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  • MIL-OSI Europe: SEK 50 million in humanitarian assistance to Sudan

    Source: Government of Sweden

    SEK 50 million in humanitarian assistance to Sudan – Government.se

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    Press release from Ministry for Foreign Affairs

    Published

    The humanitarian crisis in Sudan is the largest in the world, with around half of the country’s population in need of humanitarian assistance. The Swedish Government has now decided to provide an additional SEK 50 million in humanitarian assistance. Women and children are particularly vulnerable in the current crisis. This assistance aims particularly at helping vulnerable children and meeting women’s needs related to sexual and reproductive health and rights (SRHR).

    “The humanitarian situation in Sudan is disastrous. Millions of people are in need of emergency support, care and protection – none more so than the millions of children who are vulnerable, and those affected by the critical situation as regards SRHR. The Government is now increasing Sweden’s humanitarian assistance to Sudan by SEK 50 million. The conditions for humanitarian organisations to reach affected people also need to be greatly improved, which the Government is continuing to work for,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.

    “The situation in Sudan is the most extensive humanitarian crisis right now, which unfortunately is easily forgotten. As is always the case, women and children are most severely affected. We are targeting our assistance where it’s needed the most, which is currently in Sudan,” says Gudrun Brunegård, development assistance policy spokesperson for the Christian Democrats.

    “Children are affected especially severely by the critical conditions and warrant special protection. I’m proud that Sweden is scaling up its humanitarian assistance to Sudan,” says Joar Forssell, foreign policy spokesperson for the Liberal Party.

    SEK 30 million is being allocated to the United Nations Children’s Fund (UNICEF). UNICEF’s humanitarian activities in Sudan aim to provide children with health and medical care, and they also support initiatives for nutrition, water and sanitation in areas severely affected by the conflict.

    SEK 20 million is being allocated to the United Nations Population Fund (UNFPA). In light of the increase in sexual and gender-based violence during the civil war and the lack of access to health and medical care, UNFPA’s humanitarian activities in Sudan are helping address the SRHR-related needs of women, girls and adolescents, including through the prevention of sexual and gender-based violence and support to people who have been subjected to violence.

    Press contact

    Sweden’s support to Sudan

    With these additional funds, Sweden’s total support – from the Government and the Swedish International Development Cooperation Agency (Sida) – to the civilian population in Sudan in 2024 amounts to SEK 709 million. This consists of SEK 489 million in humanitarian assistance and SEK 220 million in long-term development cooperation.

    Sweden’s humanitarian support in Sudan is distributed between a number of civil society organisations, UN agencies and the International Red Cross and Red Crescent Movement. The assistance is going to health and medical care, life-saving food assistance, water and sanitation, and protection and shelter for families who have been forcibly displaced from their homes.

    Sweden is also providing humanitarian assistance to neighbouring countries Chad and South Sudan, which helps to meet the humanitarian needs of Sudanese refugees.

    MIL OSI Europe News –

  • MIL-OSI Russia: Marat Khusnullin: Almost 5.5 million schoolchildren took part in the fifth All-Russian online Olympiad “Safe Roads”

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The All-Russian online Olympiad “Safe Roads” is held with the support of the national project “Safe High-Quality Roads”. Schoolchildren in grades 1–9 test their knowledge of road safety rules in a game format. From September 24 to October 27, almost 5.5 million schoolchildren took part in the Olympiad, Deputy Prime Minister Marat Khusnullin reported.

    “Reducing road accidents is a task that is included in the national goal “Comfortable and safe living environment”. And a special priority of our work is child safety. In the context of growing traffic flow and expansion of the country’s road network, knowledge of traffic rules is becoming extremely important. The All-Russian online Olympiad “Safe Roads”, which is held with the support of the national project “Safe High-Quality Roads”, has proven itself as an effective tool for educational work. The online competition helps students in grades 1-9 test their level of road literacy and deepen their knowledge. The event received a great response from children and parents. This year, almost 5.5 million schoolchildren took part in it, which is 10% more than last year. And over five years, the total audience has exceeded 20.8 million participants,” said Marat Khusnullin.

    The Deputy Prime Minister added that the leaders in the number of students who took part in the Olympiad were the Ivanovo, Tambov, Belgorod, Tula regions, as well as the Republic of Mordovia.

    Using real road situations as an example, the Olympiad participants analyzed how to behave correctly as a pedestrian and a passenger, as well as behind the wheel of bicycles and personal mobility devices (PMD). The most difficult tasks during the Olympiad were those about bicycles and PMDs, including electric scooters. Only a fifth of the Olympiad participants coped with them. The schoolchildren coped best with the tasks on safe behavior in a car and public transport vehicles – 81% and 61%, respectively.

    “Work to instill in children and teenagers the skills of safe behavior on the road is not only talks in schools and at home, lectures and street events held by the State Traffic Safety Inspectorate. It is also a very effective format in terms of assimilation of information, an Olympiad in which schoolchildren of different ages from all over Russia participate. It is easier to get acquainted with the rules of the road in the format of tasks and specific answers due to the clear structure of the material presentation. I am sure that everyone who has at least once passed the tests of the All-Russian online Olympiad “Safe Roads”, transfers theoretical knowledge to real road conditions, turning into very responsible pedestrians, and in the future, drivers,” said the head of the State Traffic Safety Inspectorate of the Ministry of Internal Affairs of Russia, Police Lieutenant General Mikhail Chernikov.

    Not only knowledge of traffic rules, but also good roads help to improve road safety. Work at sites is usually carried out in a comprehensive manner: specialists not only update the road surface, but also equip elements of the road infrastructure – pedestrian crossings, traffic lights, barriers, road signs, markings, photo and video recording cameras.

    “Every day, children go to school, attend extracurricular activities, and one of our priorities is to make these routes safer. Over the past six years, more than 5,000 road sections leading to children’s educational and leisure institutions have been repaired in Russian regions under the national project “Safe High-Quality Roads”. These are streets in populated areas, as well as sections of regional and inter-municipal roads on which school buses travel,” commented Roman Novikov, head of the Federal Road Agency.

    The organizers of the Olympiad are the Ministry of Transport, the State Traffic Safety Inspectorate of the Ministry of Internal Affairs of Russia and the National Priorities ANO with the support of the Ministry of Education.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Canada: Media Registration: Closing News Conference of the CPTPP Commission Chaired by Canada

    Source: Government of Canada News

    October 28, 2024 – The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development will Chair the 2024 Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission Meeting in Vancouver from November 27-28, 2024.

    October 28, 2024  – The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development will Chair the 2024 Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission Meeting in Vancouver from November 27-28, 2024. The Meeting will bring together Ministers and senior officials from member countries to advance the Agreement’s objectives and enhance trade cooperation across the Pacific region and beyond.

    The CPTPP helps Canadian businesses by reducing trade barriers and costs and creating clear rules for international trade. As Chair, Canada is working to ensure the CPTPP remains the “gold standard” of international trade agreements.  

    Media representatives who wish to cover the closing news conference must register ahead of the event. Registration is open to journalists (print, radio, television, news agencies and online media) who are on assignment with a bona fide media organization.

    Date: Thursday, November 28, 2024
    Start Time: 2:30 p.m. PT
    Place: Vancouver, British Columbia

    Notes for media:

    • Media must register by email media@international.gc.ca in order to obtain the venue address.
    • Media representatives are asked to arrive no later than 2:15 p.m.
    • A media room will be available for one-on-one interviews. 

    Huzaif Qaisar
    Press Secretary
    Office of the Minister of Export Promotion, International Trade and Economic Development
    343-575-8816
    Huzaif.Qaisar@international.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: NASA Provides Update on Artemis III Moon Landing Regions

    Source: NASA

    As NASA prepares for the first crewed Moon landing in more than five decades, the agency has identified an updated set of nine potential landing regions near the lunar South Pole for its Artemis III mission. These areas will be further investigated through scientific and engineering study. NASA will continue to survey potential areas for missions following Artemis III, including areas beyond these nine regions.
    “Artemis will return humanity to the Moon and visit unexplored areas. NASA’s selection of these regions shows our commitment to landing crew safely near the lunar South Pole, where they will help uncover new scientific discoveries and learn to live on the lunar surface,” said Lakiesha Hawkins, assistant deputy associate administrator, Moon to Mars Program Office.
    NASA’s Cross Agency Site Selection Analysis team, working closely with science and industry partners, added, and excluded potential landing regions, which were assessed for their science value and mission availability.
    The refined candidate Artemis III lunar landing regions are, in no priority order:

    Peak near Cabeus B
    Haworth
    Malapert Massif
    Mons Mouton Plateau
    Mons Mouton
    Nobile Rim 1
    Nobile Rim 2
    de Gerlache Rim 2
    Slater Plain

    These regions contain diverse geological characteristics and offer flexibility for mission availability. The lunar South Pole has never been explored by a crewed mission and contains permanently shadowed areas that can preserve resources, including water.
    “The Moon’s South Pole is a completely different environment than where we landed during the Apollo missions,” said Sarah Noble, Artemis lunar science lead at NASA Headquarters in Washington. “It offers access to some of the Moon’s oldest terrain, as well as cold, shadowed regions that may contain water and other compounds. Any of these landing regions will enable us to do amazing science and make new discoveries.”
    To select these landing regions, a multidisciplinary team of scientists and engineers analyzed the lunar South Pole region using data from NASA’s Lunar Reconnaissance Orbiter and a vast body of lunar science research. Factors in the selection process included science potential, launch window availability, terrain suitability, communication capabilities with Earth, and lighting conditions. Additionally, the team assessed the combined trajectory capabilities of NASA’s SLS (Space Launch System) rocket, the Orion spacecraft, and Starship HLS (Human Landing System) to ensure safe and accessible landing sites.
    The Artemis III geology team evaluated the landing regions for their scientific promise. Sites within each of the nine identified regions have the potential to provide key new insights into our understanding of rocky planets, lunar resources, and the history of our solar system.
    “Artemis III will be the first time that astronauts will land in the south polar region of the Moon. They will be flying on a new lander into a terrain that is unique from our past Apollo experience,” said Jacob Bleacher, NASA’s chief exploration scientist. “Finding the right locations for this historic moment begins with identifying safe places for this first landing, and then trying to match that with opportunities for science from this new place on the Moon.”
    NASA’s site assessment team will engage the lunar science community through conferences and workshops to gather data, build geologic maps, and assess the regional geology of eventual landing sites. The team also will continue surveying the entire lunar South Pole region for science value and mission availability for future Artemis missions. This will include planning for expanded science opportunities during Artemis IV, and suitability for the LTV (Lunar Terrain Vehicle) as part of Artemis V.
    The agency will select sites within regions for Artemis III after it identifies the mission’s target launch dates, which dictate transfer trajectories, or orbital paths, and surface environment conditions.
    Under NASA’s Artemis campaign, the agency will establish the foundation for long-term scientific exploration at the Moon, land the first woman, first person of color, and its first international partner astronaut on the lunar surface, and prepare for human expeditions to Mars for the benefit of all.
    For more information on Artemis, visit:
    https://www.nasa.gov/specials/artemis
    -end-
    James Gannon / Molly WasserHeadquarters, Washington202-358-1600james.h.gannon@nasa.gov / molly.l.wasser@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: When Loans Become Cheesy

    Source: US Global Legal Monitor

    Did you know there is a bank in Italy that accepts wheels of Parmigiano Reggiano as collateral on loans? If, like me, you are now contemplating leaving your current career and getting a job as a bank teller for Credito Emiliano (commonly referred to in the region as Credem), read on.

    Most of the time, when we think of collateral, we think of something like the mortgage on a house. If a homeowner is unable to make payments on the house, the bank that holds the mortgage may seize the collateral (the house) and sell it to satisfy the debt (we call this liquidating the assets). So, how does this work with big wheels of cheese?

    First, it is important to note that Parmigiano Reggiano is no ordinary cheese. True Parmigiano Reggiano can only be produced in one of five provinces within Italy: Parma, Reggio-Emilia, Modena, Bologna, or Mantova. While the ingredients that go into a wheel of Parmigiano are simple – just cow’s milk, salt, and calf rennet (a natural enzyme from cow intestines that helps form curds) – the strict process, which has remained largely unchanged for eight centuries, takes time. After the cheese has aged for 12 months, the Consorzio del Formaggio Parmigiano Reggiano (the Parmigiano Reggiano Consortium), which is the governing body that regulates standards for Parmigiano Reggiano, inspects each wheel. As an aside: each wheel of Parmigiano is the same size to ensure consistent texture – and each wheel weighs over 80 pounds! If a wheel passes the 12-month test, it receives a literal stamp of approval and the protected designation of origin label (PDO or DOP in Italian). The Parmigiano Reggiano Consortium helpfully provides links to legislation and guidelines surrounding Parmigiano in English on its website, here.

    So now, back to Credem, the bank that accepts wheels of Parmigiano Reggiano as collateral on small-business loans it makes to dairy farmers in the Emilia Romagna region. Wheels of Parmigiano can go for anywhere between $900 and $2500. Parmigiano only gets more valuable as it ages. But often, farmers will sell off less mature wheels to have more immediate access to money, even though this turns into a loss of revenue in the long term. In 1953, Credem saw an opportunity to help local farmers maximize their profits by offering loans of up to 70 or 80% on wheels of Parmigiano. That way, the farmers could get the cash they needed up-front and the bank could ensure the wheels of cheese would have time to age and reach their highest value. Credem takes its role seriously, storing the wheels of cheese it accepts as collateral in climate-controlled vaults that are inspected by Parmigiano Reggiano experts for the duration of the loan.

    By the way, this is not the only instance of unusual loan collateral. Before Prohibition, banks in the United States accepted whiskey as collateral. In 2013, it was reported that a bank in Hong Kong accepted designer bags as loan collateral. Perhaps my favorite example of strange collateral is a bank in Spain that sought a loan from the European Central Bank and wanted to offer Cristiano Ronaldo and Kaká as collateral.

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI USA: Be Aware of World Series Ticket Scams

    Source: US State of New York

    Governor Kathy Hochul today warned New York baseball fans looking to purchase last-minute World Series tickets to be aware of potential scams. This year is the first time the Yankees and Dodgers have faced off in the World Series since 1981, and Game 3 on Monday brings the series to New York City. The match up is historic for baseball fans, but also an opportunity for scammers to take advantage of high demand. Governor Hochul is urging consumers to follow tips provided by the New York Department of State’s Division of Consumer Protection to avoid event ticket scams leading up to the Yankees vs. Dodgers World Series home games at Yankee Stadium.

    “We couldn’t be more excited for our New York Yankees to bring the World Series to the Bronx this week,” Governor Hochul said. “With demand soaring to witness this historic match up, I’m encouraging New Yorkers to protect their hard earned money and be on the lookout for potential ticket scams. Follow our tips to avoid falling victim as we cheer on the Yankees this week.”

    TIPS TO AVOID TICKET SCAMS:

    • Purchase from the venue: Many official ticket sales agents now offer secondary sales options, as well.
    • Verify the seller: You can look up the seller on VerifiedTicketSource.com to confirm you are buying from a National Association of Ticket Brokers-member resale company, which requires its members to guarantee that every ticket sold on their websites is legitimate. Beware of fake websites impersonating a legitimate ticket seller; check the URL for accuracy.
    • Buy only from trusted sources: Buy only from vendors you know and trust. Be especially wary of online marketplaces like Craigslist, Facebook Marketplace and other social media sites, as they are ripe with scammers peddling bogus tickets. Also avoid the so-called ticket scalpers who approach you outside the event gates, since it’s easy for scammers to sell you a fake ticket and disappear.
    • Use payment methods that come with protection: Always use a credit card or PayPal goods and services payment option so you may have some recourse if the tickets are not as promised. Debit cards, wire transfers, or cash transactions are risky; if the tickets are fraudulent, you won’t be able to get your money back.
    • Beware of low prices: When you search the web for online tickets, advertisements for cheap tickets will often appear. Use good judgment; some ads will be ticket scams, especially if the prices are low. If it looks too good to be true, it’s probably a scam.
    • Use a strong password: Many stadiums and venues have gone to only accepting digital tickets, which can only be accessed through an app. Be sure to use a strong password to ensure a scammer can’t hack into your account and steal your ticket.

    New York State Secretary of State Walter T. Mosley said, “As tickets sell out and excitement runs high, scammers will try to take advantage of fans still looking to buy tickets. Fans looking to score last-minute seats for this iconic match up should follow our Division of Consumer Protection tips to avoid being scammed. And lastly, let’s go Yankees!”

    About the New York State Division of Consumer Protection
    Follow the New York Department of State on Facebook, X and Instagram and check in every Tuesday for more practical tips that educate and empower New York consumers on a variety of topics. Sign up to receive consumer alerts directly to your email or phone.

    The New York State Division of Consumer Protection provides voluntary mediation between a consumer and a business when a consumer has been unsuccessful at reaching a resolution on their own. The Consumer Assistance Helpline 1-800-697-1220 is available Monday to Friday from 8:30 a.m. to 4:30 p.m., excluding State Holidays, and consumer complaints can be filed at any time online. The Division can also be reached via X at @NYSConsumer or Facebook.

    MIL OSI USA News –

  • MIL-OSI Security: Davenport Man Sentenced to 8 Years in Federal Prison for Firearms Charges

    Source: Office of United States Attorneys

    DAVENPORT, Iowa – A Davenport man was sentenced yesterday to eight years in federal prison for possessing a firearm as a felon and in furtherance of his drug trafficking.

    According to public court documents, in November 2023, Marcell Alexander Kirk, 23, ran from police. During the foot chase, Kirk discarded a loaded handgun. When apprehended, Kirk was found in possession of approximately 140 grams of marijuana.

    As a felon, Kirk is prohibited from possessing firearms and ammunition. In 2020, Kirk was convicted of criminal gang participation, in the Iowa District Court for Scott County.

    After completing his term of imprisonment, Kirk will be required to serve a three-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Davenport Police Department.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    MIL Security OSI –

  • MIL-OSI: Bank of Åland Plc: Managers’ Transactions (Rauthovi)

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Managers’ Transactions
    October 28, 2024, 15.00 EET


    Managers’ Transactions (Rauthovi)
     __

    Person subject to the notification requirement
    Name: Juhana Rauthovi
    Position: Other senior manager
    Issuer: Ålandsbanken Abp
    LEI: 7437006WYM821IJ3MN73
    Notification type: INITIAL NOTIFICATION
    Reference number: 82632/4/4
    __

    Transaction date: 2024-10-24
    Outside a trading venue
    Instrument type: SHARE
    ISIN: FI0009001127
    Nature of transaction: SUBSCRIPTION

    Transaction details
    (1): Volume: 141 Unit price: 30.77 EUR

    Aggregated transactions (1):
    Volume: 141 Volume weighted average price: 30.77 EUR

    For further information, please contact:

    Peter Wiklöf, Managing Director and Chief Executive, tel +358 40 512 7505

    The MIL Network –

  • MIL-OSI Security: November 2024 General Election

    Source: Office of United States Attorneys

    United States Attorney Richard D. Westphal, Southern District of Iowa, announced today that Assistant United States Attorney (AUSA) Amy Licht will lead the efforts of her Office in connection with the Justice Department’s nationwide Election Day Program for the upcoming November 5, 2024, general election.  AUSA Licht has been appointed to serve as the District Election Officer (DEO) for the Southern District of Iowa, and in that capacity is responsible for overseeing the District’s handling of election day complaints of voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington.

    United States Attorney Westphal said, “Every citizen must be able to vote without interference or discrimination and to have that vote counted in a fair and free election.  Similarly, election officials and staff must be able to serve without being subject to unlawful threats of violence.  The Department of Justice will always work tirelessly to protect the integrity of the election process.”

    The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud.  The Department will address these violations wherever they occur.  The Department’s longstanding Election Day Program furthers these goals and also seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

    Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input.  It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice.  The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted by a person of their choice (where voters need assistance because of disability or inability to read or write in English).   

    United States Attorney Westphal stated that: “The franchise is the cornerstone of American democracy.  We all must ensure that those who are entitled to the franchise can exercise it if they choose, and that those who seek to corrupt it are brought to justice.  In order to respond to complaints of voting rights concerns and election fraud during the upcoming election, and to ensure that such complaints are directed to the appropriate authorities, AUSA/DEO Licht will be on duty in this District while the polls are open.  She can be reached by the public at the following telephone number: 515-473-9300.”

     In addition, the FBI will have special agents available in each field office and resident agency throughout the country to receive allegations of election fraud and other election abuses on election day.  The local FBI field office can be reached by the public at 515-223-4278.

    Complaints about possible violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

     United States Attorney Richard D. Westphal said, “Ensuring free and fair elections depends in large part on the assistance of the American electorate.  It is important that those who have specific information about voting rights concerns or election fraud make that information available to the Department of Justice.”

    Please note, however, in the case of a crime of violence or intimidation, please call 911 immediately and before contacting federal authorities.  State and local police have primary jurisdiction over polling places, and almost always have faster reaction capacity in an emergency. 

    MIL Security OSI –

  • MIL-OSI: STMicroelectronics Announces Status of Common Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    STMicroelectronics Announces Status of
    Common Share Repurchase Program

    Disclosure of Transactions in Own Shares – Period from Oct 21, 2024 to Oct 25, 2024

    AMSTERDAM – October 28, 2024 — STMicroelectronics N.V. (the “Company” or “STMicroelectronics”), a global semiconductor leader serving customers across the spectrum of electronics applications, announces full details of its common share repurchase program (the “Program”) disclosed via a press release dated June 21, 2024. The Program was approved by a shareholder resolution dated May 22, 2024 and by the supervisory board.

    STMicroelectronics N.V. (registered with the trade register under number 33194537) (LEI: 213800Z8NOHIKRI42W10) announces the repurchase (by a broker acting for the Company) on the regulated market of Euronext Paris, in the period between Oct 21, 2024 to Oct 25, 2024 (the “Period”), of 317,000 ordinary shares (equal to 0.03% of its issued share capital) at the weighted average purchase price per share of EUR 25.8060 and for an overall price of EUR 8,180,516.60.

    The purpose of these transactions under article 5(2) of Regulation (EU) 596/2014 (the Market Abuse Regulation) was to meet obligations arising from share option programmes, or other allocations of shares, to employees or to members of the administrative, management or supervisory bodies of the issuer or of an associate company.

    The shares may be held in treasury prior to being used for such purpose and, to the extent that they are not ultimately needed for such purpose, they may be used for any other lawful purpose under article 5(2) of the Market Abuse Regulation.

    Below is a summary of the repurchase transactions made in the course of the Period in relation to the ordinary shares of STMicroelectronics (ISIN: NL0000226223), in detailed form.

    Transactions in Period

    Dates of transaction Number of shares purchased Weighted average purchase price per share (EUR) Total amount paid (EUR) Market on which the shares were bought (MIC code)
    21-Oct-24 82,000 25.4697 2,088,515.40 XPAR
    22-Oct-24 73,000 25.4669 1,859,083.70 XPAR
    23-Oct-24 60,000 26.1471 1,568,826.00 XPAR
    24-Oct-24 45,000 26.1794 1,178,073.00 XPAR
    25-Oct-24 57,000 26.0705 1,486,018.50 XPAR
    Total for Period 317,000 25.8060 8,180,516.60  

    Following the share buybacks detailed above, the Company holds in total 11,153,614 treasury shares, which represents approximately 1.2% of the Company’s issued share capital.

    In accordance with Article 5(1)(b) of the Market Abuse Regulation and Article 2(3) of Commission Delegated Regulation (EU) 2016/1052, a full breakdown of the individual trades in the Program are disclosed on the ST website (https://investors.st.com/stock-and-bond-information/share-buyback).

    About STMicroelectronics
    At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Céline Berthier
    Group VP, Investor Relations
    Tel: +41.22.929.58.12
    celine.berthier@st.com

    MEDIA RELATIONS:
    Alexis Breton        
    Corporate External Communications
    Tel: +33.6.59.16.79.08

    alexis.breton@st.com

    Attachment

    The MIL Network –

  • MIL-OSI: First Northwest Bancorp and First Fed Bank Announce Consent Order Termination and Quarterly Shareholder Dividend

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., Oct. 28, 2024 (GLOBE NEWSWIRE) — First Fed Bank (the “Bank”), the wholly owned subsidiary of First Northwest Bancorp (the “Company”) (NASDAQ: FNWB), announced that on October 23, 2024, the Federal Deposit Insurance Corporation terminated the Consent Order issued to the Bank that was effective November 21, 2023. The termination of the Consent Order follows the Bank’s successful resolution of the deficiencies in the Bank’s compliance program that was the subject of the Order. 

    “We are thrilled to announce the termination of the Consent Order. The Board and I want to convey our sincere thanks and appreciation to our entire compliance team who worked so diligently to strengthen our compliance programs. I also want to recognize our Board for their contributions and efforts regarding this process. The fact that we were able to achieve this in 11 months is a testament to the work the entire bank made over the past two plus years to put this chapter behind us. We appreciate the FDIC’s assessment of our compliance management system, and the recognition of our satisfaction of all of the items related to the Order,” stated Matthew P. Deines, Chief Executive Officer.

    The Company also announced the Board of Directors of First Northwest Bancorp has declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on November 22, 2024, to shareholders of record as of the close of business on November 8, 2024.

    “We believe quarterly cash dividends are an important component of building shareholder value, and our capital position enables us to continue to pay a dividend at consistent levels,” stated Matthew P. Deines, President and CEO.

    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, 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; 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
    IRGroup@ourfirstfed.com
    360-457-0461

    The MIL Network –

  • MIL-OSI: Alliance Memory to Showcase Expanded Portfolio at electronica 2024

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., Oct. 28, 2024 (GLOBE NEWSWIRE) — Alliance Memory will showcase its expanded product portfolio at electronica 2024 from November 12 to 15 in Hall B5, Stand 300 at the Trade Fair Centre Messe München in Munich, Germany. The company will highlight its new DDR4 and LPDDR4X SDRAMs, as well as high-density Serial NOR Flash devices, providing higher density, low power consumption, and fast data transfer rates for a wide range of applications.

    “We’re excited to introduce our latest memory solutions that cater to growing market demands,” said David Bagby, President and CEO of Alliance Memory. “Our new DDR4 SDRAMs, LPDDR4X devices, and Serial NOR Flash products offer the performance, reliability, and flexibility our customers require in today’s evolving technology landscape.”

    FEATURED PRODUCTS

    DDR4 SDRAMs: Alliance Memory has expanded its CMOS DDR4 SDRAM offerings with new 8Gb, 16Gb, and 32Gb devices. These products combine low power consumption with fast clock speeds of up to 1600 MHz and transfer rates up to 3200 MT/s. They are available in 78-ball FBGA and 96-ball FBGA packages, offering enhanced performance for a variety of applications.

    LPDDR4X SDRAM: The company’s 16Gb and 32Gb LPDDR4X devices deliver increased clock speeds of up to 2133 MHz and data rates of up to 4266 Mbps, designed for mobile and high-speed applications. Available in the 200-ball FBGA package, the LPDDR4X SDRAMs feature low power ratings, ideal for battery-operated systems.

    High-Density Serial NOR Flash Devices: Alliance Memory has introduced new 3.3 V Serial NOR Flash families with densities of 128Mb, 256Mb, and 512Mb. These devices are suited for use in mobile PCs, servers, laptops, digital TVs, printers, and connectivity modules, offering high performance and flexible I/O options.

    To schedule an appointment at electronica 2024 or for more information about the new products, please contact Bob Decker at bob.decker@redpinesgroup.com.

    About Alliance Memory

    Alliance Memory is a worldwide provider of critical and hard-to-find memory ICs for the communications, computing, consumer electronics, medical, automotive, and industrial markets. The company’s product range includes flash, DRAM, and SRAM memory ICs with commercial, industrial, and automotive operating temperature ranges and densities from 64Kb to 128GB. Privately held, Alliance Memory maintains headquarters in Kirkland, Washington, and regional offices in Europe, Asia, Canada, and South America. More information about Alliance Memory is available online at www.alliancememory.com.

    Agency Contact:
    Bob Decker
    Redpines
    +1 415 409 0233
    bob.decker@redpinesgroup.com

    The MIL Network –

  • MIL-OSI: Mimecast fuels leading Human Risk Management strategy in first half of fiscal year

    Source: GlobeNewswire (MIL-OSI)

    LEXINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) — Mimecast, a leading global Human Risk Management (HRM) platform, closed the first half of its fiscal year reaching new revenue heights and citing significant steps toward its vision to transform how organizations manage and mitigate risk. The company started strong with the unveiling of its comprehensive HRM platform; and followed up in the second quarter with two strategic acquisitions, new geographical expansions and a record number of advancements in its technology alliances and partner integrations. 

    The Mimecast platform secures 27 million end users around the globe across their 42,000+ customers. Customers span more than 100 countries, and on average, each organization uses 4.9 Mimecast services. Mimecast has cemented its standing as an industry-leading security partner trusted by major organizations across the globe.  

    The value Mimecast delivers for companies was highlighted in the recent Total Economic Impact™ study conducted by Forrester Consulting. Based on Forrester’s interviews and financial analysis, a composite organization experienced benefits of $2.13 million over three years, with $1.53 million in net value and 255% ROI. The news was followed by the announcement that Mimecast was recognized as a strong performer in The Forrester Wave™: Human Risk Management Solutions, Q3 2024 report. 

    Forging the future of HRM – the next generation of cybersecurity  

    Early in its fiscal half, Mimecast unveiled its AI-powered, API-enabled Human Risk Management platform. In response to customer and market demand for a more effective way to mitigate risk brought on by employee mistakes and user errors, this new platform provides unprecedented visibility into an organization’s risk profile, scoring users by risk and allowing security teams to educate and protect the riskiest part of their employee base.   

    A key pillar to the platform is the company’s new human risk awareness training offering, Mimecast Engage™, which is built to redefine how security leaders can manage human risk. Mimecast Engage, the result of the integration of Elevate Security technology acquired in December 2023 with Mimecast’s awareness training product, will soon be available to organizations across the globe.  

    In an effort to bolster the platform and further protect customers from risks associated with human activity, Mimecast closed two industry-shaping acquisitions in Q2: Code42 and Aware.

    “Our momentum over these six months is a testament to our commitment and progress toward charting the future of human risk management,” said Marc van Zadelhoff, Chief Executive Officer of Mimecast, “Our acquisitions and solution enhancements continue to elevate our platform and support our aim of helping businesses of all sizes manage and mitigate human risk. I am also incredibly proud to see the significant progress we’ve made in expanding our tech integrations and channel partners, recognizing the demands of a complex threat landscape and the importance of collaboration on a global level. As the attack surface grows and evolves, so too will Mimecast, remaining one step ahead for our customers.” 

    Thousands of organizations tapping into Mimecast’s powerful integrations  

    In Q2, Mimecast further strengthened its partnership with CrowdStrike by integrating Mimecast Advanced Email Security and CrowdStrike Falcon Next-Gen SIEM. Building on the existing integrations of CrowdStrike Falcon® Insight XDR, CrowdStrike Falcon® LogScale and CrowdStrike Falcon® Fusion SOAR, this development provides a robust multifaceted defense strategy for Mimecast customers.  

    The combination of Mimecast and CrowdStrike Falcon Next-Gen SIEM will empower thousands of organizations to understand a bad actor’s complete attack path, improving their ability to rapidly investigate, detect, and mitigate accurately, and demonstrating the power of combining two leading solutions can effectively tackle the intricate challenges of today’s threat landscape.  

    Almost one third of Mimecast’s addressable customer base is connected to at least one of Mimecast’s technology alliance partners. In total, Mimecast’s technology integrates into over 300 security products. 

    Mimecast expands channel partnerships into Mexico  

    Following successful expansions in France, Singapore, Hong Kong and Malaysia, Mimecast furthered their geographic reach in Q2 by making its industry-leading AI-powered email security solutions available Mexico-wide, including the new Human Risk Management platform.    

    With an expanded product portfolio, new revenue opportunities and enhanced credibility, Mimecast’s channel partners can now offer end-to-end protection for their clients in more regions around the world.  

    Additional expansion on the horizon includes the launch of the Partner ONE MSP Program. Building mutually beneficial partnerships with organizations, this new program extends Mimecast’s market presence to new audiences and provides partners with a range of resources, including enhanced training, ongoing support and market resources.  

    Innovation underpinned by research 

    Mimecast continues to conduct leading research into the state of the cybersecurity environment, offering critical insights and guidance on how businesses can prepare for the future.   

    In August 2024, Mimecast published its most recent Threat Intelligence report. Based on an analysis of more than 1.7 billion messages daily over a six-month period, the report offers unparalleled insight into the current threat landscape as well as new and emerging attack methods and vulnerabilities. 

    About Mimecast 
    Mimecast is a leading AI-powered, API-enabled connected Human Risk Management platform, purpose-built to protect organizations from the spectrum of cyber threats. Integrating cutting-edge technology with human-centric pathways, our platform is engineered to enhance visibility. It provides strategic insight that enables decisive action and empowers businesses to protect their collaborative environments, safeguard their critical data and actively engage employees in reducing risk and enhancing productivity. More than 42,000 businesses worldwide trust Mimecast to help them keep ahead of the ever-evolving threat landscape. From insider risk to external threats, with Mimecast customers get more. More visibility. More insight. More agility. More security.  

    Mimecast and the Mimecast logo are either registered trademarks or trademarks of Mimecast Services Limited in the United States and/or other countries. All other third-party trademarks and logos contained in this press release are the property of their respective owners.   

    Press Contacts
    Tim Hamilton
    Principal Public Relations Manager
    +1 603-918-6757
    thamilton@mimecast.com

    General inquiries
    press@mimecast.com

    The MIL Network –

  • MIL-OSI: Progress Appoints Amanda Arria to the Role of Chief People Officer

    Source: GlobeNewswire (MIL-OSI)

    Accomplished industry leader with proven track record in developing people strategies and creating impactful employee experiences for global multi-billion-dollar organizations to enhance award-winning best employer

    BURLINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered infrastructure software, today announced the appointment of Amanda Arria as Chief People Officer (CPO), effective October 28, 2024. In her new role, Arria will be responsible for all aspects of Progress’ global People Team function. She joins the Progress executive team, reporting directly to CEO Yogesh Gupta.

    “Amanda Arria is an exceptional Human Resources professional with a talent for building strong employee-centric cultures and partnering with senior leaders, managers and cross-functional global teams,” said Yogesh Gupta, CEO, Progress. “Her experience at multi-billion-dollar organizations and ability to align business and people priorities will be critical as Progress continues to successfully deliver upon our Total Growth Strategy.”

    The Progress Total Growth Strategy focuses on three key pillars: Invest and Innovate, Acquire and Integrate and Drive Customer Success. In her new role, Arria will lead the ongoing evolution of the company’s organization and culture to drive the successful execution of this strategy. She will align the People Team function to meet business objectives, sustain a committed and engaged workforce across the global organization of more than 2,500 employees and strengthen the company’s overall organizational effectiveness.

    Prior to Progress, Arria was Chief Human Resources Officer at EFI, a leader in digital imaging, where she led all aspects of the Human Resources function across both the EFI and Fiery businesses. Previously, she held global human resources leadership roles at Schneider Electric and EMC (acquired by Dell Technology). She is also well versed in M&A, having led the people and cultural integration efforts for numerous acquisitions throughout her career. Arria also founded Women in Energy, a global group of more than 5,000 women focused on connecting, networking and growing in the technology and energy industries.

    “Progress has a tremendous culture built by people who are collaborative, accountable and innovative,” said Arria. “I want to build on that foundation by leveraging my global business experience to create a world-class people strategy that will empower Progress employees to thrive as the business continues to grow and evolve.”

    Progress has continually been recognized as a Best Employer by Forbes, The Boston Globe, Boston Business Journal and more. Discover more about Progress by exploring its 2023 Corporate Social Responsibility Report or browsing career opportunities at Progress.

    About Progress
    Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible, AI-powered applications and experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

    Progress is a trademark or registered trademark of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

    Press Contacts:
    Kim Baker
    Progress
    +1-800-477-6473
    pr@progress.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/33a6bbbd-1779-4e3c-a88b-e49988234842

    The MIL Network –

  • MIL-OSI: Station70 announces strategic partnership with Fireblocks

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., Oct. 28, 2024 (GLOBE NEWSWIRE) — Station70, a leader of security products in the digital asset industry, is excited to announce a partnership with Fireblocks, a leading institutional wallet technology provider. This collaboration aims to deliver advanced disaster recovery services tailored specifically for Fireblocks’ institutional clients. Station70 will add much needed security, and multi-jurisdictional regulatory alignment all while simplifying the technology needs of institutional customers worried about business continuity and disaster recovery of their digital asset keys.

    In today’s rapidly evolving digital economy, managing digital assets securely is a top priority for institutions. As the market grows, the need for robust disaster recovery solutions has become more crucial than ever. Station70’s expertise in security and disaster recovery coupled with Fireblocks’ suite of applications to manage digital asset operations come together to address this demand.

    This combined solution is designed to safeguard digital assets even in the event of unforeseen incidents, offering institutions a seamless way to manage and recover assets without compromising security. Station70 is the only fully audited platform that enables geographically redundant secure storage options for backup keys and streamlines regulatory compliance globally.

    “Partnering with Fireblocks allows us to provide unparalleled disaster recovery services that meet the highest standards of security, compliance and efficiency,” said Adam Healy, CEO and co-founder at Station70. “This collaboration underscores our commitment to ensuring our clients’ digital assets are protected, even under the most challenging circumstances.”

    This strategic partnership is a significant step forward for both companies in their mission to provide secure and reliable digital asset services. As institutional adoption of digital assets continues to grow, the need for solutions that combine top-tier security with robust recovery capabilities is more pressing than ever. With Fireblocks’ advanced infrastructure and Station70’s disaster recovery expertise, clients can now achieve peace of mind knowing that their assets are safe and recoverable, no matter what challenges arise.

    Inquiries can be directed to media@station70.com.

    The MIL Network –

  • MIL-OSI: American Rebel Holdings, Inc. – Champion Safe Co. Announces the Introduction of Two New SAFE GUARD® Models: Sport 20™ and BTC 12™

    Source: GlobeNewswire (MIL-OSI)

    Provo, Utah, Oct. 28, 2024 (GLOBE NEWSWIRE) — Champion Safe Company (www.championsafe.com) (“Champion”), a subsidiary of American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel”) is excited to announce the reintroduction of the SAFE GUARD®, brand, with the launch of two new models designed to meet the evolving needs of cost-conscious consumers: the Sport 20 and BTC 12.

    Champion Safe Company has been producing industry-leading gun safes with American-made steel since 1999 and their dedication to manufacturing superior quality gun safes has never changed. Champion products offer real security and are built the old-fashioned way: Heavy and tough with thick American, high-strength steel. Champion Safes are “built to a standard and not down to a price” which is why safes manufactured by Champion are built to be the strongest and most secure safes on the market.

    Tom Mihalek, CEO of Champion Safe Company since April of 2024 said, “We are excited to bring back the SAFE GUARD® brand with these two models that cater to different segments of the market. Champion Safe Co. delivered $15.6 million in revenue last year and we believe a reintroduction of SAFE GUARD® will help to drive expansion in the years to come.”

    The Sport 20 and BTC 12 embody the SAFE GUARD® legacy of affordable, quality protection, and we are confident these safes will meet the expectations of today’s security-focused consumers.”

    The Sport 20 is the perfect blend of strength and reliability, offering superior fire protection and security.

    Key features include:

    Up to 3 layers of fireboard for enhanced fire protection (rated at 1200°F for 30 minutes).
    – A durable 14-gauge steel body construction weighing in at 403 lbs.
    – A secure locking system with 4 one-inch locking bolts and a UL® electronic lock.
    – Adjustable shelving, deluxe door panel, and long gun storage for versatile organization.
    – Hardplate lock protection for added defense against tampering.
    – Available in a sleek, textured granite finish.

    With its large interior and premium features, the Sport 20 is built to secure firearms and valuables while providing easy access for authorized users. Measuring 28”W x 60”H x 22.5”D, this model delivers uncompromised protection for both home and office use.

    The BTC 12 (Bolt-Together Cabinet) brings security with a flexible, lightweight design, ideal for cost-conscious buyers and/or those needing a compact storage solution.

    Its standout features include:

    – A sturdy 3-point locking system and tamper-proof bolts for enhanced security.
    – Rubber-coated racks and adjustable shelving to safely store guns and valuables.
    – High-security key lock for simple, effective access control.
    – A rugged 16/18-gauge steel construction weighing only 115 lbs.
    – Easy assembly with its bolt-together design and a convenient package size of 23.5”W x 65”L x 9”D.

    Measuring 21”W x 55”H x 18.5”D, the BTC 12 is perfect for all situations where space is a priority. The textured granite finish offers a modern look while providing robust protection.

    The SAFE GUARD® Sport 20 and BTC 12 will be available for purchase through authorized retailers in 2025.

    American Rebel Holdings, Inc., America’s Patriotic Brand (www.americanrebel.com) and the creator of American Rebel Beer (www.americanrebelbeer.com), and a premier manufacturer and marketer of branded safes and security products acquired Champion in July 2022.
    —

    About Champion Safe Company

    Champion Safe Company has been at the forefront of safe manufacturing for over 25 years, offering a range of high-quality safes designed for ultimate security and fire protection. With a commitment to craftsmanship and innovation, Champion Safes are trusted by homeowners, gun owners, and businesses across the nation.

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com www.championsafe.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued increase in revenues, continued compliance with Nasdaq listing requirements, the ability of the Company to introduce new products and gain market shares, actual distribution timing and availability of American Rebel Beer, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Company Contact:
    info@americanrebel.com

    Investor Relations:
    Brian Prenoveau
    MZ North America
    +1 (561) 489-5315
    areb@mzgroup.us

    The MIL Network –

  • MIL-OSI: Ascend Learning Appoints Proven Healthcare Technology Leader Dr. Lissy Hu as Chief Executive Officer

    Source: GlobeNewswire (MIL-OSI)

    Greg Sebasky to Retire, Transition to Role of Chairman of the Ascend Board of Managers in January 2025

    Positions Company to Execute on Strategic Healthcare Focus to Deliver
    Innovative Learning and Workforce Development Solutions

    BURLINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) — Ascend Learning, LLC (“Ascend” or “the Company”), a leading learning technology company, today announced the appointment of Dr. Lissy Hu as Chief Executive Officer. Dr. Hu succeeds Greg Sebasky, who is retiring after 10 years as CEO and will transition to the role of Chairman of the Ascend Board of Managers in January 2025.

    Dr. Hu has deep experience building and leading transformational healthcare technology companies. She was previously the CEO of CarePort Health, a care coordination technology company she founded in 2012 to improve patient transitions by connecting hospitals and post-acute care providers. In 2020, CarePort Health was acquired by WellSky, where Dr. Hu most recently served as President, Connected Networks, working with providers and payers to optimize post-acute care outcomes across 2,500 hospitals, physician groups, risk-bearing entities and 130,000 post-acute, home and community-based providers.

    Ascend Learning has been delivering critical learning solutions to the healthcare industry since 2008. The Company’s offerings, educational content, software, simulation, and analytics, serve students, healthcare and educational institutions, and employers in all 50 states. Each year, Ascend Learning’s products, from testing to certification, enable more than 60% of U.S. nursing school programs and are used by over 300,000 nursing students, more than 245,000 allied health professionals, 100,000 medical students, 145,000 fitness professionals and over 150,000 first responders.

    “Over the last 10 years, we have grown the Ascend family of brands thoughtfully, building a market-leading provider of data-driven online learning tools,” said Mr. Sebasky. “As we sharpen our focus on developing and delivering tailored solutions across the healthcare ecosystem, Lissy’s wealth of market experience and track record of driving positive outcomes through leading-edge technology makes her the perfect fit to lead Ascend forward. With Lissy at the helm, I am confident that Ascend will continue to grow, innovate and find new and better ways to help make communities across the U.S. healthier. I look forward to working with her and continuing to support the Ascend team and mission in my role as Chairman beginning in January.”

    As communities across the U.S. face shortages of healthcare professionals, aging populations, and rising healthcare costs, Ascend is committed to delivering next-generation technology, content and analytics to train, develop and retain healthcare teams empowered to address these challenges.

    “Fundamental to improving patient care is investing in our healthcare teams, and I am excited to further drive Ascend’s success in enabling clients to achieve elevated learner and educator outcomes and to support workers as they progress through their careers,” said Dr. Hu. “Ascend’s innovative learning solutions are needed now more than ever before, and I am honored to join a best-in-class organization and team that have such a significant, positive impact on the entire lifecycle of learning. I look forward to leading Ascend’s next chapter of scalable growth.

    “Under Greg’s leadership, Ascend has solidified its position as a clear leader in the tech-enabled learning services market. I thank him for his strategic vision and invaluable contributions, and I look forward to working with him, our clients, our leaders, our employees and the Board to continue accelerating learning and professional success across the country,” continued Dr. Hu.

    Dr. Hu earned a Doctor of Medicine from Harvard Medical School, a Master of Business Administration degree from Harvard Business School, and a Bachelor of Arts degree in pre-medical studies and sociology from Columbia University.

    About Ascend Learning
    Ascend Learning is a leading provider of educational content and software tools for students, educational institutions, and employers. With products that span the learning continuum, Ascend Learning focuses on high-growth careers in a range of industries, with a special focus on healthcare and other licensure-driven occupations. Ascend Learning products, from testing to certification, are used by physicians, emergency medical professionals, nurses, certified personal trainers, financial advisors, skilled trades professionals and insurance brokers. Learn more at www.ascendlearning.com.

    Media Contact
    V2 Communications for Ascend Learning
    ascend@v2comms.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/61335701-5169-4263-8b05-17ec38fc5749

    The MIL Network –

  • MIL-OSI: SalesHood Launches Interactive Mutual Action Plans in Digital Sales Rooms to Scale Repeatable B2B Sales Execution

    Source: GlobeNewswire (MIL-OSI)

    San Francisco, California, Oct. 28, 2024 (GLOBE NEWSWIRE) — SalesHood, a leading revenue enablement platform provider, is excited to announce the launch of Mutual Action Plans (MAPs) in its Digital Sales Rooms. This new offering  fosters stronger collaboration between sales teams and their buyers, driving more predictable and successful sales outcomes. Based on Q3 2024 customer feedback, SalesHood’s Digital Sales Rooms have driven win rate increases ranging from 57% to as much as 200%.

    The newly released interactive sales tool empowers sales and customer success teams to co-create Mutual Action Plans with their buyers, outlining the key milestones, responsibilities, and timelines required to deliver value to a customer and close a deal. 

    As per the 2024 Gartner® ’s Market Guide for Digital Sales Rooms, one of the key findings includes: “Improved buyer-seller engagement leads to higher-quality deals, which is what chief sales officers (CSOs) are searching for to drive high-quality purchases that lead to improved long-term revenue results.”

    SalesHood’s MAPs are a collaborative resource ensuring that buyers and sellers are aligned, reducing friction and accelerating the sales process. SalesHood’s MAPs feature is seamlessly integrated into its existing platform, making it easy for sales teams to adopt and use. 

    Elay Cohen, CEO and Co-founder of SalesHood, stated, “We’re thrilled to bring Mutual Action Plans to our customers. This new feature underscores our commitment to empowering sales teams with the tools they need to succeed in today’s competitive market. By enabling stronger collaboration between sales teams and their buyers, we believe that MAPs will be a game-changer for our customers.”

    With the introduction of MAPs, SalesHood continues to set the standard for sales enablement and revenue acceleration. This new feature aligns with the company’s mission to help sales organizations close more deals faster and with greater predictability.

    New Mutual Action Plans capabilities:

    • Milestone Tracking: Empower buyers and sellers to co-create, align and track shared timelines, decision-making milestones and compelling events, driving joint accountability throughout the buyer’s journey.
    • Tasks and Notifications: Assign milestones to decision team members, complete with due dates and ownership. Automatic notifications for overdue tasks create urgency and ensure progress.
    • AI-Powered Recap Summaries: Leverage generative GenAI to summarize key call points and generate actionable next steps, ensuring clarity and efficient follow-up.
    • Salesforce Integration: Seamlessly sync buyer engagement data and sales activities with Salesforce for enhanced pipeline management and streamlined CRM updates.
    • Embedded Collaboration in Digital Sales Rooms: Mutual Action Plans are seamlessly embedded into Digital Sales Rooms, enabling real-time collaboration on timelines, tasks, next steps, and shared resources in a unified digital workspace.

    For more information about SalesHood’s Digital Sales Rooms and Mutual Action Plans, please visit https://saleshood.com. 

    You can also take a self-guided tour https://saleshood.com/digital-sales-rooms/guided-tour. 

    Gartner Disclaimer:
    Gartner, Market Guide for Digital Sales Rooms,  Melissa Hilbert ,  Varun Agarwal , et al., 26 February 2024
    GARTNER is registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

    About SalesHood

    SalesHood is a global leader in revenue enablement on a mission to empower salespeople to sell better. SalesHood’s comprehensive and award winning Revenue Enablement Platform powers repeatable sales execution, guiding sellers on what to do and what to share. SalesHood AI delivers highly personalized training, coaching and selling experiences across the customer journey. Trusted by high-growth, high-performing companies, SalesHood is purpose-built to deliver fast revenue results. Companies like Copado, Ewing-Foley, Frontline Education, Olo, Sage, SmartRecruiters, and Planview use SalesHood to realize increase sales productivity and win-rates. For more information, please visit https://saleshood.com/

    Contact
    media@saleshood.com

    Attachments

    The MIL Network –

  • MIL-OSI: PR – Bitget Reports Strong Q3 2024 Performance, Strengthening Its Position as the 4th Largest Crypto Exchange

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 28, 2024 (GLOBE NEWSWIRE) — Bitget, a leading global cryptocurrency exchange and Web3 company, has released its Q3 2024 Transparency Report, showcasing significant advancements in user growth, token offerings, and strategic initiatives. With a strong focus on enhancing financial accessibility and advancing blockchain technology, Bitget has reinforced its position as one of the top global players in the crypto industry.

    Key Q3 2024 Highlights:

    1. Surpassing 45 Million Users and Strengthening Market Position In Q3 2024, Bitget achieved a milestone by surpassing 45 million registered users globally, placing it as the 4th largest crypto exchange by trading volume. The platform’s user base growth, up by 400% since last year, was fueled by innovative product offerings and expansion into new regions, including Africa, South Asia, and Southeast Asia. The company’s focus on accessibility and user-centric design aligns with its mission of enabling financial freedom for all.
    2. Expanding Token Offerings and Staking Opportunities Bitget added 72 new token listings in Q3, bringing its lineup to over 800 tokens and 900+ spot trading pairs. Among the new listings, POL, DRIFT, WUSD, REEF, and MOTHER stood out with the highest Total Value Locked (TVL) growth. Bitget’s Pre-market platform continued to attract early traders, featuring 12 tokens like CATI, MOCA, HMSTR, DOGS, and ZKL in Q3, with 53,800 traders participating and a cumulative transaction volume of $23 million.
    3. Additionally, Bitget’s PoolX staking platform, launched in April, has become a popular choice among users, offering high-yield staking options. In Q3, PoolX recorded over 94,805 participants, with the total staked amount doubling from Q2 to reach $2.3 billion USD. Popular pools include BGB, BTC, ETH, and USDT, providing users with new avenues to earn rewards on the platform.
    4. Commitment to the TON Ecosystem and Strategic Investments As part of its $30 million joint investment with Foresight Ventures into The Open Network (TON) ecosystem, Bitget has supported the rapid expansion of Telegram-based projects, including DOGS, Hamster Kombat, and Notcoin. With nearly 1 billion Telegram users worldwide, TON’s ecosystem has seen exponential growth, making Bitget a vital entry point for users interested in TON-based projects and decentralized applications.
    5. Strategic Partnership with LALIGA to Drive Web3 Adoption Bitget expanded its footprint in sports by forming a multi-million dollar partnership with LALIGA. This collaboration aims to increase crypto awareness and Web3 adoption across Eastern Europe, Southeast Asia, and LATAM, leveraging LALIGA’s massive global audience to attract a new wave of crypto enthusiasts. This partnership aligns with Bitget’s mission to bring blockchain technology to mainstream audiences.
    6. Enhanced Token-Discovery Through Nansen Collaboration Bitget collaborated with Nansen to refine its token-discovery strategies. By leveraging on-chain data and community insights, Bitget offers traders an advanced toolkit for identifying promising tokens. The strategic approach, combined with Nansen’s analytical tools, led to 240 new token listings since April, making it one of the most active exchanges in early-stage token offerings.

    Gracy Chen, CEO of Bitget, commented on the report: “Our growth in Q3 2024 reflects our commitment to creating an accessible, secure, and innovative trading platform for users worldwide. By continuously expanding our offerings, supporting impactful projects, and forming strategic partnerships, Bitget is helping shape the future of blockchain and finance. We remain focused on our mission to drive financial freedom and to empower the next billion users through accessible and user-friendly digital solutions.”

    Bitget’s success in Q3 2024 shows its growing influence in the crypto industry, marked by strategic initiatives, innovative products, and a commitment to user engagement. Looking ahead, Bitget is bound to continue its mission of bridging the gap between centralized and decentralized finance while expanding its global reach.

    For more information, visit Bitget Blog.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/661a75c4-26df-4658-b301-5c44925c9290

    The MIL Network –

  • MIL-OSI: Coastal Financial Corporation Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EVERETT, Wash., Oct. 28, 2024 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank with an industry leading banking as a service (“BaaS”) segment, today reported unaudited financial results for the quarter ended September 30, 2024, including net income of $13.5 million, or $0.97 per diluted common share, compared to $11.6 million, or $0.84 per diluted common share, for the three months ended June 30, 2024. 

    Management Discussion of the Quarter

    “The third quarter demonstrated strong momentum across both our community bank and CCBX operating segments, despite a still challenging operating environment,” said CEO Eric Sprink. “We saw high quality net loan growth of $92.4 million despite selling $423.7 million in loans. We are implementing strategies to increase fee income and we continue to build out and invest in an infrastructure that is scalable, and that we believe will enable us to be innovative leaders in financial services.”

    Key Points for Third Quarter and Our Go-Forward Strategy

    • Balance Sheet Well Positioned for Lower Rates. Our balance sheet stands in a modestly liability sensitive position as of September 30, 2024, with $1.95 billion of CCBX deposits that contractually reprice lower immediately upon any reduction in the Federal Funds Rate, with $1.09 billion of CCBX loans repricing in 90 days or less following such reduction. The Federal Open Market Committee recently lowered the targeted Federal Funds rate 0.50% on September 19, 2024; a reduction of 0.50% compared to June 30, 2024 and September 30, 2023. The rate decrease came late in the quarter, so the full impact of this and any subsequent rate changes will be reflected in future periods.
    • Expanding Relationships with CCBX Partners. We continue to focus on expanding product offerings with existing CCBX partners. We believe that launching new products with existing partners positions us to reach a wide and established customer base with modest increase in enterprise risk. Products launched in 2024 with existing partners have gained traction and are growing the balance sheet and increasing income. The pipeline for CCBX is active, although we expect to remain selective in adding new partners to manage risk and capital.
    • On-going Loan Sales. We sold $423.7 million loans in the quarter ended September 30, 2024 as part of our strategy to balance credit risk, manage partner and lending limits, protect capital levels and move credit card balances to an off balance sheet fee generating model. We are retaining a portion of the fee income for our role in processing transactions on sold credit card balances. This provides an on-going and passive revenue stream with no on balance sheet risk.
    • Continued Regulatory and Compliance Infrastructure Investments Position Us Well for Next Phase of Growth. We continue to utilize co-sourced personnel as a component of our risk and compliance efforts. This flexible co-sourcing approach allows us to manage the growth of our internal team while also ensuring CCBX has the resources it needs. While we remain 100% indemnified against partner fraud losses, we were encouraged to see fraudulent activity amongst our partners remains low during the current quarter, compared to the same period last year, a positive indicator of our continued investments in our risk infrastructure.
    • Reorganization and Strengthening of Talent to Accommodate Growth and Plans for the Future. We recently announced the bifurcation of the President of the Bank into two roles, appointing Brian Hamilton as President of CCBX, the Fintech and BaaS segment of the Bank, with Curt Queyrouze serving as President of the community bank and corporate credit.

    Third Quarter 2024 Financial Highlights

    The tables below outline some of our key operating metrics.

        Three Months Ended
    (Dollars in thousands, except share and per share data; unaudited)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Income Statement Data:                    
    Interest and dividend income   $ 105,079     $ 97,487     $ 90,472     $ 88,243     $ 88,331  
    Interest expense     32,892       31,250       29,536       28,586       26,102  
    Net interest income     72,187       66,237       60,936       59,657       62,229  
    Provision for credit losses     70,257       62,325       83,158       60,789       27,253  
    Net interest (expense)/ income after provision for credit losses     1,930       3,912       (22,222 )     (1,132 )     34,976  
    Noninterest income     80,068       69,918       86,955       64,694       34,579  
    Noninterest expense     65,616       58,809       56,018       51,703       56,501  
    Provision for income tax     2,926       3,425       1,915       2,847       2,784  
    Net income     13,456       11,596       6,800       9,012       10,270  
                         
        As of and for the Three Month Period
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Balance Sheet Data:                    
    Cash and cash equivalents   $ 484,026     $ 487,245     $ 515,128     $ 483,128     $ 474,946  
    Investment securities     48,620       49,213       50,090       150,364       141,489  
    Loans held for sale     7,565       —       797       —       —  
    Loans receivable     3,418,832       3,326,460       3,199,554       3,026,092       2,967,035  
    Allowance for credit losses     (170,263 )     (147,914 )     (139,258 )     (116,958 )     (101,085 )
    Total assets     4,065,821       3,961,546       3,865,258       3,753,366       3,678,265  
    Interest bearing deposits     3,047,861       2,949,643       2,888,867       2,735,161       2,637,914  
    Noninterest bearing deposits     579,427       593,789       574,112       625,202       651,786  
    Core deposits (1)     3,190,869       3,528,339       3,447,864       3,342,004       3,269,082  
    Total deposits     3,627,288       3,543,432       3,462,979       3,360,363       3,289,700  
    Total borrowings     47,847       47,810       47,771       47,734       47,695  
    Total shareholders’ equity     331,930       316,693       303,709       294,978       284,450  
                         
    Share and Per Share Data (2):                    
    Earnings per share – basic   $ 1.00     $ 0.86     $ 0.51     $ 0.68     $ 0.77  
    Earnings per share – diluted   $ 0.97     $ 0.84     $ 0.50     $ 0.66     $ 0.75  
    Dividends per share     —       —       —       —       —  
    Book value per share (3)   $ 24.51     $ 23.54     $ 22.65     $ 22.17     $ 21.38  
    Tangible book value per share (4)   $ 24.51     $ 23.54     $ 22.65     $ 22.17     $ 21.38  
    Weighted avg outstanding shares – basic     13,447,066       13,412,667       13,340,997       13,286,828       13,285,974  
    Weighted avg outstanding shares – diluted     13,822,270       13,736,508       13,676,917       13,676,513       13,675,833  
    Shares outstanding at end of period     13,543,282       13,453,805       13,407,320       13,304,339       13,302,449  
    Stock options outstanding at end of period     198,370       286,119       309,069       354,969       356,359  
                                             
    See footnotes that follow the tables below
     
        As of and for the Three Month Period
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Credit Quality Data:                    
    Nonperforming assets (5) to total assets     1.34 %     1.34 %     1.42 %     1.43 %     1.18 %
    Nonperforming assets (5) to loans receivable and OREO     1.60 %     1.60 %     1.71 %     1.78 %     1.47 %
    Nonperforming loans (5) to total loans receivable     1.60 %     1.60 %     1.71 %     1.78 %     1.47 %
    Allowance for credit losses to nonperforming loans     311.5 %     278.1 %     253.8 %     217.2 %     232.2 %
    Allowance for credit losses to total loans receivable     4.98 %     4.45 %     4.35 %     3.86 %     3.41 %
    Gross charge-offs   $ 53,305     $ 55,207     $ 58,994     $ 47,652     $ 37,879  
    Gross recoveries   $ 4,069     $ 1,973     $ 1,776     $ 2,781     $ 1,045  
    Net charge-offs to average loans (6)     5.65 %     6.57 %     7.34 %     5.92 %     4.77 %
                         
    Capital Ratios:                    
    Company                    
    Tier 1 leverage capital     8.40 %     8.31 %     8.24 %     8.10 %     8.03 %
    Common equity Tier 1 risk-based capital     9.26 %     9.03 %     8.98 %     9.10 %     9.00 %
    Tier 1 risk-based capital     9.35 %     9.13 %     9.08 %     9.20 %     9.11 %
    Total risk-based capital     11.90 %     11.70 %     11.70 %     11.87 %     11.80 %
    Bank                    
    Tier 1 leverage capital     9.29 %     9.24 %     9.19 %     9.06 %     8.99 %
    Common equity Tier 1 risk-based capital     10.36 %     10.15 %     10.14 %     10.30 %     10.21 %
    Tier 1 risk-based capital     10.36 %     10.15 %     10.14 %     10.30 %     10.21 %
    Total risk-based capital     11.65 %     11.44 %     11.43 %     11.58 %     11.48 %
                                             

    (1)  Core deposits are defined as all deposits excluding brokered and all time deposits.
    (2)  Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
    (3)  We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
    (4)  Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
    (5)  Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
    (6)  Annualized calculations.

    Key Performance Ratios

    Return on average assets (“ROA”) was 1.34% for the quarter ended September 30, 2024 compared to 1.21% and 1.13% for the quarters ended June 30, 2024 and September 30, 2023, respectively.  ROA for the quarter ended September 30, 2024, increased 0.13% and 0.21% compared to June 30, 2024 and September 30, 2023, respectively. Noninterest expenses were higher for the quarter ended September 30, 2024 compared to the quarters ended June 30, 2024 and September 30, 2023 largely due to an increase in BaaS loan expense, which is directly related to the increase in the amount of interest earned on CCBX loans.

    The following table shows the Company’s key performance ratios for the periods indicated.  

        Three Months Ended
    (unaudited)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
                         
    Return on average assets (1)   1.34 %   1.21 %   0.73 %   0.97 %   1.13 %
    Return on average equity (1)   16.67 %   15.22 %   9.21 %   12.35 %   14.60 %
    Yield on earnings assets (1)   10.79 %   10.49 %   10.07 %   9.77 %   10.08 %
    Yield on loans receivable (1)   11.43 %   11.23 %   10.85 %   10.71 %   10.84 %
    Cost of funds (1)   3.62 %   3.60 %   3.52 %   3.39 %   3.18 %
    Cost of deposits (1)   3.59 %   3.58 %   3.49 %   3.36 %   3.14 %
    Net interest margin (1)   7.41 %   7.13 %   6.78 %   6.61 %   7.10 %
    Noninterest expense to average assets (1)   6.54 %   6.14 %   6.04 %   5.56 %   6.23 %
    Noninterest income to average assets (1)   7.98 %   7.30 %   9.38 %   6.95 %   3.81 %
    Efficiency ratio   43.10 %   43.19 %   37.88 %   41.58 %   58.36 %
    Loans receivable to deposits (2)   94.46 %   93.88 %   92.42 %   90.05 %   90.19 %
                                   

    (1)  Annualized calculations shown for quarterly periods presented.
    (2)  Includes loans held for sale.

    Management Outlook; CEO Eric Sprink

    “As we look ahead to the fourth quarter and 2025, we remain laser focused on building out our technology and risk management infrastructure to more efficiently support our next phase of growth within CCBX. While the balance sheet re-mix earlier this year resulted in a short-term reduction to income, we continue to make strategic decisions which are enhancing credit quality, generating passive fee income, strengthening our talent and growing relationships with established and prospective CCBX partners all of which are expected to position Coastal to be more profitable in 2025.”

    Coastal Financial Corporation Overview

    The Company has one main subsidiary, the Bank which consists of three segments: CCBX, the community bank and treasury & administration.  The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities, and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.  

    CCBX Performance Update

    Our CCBX segment continues to evolve, and we have 22 relationships, at varying stages, as of September 30, 2024.  We continue to refine the criteria for CCBX partnerships, are exiting relationships where it makes sense for us to do so and are focusing on larger more established partners, with experienced management teams, existing customer bases and strong financial positions.

    We are expanding product offerings with our existing CCBX partners. We believe that launching new products with existing partners positions us to reach a wide and established customer base with a modest increase in regulatory risk given we have already vetted these partners and have operational history. Products launched earlier in the year with existing partners have gained traction and are growing the balance sheet and increasing income. We continue to sell loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances. This is expected to provide an on-going and passive revenue stream with no on balance sheet risk.

    The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

        As of
    (unaudited)   September 30,
    2024    		 June 30,
    2024    		 September 30,
    2023
    Active   19 19 18
    Friends and family / testing   1 1 1
    Implementation / onboarding   1 1 1
    Signed letters of intent   1 0 1
    Wind down – active but preparing to exit relationship   0 0 1
    Total CCBX relationships   22 21 22
     

    CCBX loans increased $106.9 million, or 7.6%, despite selling $423.7 million loans during the three months ended September 30, 2024 to $1.52 billion, while we continued to enhance credit standards on new CCBX loan originations. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At September 30, 2024 the portion of this portfolio for which we are responsible represented $19.8 million in loans.

    The following table details the CCBX loan portfolio:

    CCBX   As of
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Commercial and industrial loans:                        
    Capital call lines   $ 103,924     6.8 %   $ 109,133     7.7 %   $ 114,174     9.6 %
    All other commercial & industrial loans     36,494     2.4       41,731     3.0       58,869     5.0  
    Real estate loans:                        
    Residential real estate loans     265,402     17.5       287,950     20.4       251,775     21.3  
    Consumer and other loans:                        
    Credit cards     633,691     41.6       549,241     38.7       440,993     37.3  
    Other consumer and other loans     482,228     31.7       426,809     30.2       316,987     26.8  
    Gross CCBX loans receivable     1,521,739     100.0 %     1,414,864     100.0 %     1,182,798     100.0 %
    Net deferred origination (fees) costs     (447 )         (438 )         (424 )    
    Loans receivable   $ 1,521,292         $ 1,414,426         $ 1,182,374      
    Loan Yield – CCBX (1)(2)     17.35 %         17.77 %         17.05 %    
                             

    (1)  CCBX yield does not include the impact of BaaS loan expense.  BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (2)  Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

    The increase in CCBX loans in the quarter ended September 30, 2024, includes an increase of $139.9 million or 14.3%, in consumer and other loans, partially offset by a $22.5 million, or 7.8%, decrease in residential real estate loans and a decrease of $5.2 million, or 4.8%, in capital call lines as a result of normal balance fluctuations and business activities. We continue to monitor and manage the CCBX loan portfolio, and sold $423.7 million in CCBX loans during the quarter ended September 30, 2024 compared to sales of $155.2 million in the quarter ended June 30, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and generate off balance sheet fee income.

    Our credit card program through CCBX continues to grow in dollars and number of active cards as shown in the graph below:

    The following table details the CCBX deposit portfolio:

    CCBX   As of
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Demand, noninterest bearing   $ 60,655     2.9 %   $ 62,234     3.0 %   $ 67,782     3.9 %
    Interest bearing demand and money market     1,991,858     94.6       1,989,105     96.7       1,679,921     95.9  
    Savings     5,204     0.3       5,150     0.3       4,529     0.2  
    Total core deposits     2,057,717     97.8       2,056,489     100.0       1,752,232     100.0  
    Other deposits     47,046     2.2       —     0.0       —     —  
    Total CCBX deposits   $ 2,104,763     100.0 %   $ 2,056,489     100.0 %   $ 1,752,232     100.0 %
    Cost of deposits (1)     4.82 %         4.92 %         4.80 %    

    (1)  Cost of deposits is annualized for the three months ended for each period presented.

    CCBX deposits increased $48.3 million, or 2.3%, in the three months ended September 30, 2024 to $2.10 billion. This excludes the $214.5 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage purposes, compared to $117.7 million for the quarter ended June 30, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third party facilitator/vendor sweep product, to participating financial institutions.

    Community Bank Performance Update

    In the quarter ended September 30, 2024, the community bank saw net loans decrease $14.5 million, or 0.8%, to $1.90 billion.

    The following table details the Community Bank loan portfolio:

    Community Bank   As of
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Commercial and industrial loans   $ 152,161     8.0 %   $ 144,436     7.5 %   $ 158,232     8.8 %
    Real estate loans:                        
    Construction, land and land development loans     163,051     8.6       173,064     9.0       167,686     9.4  
    Residential real estate loans     212,467     11.2       229,639     12.0       225,372     12.6  
    Commercial real estate loans     1,362,452     71.5       1,357,979     70.8       1,237,849     69.1  
    Consumer and other loans:                        
    Other consumer and other loans     14,173     0.7       14,220     0.7       2,483     0.1  
    Gross Community Bank loans receivable     1,904,304     100.0 %     1,919,338     100.0 %     1,791,622     100.0 %
    Net deferred origination fees     (6,764 )         (7,304 )         (6,961 )    
    Loans receivable   $ 1,897,540         $ 1,912,034         $ 1,784,661      
    Loan Yield(1)     6.64 %         6.52 %         6.20 %    

    (1)  Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

    Community bank loans had a $10.0 million decrease in construction, land and land development loans, partially offset by an increase of $7.7 million in commercial and industrial loans and an increase in commercial real estate loans of $4.5 million during the quarter ended September 30, 2024; consumer and other loans were flat.

    The following table details the community bank deposit portfolio:

    Community Bank   As of
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Demand, noninterest bearing   $ 518,772     34.1 %   $ 531,555     35.6 %   $ 584,004     37.9 %
    Interest bearing demand and money market     552,108     36.3       876,668     59.0       852,747     55.5  
    Savings     62,272     4.1       63,627     4.3       80,099     5.2  
    Total core deposits     1,133,152     74.5       1,471,850     98.9       1,516,850     98.6  
    Other deposits     373,681     24.5       1     0.0       1     0.0  
    Time deposits less than $100,000     6,305     0.4       6,741     0.5       8,635     0.6  
    Time deposits $100,000 and over     9,387     0.6       8,351     0.6       11,982     0.8  
    Total Community Bank deposits   $ 1,522,525     100.0 %   $ 1,486,943     100.0 %   $ 1,537,468     100.0 %
    Cost of deposits(1)     1.92 %         1.77 %         1.31 %    

    (1)  Cost of deposits is annualized for the three months ended for each period presented.

    Community bank deposits increased $35.6 million, or 2.4%, during the three months ended September 30, 2024 to $1.52 billion. This is the second consecutive quarter of growth after allowing higher rate balances to run-off earlier in the year. The community bank segment includes noninterest bearing deposits of $518.8 million, or 34.1%, of total community bank deposits, resulting in a cost of deposits of 1.92%, which compared to 1.77% for the quarter ended June 30, 2024.

    Net Interest Income and Margin Discussion

    Net interest income was $72.2 million for the quarter ended September 30, 2024, an increase of $5.9 million, or 9.0%, from $66.2 million for the quarter ended June 30, 2024, and an increase of $10.0 million, or 16.0%, from $62.2 million for the quarter ended September 30, 2023. The increase in net interest income compared to June 30, 2024, was a result of increased interest income due to an increase in average loans receivable partially offset by an increase in cost of funds. The increase in net interest income compared to September 30, 2023 was largely related to increased yield on loans resulting from higher interest rates and growth in higher yielding loans partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.  

    Net interest margin was 7.41% for the three months ended September 30, 2024, compared to 7.13% for the three months ended June 30, 2024, with the increase primarily due to higher loan yields. Net interest margin was 7.10% for the three months ended September 30, 2023. The increase in net interest margin for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was largely due to an increase in loan yield partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable increased $8.6 million, or 9.5%, to $99.6 million for the three months ended September 30, 2024, compared to $90.9 million for the three months ended June 30, 2024, and increased $15.9 million, or 19.1%, compared to $83.7 million for the three months ended September 30, 2023, due to an increase in outstanding balances and higher interest rates. 

    Average investment securities decreased $795,000 to $49.0 million compared to the three months ended June 30, 2024 and decreased $69.0 million compared to the three months ended September 30, 2023 as a result of maturing securities.

    Cost of funds was 3.62% for the quarter ended September 30, 2024, an increase of 2 basis points from the quarter ended June 30, 2024 and an increase of 44 basis points from the quarter ended September 30, 2023. Cost of deposits for the quarter ended September 30, 2024 was 3.59%, compared to 3.58% for the quarter ended June 30, 2024, and 3.14% for the quarter ended September 30, 2023. The increased cost of funds and deposits compared to June 30, 2024 and September 30, 2023 was due to the continued high interest rate environment. The late September reduction in the Fed funds rate is expected to help to lower our cost of deposits in future periods.

    The following table summarizes the average yield on loans receivable and cost of deposits:

        For the Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
        Yield on
    Loans (2)    		   Cost of
    Deposits (2)    		   Yield on
    Loans (2)    		   Cost of
    Deposits (2)    		   Yield on
    Loans (2)    		   Cost of
    Deposits (2)
    Community Bank   6.64 %   1.92 %   6.52 %   1.77 %   6.20 %   1.31 %
    CCBX (1)   17.35 %   4.82 %   17.77 %   4.92 %   17.05 %   4.80 %
    Consolidated   11.43 %   3.59 %   11.23 %   3.58 %   10.84 %   3.14 %

    (1)  CCBX yield on loans does not include the impact of BaaS loan expense.  BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans.  To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (2)  Annualized calculations for periods shown.

    The following tables illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

        For the Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands, unaudited)   Income /
    Expense    		   Income /
    expense divided
    by average
    CCBX loans     (2)    		   Income /
    Expense    		   Income /
    expense divided
    by
    average CCBX
    loans    (2)    		   Income /
    Expense    		   Income /
    expense divided
    by average
    CCBX loans     (2)
    BaaS loan interest income   $ 67,692   17.35 %   $ 60,203   17.77 %   $ 56,279   17.05 %
    Less: BaaS loan expense     32,612   8.36 %     29,076   8.58 %     23,003   6.97 %
    Net BaaS loan income (1)   $ 35,080   8.99 %   $ 31,127   9.19 %   $ 33,276   10.08 %
    Average BaaS Loans(3)   $ 1,552,443       $ 1,362,343       $ 1,309,380    

    (1) A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
    (2) Annualized calculations shown for quarterly periods presented.
    (3) Includes loans held for sale.

    Noninterest Income Discussion

    Noninterest income was $80.1 million for the three months ended September 30, 2024, an increase of $10.2 million from $69.9 million for the three months ended June 30, 2024, and an increase of $45.5 million from $34.6 million for the three months ended September 30, 2023.  The increase in noninterest income over the quarter ended June 30, 2024 was primarily due to an increase of $9.9 million in total BaaS income.  The $9.9 million increase in total BaaS income included a $9.3 million increase in BaaS credit enhancements related to the provision for credit losses, a $300,000 increase in BaaS fraud enhancements, and an increase of $340,000 in BaaS program income. The increase in BaaS program income is largely due to higher servicing and other BaaS fees, transaction fees and interchange fees and our primary BaaS source for recurring fee income (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements). Additionally, other income increased $229,000 largely due to increased incoming ACH activity.

    The $45.5 million increase in noninterest income over the quarter ended September 30, 2023 was primarily due to a $43.4 million increase in BaaS credit and fraud enhancements, and an increase of $2.0 million in BaaS program income.

    Noninterest Expense Discussion
    Total noninterest expense increased $6.8 million to $65.6 million for the three months ended September 30, 2024, compared to $58.8 million for the three months ended June 30, 2024, and increased $9.1 million from $56.5 million for the three months ended September 30, 2023. The increase in noninterest expense for the quarter ended September 30, 2024, as compared to the quarter ended June 30, 2024, was primarily due to a $3.8 million increase in BaaS expense (including a $300,000 increase in BaaS fraud expense and a $3.5 million increase in BaaS loan expense). BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners, partially offset by a $1.5 million increase in excise taxes (due to the recording of $1.2 million business and occupation tax credit from the State of Washington which resulted in the recognition of a net credit of $706,000 for the quarter ended June 30, 2024, compared to expense of $762,000 for the quarter ended September 30, 2024). We also recorded an increase of $587,000 in data processing and software licenses as a result of our continued investment in our infrastructure and the automation of our processes so that they are scalable and an increase of $499,000 in point of sale expenses as a result of increased partner transaction activity.

    The increase in noninterest expenses for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023 was largely due to an increase of $8.8 million in BaaS partner expense (including a $9.6 million increase in BaaS loan expense partially offset by a decrease of $766,000 in BaaS fraud expense), a $1.1 million increase in data processing and software licenses due to enhancements in technology, and a $526,000 increase in occupancy expense, largely due to higher software depreciation/amortization expense, partially offset by a $986,000 decrease in salary and employee benefits largely as a result of some one-time costs that were expensed in the quarter ended September 30, 2023 for which there was no similar expense in the current quarter, and an $850,000 decrease in legal and professional expenses as a result of risk management and projects being completed.

    Provision for Income Taxes

    The provision for income taxes was $2.9 million for the three months ended September 30, 2024, $3.4 million for the three months ended June 30, 2024 and $2.8 million for the third quarter of 2023.  The income tax provision was lower for the three months ended September 30, 2024 compared to the quarter ended June 30, 2024 as a result of the deductibility of certain equity awards which reduced tax expense despite net income being higher and higher than the quarter ended September 30, 2023, primarily due to higher net income compared to that quarter.

    The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.62% for calculating the provision for state income taxes.

    Financial Condition Overview

    Total assets increased $104.3 million, or 2.6%, to $4.07 billion at September 30, 2024 compared to $3.96 billion at June 30, 2024.  The increase is primarily due to stronger loan growth partially offset by lower cash balances. Total loans receivable increased $92.4 million to $3.42 billion at September 30, 2024, from $3.33 billion at June 30, 2024.

    As of September 30, 2024, the Company had the capacity to borrow up to a total of $656.3 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, and an additional $50.0 million from a correspondent bank no borrowings outstanding on these lines as of September 30, 2024.

    The Company had a cash balance of $5.9 million as of September 30, 2024, which is retained for general operating purposes, including debt repayment, and for funding $530,000 in commitments to bank technology funds.  

    Uninsured deposits were $542.2 million as of September 30, 2024, compared to $532.9 million as of June 30, 2024.

    Total shareholders’ equity increased $15.2 million since June 30, 2024.  The increase in shareholders’ equity was primarily due to $13.5 million in net earnings, combined with an increase of $1.8 million in common stock outstanding as a result of equity awards exercised during the three months ended September 30, 2024.

    The Company and the Bank remained well capitalized at September 30, 2024, as summarized in the following table.

    (unaudited)   Coastal
    Community
    Bank    		   Coastal
    Financial
    Corporation    		   Minimum Well
    Capitalized
    Ratios under
    Prompt
    Corrective
    Action     (1)
    Tier 1 Leverage Capital (to average assets)   9.29 %   8.40 %   5.00 %
    Common Equity Tier 1 Capital (to risk-weighted assets)   10.36 %   9.26 %   6.50 %
    Tier 1 Capital (to risk-weighted assets)   10.36 %   9.35 %   8.00 %
    Total Capital (to risk-weighted assets)   11.65 %   11.90 %   10.00 %

    (1) Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

    Asset Quality

    The total allowance for credit losses was $170.3 million and 4.98% of loans receivable at September 30, 2024 compared to $147.9 million and 4.45% at June 30, 2024 and $101.1 million and 3.41% at September 30, 2023. The allowance for credit loss allocated to the CCBX portfolio was $150.1 million and 9.87% of CCBX loans receivable at September 30, 2024, with $20.1 million of allowance for credit loss allocated to the community bank or 1.06% of total community bank loans receivable.

    The following table details the allocation of the allowance for credit loss as of the period indicated:

        As of September 30, 2024   As of June 30, 2024   As of September 30, 2023
    (dollars in thousands; unaudited)   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total
    Loans receivable   $ 1,897,540     $ 1,521,292     $ 3,418,832     $ 1,912,034     $ 1,414,426     $ 3,326,460     $ 1,784,661     $ 1,182,374     $ 2,967,035  
    Allowance for credit losses     (20,132 )     (150,131 )     (170,263 )     (21,045 )     (126,869 )     (147,914 )     (21,316 )     (79,769 )     (101,085 )
    Allowance for credit losses to total loans receivable     1.06 %     9.87 %     4.98 %     1.10 %     8.97 %     4.45 %     1.19 %     6.75 %     3.41 %
                                                                             

    Net charge-offs totaled $49.2 million for the quarter ended September 30, 2024, compared to $53.2 million for the quarter ended June 30, 2024 and $36.8 million for the quarter ended September 30, 2023. Net charge-offs as a percent of average loans decreased to 5.65% for the quarter ended September 30, 2024 compared to 6.57% for the quarter ended June 30, 2024, which we believe is a result of the steps we took manage our credit quality.   CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $400.8 million loan portfolio. At September 30, 2024, our portion of this portfolio represented $19.8 million in loans. Net charge-offs for this $19.8 million in loans were $1.1 million for the three months ended September 30, 2024, compared to $1.3 million for the three months ended June 30, 2024 and $579,000 for the three months ended September 30, 2023.

    The following table details net charge-offs for the community bank and CCBX for the period indicated:

        Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands; unaudited)   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total   Community
    Bank    		   CCBX   Total
    Gross charge-offs   $ 398     $ 52,907     $ 53,305     $ 2     $ 55,205     $ 55,207     $ 3     $ 37,876     $ 37,879  
    Gross recoveries     (3 )     (4,066 )     (4,069 )     (4 )     (1,969 )     (1,973 )     (3 )     (1,042 )     (1,045 )
    Net charge-offs   $ 395     $ 48,841     $ 49,236     $ (2 )   $ 53,236     $ 53,234     $ —     $ 36,834     $ 36,834  
    Net charge-offs to average loans (1)     0.08 %     12.52 %     5.65 %     0.00 %     15.72 %     6.57 %     0.00 %     11.16 %     4.77 %

    (1) Annualized calculations shown for periods presented.

    During the quarter ended September 30, 2024, a $72.1 million provision for credit losses – loans was recorded for CCBX partner loans based on management’s analysis, compared to the $62.2 million provision for credit losses – loans that was recorded for CCBX for the quarter ended June 30, 2024. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

    In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

    The factors used in management’s analysis for community bank credit losses indicated that a provision recapture of $519,000 and was needed for the quarter ended September 30, 2024 compared to a provision recapture of $341,000 and provision of $664,000 for the quarters ended June 30, 2024 and September 30, 2023, respectively. The recapture in the current period was largely due to a change in remaining average lives of community bank loans.

    The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

        Three Months Ended
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Community bank   $ (519 )   $ (341 )   $ 664
    CCBX     72,104       62,231       26,493
    Total provision expense   $ 71,585     $ 61,890     $ 27,157

    At September 30, 2024, our nonperforming assets were $54.7 million, or 1.34%, of total assets, compared to $53.2 million, or 1.34%, of total assets, at June 30, 2024, and $43.5 million, or 1.18%, of total assets, at September 30, 2023. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of September 30, 2024, $52.0 million of the $53.6 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

    Nonperforming assets increased $1.5 million during the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024. This change is largely due to an increase in CCBX nonaccrual loans partially offset by a decrease in community bank nonaccrual loans. CCBX nonaccrual loans increased $8.0 million as a result of a new collection practice that places certain loans on nonaccrual status to improve collectability, $5.3 million of these loans are less than 90 days past due as of September 30, 2024. CCBX loans that are past due 90 days or more and still accruing was $45.6 million for the quarter ended September 30, 2024 compared to $45.2 million for the quarter ended June 30, 2024. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at September 30, 2024. Our nonperforming loans to loans receivable ratio was 1.60% at September 30, 2024, compared to 1.60% at June 30, 2024, and 1.47% at September 30, 2023.

    For the quarter ended September 30, 2024, there were $395,000 community bank net charge-offs and $1.1 million nonperforming community bank loans. For the quarter ended September 30, 2024 $48.8 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

    The following table details the Company’s nonperforming assets for the periods indicated.

    Consolidated   As of
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Nonaccrual loans:            
    Commercial and industrial loans   $ 198     $ —     $ 2  
    Real estate loans:            
    Construction, land and land development     —       —       —  
    Residential real estate     44       213       176  
    Commercial real estate     831       7,731       7,145  
    Consumer and other loans:            
    Credit cards     7,987       —       —  
    Total nonaccrual loans     9,060       7,944       7,323  
    Accruing loans past due 90 days or more:            
    Commercial & industrial loans     1,593       1,278       1,387  
    Real estate loans:            
    Residential real estate loans     3,025       2,722       1,462  
    Consumer and other loans:            
    Credit cards     34,562       36,465       24,807  
    Other consumer and other loans     6,412       4,779       8,561  
         Total accruing loans past due 90 days or more     45,592       45,244       36,217  
    Total nonperforming loans     54,652       53,188       43,540  
    Real estate owned     —       —       —  
    Repossessed assets     —       —       —  
    Total nonperforming assets   $ 54,652     $ 53,188     $ 43,540  
    Total nonaccrual loans to loans receivable     0.27 %     0.24 %     0.25 %
    Total nonperforming loans to loans receivable     1.60 %     1.60 %     1.47 %
    Total nonperforming assets to total assets     1.34 %     1.34 %     1.18 %
                             

    The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

    CCBX   As of
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Nonaccrual loans:            
    Consumer and other loans:            
    Credit cards   $ 7,987     $ —     $ —  
    Total nonaccrual loans     7,987       —       —  
    Accruing loans past due 90 days or more:            
    Commercial & industrial loans     1,593       1,278       1,387  
    Real estate loans:            
    Residential real estate loans     3,025       2,722       1,462  
    Consumer and other loans:            
    Credit cards     34,562       36,465       24,807  
    Other consumer and other loans     6,412       4,779       8,561  
    Total accruing loans past due 90 days or more     45,592       45,244       36,217  
    Total nonperforming loans     53,579       45,244       36,217  
    Other real estate owned     —       —       —  
    Repossessed assets     —       —       —  
    Total nonperforming assets   $ 53,579     $ 45,244     $ 36,217  
    Total CCBX nonperforming assets to total consolidated assets     1.32 %     1.14 %     0.98 %
    Community Bank   As of
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Nonaccrual loans:            
    Commercial and industrial loans   $ 198     $ —     $ 2  
    Real estate:            
    Construction, land and land development     —       —       —  
    Residential real estate     44       213       176  
    Commercial real estate     831       7,731       7,145  
    Total nonaccrual loans     1,073       7,944       7,323  
    Accruing loans past due 90 days or more:            
    Total accruing loans past due 90 days or more     —       —       —  
    Total nonperforming loans     1,073       7,944       7,323  
    Other real estate owned     —       —       —  
    Repossessed assets     —       —       —  
    Total nonperforming assets   $ 1,073     $ 7,944     $ 7,323  
    Total community bank nonperforming assets to total consolidated assets     0.03 %     0.20 %     0.20 %
                             

    About Coastal Financial

    Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC.  The $4.07 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application.  The Bank provides banking as a service to broker-dealers, digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment.  To learn more about the Company visit www.coastalbank.com. 

    CCB-ER

    Contact

    Eric Sprink, Chief Executive Officer, (425) 357-3659
    Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

    Forward-Looking Statements

    This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

    If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

     
    COASTAL FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Dollars in thousands; unaudited)
     
    ASSETS
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Cash and due from banks   $ 45,327     $ 59,995     $ 32,790     $ 31,345     $ 29,984  
    Interest earning deposits with other banks     438,699       427,250       482,338       451,783       444,962  
    Investment securities, available for sale, at fair value     38       39       41       99,504       98,939  
    Investment securities, held to maturity, at amortized cost     48,582       49,174       50,049       50,860       42,550  
    Other investments     10,757       10,664       10,583       10,227       11,898  
    Loans held for sale     7,565       —       797       —       —  
    Loans receivable     3,418,832       3,326,460       3,199,554       3,026,092       2,967,035  
    Allowance for credit losses     (170,263 )     (147,914 )     (139,258 )     (116,958 )     (101,085 )
    Total loans receivable, net     3,248,569       3,178,546       3,060,296       2,909,134       2,865,950  
    CCBX credit enhancement asset     167,251       143,485       137,276       107,921       91,867  
    CCBX receivable     16,060       11,520       10,369       9,088       10,623  
    Premises and equipment, net     25,833       24,526       22,995       22,090       20,543  
    Lease right-of-use assets     5,427       5,635       5,756       5,932       6,126  
    Accrued interest receivable     23,664       23,617       24,681       26,819       23,428  
    Bank-owned life insurance, net     13,255       13,132       12,991       12,870       12,970  
    Deferred tax asset, net     3,083       2,221       2,221       3,806       4,404  
    Other assets     11,711       11,742       12,075       11,987       14,021  
    Total assets   $ 4,065,821     $ 3,961,546     $ 3,865,258     $ 3,753,366     $ 3,678,265  
                         
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    LIABILITIES                    
    Deposits   $ 3,627,288     $ 3,543,432     $ 3,462,979     $ 3,360,363     $ 3,289,700  
    Subordinated debt, net     44,256       44,219       44,181       44,144       44,106  
    Junior subordinated debentures, net     3,591       3,591       3,590       3,590       3,589  
    Deferred compensation     369       405       442       479       513  
    Accrued interest payable     1,070       999       1,061       892       1,056  
    Lease liabilities     5,609       5,821       5,946       6,124       6,321  
    CCBX payable     39,188       34,536       33,095       33,651       38,229  
    Other liabilities     12,520       11,850       10,255       9,145       10,301  
    Total liabilities     3,733,891       3,644,853       3,561,549       3,458,388       3,393,815  
    SHAREHOLDERS’ EQUITY                    
    Common Stock     134,769       132,989       131,601       130,136       129,244  
    Retained earnings     197,162       183,706       172,110       165,311       156,299  
    Accumulated other comprehensive loss, net of tax     (1 )     (2 )     (2 )     (469 )     (1,093 )
    Total shareholders’ equity     331,930       316,693       303,709       294,978       284,450  
    Total liabilities and shareholders’ equity   $ 4,065,821     $ 3,961,546     $ 3,865,258     $ 3,753,366     $ 3,678,265  
     
    COASTAL FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except per share amounts; unaudited)
     
        Three Months Ended
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    INTEREST AND DIVIDEND INCOME                    
    Interest and fees on loans   $ 99,590   $ 90,944     $ 84,621     $ 81,159     $ 83,652
    Interest on interest earning deposits with other banks     4,781     5,683       4,780       5,687       3,884
    Interest on investment securities     675     686       1,034       1,225       766
    Dividends on other investments     33     174       37       172       29
    Total interest income     105,079     97,487       90,472       88,243       88,331
    INTEREST EXPENSE                    
    Interest on deposits     32,083     30,578       28,867       27,916       25,451
    Interest on borrowed funds     809     672       669       670       651
    Total interest expense     32,892     31,250       29,536       28,586       26,102
    Net interest income     72,187     66,237       60,936       59,657       62,229
    PROVISION FOR CREDIT LOSSES     70,257     62,325       83,158       60,789       27,253
    Net interest income/(expense) after provision for credit losses     1,930     3,912       (22,222 )     (1,132 )     34,976
    NONINTEREST INCOME                    
    Deposit service charges and fees     952     946       908       957       998
    Loan referral fees     —     —       168       —       1
    Gain on sales of loans, net     —     —       —       —       107
    Unrealized gain (loss) on equity securities, net     2     9       15       80       5
    Other income     486     257       308       60       291
    Noninterest income, excluding BaaS program income and BaaS indemnification income     1,440     1,212       1,399       1,097       1,402
    Servicing and other BaaS fees     1,044     1,525       1,131       1,015       997
    Transaction fees     1,696     1,309       1,122       1,006       1,036
    Interchange fees     1,853     1,625       1,539       1,272       1,216
    Reimbursement of expenses     1,843     1,637       1,033       1,076       1,152
    BaaS program income     6,436     6,096       4,825       4,369       4,401
    BaaS credit enhancements     70,108     60,826       79,808       58,449       25,926
    BaaS fraud enhancements     2,084     1,784       923       779       2,850
    BaaS indemnification income     72,192     62,610       80,731       59,228       28,776
    Total noninterest income     80,068     69,918       86,955       64,694       34,579
    NONINTEREST EXPENSE                    
    Salaries and employee benefits     17,101     17,005       17,984       16,490       18,087
    Occupancy     1,750     1,686       1,518       1,340       1,224
    Data processing and software licenses     3,511     2,924       2,892       2,417       2,366
    Legal and professional expenses     3,597     3,631       3,672       2,649       4,447
    Point of sale expense     1,351     852       869       899       1,068
    Excise taxes     762     (706 )     320       449       541
    Federal Deposit Insurance Corporation (“FDIC”) assessments     740     690       683       665       694
    Director and staff expenses     559     470       400       478       529
    Marketing     67     14       53       138       169
    Other expense     1,482     1,383       1,867       1,089       1,523
    Noninterest expense, excluding BaaS loan and BaaS fraud expense     30,920     27,949       30,258       26,614       30,648
    BaaS loan expense     32,612     29,076       24,837       24,310       23,003
    BaaS fraud expense     2,084     1,784       923       779       2,850
    BaaS loan and fraud expense     34,696     30,860       25,760       25,089       25,853
    Total noninterest expense     65,616     58,809       56,018       51,703       56,501
    Income before provision for income taxes     16,382     15,021       8,715       11,859       13,054
    PROVISION FOR INCOME TAXES     2,926     3,425       1,915       2,847       2,784
    NET INCOME   $ 13,456   $ 11,596     $ 6,800     $ 9,012     $ 10,270
    Basic earnings per common share   $ 1.00   $ 0.86     $ 0.51     $ 0.68     $ 0.77
    Diluted earnings per common share   $ 0.97   $ 0.84     $ 0.50     $ 0.66     $ 0.75
    Weighted average number of common shares outstanding:                    
    Basic     13,447,066     13,412,667       13,340,997       13,286,828       13,285,974
    Diluted     13,822,270     13,736,508       13,676,917       13,676,513       13,675,833
     
    COASTAL FINANCIAL CORPORATION
    AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
    (Dollars in thousands; unaudited)
     
        For the Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
        Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)
    Assets                                    
    Interest earning assets:                                    
    Interest earning deposits with other banks   $ 350,915     $ 4,781   5.42 %   $ 418,165     $ 5,683   5.47 %   $ 285,596     $ 3,884   5.40 %
    Investment securities, available for sale (2)     40       —   —       43       —   3.13       100,283       543   2.15  
    Investment securities, held to maturity (2)     48,945       675   5.49       49,737       686   5.55       17,703       223   5.00  
    Other investments     11,140       33   1.18       10,592       174   6.61       11,943       29   0.96  
    Loans receivable (3)     3,464,871       99,590   11.43       3,258,042       90,944   11.23       3,062,214       83,652   10.84  
    Total interest earning assets     3,875,911       105,079   10.79       3,736,579       97,487   10.49       3,477,739       88,331   10.08  
    Noninterest earning assets:                                    
    Allowance for credit losses     (151,292 )             (138,472 )             (100,329 )        
    Other noninterest earning assets     268,903               255,205               220,750          
    Total assets   $ 3,993,522             $ 3,853,312             $ 3,598,160          
                                         
    Liabilities and Shareholders’ Equity                                    
    Interest bearing liabilities:                                    
    Interest bearing deposits   $ 2,966,527     $ 32,083   4.30 %   $ 2,854,575     $ 30,578   4.31 %   $ 2,515,093     $ 25,451   4.01 %
    FHLB advances and other borrowings     9,717       140   5.73       1,648       3   0.73       —       —   —  
    Subordinated debt     44,234       598   5.38       44,197       598   5.44       44,084       580   5.22  
    Junior subordinated debentures     3,591       71   7.87       3,590       71   7.95       3,589       71   7.85  
    Total interest bearing liabilities     3,024,069       32,892   4.33       2,904,010       31,250   4.33       2,562,766       26,102   4.04  
    Noninterest bearing deposits     588,178               584,661               698,532          
    Other liabilities     60,101               58,267               57,865          
    Total shareholders’ equity     321,174               306,374               278,997          
    Total liabilities and shareholders’ equity   $ 3,993,522             $ 3,853,312             $ 3,598,160          
    Net interest income       $ 72,187           $ 66,237           $ 62,229    
    Interest rate spread           6.46 %           6.17 %           6.04 %
    Net interest margin (4)           7.41 %           7.13 %           7.10 %

    (1)  Yields and costs are annualized.
    (2) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
    (3)  Includes loans held for sale and nonaccrual loans.
    (4)  Net interest margin represents net interest income divided by the average total interest earning assets.

     
    COASTAL FINANCIAL CORPORATION
    SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
    (Dollars in thousands; unaudited)
     
        For the Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands, unaudited)   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)
    Community Bank                                    
    Assets                                    
    Interest earning assets:                                    
    Loans receivable (2)   $ 1,912,428   $ 31,898   6.64 %   $ 1,895,699   $ 30,741   6.52 %   $ 1,752,834   $ 27,373   6.20 %
    Total interest earning assets     1,912,428     31,898   6.64       1,895,699     30,741   6.52       1,752,834     27,373   6.20  
    Liabilities                                    
    Interest bearing liabilities:                                      
    Interest bearing deposits     982,280     7,264   2.94 %     938,033     6,459   2.77 %     920,707     5,067   2.18 %
    Intrabank liability     406,641     5,540   5.42       429,452     5,836   5.47       223,221     3,036   5.40  
    Total interest bearing liabilities     1,388,921     12,804   3.67       1,367,485     12,295   3.62       1,143,928     8,103   2.81  
    Noninterest bearing deposits     523,507             528,214             608,906        
    Net interest income       $ 19,094           $ 18,446           $ 19,270    
    Net interest margin(3)           3.97 %           3.91 %           4.36 %
                                         
    CCBX                                    
    Assets                                    
    Interest earning assets:                                    
    Loans receivable (2)(4)   $ 1,552,443   $ 67,692   17.35 %   $ 1,362,343   $ 60,203   17.77 %   $ 1,309,380   $ 56,279   17.05 %
    Intrabank asset     496,475     6,764   5.42       610,646     8,299   5.47       374,632     5,095   5.40  
    Total interest earning assets     2,048,918     74,456   14.46       1,972,989     68,502   13.96       1,684,012     61,374   14.46  
    Liabilities                                    
    Interest bearing liabilities:                                        
    Interest bearing deposits     1,984,247     24,819   4.98 %     1,916,542     24,119   5.06 %     1,594,386     20,384   5.07 %
    Total interest bearing liabilities     1,984,247     24,819   4.98       1,916,542     24,119   5.06       1,594,386     20,384   5.07  
    Noninterest bearing deposits     64,671             56,447             89,626        
    Net interest income       $ 49,637           $ 44,383           $ 40,990    
    Net interest margin(3)           9.64 %           9.05 %           9.66 %
    Net interest margin, net of Baas loan expense (5)           3.31 %           3.12 %           4.24 %
                                               
        For the Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands, unaudited)   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)    		   Average
    Balance    		   Interest &
    Dividends    		   Yield /
    Cost (1)
    Treasury & Administration                            
    Assets                                    
    Interest earning assets:                                    
    Interest earning deposits with other banks   $ 350,915   $ 4,781   5.42 %   $ 418,165   $ 5,683   5.47 %   $ 285,596   $ 3,884   5.40 %
    Investment securities, available for sale (6)     40     —   —       43     —   3.13       100,283     543   2.15  
    Investment securities, held to maturity (6)     48,945     675   5.49       49,737     686   5.55       17,703     223   5.00  
    Other investments     11,140     33   1.18       10,592     174   6.61       11,943     29   0.96  
    Total interest earning assets     411,040     5,489   5.31 %     478,537     6,543   5.50 %     415,525     4,679   4.47 %
    Liabilities                                    
    Interest bearing liabilities:                                    
    FHLB advances and borrowings   $ 9,717   $ 140   5.73 %     1,648     3   0.73 %     —     —   — %
    Subordinated debt     44,234     598   5.38 %     44,197     598   5.44 %     44,084     580   5.22 %
    Junior subordinated debentures     3,591     71   7.87       3,590     71   7.95       3,589     71   7.85  
    Intrabank liability, net (7)     89,834     1,224   5.42       181,194     2,463   5.47       151,411     2,059   5.40  
    Total interest bearing liabilities     147,376     2,033   5.49       230,629     3,135   5.47       199,084     2,710   5.40  
    Net interest income       $ 3,456           $ 3,408           $ 1,969    
    Net interest margin(3)           3.34 %           2.86 %           1.88 %

    (1)  Yields and costs are annualized. 
    (2)  Includes loans held for sale and nonaccrual loans. 
    (3)  Net interest margin represents net interest income divided by the average total interest earning assets. 
    (4)  CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield. 
    (5)  Net interest margin, net of BaaS loan expense includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release. 
    (6) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. 
    (7)  Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

    Non-GAAP Financial Measures

    The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

    However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

    The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

    Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

    Net interest income net of BaaS loan expense is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

    Net interest margin, net of BaaS loan expense is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is net interest margin.

    Reconciliations of the GAAP and non-GAAP measures are presented below.

        As of and for the Three Months Ended
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Net BaaS loan income divided by average CCBX loans:
    CCBX loan yield (GAAP)(1)     17.35 %     17.77 %     17.05 %
    Total average CCBX loans receivable   $ 1,552,443     $ 1,362,343     $ 1,309,380  
    Interest and earned fee income on CCBX loans (GAAP)     67,692       60,203       56,279  
    BaaS loan expense     (32,612 )     (29,076 )     (23,003 )
    Net BaaS loan income   $ 35,080     $ 31,127     $ 33,276  
    Net BaaS loan income divided by average CCBX loans (1)     8.99 %     9.19 %     10.08 %
    Net interest margin, net of BaaS loan expense:                
    CCBX interest margin (1)     9.64 %     9.05 %     9.66 %
    CCBX earning assets     2,048,918       1,972,989       1,684,012  
    Net interest income     49,637       44,383       40,990  
    Less: BaaS loan expense     (32,612 )     (29,076 )     (23,003 )
    Net interest income, net of BaaS loan expense   $ 17,025     $ 15,307     $ 17,987  
    CCBX net interest margin, net of BaaS loan expense (1)     3.31 %     3.12 %     4.24 %

    (1) Annualized calculations for periods presented.

    APPENDIX A –
    As of September 30, 2024

    Industry Concentration

    We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.43 billion in outstanding loan balances. When combined with $2.29 billion in unused commitments the total of these categories is $5.72 billion.

    Commercial real estate loans represent the largest segment of our loans, comprising 39.8% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $41.5 million, and the combined total in commercial real estate loans represents $1.40 billion, or 24.6% of our total outstanding loans and loan commitments.

    The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of September 30, 2024:

    (dollars in thousands; unaudited)   Outstanding
    Balance    		   Available
    Loan
    Commitments    		   Total
    Outstanding
    Balance &
    Available
    Commitment    		   %
    of Total
    Loans
    (Outstanding
    Balance &
    Available
    Commitment)    		   Average
    Loan
    Balance    		   Number
    of
    Loans
    Apartments   $ 382,498   $ 5,685   $ 388,183   6.8 %   $ 3,714   103
    Hotel/Motel     155,441     189     155,630   2.7       6,758   23
    Convenience Store     142,366     614     142,980   2.5       2,296   62
    Office     123,423     8,204     131,627   2.3       1,371   90
    Warehouse     102,818     2,000     104,818   1.8       1,743   59
    Retail     107,934     620     108,554   1.9       1,018   106
    Mixed use     93,490     5,273     98,763   1.7       1,154   81
    Mini Storage     79,395     14,330     93,725   1.7       3,452   23
    Strip Mall     44,089     —     44,089   0.8       6,298   7
    Manufacturing     34,599     1,200     35,799   0.6       1,193   29
    Groups < 0.70% of total     96,393     3,392     99,785   1.8       1,205   80
    Total   $ 1,362,446   $ 41,507   $ 1,403,953   24.6 %   $ 2,055   663
     

    Consumer loans comprise 33.0% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $1.07 billion, and the combined total in consumer and other loans represents $2.20 billion, or 38.4% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $900. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

    The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of September 30, 2024:

    (dollars in thousands; unaudited)   Outstanding
    Balance    		   Available
    Loan
    Commitments    		   Total
    Outstanding
    Balance &
    Available
    Commitment     (1)    		   %
    of Total
    Loans
    (Outstanding
    Balance &
    Available
    Commitment)    		   Average
    Loan
    Balance    		   Number
    of
    Loans
    CCBX consumer loans
    Credit cards   $ 633,691   $ 1,055,684   $ 1,689,375   29.5 %   $ 1.7   369,404
    Installment loans     471,813     7,112     478,925   8.4       0.9   513,897
    Lines of credit     1,362     —     1,362   0.0       2.4   558
    Other loans     9,053     —     9,053   0.2       —   365,834
    Community bank consumer loans
    		                            
    Installment loans     1,291     1     1,292   0.0       51.6   25
    Lines of credit     194     365     559   0.0       6.1   32
    Other loans     12,688     3,000     15,688   0.3       32.5   390
    Total   $ 1,130,092   $ 1,066,162   $ 2,196,254   38.4 %   $ 0.9   1,250,140

    (1)  Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

    Residential real estate loans comprise 13.9% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $522.8 million, and the combined total in residential real estate loans represents $1.00 billion, or 17.5% of our total outstanding loans and loan commitments.

    The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of September 30, 2024:

    (dollars in thousands; unaudited)   Outstanding
    Balance    		   Available
    Loan
    Commitments    		   Total
    Outstanding
    Balance &
    Available
    Commitment     (1)    		   %
    of Total
    Loans
    (Outstanding
    Balance &
    Available
    Commitment)    		   Average
    Loan
    Balance    		   Number
    of
    Loans
    CCBX residential real estate loans                                  
    Home equity line of credit   $ 265,402   $ 472,385   $ 737,787   12.9 %   $ 25   10,742
    Community bank residential real estate loans                                  
    Closed end, secured by first liens     176,066     2,961     179,027   3.1       555   317
    Home equity line of credit     25,427     46,515     71,942   1.3       106   239
    Closed end, second liens     10,974     925     11,899   0.2       366   30
    Total   $ 477,869   $ 522,786   $ 1,000,655   17.5 %   $ 42   11,328

    (1)  Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

    Commercial and industrial loans comprise 8.5% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $598.4 million, and the combined total in commercial and industrial loans represents $891.0 million, or 15.6% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $103.9 million in outstanding capital call lines, with an additional $504.6 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

    The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of September 30, 2024:

    (dollars in thousands; unaudited)   Outstanding
    Balance    		   Available
    Loan
    Commitments    		   Total
    Outstanding
    Balance &
    Available
    Commitment     (1)    		   %
    of Total
    Loans
    (Outstanding
    Balance &
    Available
    Commitment)    		   Average
    Loan
    Balance    		   Number
    of
    Loans
    Consolidated C&I loans
    Capital Call Lines   $ 103,924   $ 504,561   $ 608,485   10.6 %   $ 764   136
    Construction/Contractor Services     27,463     34,658     62,121   1.1       136   202
    Financial Institutions     48,648     —     48,648   0.9       4,054   12
    Retail     33,003     5,725     38,728   0.7       15   2,247
    Manufacturing     6,124     5,460     11,584   0.2       149   41
    Medical / Dental / Other Care     6,864     2,731     9,595   0.2       528   13
    Groups < 0.20% of total     66,553     45,299     111,852   2.0       58   1,143
    Total   $ 292,579   $ 598,434   $ 891,013   15.6 %   $ 77   3,794

    (1)  Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

    Construction, land and land development loans comprise 4.8% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $63.5 million, and the combined total in construction, land and land development loans represents $226.6 million, or 4.0% of our total outstanding loans and loan commitments.

    The following table details our loan commitment for our construction, land and land development portfolio as of September 30, 2024:

    (dollars in thousands; unaudited)   Outstanding
    Balance    		   Available
    Loan
    Commitments    		   Total
    Outstanding
    Balance &
    Available
    Commitment    		   %
    of Total
    Loans
    (Outstanding
    Balance &
    Available
    Commitment)    		   Average
    Loan
    Balance    		   Number
    of
    Loans
    Commercial construction   $ 97,798   $ 41,521   $ 139,319   2.5 %   $ 7,523   13
    Residential construction     35,822     16,846     52,668   0.9       1,990   18
    Developed land loans     14,863     723     15,586   0.3       743   20
    Undeveloped land loans     8,606     4,086     12,692   0.2       574   15
    Land development     5,968     345     6,313   0.1       597   10
    Total   $ 163,057   $ 63,521   $ 226,578   4.0 %   $ 2,145   76
     

    Exposure and risk in our construction, land and land development portfolio is in line with our average historically, compared to June 30, 2024 when the balance was elevated as indicated in the following table:

        Outstanding Balance as of
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Commercial construction   $ 97,798   $ 110,372   $ 102,099   $ 81,489   $ 91,396
    Residential construction     35,822     34,652     28,751     34,213     33,971
    Undeveloped land loans     8,606     8,372     8,190     7,890     8,310
    Developed land loans     14,863     13,954     14,307     20,515     21,369
    Land development     5,968     5,714     7,515     12,993     12,640
    Total   $ 163,057   $ 173,064   $ 160,862   $ 157,100   $ 167,686
     

    Commitments to extend credit total $2.29 billion at September 30, 2024,   however we do not anticipate our customers using the $2.29 billion that is showing as available.

    The following table presents outstanding commitments to extend credit as of September 30, 2024:

    Consolidated    
    (dollars in thousands; unaudited)   As of September
    30, 2024
    Commitments to extend credit:    
    Commercial and industrial loans   $ 93,873
    Commercial and industrial loans – capital call lines     504,561
    Construction – commercial real estate loans     46,007
    Construction – residential real estate loans     17,514
    Residential real estate loans     522,786
    Commercial real estate loans     41,507
    Credit cards     1,055,684
    Consumer and other loans     10,478
    Total commitments to extend credit   $ 2,292,410
     

    We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of September 30, 2024, capital call lines outstanding balance totaled $103.9 million, and while commitments totaled $504.6 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would not be required to fund the loan.

    See the table below for CCBX portfolio maximums and related available commitments:

    CCBX                
    (dollars in thousands; unaudited)   Balance   Percent
    of CCBX
    loans
    receivable    		 Available
    Commitments     (1)    		   Maximum
    Portfolio
    Size    		 Cash
    Reserve/
    Pledge
    Account
    Amount     (2)
    Commercial and industrial loans:            
    Capital call lines   $ 103,924     6.8 % $ 504,561   $ 350,000 $ —
    All other commercial & industrial loans     36,494     2.4     16,922     285,153   675
    Real estate loans:                
    Home equity lines of credit (3)     265,402     17.5     472,385     375,000   35,597
    Consumer and other loans:            
    Credit cards – cash secured     180         —       —
    Credit cards – unsecured     633,511         1,055,684       37,065
    Credit cards – total     633,691     41.6     1,055,684     807,263   37,065
    Installment loans – cash secured     129,138         7,112       —
    Installment loans – unsecured     342,675         —       2,222
    Installment loans – total     471,813     31.0     7,112     1,630,027   2,222
    Other consumer and other loans     10,415     0.7     —     7,557   383
    Gross CCBX loans receivable     1,521,739     100.0 %   2,056,664     3,455,000 $ 75,942
    Net deferred origination fees     (447 )            
    Loans receivable   $ 1,521,292              

    (1) Remaining commitment available, net of outstanding balance.
    (2) Balances are as of October 4, 2024.
    (3) These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

    APPENDIX B –
    As of September 30, 2024

    CCBX – BaaS Reporting Information

    During the quarter ended September 30, 2024, $70.1 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes noncredit fraud losses on loans and deposits originated through partners. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

    The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.) which can be compared to interest income on the Company’s community bank loans.

    The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

    Loan income and related loan expense   Three Months Ended
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Yield on loans (1)     17.35 %     17.77 %     17.05 %
    BaaS loan interest income   $ 67,692     $ 60,203     $ 56,279  
    Less: BaaS loan expense     32,612       29,076       23,003  
    Net BaaS loan income (2)   $ 35,080     $ 31,127     $ 33,276  
    Net BaaS loan income divided by average BaaS loans (1)(2)     8.99 %     9.19 %     10.08 %

    (1) Annualized calculation for quarterly periods shown.
    (2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

    An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024. The increase in average CCBX loans receivable was primarily due to growth in the CCBX loan portfolio as part of our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans and enhanced credit standards. Increased interest rates and growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023.

    The following tables are a summary of the interest components, direct fees, and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

    Interest income   Three Months Ended
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Loan interest income   $ 67,692   $ 60,203   $ 56,279
    Total BaaS interest income   $ 67,692   $ 60,203   $ 56,279
    Interest expense   Three Months Ended
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    BaaS interest expense   $ 24,819   $ 24,119   $ 20,384
    Total BaaS interest expense   $ 24,819   $ 24,119   $ 20,384
    BaaS income   Three Months Ended
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    BaaS program income:            
    Servicing and other BaaS fees   $ 1,044   $ 1,525   $ 997
    Transaction fees     1,696     1,309     1,036
    Interchange fees     1,853     1,625     1,216
    Reimbursement of expenses     1,843     1,637     1,152
    BaaS program income     6,436     6,096     4,401
    BaaS indemnification income:            
    BaaS credit enhancements     70,108     60,826     25,926
    BaaS fraud enhancements     2,084     1,784     2,850
    BaaS indemnification income     72,192     62,610     28,776
    Total noninterest BaaS income   $ 78,628   $ 68,706   $ 33,177
     

    Servicing and other BaaS fees decreased $481,000 in the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 while transaction fees and interchange fees increased $387,000 and $228,000, respectively. We expect servicing and other BaaS fees to decrease and transaction and interchange fees to increase as partner activity grows and contracted minimum fees are replaced with recurring fees and then exceed those minimum fees.

    BaaS loan and fraud expense:   Three Months Ended
    (dollars in thousands; unaudited)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    BaaS loan expense   $ 32,612   $ 29,076   $ 23,003
    BaaS fraud expense     2,084     1,784     2,850
    Total BaaS loan and fraud expense   $ 34,696   $ 30,860   $ 25,853
     

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d50cba0-18d9-4c78-8e96-0418250a8658

    The MIL Network –

  • MIL-OSI Economics: Samsung Music Frame WICKED Edition is Now Available

    Source: Samsung

    Samsung today announced availability for Music Frame WICKED Edition, a customizable wireless speaker designed to seamlessly blend into any environment and enhance the home entertainment experience. This new edition, created in partnership with Universal Pictures’ spectacular film adaptation of the iconic stage musical (in cinemas November 22), brings a unique combination of art and technology to offer consumers a personalized and immersive audio experience. It’s available for purchase starting today on Samsung.com and at the Samsung 837 retail experience store in New York City.
    “Music Frame represents an entirely new category of audio – a customizable speaker that doubles as a picture frame. Not only can you display your favorite print photos – you can also create an orchestra of sound with your favorite playlist,” said James Fishler, Senior Vice President, Home Entertainment & Display Division at Samsung Electronics America. “Music and art evoke such strong memories, and Music Frame offers a seamless way to capture both in one innovative device. This limited-time Music Frame WICKED Edition beautifully brings this concept to life, helping you unlock the music within.”

    Directed by acclaimed filmmaker Jon M. Chu (“Crazy Rich Asians,” “In the Heights”), Wicked is the untold story of the witches of Oz, starring Emmy-, Grammy- and Tony-winning powerhouse Cynthia Erivo (“Harriet,” Broadway’s “The Color Purple”) as Elphaba, a young woman misunderstood because of her unusual green skin, who has yet to discover her true power, and Grammy-winning, multi-platinum recording artist and global superstar Ariana Grande as Glinda, a popular young woman gilded by privilege and ambition, who has yet to discover her true heart.
    Unlocking the Music Within Homes With “Wicked”
    In collaboration with Wicked, Music Frame WICKED Edition offers a unique combination of functionality and aesthetic appeal. It includes a Wicked edition Photo Frame with three photo cards featuring autographs and images of the film’s beloved characters, including one exclusive picture only available with Music Frame WICKED Edition.
    Further enhancing the experience, Music Frame WICKED Edition comes with a specially designed limited edition Wicked-themed bezel and customized Wicked-themed packaging, adding an extra touch of excitement and making the unboxing experience truly enchanting.

    Music Frame is also fully customizable, allowing users to effortlessly match their home decor with photo frames and optional art panels. The sleek and slim design, combined with a discreet wall-mount bracket and slim power cable, ensures the Music Frame blends seamlessly into any environment.
    Elevating Homes With Immersive Sound and Smart Features
    With its rich, immersive sound, Music Frame WICKED Edition enables users to transform their living space into a surround sound haven. Equipped with Dolby Atmos1 technology, it creates a multidimensional audio experience that brings every note and sound to life. Music Frame can also work closely with other compatible Samsung screens and soundbars using Q-Symphony2, which offers a more immersive, three-dimensional sound experience.
    Boasting two-channel 120W sound quality, Music Frame WICKED Edition incorporates clear and powerful sound via SpaceFit Sound Pro for optimized audio based on the acoustics of a given room, as well as Adaptive Sound that adjusts audio settings based on content to deliver premium audio performance. These features ensure that Music Frame WICKED Edition offers exceptional sound quality and versatility, making it a perfect addition to any home.
    The built-in Alexa3 and Chromecast offer easy smart home integration with supported devices, while Airplay and Tap Sound4 provide seamless connectivity with Android and iOS devices. Versatile connectivity options — including Bluetooth, Wi-Fi, and Optical — ensure the device meets all audio needs.
    Music Frame WICKED Edition is available now on Samsung.com, as well as at the Samsung 837 retail experience store in New York City. For more information, please visit Samsung.com.

    MIL OSI Economics –

  • MIL-OSI Europe: AFRICA/SOUTH AFRICA – Resignation and appointment of the Metropolitan Archbishop of Johannesburg

    Source: Agenzia Fides – MIL OSI

    Monday, 28 October 2024

    Vatican City (Agenzia Fides) – The Holy Father has accepted the resignation from the pastoral governance of the Metropolitan Archdiocese of Johannesburg (South Africa), presented by His Exc. Msgr. Buti Joseph Tlhagale, O.M.I. The Holy Father has appointed His Eminence Cardinal Stephen Brislin, currently Metropolitan Archbishop of Cape Town as Metropolitan Archbishop of Johannesburg (South Africa). (EG) (Agenzia Fides, 28/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI Europe: ASIA/PHILIPPINES – Special fundraising campaign for the victims of Typhoon ‘Kristine’

    Source: Agenzia Fides – MIL OSI

    Caritas Manila

    Manila (Agenzia Fides) – The Apostolic Vicariate of Calapan collected donations for those affected by Typhoon Kristine (international name: Trami) during Sunday Mass, to express its concrete closeness to the people, families and communities seriously affected by the tropical storm that hit the eastern Philippines.Parishes and religious communities joined the fundraising campaign yesterday, October 27, and called on the faithful to participate. “In the spirit of fraternal solidarity and ecclesial synodality, special collections will also be carried out in Catholic schools and institutions in the coming days,” announced the Apostolic Vicar, Bishop Moises M. Cuevas. “We ask parishes to extend their generosity by allocating a certain amount from the general parish fund. In addition, we ask that a personal appeal be made to wealthy families, organizations, associations, movements and possible donors within the jurisdiction of each parish, directly requesting financial support from them,” said Bishop Cuevas, referring to the situation of families who have lost everything. In view of the devastating situation on the ground, the Philippine Bishops’ Conference, through its national Caritas, has launched a fundraising appeal to help affected families and communities in the ecclesiastical districts that encompass the area of the Bicol Region, including the Vicariate of Calapan, the Dioceses of Caceres and Camarines Sur. As reported, the donations will help provide much-needed assistance to those affected by the typhoon. Father Marc Real, Executive Director of Caritas Caceres, reported that the main roads leading to the city of Naga remain flooded, hampering the mobility of residents and the delivery of humanitarian aid. The violent tropical storm “Kristine” had hit the country in recent days, devastating most of the provinces in the Bicol region, causing thousands of deaths and damaging their livelihoods. According to the National Disaster Risk Management (NDRRMC), in addition to 136 who have lost their lives (and the number is rising), about 190,000 families, totaling more than 970,000 people, including the elderly, women and children, were displaced by the floods and inundations caused by the cyclone. Pope Francis yesterday, October 27, during the Angelus prayer with the pilgrims and faithful gathered in St. Peter’s Square said: “I am close to the population of the Philippines, struck by a powerful cyclone. May the Lord support that people, so full of faith.” (PA) (Agenzia Fides, 28/10/2024)
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  • MIL-OSI Europe: AMERICA/HAITI – Celebration in Pourcine for access to drinking water and the launch of the Scout movement of the Catholic Church

    Source: Agenzia Fides – MIL OSI

    Monday, 28 October 2024

    Pourcine (Agenzia Fides) – While Haiti remains immersed in a deep crisis, the small mountain town of Pourcine has found reasons to celebrate: the arrival of drinking water and the launch of its first group of Scouts of the Catholic Church.“In the parish of Our Lady of Help, 70 children, young people and adults have participated in the inauguration of the KIRO movement, a Catholic branch of Scouts. It was a weekend of training, games and songs,” said Father Massimo Miraglio, Camillian missionary and parish priest of this community in the mountainous hinterland of Jérémie, to Fides.Meanwhile, the construction of the aqueduct continues with the help of the local population, who transport materials, often on foot and barefoot, despite the climatic difficulties. “Although the bad weather has slowed down the work, we have reached the water tanks,” reports Father Miraglio. “While the connection of the reservoirs and the main pipeline to the springs of Pourcine is being completed, residents have begun to drink water from a temporary pipeline, a moment of celebration for the community that can now access clean water close to their homes.”“All this always with hope and with the aim of building an increasingly united, supportive and willing to work together Christian community,” concludes the Camillian.Returning to the social context of the entire Caribbean country, local agencies report that after a period of relative calm, the “Viv Ansanm” gang coalition has intensified its attacks in the suburbs of the capital in recent days, where they now control up to 80% of the capital. This violence has aggravated food insecurity, with transport routes blocked and the countryside taken over by gangs. Despite the approval of the UN Security Council to deploy a multinational force to support the Haitian police, the operation lacks the resources and personnel necessary to deal with the crisis. The Haitian transitional government has asked that this force be transformed into a UN Blue Helmets peacekeeping mission, but this initiative has not gone ahead. In addition, gangs that previously mainly attacked Haitian police, militias and government infrastructure now appear to be targeting foreign mission vehicles.Amid this chaos, forced displacement has also increased. More than 10,000 Haitians left their homes in the last week alone, and last September the number of displaced is estimated to have exceeded 700,000, almost doubling in just six months. (AP) (Agenzia Fides, 28/10/2024)
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  • MIL-OSI Europe: ASIA/IRAN – Archbishop of Tehran: Putting aside the designs of supremacy is key to restoring peace

    Source: Agenzia Fides – MIL OSI

    OFMConv

    Tehran (Agenzia Fides) – “We must abandon the aspiration to assert our supremacy and stop investing time, energy and resources in techniques and strategies that distance us from the light,” says Conventual Franciscan Dominique Joseph Mathieu, Archbishop of Tehran-Ispahan of the Latins and future Cardinal and stresses that this is the key to restoring peace in the Middle East and in the world.The Iranian capital, where Archbishop Mathieu exercises his ministry, was hit on the night between Friday and Saturday by an air strike by the Israeli armed forces, along with other areas of the country. The Israeli attack on Iran, coordinated with the United States, hit military targets. According to the Anbamed website, the assessment of the attack has divided opinions in Israel and Tehran: “Netanyahu claims to have given Iran a lesson it will not forget, while the opposition says it was a theatrical action to show firmness, but that in reality it was ‘a caress’, as the minister himself, Ben Gvir, described it. The same type of debate continues in Tehran. But the spiritual leader Khamenei has warned against maximalist and minimalist exaggerations.” “Pope Francis – affirms Archbishop Mathieu in a conversation with Fides Agency – constantly reminds us of the urgency of putting an end to wars, which only bring death and darkness. It is time to face conflicts with courage and transparency. Only through authentic encounter with the other can the spark of fraternity emerge in our common home, which God, made love, has entrusted to us.” Tehran’s politicians and military maintain their position that there will be a reaction, according to the Anbamed website: “Israeli intelligence services say that Tehran could launch up to 100 ballistic missiles in retaliation.” Today, a meeting of the Security Council is also being held in New York, convened by Iran and supported by Russia, China and Algeria. It seems that the possibility of not being absorbed by the vortex of violence is suspended in the prevalence of political options that recognize the prospect of a truce and the end of reprisals as the only realistic way out of the chaos and end the pain of entire peoples. Archbishop Mathieu, who will be created a cardinal by Pope Francis on December 7, concludes: “by walking together, despite our differences, we can be true witnesses of peace. Let us not limit ourselves to dreaming about it: let us build it with concrete actions of reconciliation and unity.” The Archdiocese of Tehran-Ispahan of the Latins is responsible for the pastoral care of all Catholics (approximately 2,000 faithful) of the Latin rite in Iran, divided into 4 parishes. (GV) (Agenzia Fides, 28/10/2024)
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  • MIL-OSI Europe: AFRICA/DR CONGO – Controversial debate over proposed constitutional amendment

    Source: Agenzia Fides – MIL OSI

    Kinshasa (Agenzia Fides) – The announcement by President Felix Tshisekedi that he will set up a commission next year to draft a new constitution for the Democratic Republic of Congo (DRC) is causing a controversial debate in the country.”Next year I will appoint a commission made up of people from different sectors of society to draft a new constitution that is adapted to the realities of the Democratic Republic of Congo and no longer hinders the functioning of the country,” said the Congolese Head of State during his visit to Kisangani last week.The central point of the constitutional amendment is the abolition of the limit of two presidential mandates, which gives Tshisekedi the opportunity to run for a third term in the next presidential elections. The current Head of State has already been elected twice and, under current regulations, cannot run in the next presidential elections. The proposal to abolish the two-term limit was already put forward in 2015 by Tshisekedi’s predecessor Joseph Kabila, but had provoked opposition from members of civil society and Catholic bishops (see Fides, 16/11/2015). Today, it is Kabila’s own party, now in opposition, that is opposing such a constitutional amendment. The former president’s opposition alliance “Front commun pour le Congo” (FCC) rejects the draft constitutional amendment “firmly and categorically”. Opposition MP Moïse Katumbi also stated that “the constitution will not be changed”. “A change to the constitution is very dangerous because it can further destabilize the country in the current situation in which it is unstable,” said the Secretary General of the Congolese Episcopal Conference (CENCO), Donatien Nshole, in a television interview. (L.M.) (Agenzia Fides, 28/10/2024)
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  • MIL-OSI Security: Defense News: NAVFAC MIDLANT Environmental, Chesapeake Bay Program volunteers support 2024 NAS Oceana STEM Lab for nearly 8,000 Students

    Source: United States Navy

    The free event, which has been held nearly every year since 2016, allows 5th graders from Virginia Beach City and Chesapeake Public Schools to receive an exclusive sneak peek of the Air Show performances, including the U.S. Navy Flight Demonstration Squadron, the Blue Angels and the F-22 Raptor Demonstration Team; vendor booths and activities; and numerous STEM Laboratory exhibits. It’s estimated nearly 8,000 students and more than 1,500 teachers/chaperones were in attendance this year.

    Students were able to engage in a multitude of environment-based activities to learn how to become better stewards of the environment, such as play a Jeopardy-style trivia game to test their knowledge of the Chesapeake Bay, recycling, and watersheds; and compete in a head-to-head recycling relay to determine if discarded items were recyclable or trash. Additionally, many of the questions asked were derived from the Virginia Standards of Learning curriculum to help reinforce state education, and meet stewardship and literacy goals embodied in the EPA Executive Order 13508 for Chesapeake Bay Protection and Restoration outreach commitments.

    “It was fun to engage with students on topics so close to where we all live – seeing what they know, and share information to help protect the Chesapeake Bay,” said Vincent Orazi, Natural Resource Management Specialist. “It was good experience.”

    An interactive watershed model further showed students how pollutants, such as pet waste, oil, fertilizer, and detergents can adversely impact water quality by entering our waterways, pollute stormwater, and impact outside activities like swimming and fishing.

    “It’s great to see the students captivated by our hands-on demonstration,” said Dawn Friedrichs, PWD Oceana EV Drinking Water and Environmental Management System Program Manager, noting students used oil absorbent fabric to cleanup oil spills in aquatic and marine environments in the display. “Interaction and visualization go a long way in helping them retain what they’ve learned.”

    Students also learned the importance of recycling, proper waste disposal, natural resource conservation, and how to prevent household and industrial pollutants, trash, and yard debris from entering our waterways.

    “I’ve been participating in the NAS Oceana Air Show STEM Lab since 2017, and I’m amazed every year by the great questions asked by these students,” said Tara Fisher, PWD Oceana EV Water, Tanks, and Petroleum, Oil, and Lubricants (POL) Program Manager. “We really enjoy interacting with them, and we hope our message of stormwater pollution prevention sticks with them throughout their lives.”

    NAVFAC MIDLANT provides facilities engineering, public works and environmental products and services across an area of responsibility that spans from South Carolina to Maine, as far west as Illinois, and down to Indiana. As an integral member of the Commander, Navy Region Mid-Atlantic team, NAVFAC MIDLANT provides leadership through the Regional Engineer organization to ensure the region’s facilities and infrastructure are managed efficiently and effectively.

    For additional information about NAVFAC MIDLANT on social media, follow our activities on Facebook at www.facebook.com/navfacmidatlantic and on Instagram @navfacmidatlantic.

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  • MIL-OSI Europe: NRRP: European Commission visit successfully concluded

    Source: Government of Italy (English)

    The European Commission’s sixth visit to discuss in detail implementation of Italy’s National Recovery and Resilience Plan, focusing on the strategic measures linked to the last four instalments, came to a successful conclusion today. 

    More than forty working groups were held as part of the visit, including both high-level institutional meetings and technical briefing sessions on specific topics, coordinated by the NRRP task force at the Presidency of the Council of Ministers and with the active participation of all ministries and institutions involved. These meetings allowed the delegation from the European Commission to confirm the Italian Government’s ongoing commitment to implementing the Plan’s numerous measures.

    During the meetings, maximum attention was paid to the milestones and targets linked to the seventh instalment of the NRRP, also ahead of Italy submitting the respective payment request, while the final checks are being carried out regarding the milestones and targets for the sixth instalment in order to allow its disbursement.

    As on previous occasions, the European Commission’s visit was held in a climate of constructive collaboration, with the active participation of all the administrations involved in the Plan’s implementation, making it possible to accurately determine the progress of reforms and investments, with all requests for clarification from the European Commission services being answered.

    Over the course of the week, objectives were outlined regarding the progress of competition, justice, public procurement code and public administration reforms. With regard to public administration reform, ‘horizontal’ measures applicable to the Plan’s different missions are provided for, to digitalise administrative procedures and boost the efficiency and competitiveness of Italy’s economic system.

    There was a particular focus on checking the progress of numerous investments in the areas of transport, infrastructure, school buildings, sustainable mobility, ecological transition and healthcare, including the plan to modernise healthcare services and hospital infrastructure. Special attention was also paid to the measures included in the new REPowerEU mission, aimed at strengthening the nation’s energy independence and ecological transition. Objectives linked to energy security, strengthening energy networks, increasing renewable energy production, and decarbonisation incentives for companies were also discussed, together with support for energy-related production chains, in line with the Commission’s guidelines. 

    The European Commission’s visit was brought to a close with a meeting at the National Cybersecurity Agency this afternoon, to discuss both the measure regarding activation of an integrated network of cyber risk management and mitigation services to support the public administration and Italian industry, and the one linked to an operational plan for monitoring activities for the adoption of security measures in accordance with applicable legislation.

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  • MIL-OSI USA: Sarbanes Statement on Oxi Day

    Source: United States House of Representatives – Congressman John Sarbanes (3rd District of Maryland)

    WASHINGTON, D.C. – Today, on Oxi Day, Congressional Hellenic Caucus Member Congressman John Sarbanes (MD-03) released the following statement in honor of the Greek people’s heroism in resisting the Axis invasion of Greece in World War II:

    “On this day in 1940, the people of Greece stood united in patriotism, declaring a resolute ‘Oxi!’ – ‘No!’ – to the invading Axis powers. Their extraordinary bravery and strength fortified a surge of resistance that altered the course of history and showcased the mighty spirit of a free people who did not waver in defending themselves against oppression and authoritarianism. As a proud Greek-American, I am deeply inspired by the legacy of Oxi Day and its powerful reminder of the importance of standing together to safeguard freedom and democracy, both at home and abroad.”

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  • MIL-OSI Security: Smithfield Man Sentenced to 25 Years for Sex Trafficking a Minor

    Source: Office of United States Attorneys

    WILMINGTON, N.C. – A Smithfield man was sentenced to 300 months in prison, followed by 25 years of supervised release, for sex trafficking by force, fraud or coercion. On July 23, 2024, Jarel Antonio Rayford, age 29, pled guilty to the charge.

    According to court documents and other information presented in court, Rayford prostituted a 17-year-old minor over the course of several months in 2021. He also took multiple sexually explicit images of her and posted them in online advertisements to sell her in prostitution. Rayford knew the victim was just seventeen and was also in a very vulnerable position, which he took advantage of to continue trafficking her. Additionally, Rayford used physical and emotional abuse to control the minor victim.

    “We have launched two Human Trafficking Task Forces to expose and prosecute anyone who exploits North Carolina’s kids for sex or forced labor,” said U.S. Attorney Michael F. Easley, Jr.  “Our victim-centric approach focuses on stabilizing victims, getting them resources, and helping them through the court process. If you have a tip about trafficking, text 233733 today.”

    Michael F. Easley, Jr., U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by Chief U.S. District Judge Richard E. Myers II. The Raleigh Police Department and the Department of Homeland Security – Homeland Security Investigations investigated the cases, and Assistant U.S. Attorneys Erin Blondel and Casey L. Peaden prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5:24-CR-00021-M.

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