of offshoring crucial manufacturing and innovation capacity on our economy, national security, and industrial base in the form of job losses and shortages of critical materials. I fought hard to take action to turn this around – from pushing for my legislation, the National Critical Capabilities Defense Act, in the House-passed America COMPETES Act to securing funding in the 2022 appropriations bill to protect our critical capabilities.

    “I’m encouraged that the Biden Administration is taking decisive action to protect our key capabilities and sustain American competitiveness, and I will continue fighting to enact legislation that strengthens their efforts.”

    MIL OSI USA News –

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

    Source: European Banking Authority

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

    EMIR 3 will introduce important novelties, such as:

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

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

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

    Consultation process

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

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

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

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

    Next steps

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

    Legal basis and background

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

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

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

    MIL OSI Europe News –

  • MIL-OSI Europe: AFRICA/NIGERIA – Rector of a seminary offers himself as hostage in exchange for two students

    Source: Agenzia Fides – MIL OSI

    Abuja (Agenzia Fides) – Father Thomas Oyode, the latest in a long list of priests kidnapped in Nigeria, offered himself as hostage in exchange for two students.On Sunday 27 October, around 7pm, armed men attacked the “Immaculate Conception Minor Seminary School” in Agenegabode, in the local government area of Etsako East of Edo State, in southern Nigeria. According to various sources, after entering the seminary, the attackers first fired shots in the air and then kidnapped two students from the school. When he heard the shots, Father Thomas, the Rector of the minor Seminary, went out into the courtyard and faced the bandits with the two students and offered himself as a hostage in exchange for the two students. The kidnappers accepted the priest’s request and exchanged him for the two students. He was then abducted by the bandits into the bush. Meanwhile, a manhunt has been launched to find the kidnappers and free Father Thomas.In a statement, the Diocese of Auchi also confirmed the incident, adding: “The vice-rector and all the seminarians have been located and are safe and have been temporarily moved to a safe place until security measures around the minor seminary are strengthened”. (L.M.) (Agenzia Fides, 29/10/2024)
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  • MIL-OSI Europe: ASIA/CHINA – World Missionary Month in Chinese Catholic communities

    Source: Agenzia Fides – MIL OSI

    Beijing (Agenzia Fides) – Prayers for peace in the world, donations for the mission, works of charity, pilgrimages, concerts and theatrical performances and sporting events. The participation of many Chinese Catholic communities in initiatives and moments of community during the World Missionary Month in October, which the Church dedicates in a special way to mission throughout the world was spontaneous and creative.The highlight of World Missionary Month in China was also World Mission Sunday, celebrated on the penultimate Sunday of the month (this year on Sunday 20 October). On that day, many parishes held the “Collection for the Missions” (which in China is carried out in addition to the usual collection of funds for charitable and missionary works on Palm Sunday). In the homilies of many priests, reference was made to the history and spirit of World Missionary Sunday, recalling the mandate of witness and proclamation of the Gospel that Jesus entrusted to all his disciples.On Sunday, October 27, a total of 26 priests, nuns and lay people from the Tangshan community took part in the “Tangshan Marathon 2024”. In the midst of 20,000 participants from 13 countries around the world, the Catholic marathon runners of Tangshan wanted to offer a simple public witness of the faith that unites them and drives them to proclaim the Gospel with perseverance and endurance, sharing with everyone the difficulties, joys and encounters along the way, as happens in a marathon.In the parish of Hushan (diocese of Ningbo), a play inspired by biblical themes was performed on the occasion of World Mission Sunday, also to celebrate 30 years of Bible courses in the parish and the Year of Sacred Scripture in the diocese. On Saturday, October 19, a concert centered on the devotion to Our Lady entitled “Our Lady of the Rosary” was organized at the Cathedral of the Diocese of Zhengding (Shijiazhuang) to encourage the baptized to follow in Our Lady’s footsteps and to become missionaries.On the last weekend of World Mission Month, the youth group of the Shanghai Cathedral made a pilgrimage to Suzhou Cathedral, where they prayed together with the local community. The youth of the parish of Lucheng (Diocese of Wenzhou) also made a pilgrimage along the Way of Our Lady of the Rosary, meeting a group of Dominican sisters at the Shrine in Fujian Province to pray the Rosary together.Fifteen Chinese bishops took part in the spiritual retreat on the theme of “Synodality and Encounter with the Lord” held at the National Seminary in Beijing during the World Mission Month, in the spirit of fraternal communion.In October, priestly ordinations were celebrated in the dioceses of Taizhou and Chifeng (Inner Mongolia), while nuns made their final vows in the diocese of Wuhan (Hubei province).On the occasion of the Feast of the Elderly, which in China falls during the World Mission Month (October 11), both parishes and communities of nuns organized moments of gathering with the elderly to show them the communities’ gratitude for the witness of faith they give in the circumstances of daily life. Throughout the World Mission Month, prayers for peace were held in the churches, often combined with the daily recitation of the Rosary. The communities also accepted Pope Francis’ invitation to participate in the day of prayer and fasting for peace, asking for the gift of peace and an end to conflicts in the world. (NZ) (Agenzia Fides, 29/10/2024)
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  • MIL-OSI Europe: ASIA/INDONESIA – Appointment of bishop of Surabaya

    Source: Agenzia Fides – MIL OSI

    Tuesday, 29 October 2024

    Vatican City (Agenzia Fides) – The Holy Father has appointed the Reverend Agustinus Tri Budi Utomo, of the clergy of the diocese of Surabaya, Indonesia, until now episcopal vicar for pastoral care, as bishop of the same diocese.Msgr. Agustinus Tri Budi Utomo was born on 12 March 1968 in Ngawi, East Java. After entering the Saint Vincentius a Paulo Minor Seminary in Blitar, he continued his formation at the Saint John XXIII Interdiocesan Major Seminary in Malang, attending the Widya Sasana Philosophical and Theological Institute in Malang, where he was awarded a bachelor’s degree and a master’s degree in theology.He was ordained a priest on 27 August 1996.He has held the following offices: chaplain for university students (1996), parish vicar (1996-2000) and parish priest (2000-2001) of Saint Mary of the Annunciation in Sidoario, lecturer at Universitas Airlangga (1996-2001), teacher at the Saint Vincentius a Paulo Minor Seminary (1996-2001), director of the Lembaga Karya Dharma social and healthcare Foundation (2001), parish vicar of Infant Jesus in Marau, diocese of Ketapang (2001-2004), parish priest of Saint Charles Borromeo in Tembelina, diocese of Ketapang (2004-2005), parish priest of Saint Pius XI in Blora (2005-2007), president of the Yohanes Gabriel educational Foundation (2006-2007-2012), episcopal vicar for Region IV (2007-2008), lecturer at the Universitas Katolik Widya Mandala (2007-2010), episcopal vicar of Cepu and parish vicar of Saint Willibrordus in Cepu (2008-2011), parish administrator of Saint Mary of the Annunciation in Sidoario (2017-2018), parish vicar of Saint Mary of the Annunciation in Sidoario (2018-2020), parish vicar of the Catheral (2020-2022), and chair of the diocesan Commission for the Family (2020-2022). Since 2011 he has served as vicar general of the diocese of Surabaya and subsequently episcopal vicar for pastoral care. Since 2021 he has been a member of the diocesan Commission for Property and Assets and, since 2022, parish vicar of Sakramen Mahakudus Pagesangan in Surabaya. (EG) (Agenzia Fides, 29/10/2024)
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  • MIL-OSI Europe: ASIA/MYANMAR – Appointment of bishop of Myitkyina

    Source: Agenzia Fides – MIL OSI

    Tuesday, 29 October 2024

    Vatican City (Agenzia Fides) – The Holy Father has appointed the Reverend Fr. John Mung Ngawn La Sam, M.F., of the Missionaries of Faith, until now parish priest of Saint Paul Church and head of the Retreat Centre in Shadau, as bishop of the diocese of Myitkyina, Myanmar.Msgr. John Mung Ngawn La Sam, M.F., was born on 27 April 1973 in Moe Gok. He studied law atMyitkyina University and philosophy at Saint Joseph’s Institute of Philosophy in Pyi Oo Lwin. After completing the year of spirituality at the formation house of the Missionaries of the Faith in Rome (2009-2010), he studied theology at the Pontifical Lateran University (2011-2014).He gave his religious vows in the Congregation of the Missionary Fathers of Faith on 8 September and was ordained a priest on 16 January 2016.He has held the following offices: assistant parish priest of the Saint Colombano Cathedral, Myitkyina (2016-2017), and since 2017, parish priest of Saint Paul’s Church and head of the Retreat Centre in the diocese of Myitkyina. (EG) (Agenzia Fides, 29/10/2024)
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  • MIL-OSI Europe: ASIA/SOUTH KOREA – A mass in memory of the victims of the Halloween massacre, two years later

    Source: Agenzia Fides – MIL OSI

    Tuesday, 29 October 2024 youth  

    Photo:Park Sun Hyeok

    Seoul (Agenzia Fides) – Yesterday evening, in the church of the “St. Francis Educational Center” in the Jung Dong district, in the capital of South Korea, a mass was held in memory of the victims of the Halloween disaster in Itaewon, a popular nightlife district where on October 29, 2022, a total of 159 people lost their lives in a stampede, swept away by the crowd of young people who had come for the Halloween party.The Holy Mass was celebrated by Father Marco Inkook Kim together with about 20 diocesan and religious priests, and was attended by at least 200 people, among whom there were also numerous nuns. During the Mass, the names of all the victims were read in the presence of the parents present, who wore purple clothes and sat in the first pews. The father of Sang-eun, one of the victims, took the floor and gave a long speech. “I would like to take this opportunity to thank the nuns and priests on behalf of the grieving families for holding our hands, shedding tears and offering us comfort and support,” said Lee Sung-hwan, among other things.The Mass concluded with a performance by the famous artist Shin Sang Og, followed by music to the sounds of the song “Fly me to the moon”.The Catholic Church in Korea will host World Youth Day in 2027. There are many expectations from those involved in organizing this event, which will be an opportunity for the Korean ecclesial community to look with particular attention to the young generations and their situation. (PR) (Agenzia Fides, 29/10/2024)
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  • 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.

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About SECU and SECU Foundation

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

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

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

    The MIL Network –

  • 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 Security: Defense News: U.S. Navy, Marine Corps and Royal Malaysian Navy commence Cooperation Afloat Readiness and Training (CARAT) Malaysia 2024

    Source: United States Navy

    “This year marks the 30th anniversary of the Cooperation Afloat Readiness and Training exercise series, which is a testament to the strength and longevity of the U.S.-Malaysia partnership,” said Capt. John Baggett, deputy commodore, Destroyer Squadron 7 and U.S. head of delegation for the opening ceremony. “Over the past three decades, we’ve built a strong foundation of trust and cooperation that has benefited both of our nations. Exercises like this underscore the excellent partnership between our militaries and emphasizes our respect for one another.”

    CARAT Malaysia 2024 builds on 67 years of close collaboration between the U.S. and Malaysia. It highlights our continued dedication to peace, stability and security in the region. Additionally, CARAT Malaysia serves as a symbol of the U.S. commitment to key Association of Southeast Asian Nations (ASEAN) partners to reinforce ASEAN Centrality, supporting a free and open Indo-Pacific.

    During the exercise, participants will engage in specialized training across a wide range of disciplines including medicine, legal operations, aviation, and force protection. Naval vessels and maritime surveillance aircraft, and specialized teams (including diving and explosive ordnance disposal units) will conduct high-intensity drills focusing on anti-submarine warfare, anti-surface warfare, anti-air warfare, and maritime domain awareness.

    This year, Marine Rotational Force – Southeast Asia (MRF-SEA) personnel will engage in training events and expert exchanges with Royal Malaysian army and naval forces, focusing on amphibious operations planning, medical treatment in maritime environments, legal discussions, and security and cyber operations best practices.

    These events aim to enhance the collective interoperability and proficiency between U.S. and Malaysian forces while cultivating strong relationships as partners.

    “CARAT serves as a vital platform for our armed forces to engage in cooperative operations. It emphasizes our shared dedication to promoting stability and addressing shared challenges in our maritime domain,” said Royal Malaysian Navy First Admiral Hj Muhammad Rohdi bin Ariffin, assistant chief of staff, Joint Force Headquarters and Malaysian head of delegation for the opening ceremony. “We are privileged to host our friends from the U.S. Navy and Marine Corps. This exercise showcases the strength of our partnership and the spirit of collaboration… Together we can overcome challenges and ensure a stable future for all.”

    Participating U.S. assets include the Navy’s Arleigh Burke-class guided-missile destroyer USS Dewey (DDG 105) and a P-8A Poseidon maritime surveillance aircraft, staff and personnel from Commander, U.S. 7th Fleet, Commander, Task Force (CTF) 72, 73, 75, and 76, Command, Destroyer Squadron (DESRON) 7, and MRF-SEA personnel from the 13th Marine Expeditionary Unit.

    Royal Malaysian Navy participating assets include the Kedah-class offshore patrol vessel KD Terengganu (F 174), the Keris-class littoral mission ship KD Rencong (KD 114), a Eurocopter AS 550 Fennec helicopter, an F/A-18D Hornet multi-role fighter, and two Agusta Westland AW139 helicopters.

    As the U.S. Navy’s forward-deployed DESRON in Southeast Asia, DESRON 7 serves as the primary tactical and operational commander of littoral combat ships rotationally deployed to Singapore. DESRON 7 also functions as the CTF-76 Sea Combat Commander and builds partnerships through training exercises and military-to-military engagements as the executing agent of Commander, Task Group CARAT.

    U.S. 7th Fleet is the Navy’s largest forward-deployed numbered fleet, and routinely interacts
    and operates with allies and partners in preserving a free and open Indo-Pacific region.

    MIL Security OSI –

  • MIL-OSI Canada: The Sexual Misconduct Support and Resource Centre opens call for applications for the Community Support for Sexual Misconduct Survivors Grant Program

    Source: Government of Canada News (2)

    News release

    October 29, 2024 – Ottawa, Ontario – Department of National Defence

    The Sexual Misconduct Support and Resource Centre (SMSRC) is committed to improving access to support services for individuals affected by sexual misconduct within the Defence community.

    Today, the SMSRC launched its 2024-25 call for applications for the Community Support for Sexual Misconduct Survivors Grant Program. This initiative aims to broaden the availability of support services and strengthen collaboration between community-based organizations and Department of National Defence (DND) and Canadian Armed Forces (CAF) service providers.

    Grant Details:

    • One-time project grants: up to $50,000
    • Recurrent grants: up to $75,000 annually for two to three years
    • Application deadline: November 26, 2024, at 11:59 PM Pacific Time
    • Funding anticipated to commence: Spring 2025

    The goal of the Grant Program is to broaden the scope of support services accessible to those affected by sexual misconduct in the wider Defence community and increase the collaboration between community-based and DND/CAF service providers. The SMSRC’s Grant Program was developed based on the request of people in the Defence community affected by sexual misconduct to have access to a broad range of culturally competent, confidential, specialized care and support services.

    The grant program is part of It’s Time: Canada’s Strategy to Prevent and Address Gender-Based Violence (the federal GBV Strategy).

    For further information and to apply, please visit the SMSRC Grant Program website.

    Quotes

    “Improving access to support services for members of the Defence Community who have been affected by sexual misconduct is a top priority for the Department of National Defence and the Canadian Armed Forces. By funding projects across Canada, the SMSRC’s Grant Program ensures that our people have access to a broader range of support services. The Defence Community works hard every day to keep Canadians safe and it is our duty to make sure we build an institution where everyone feels respected and empowered to reach their full potential.”

    The Honourable Bill Blair, Minister of National Defence

    “Survivors and individuals affected by sexual misconduct should be able to access the support services they need when and where they need them. This program helps expand access to critical support services close to home. By investing in community-based organizations, our government is empowering communities to provide the care and resources that survivors and their families can count on.”

    The Honourable Ginette Petitpas Taylor, Minister of Veterans Affairs and Associate Minister of National Defence

    “The SMSRC Community Support for Sexual Misconduct Survivors Grant Program is open to receiving applications from community-based service providers. I look forward to establishing grant agreements with organizations across the country to support those affected by sexual misconduct. Together, we can work to make sure that those affected have the support they need.”

    Linda Rizzo-Michelin, Chief Operating Officer, Sexual Misconduct Support and Resource Centre (SMSRC), Department of National Defence

    Quick facts

    • The Grant Program was first launched in the fall of 2022 and currently funds 32 projects in Alberta, British Columbia, Quebec, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Saskatchewan.

    • Eligible organizations include, but are not limited to, sexual assault centres, community support programs and counselling services who have the capacity and expertise to provide support to those that have been affected by sexual misconduct within the wider Defence community.

    • The “wider Defence community” includes current and former CAF members/Veterans, DND public service employees, Cadets, Junior Canadian Rangers, their families, supporters, and caregivers (age 16 and older).

    • The program seeks to support projects that address the needs of diverse populations, women, men, sexually and  gender diverse people; Two Spirit, lesbian, gay, bisexual, transgender, queer, intersex and additionally sexually and gender diverse (2SLGBTQI+) people; Indigenous Peoples; Black, Asian and other racialized people; people living with disabilities; religious minorities; those living in an official language minority community; those living in northern, rural and remote communities; others with diverse identity factors; and/or people who cannot access services in person.

    • In addition to funding community support, the SMSRC provides support services to meet the needs of the wider Defence community.

    Associated links

    Contacts

    Media Relations
    Department of National Defence
    613-904-3333
    mlo-blm@forces.gc.ca

    MIL OSI Canada News –

  • MIL-OSI Canada: Top Canadian cyber security body releases flagship guidance for critical infrastructure

    Source: Government of Canada News

    Critical infrastructure operators in Canada now have an important new resource to help protect themselves against cyber threats.

    October 29, 2024 – Ottawa, Ontario

    The Government of Canada is committed to enhancing the security and resilience of critical infrastructure and exercising leadership in cyber security to foster collaboration. To that end, critical infrastructure operators in Canada now have an important new resource to help protect themselves against cyber threats.

    Today, the Canadian Centre for Cyber Security (Cyber Centre), a part of the Communications Security Establishment Canada (CSE), is publishing a suite of voluntary guidelines designed to further protect essential services for people in Canada and enhance cyber security resilience overall.

    Called the Cyber Security Readiness Goals (CRGs), this new resource offers a toolkit with 36 cross-sector cyber security practices — that build on available advice and guidance. The CRGs list important steps organizations can take toward goals that will improve their cyber security posture in the face of increasingly complex cyber security threats.

    Designed to be an evergreen resource that can be used by all critical infrastructure sectors, the CRGs will be updated as the Cyber Centre based on feedback from partners and as the threat landscape evolves over time.

    Critical infrastructure services and systems are increasingly vulnerable due to their reliance on complex networks of interdependent digital services, assets and facilities.

    This flagship resource is yet another step forward in Canada’s ongoing efforts to remain at the leading edge of cyber security resilience and protect this country’s vital critical infrastructure systems.

    For more information (media only) please contact:
    Media Relations
    Communications Security Establishment Canada
    media@cse-cst.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: USGS invests $4.8 million in Bipartisan Infrastructure Law funding for five airborne electromagnetic surveys across the nation

    Source: US Geological Survey

    USGS invests $4.8 million in Bipartisan Infrastructure Law funding for five airborne electromagnetic surveys across the nation

    RESTON, Va. – The U.S. Geological Survey has announced it will invest approximately $4.8 million in Bipartisan Infrastructure Law funding to collect high-resolution geophysical data focused on areas with potential for critical mineral resources across multiple parts of the nation. 

    The data collection will be conducted through the USGS Earth Mapping Resources Initiative (Earth MRI), a partnership between the USGS and state geological surveys that is revolutionizing our understanding of the nation’s geology and critical mineral resources which are vital to the U.S. economy, national security, and clean energy technology.  

    Lyndsay Ball, USGS geophysicist and co-technical lead for Earth MRI electromagnetic surveys, described the data collected through Earth MRI as foundational, with broad applications to multiple disciplines within the Earth sciences. 

    “The data not only provide insight into mineral resources, but they’re also needed for understanding water resources, hydrogeology, geothermal systems, and even geologic hazards,” said Ball.  

    These airborne geophysical surveys will collect electromagnetic data to provide cross section images of subsurface electrical resistivity that expand the fundamental knowledge of geology underpinning the areas in the following states and regions: 

    • Nevada’s Great Basin 
    • California’s western Mojave Desert 
    • Illinois, Iowa, and Wisconsin Phosphorite Deposits 
    • Wyoming’s Cheyenne Belt 
    • Michigan’s Upper Peninsula 

    The electromagnetic sensors penetrate the shallow subsurface to about 300 to 500 meters (approximately 1,000 to 1,650 feet) deep and measure electrical resistivity, or how well the rocks conduct electricity. This method is particularly useful in mapping variations in sediment and rock type as well as groundwater salinity, which are markers of critical mineral resources such as brine potentially containing lithium, or graphite and clay deposits. 

    The various survey footprints were designed in close collaboration with respective state geological surveys with the aim of improving understanding of local geology and resources. 

    Officials from the various state geological surveys are optimistic the electromagnetic surveys will complement data generated through other types of Earth MRI surveys, including magnetic, radiometric, and hyperspectral, as well as their own ongoing mapping projects. 

    “This upcoming electromagnetic survey will focus on the tri-state area that has high prospectivity for critical mineral potential, and Earth MRI is the best tool to map the region,” said Ryan Clark, a geologist with the Iowa State Geological Survey. “The overlap in data will help us calibrate and validate the surveys through our own geochemical mapping.” 

    “The electromagnetic data will be a great complement to our mapping because we can take what we’re seeing at the surface and combine it with the subsurface data to get a more detailed look at our state’s geology,” said Erica Key, senior geologist at the California Geological Survey Mineral Resource Program. 

    The initial airborne geophysical surveys may be followed by additional investments, including new geologic maps, geochemical sampling, and other techniques to better understand the region’s geologic framework.

    Since 2021, the Bipartisan Infrastructure Law has advanced scientific innovation through a $320 million investment for the USGS to better map the Nation’s mineral resources, both still in the ground and in mine wastes, and to preserve historical geologic data and samples. Through the end of fiscal year 2024, more than $160 million has been obligated for Earth MRI initiatives, propelling efforts to make “once-in-a-generation” advancements in the nation’s geologic and geophysical data collections and mapping. 

    MIL OSI USA News –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Secretary of the Department of Labor and Employment of the Philippines

    Source: ASEAN

    On his first day in Singapore  attending the 28th ASEAN Labour Ministers’ Meeting, Secretary-General of ASEAN, Dr. Kao Kim Hourn, this evening met with Secretary Bienvenido E. Laguesma of the Philippines’ Department of Labor and Employment. During the meeting, both sides exchanged views on the initiatives led by the Philippines in the ASEAN Labour Ministers’ Work Programme and labour-related priorities and looked forward to working closely with the Philippines during its Chairmanship of ASEAN in 2026.

    The post Secretary-General of ASEAN meets with Secretary of the Department of Labor and Employment of the Philippines appeared first on ASEAN Main Portal.

    MIL OSI Economics –