Category: Statistics

MIL-OSI Asia-Pac: Sep retail sales drop 6.9%

Source: Hong Kong Information Services

The value of total retail sales in September, provisionally estimated at $29.6 billion, decreased 6.9% compared with the same month in 2023, the Census & Statistics Department announced today.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 8.7% lower year-on-year.

Of the total retail sales value in September, online sales accounted for 10.4%. Provisionally estimated at $3.1 billion, the value of online retail sales decreased 11.8% compared with a year earlier.

The value of sales of commodities in supermarkets dropped 1.1% in September year-on-year.

There were also declines in sales in the following categories: electrical goods and other consumer durable goods not elsewhere classified (-7.6%); jewellery, watches and clocks, and valuable gifts (-17.9%); food, alcoholic drinks and tobacco (-3.2%); wearing apparel (-8.7%); medicines and cosmetics (-2.5%); commodities in department stores (-11.4%); motor vehicles and parts (-26.7%); fuels (-8.6%); furniture and fixtures (-14.4%); footwear, allied products and other clothing accessories (-3.8%); Chinese drugs and herbs (-17.7%); and optical shops (-10.6%).

By contrast, the value of other consumer goods not elsewhere classified increased by 2.9% in September over a year earlier. Sales of books, newspapers, stationery and gifts rose 20.3%.

The Government said that the near-term performance of the retail sector will still be affected by the change in consumption patterns of residents and visitors.

Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, will be conducive to boosting sentiment and supporting spending.

In addition, the central government’s various measures benefitting Hong Kong, the Hong Kong Special Administrative Region Government’s various initiatives to boost market sentiment and increasing employment earnings will also benefit the retail sector.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Europe: ECB publishes consolidated banking data for end-June 2024
Source: European Central Bank

31 October 2024

Chart 1

Total assets of credit institutions headquartered in the EU

(EUR billions)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate of total assets of credit institutions headquartered in the EU

Chart 2

Non-performing loans ratio of credit institutions headquartered in the EU

(EUR billions; percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate non-performing loans ratio of credit institutions headquartered in the EU

Chart 3

Return on equity of credit institutions headquartered in the EU in June 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate return on equity of credit institutions headquartered in the EU

Chart 4

Common Equity Tier 1 ratio of credit institutions headquartered in the EU in June 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate Common Equity Tier 1 ratio of credit institutions headquartered in the EU

The European Central Bank (ECB) has published consolidated banking data as at end-June 2024, a dataset for the EU banking system compiled on a group consolidated basis.

The quarterly data provide information required to analyse the EU banking sector and comprise a subset of the information that is available in the year-end dataset. The data cover 344 banking groups and 2374 stand-alone credit institutions and non-EU controlled subsidiaries and branches operating in the EU, accounting for nearly 100% of the EU banking sector’s balance sheet. They include an extensive range of indicators on profitability and efficiency, balance sheet composition, liquidity and funding, asset quality, asset encumbrance, capital adequacy and solvency. Aggregates and indicators are published for the reporting population.

Reporters generally apply International Financial Reporting Standards and the European Banking Authority’s Implementing Technical Standards on Supervisory Reporting. However, some small and medium-sized reporters may apply national accounting standards. Accordingly, aggregates and indicators may include some data that are based on national accounting standards, depending on the availability of the underlying items.

In addition to data as at end-June 2024, the published figures also include a few revisions to past data.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 5482.

Notes
- These consolidated banking data are available in the ECB Data Portal.
- More information about the methodology used to compile the data is available on the ECB’s website.
- Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions.
MIL OSI Europe News –
January 25, 2025
MIL-OSI Global: Alzheimer’s treatment donanemab is not a ‘miracle drug’ – not providing it on the NHS is the right choice

Source: The Conversation – UK – By Ian Maidment, Professor in Clinical Pharmacy, Aston University

There was frustration in some corners of the media when it was announced that a new drug to slow the progression of Alzheimer’s was not going to be made available on the NHS.

Alzheimer’s wonder drug blocked on NHS over cost, a Telegraph headline ran. The Daily Mail went with: Alzheimer’s ‘wonder’ drug will be blocked by NHS from TODAY due to cost.

In late August, the UK’s National Institute for Health and Care Excellence (Nice), which provides clinical guidance for the NHS, rejected another Alzheimer’s treatment called lecanemab. The media response at that time was similar.

One million people in the UK have dementia, and this figure is expected to rise to 1.4 million by 2040. We have no drugs that slow the disease progression – so-called “disease-modifying drugs” – for this mind-robbing disease, only drugs to treat symptoms. It is clear that we need new drugs, so has Nice made the wrong decision?

Let’s dig a bit more into the rationale for Nice’s decision.

The “wonder” drug (or “miracle drug”) that some newspapers referred to is donanemab, an antibody that latches onto amyloid plaques in the brain and removes them. These plaques are the hallmarks of Alzheimer’s, but it is not known if they are the cause of Alzheimer’s or a consequence of it. (Some people have an abundance of these plaques but no Alzheimer’s.)

At the end of October, Nice declined to approve this drug for use on the NHS for treating early-stage Alzheimer’s disease. This was despite the UK’s drugs regulator, the Medicines and Healthcare Regulatory Authority (MHRA) approving donanemab.

How can we explain the different decisions of the two public bodies? And which one was right?

We can understand the decisions in the context of the different roles of the MHRA and Nice. Essentially, the MHRA reviews the scientific evidence and decides whether the drug is safe and effective. It aims to assess whether the benefits outweigh the risks. If they do, then the drug is approved for use in the UK.

Nice focuses on developing guidelines to support the adoption of new treatments, while considering value for money for the taxpayer alongside safety and effectiveness.

We don’t know how much donanemab will cost in the UK. In the US, the list price is £25,000 per patient per year. It is thought that about 70,000 people in the UK would be eligible for treatment with donanemab.

These drugs, donanemab and lecanemab, are given by infusion every two or four weeks and there are additional costs related to this and the monitoring needed.

To successfully treat patients in the very early stages of Alzheimer’s, these people first need to be identified. So new specialist diagnostic clinics would need to be created to test and confirm potential underlying disease. This might include genetic tests and lumbar puncture tests (to look for elevated amyloid in spinal fluid).

The drug infusions need to be started in specialist clinics with trained staff and facilities available for routine administration. This will all potentially increase the medication management burden on the patient and any family carer, which already can be difficult.

Nice concluded that donanemab slows the rate of decline in symptoms, but is not a cure. We don’t know enough about the long-term effects or the cost-effectiveness of this treatment. Nice consulted various expert groups on how well donanemab works, and the consensus was that it is modest at best.

The main outcome measurement used in the clinical trial was the integrated Alzheimer’s disease rating scale at 76 weeks. The scale, which measures both cognition and daily functioning, ranges from 0 to 144. A meaningful change is considered to be five points for people with Alzheimer’s who have mild cognitive impairment and nine points for people with Alzheimer’s who have mild dementia.

The change in the scale from the start of the trial to 76 weeks was −10.19 in patients receiving donanemab compared with −13.11 in patients receiving a placebo. This difference of 2.92 is less than what is considered to be a meaningful change for patients. Given this, donanemab is certainly not a “wonder” drug or a “miracle” drug, and describing it as such may give false hope to vulnerable people with dementia and their family carers.

Substantial side-effects

The side-effect burden of donanemab is substantial and like all new drugs, more side-effects may be identified when it is used in day-to-day practice. One particular concern is swelling and bleeding on the brain.

In human trials, brain swelling and bleeds occurred in 37% of patients on donanemab compared with 15% on the placebo. Overall, 13% of patients on donanemab stopped treatment because of the side-effects compared with 4% on placebo. Although the consequences are generally mild, it can lead to serious problems, such as seizures.

Hypersensitivity reactions, including swelling of the lips, face, tongue, throat and other parts of the body and breathing difficulties, are also a risk.

Many families in the UK have been touched by Alzheimer’s and fully understand the need for effective care. For families, one clear need is social care and support. Government after government has identified the need to invest in and reform social care. This, rather than spending money on drugs of questionable benefit, needs to be the priority.

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

– ref. Alzheimer’s treatment donanemab is not a ‘miracle drug’ – not providing it on the NHS is the right choice – https://theconversation.com/alzheimers-treatment-donanemab-is-not-a-miracle-drug-not-providing-it-on-the-nhs-is-the-right-choice-242147

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI China: US applies double standards on nuclear issue: Defense Spokesperson 2024-10-31 “On the nuclear issue, the US has long been holding a “flashlight” only to check on the behaviors of others but not itself,” said Senior Colonel Zhang Xiaogang, a spokesperson for China’s Ministry of National Defense, at a press conference on Thursday.
Source: People’s Republic of China – Ministry of National Defense 2
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MIL OSI China News –
January 25, 2025
MIL-OSI New Zealand: Infrastructure Sector – Research shows ways to improve our stewardship of infrastructure

Source: New Zealand Infrastructure Commission

Whether it is leaky pipes or potholes or cities struggling under demands for growth, New Zealanders will have seen how important it is to look after and plan for infrastructure. A new report from the New Zealand Infrastructure Commission, Te Waihanga speaks to this need, finding ways we can do better in managing our infrastructure.

The Taking care of tomorrow today: Asset Management State of Play report is a high-level snapshot of New Zealand’s approaches to asset management. It incorporates the findings of independent asset management experts as well as expertise and observations from Te Waihanga.

Te Waihanga Chief Executive Geoff Cooper says New Zealand’s most formidable challenge is looking after the assets we already have. On this score, the report shows New Zealand is currently sitting at a ‘pass’, but only just.

“We have inherited $287 billion worth of infrastructure from past generations. But this comes with the obligation of stewardship. The goal should be to proudly hand infrastructure to future generations as a benefit, not a burden. This report highlights some of the challenges to this aspiration, and how we can improve.”

“Like calendars and to-do lists in our daily lives, following strong plans and processes is central to the task,” Cooper says. “These are efforts that must become business-as-usual; sustained, not over weeks and months, but over years and decades.

Cooper points to a lack of progress in many sectors over the past 10 years. And while mature processes don’t necessarily guarantee good asset management outcomes, they certainly increase the likelihood of these.

“When it comes to our public infrastructure, good stewardship should be largely unequivocal and uncontested; simply part of the furniture. Cooper says. “This includes making sure that what we spend on ‘new’ infrastructure versus ‘renewals’ means we are getting the best value for our dollar.”

Earlier research by Te Waihanga has highlighted that for every $10 spent on building infrastructure, $6 should be spent renewing existing assets and $4 spent on building new.

The Taking care of tomorrow today report says that we don’t generally have the resourcing and capability needed to support good all-of-life decision-making, and there is opportunity to grow leadership and governance over asset management across most sectors.

“There’s a need to make sure that the fees and charges funding maintenance keep pace with rising costs. Without this, the funding gap will grow, compromising the quality of infrastructure services we all rely so heavily on.”

Improvement comes through building committed teams and leaders, the report says. It found pockets of excellence that reveal common characteristics: passionate, high-performing asset management teams; representation around the executive table; and funding that is prioritised, or even ringfenced.

“We need to create an environment where we can build out these pockets of excellence and set durable, persistent standards across the infrastructure system,” Cooper says. “This will ultimately improve value for money and allow us to start making progress against our infrastructure deficit”

He points to an example of good asset management and the value this created which was seen during Cyclone Gabrielle – where it’s estimated that the $2 million invested to increase the Taradale stop-banks in Napier may have averted $2 billion in damage and almost certainly saved lives.

The report sets out eight ambitious recommendations that cover: improving governance and leadership, improving transparency, prioritising infrastructure resilience over ‘recovery’, and building asset management capacity and capability generally.

Findings from Taking care of tomorrow today: Assert Management State of Play will also be considered as Te Waihanga works to develop a National Infrastructure Plan to provide a long-term view of our infrastructure needs and priorities.

Key issues and gaps highlighted in Taking care of tomorrow today include:

– There is limited awareness of the ‘what’ and ‘why’ of asset management in many sectors. We need to look at the big picture when it comes to infrastructure. This includes everything from strategic planning and management of assets through to the day-to-day maintenance.

– Capability and capacity are the biggest constraints in improving infrastructure asset management maturity in NZ. This includes improving the resourcing and skillset of the asset management workforce, as well as the leadership and governance of the asset management system across most sectors.

– There is little transparency of infrastructure and asset management performance and planning. This includes a lack of user-friendly access to information on how infrastructure is performing and what future funding intentions are.

– There is need to better provide for renewal and maintenance of infrastructure. In some cases, funding gaps for maintenance and renewals are known, but there is not always the appetite to achieve the investment required.

– Demand planning and management needs greater focus and we can go further than a Statistics New Zealand population forecast. This could include greater understanding of demographic change, customer behaviour, demand management strategies and potential future scenarios.

– Making the most of operational programmes is a key opportunity for improvement. Organisations can usefully quantify the levels of planned versus reactive maintenance to inform more cost-effective approaches to asset management.

– System and Improvement is one of the lowest scoring functions for all sectors. This is shown in a lack of asset management maturity progress for many sectors over the last ten years.

The study contains recommendations under four key areas:

Improving governance and leadership

1. Strengthen infrastructure asset management requirements and their oversight and enforcement by the relevant system lead.

2. Require all public major infrastructure providers to have an identified and accountable governance body and/or executive lead for asset management. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.

Improving transparency in asset management practices, infrastructure performance and medium-long term funding plans.

3. Require all public major infrastructure providers to periodically undertake an independently verified asset management maturity assessment and publicly report on the results. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.

4. Require all public major infrastructure providers to publicly disclose a consistent set of asset performance measures, subject to external audit or scrutiny. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.

5. Require all public major infrastructure providers to publicly disclose a minimum core level, 10-year asset management plan, refreshed at least three-yearly, and subject to external audit or scrutiny. Other major infrastructure providers should meet this requirement especially where they are providing critical infrastructure.

Better prioritising of resilience over ‘recovery’.

6. All providers of critical infrastructure should be required to explicitly assess and appropriately prioritise infrastructure resilience through their asset management and renewals cycles in accordance with their strategic objectives. Other major infrastructure providers should be encouraged to meet this requirement.

Build asset management capacity and capability.

7. Invest in asset management training programmes and develop a clear training and professional pathway for asset managers.

8. Improve co-ordination of regional planning across infrastructure sectors, so that future demand requirements can be met.

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI USA: 2023 Irrigation and Water Management data now available
Source: US National Agricultural Statistics Service

WASHINGTON, Oct. 31, 2024 – There were 212,714 farms with 53.1 million irrigated acres, which included 81 million acre-feet of water applied in the United States, according to the 2023 Irrigation and Water Management Survey results, published today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). In 2018, the irrigation survey results showed that there were 231,474 farms with 55.9 million irrigated acres, which included 83.4 million acre-feet of water. The results show that the number of farms irrigating, the amount of land irrigated, and the total water used for irrigation decreased between 2018 and 2023.

“The 2023 Irrigation and Water Management Survey, conducted every five years, expands on the data collected in the 2022 Census of Agriculture,” said NASS Administrator Joseph L. Parsons. “This report offers detailed, comprehensive, up-to-date information specific to the agriculture industry’s use, management, and investment of water supplies and irrigation systems.”

Data highlights from the 2023 Irrigation and Water Management Survey include:
- The total amount of water used in 2023 was 81 million acre-feet, down 2.8% from 2018.
- The average acre-feet applied per acre was 1.5, which was the same as the 2018 irrigation survey. (An acre-foot is the amount of water required to cover one acre to a depth of one foot.)
- The largest portion of irrigated farmland acres in the United States was dedicated to cropland – including grain and oilseed crops, vegetables, nursery and greenhouse, and hay crops.
- Farmers irrigated 49.6 million acres of harvested cropland acres in the open in 2023.
- Ground water from on-farm wells accounted for 54% of irrigation water applied to acres in the open; the average well depth in 2023 was 241 feet.
- Ground water from on-farm wells accounted for 54% of irrigation water applied to acres in the open; the average well depth in 2023 was 241 feet.
- Five states accounted for around one-half of the irrigated acres, and more than half of all water applied – Arkansas, California, Idaho, Nebraska, and Texas.
- Equipment, in general, is one of the leading irrigation expenditures with farmers and ranchers spending $3 billion on irrigation equipment, facilities, land improvements and computer technology in 2023; energy costs for pumping well and surface water amounted to $3.3 billion.
- Irrigated area of horticulture under protection was 1.7 billion square feet in 2023. This compares with 1.5 billion square feet in 2018.
- Irrigated horticulture grown in the open was 598,980 acres in 2023. This compares with 581,936 acres in 2018.
The 2023 Irrigation and Water Management Survey followed up with approximately 35,000 producers who indicated in the 2022 Census of Agriculture that they irrigated or had irrigation equipment. Producers provided information on water sources and amount of water used; acres irrigated by type of system; irrigation use by crop; and system investments and energy costs.

“The 2023 Irrigation and Water Management Survey data provide valuable information that producers, farm organizations, businesses, state departments of agriculture, elected representatives and legislative bodies at all levels of government can use to make agriculture water use more efficient,” said Parsons. “From comparing water use by application methods or appraising water use trends to developing improved technologies or federal programs, these data are crucial to the industry.”

To access the results of the 2023 Irrigation and Water Management Survey, visit nass.usda.gov/AgCensus or view in NASS’s online Quick Stats database.

MIL OSI USA News –
January 25, 2025
MIL-OSI Global: Recruiting the world’s first disabled astronaut doesn’t mean space travel is inclusive – here’s how to change that

Source: The Conversation – UK – By Sean Cullen, Lecturer in Engineering Manufacturing, College of Engineering, Design and Physical Sciences, Brunel University of London

In the past, spaceflight was the preserve of government-funded astronauts who had to meet stringent physical, cognitive, psychological and social requirements for selection. But in recent years, that has all been changing.

In September 2024, two non-professional astronauts completed the first privately funded spacewalk, using the Crew Dragon spacecraft built by Elon Musk’s company SpaceX. Meanwhile, Houston-based private company Axiom Space is conducting regular flights to the International Space Station (ISS), carrying a mixture of government-funded astronauts and paying customers.

In the last few years, nearly 100 people have become private astronauts through the space tourism companies Blue Origin, operated by Jeff Bezos and Virgin Galactic, by Sir Richard Branson. While the price of a seat on these vehicles remains out of reach for most of us, prices are expected to drop as more players enter the market.

Despite the rapid growth in the number of space travellers, underrepresented population groups are still left behind, particularly those with disabilities. So how can space agencies and “space tourism” companies make spaceflight more inclusive for disabled astronauts?

The European Space Agency (Esa) recently recruited John McFall, who lost his right leg aged 19, as the world’s first disabled astronaut. McFall, who is a surgeon and former paralympic sprinter, will participate in a feasibility study to improve understanding of, and overcome, the barriers that spaceflight presents for astronauts with physical disabilities.

Esa’s most recent selection of astronauts was entirely of white European background, showing how far things still have to go. But its move to recruit McFall marked a significant milestone towards a more inclusive approach to spaceflight.

Designing effective systems for the inclusion of disabled people is a longstanding challenge on Earth – and space presents a whole new paradigm. The very specific demands of spaceflight mean we can’t assume that traditional adjustments and assistive technology will work beyond Earth’s atmosphere. So, making spaceflight more inclusive requires looking at each step of going into space.

Astronaut training is a complex process, designed to simulate the space environment and enable candidates to perform well under a variety of conditions they may encounter in orbit. But in many cases, the training facilities are not well designed for individuals with physical or sensory impairments.

For example, in order to get on the plane that flies in an arc to simulate microgravity (colloquially referred to as the “vomit comet”), astronauts must climb a set of stairs, which presents a hurdle to anyone with a mobility impairment. Ironically, impairments that restrict the use of stairs on Earth might be much less of a restriction once in space.

Spacecraft and space suit design will be another key focus. The space suits onboard the ISS were originally designed with male astronauts in mind, meaning that female astronauts have to “make do” with what is there. This has caused challenges as the number of female astronauts has risen.

Older spacesuits were designed with male astronauts in mind.
Nasa / Mike Hopkins

In 2019, Nasa had to postpone the first all-female spacewalk because the torso of a space suit was too large for one of the spacewalkers. The Moon suit developed by Axiom Space in collaboration with Italian fashion house Prada is a step towards inclusivity, with anthropomorphic sizing to accommodate a wide range of crew members. Yet, future disabled astronauts might still encounter challenges if they have differences in their limbs or impairments to their dexterity.

Interestingly, the new SpaceX Extra Vehicular Activity (EVA) suits have something called “embedded modularity” – each section of the suit is customised to the intended astronaut, and all sections fit together. While intended to help with joint positioning, these suits present a unique opportunity to support disabled astronauts with limb differences.

Inclusive suits could include a single fixed leg portion for individuals with paralysis, and removable parts for those with limb differences. Haptic gloves could provide tactile feedback through the space suit for astronauts with limb differences.

For individuals with visual impairments, incorporating augmented reality (AR) heads-up displays (transparent displays that show the user data overlaid over their environment) and AI-powered image-to-voice software that can translate purely visual information into audio explanations could make a huge difference.

Technological support similar to the app “Be My Eyes”, pairing sighted assistants with visually impaired people to help explain their environment, could also find uses in spacesuits.

Exercise equipment need adjustments to allow them to be used by disabled astronauts.
NASA

Thriving in space

An often overlooked part of astronaut life is maintaining physical fitness through intensive exercise regimes. Exercise is required because both muscle and bone waste away quickly in microgravity – but the fitness equipment aboard the ISS, such as the treadmill and bike, is difficult to adapt for disabled people. Both require use of both feet to operate.

Re-engineering the systems for exercise, eating, working, going to the toilet and other essential activities is critical for enabling disabled astronauts to thrive in space.

Assistive technologies that could be used inside a spacecraft, as opposed to within a spacesuit, are continually evolving and taking many forms. As such, there are always opportunities to improve the environment on a space mission to make it more inclusive for disabled astronauts.

Examples could include virtual reality (VR) for use in ground training, smart prosthetics that enable the completion of complex tasks, and computer vision with AI guiding visually impaired astronauts.

Policies implemented by space agencies have traditionally been exclusionary, focusing on able-bodied individuals and ignoring the potential of those who are different. And while some space agencies are establishing advisory committees and promoting diversity, this work is often limited to narrow purposes within these agencies.

Despite the UK and many other countries having specific laws to reduce discrimination in the workplace, the international nature of the space sector can cause difficulty. For this reason, policies mandating inclusion and equity across the space sector are crucial. Most importantly, space agencies should ensure adequate funding and resources to support any inclusion initiatives and work with disability advocacy groups.

Often, the root causes of inclusion barriers are a lack of understanding or awareness of disabilities. In many cases, consulting and involving disabled people in decision-making processes reduces these barriers. It is essential the space sector recruits individuals from diverse backgrounds to begin with.

Although the concept of “diversity quotas” has historically been divisive, the first place to start is to understand the diversity both of current and potential space travellers. Publicising diversity statistics can help hold agencies accountable, and encourage initiatives aimed at greater inclusion.

There remains a lot to do, but with a collaborative approach, the new commercial space race could act as a shining example to the rest of the world in its approach to disability.

Sean Cullen receives funding from the Engineering Design and Physical Sciences Research Council (EPSRC). This project specifically was funded through the Brunel Research Interdisciplinary Lab (BRIL). He is affiliated with the Space 4 All community.

Ezgi Merdin Uygur receives funding from the Marketing Trust and the British Academy / Leverhulme.

Vanja Garaj currently receives funding from Engineering and Physical Sciences Research Council (EPSRC), Science and Technology Facilities Council (STFC) and Research England.

– ref. Recruiting the world’s first disabled astronaut doesn’t mean space travel is inclusive – here’s how to change that – https://theconversation.com/recruiting-the-worlds-first-disabled-astronaut-doesnt-mean-space-travel-is-inclusive-heres-how-to-change-that-242397

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Video: In Lebanon, more than 2,000 dead and 800,000 forced to flee in recent weeks as shelling continues

Source: United Nations (Video News)

In Lebanon, more than 2,000 people have died and 800,000 have been forced to flee in recent weeks as shelling continues, the Spokesperson for the United Nations Interim Mission in Lebanon (UNIFIL) says. Briefing reporters in New York from Beirut, Andrea Tenenti points out that statistics cannot convey the human toll of the conflict. Peacekeepers have been targeted by attacks from the Israeli Defense Forces (IDF), and actions by the IDF and Hezbollah put the blue helmets in danger, he adds.

https://www.youtube.com/watch?v=-ONk99AUd_k

MIL OSI Video –

January 25, 2025
MIL-OSI USA: NEWS RELEASE: SEPTEMBER 2024 VISITOR ARRIVALS RECOVERED 96.1 PERCENT COMPARED TO PRE-PANDEMIC SEPTEMBER 2019
Source: US State of Hawaii

NEWS RELEASE: SEPTEMBER 2024 VISITOR ARRIVALS RECOVERED 96.1 PERCENT COMPARED TO PRE-PANDEMIC SEPTEMBER 2019

Posted on Oct 31, 2024 in Latest Department News, Newsroom

DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

RESEARCH AND ECONOMIC ANALYSIS DIVISION

JOSH GREEN, M.D.
GOVERNOR

JAMES KUNANE TOKIOKA

DIRECTOR
1. EUGENE TIAN
  CHIEF STATE ECONOMIST
FOR IMMEDIATE RELEASE

October 31, 2024

SEPTEMBER 2024 VISITOR ARRIVALS RECOVERED 96.1 PERCENT COMPARED TO PRE-PANDEMIC SEPTEMBER 2019

HONOLULU – Total visitor arrivals in September 2024 represent a 96.1 percent recovery from pre-pandemic September 2019, the best recovery rate since the Maui wildfires (not including February 2024, which had a leap day). Total nominal visitor spending increased 16.3 percent compared to September 2019. According to preliminary statistics from the Department of Business, Economic Development and Tourism (DBEDT), there were 707,486 visitors to the Hawaiian Islands in September 2024, up 7.8 percent from the same month last year. Total visitor spending measured in nominal dollars was $1.45 billion, growth of 4.6 percent from September 2023.

In September 2024, 688,831 visitors arrived by air service, mainly from the U.S. West and U.S. East. Additionally, 18,655 visitors arrived via out-of-state cruise ships. In comparison, 648,145 visitors (+6.3%) arrived by air and 8,143 visitors (+129.1%) came by cruise ships in September 2023, and 718,042 visitors (-4.1%) came by air and 18,114 visitors (+3.0%) came by cruise ships in September 2019.

The average length of stay by all visitors in September 2024 was 8.23 days, which was shorter than September 2023 (8.61 days, -4.4%) and September 2019 (8.40 days, -2.0%). The statewide average daily census was 194,156 visitors in September 2024, compared to 188,319 visitors (+3.1%) in September 2023 and 206,169 visitors (-5.8%) in September 2019.

In September 2024, 359,688 visitors arrived from the U.S. West, an increase from September 2023 (329,347 visitors, +9.2%) and September 2019 (305,808 visitors, +17.6%). U.S. West visitor spending of $663.6 million grew compared to September 2023 ($604.5 million, +9.8%) and was considerably higher than September 2019 ($466.0 million, +42.4%). Daily spending by U.S. West visitors in September 2024 ($228 per person) increased compared to September 2023 ($223 per person, +2.3%) and was significantly more than September 2019 ($179 per person, +27.5%).

In September 2024, 160,299 visitors arrived from the U.S. East, up from September 2023 (153,737 visitors, +4.3%) and from September 2019 (133,185 visitors, +20.4%). U.S. East visitor spending of $408.9 million increased compared to September 2023 ($404.5 million, +1.1%) and September 2019 ($288.9 million, +41.5%). Daily spending by U.S. East visitors in September 2024 ($274 per person) was slightly less than September 2023 ($275 per person,
-0.3%) but was much higher than September 2019 ($229 per person, +19.8%).

There were 64,940 visitors from Japan in September 2024, which was a slight increase from September 2023 (64,580 visitors, +0.6%) but continued to be much lower than September 2019 (143,928 visitors, -54.9%). Visitors from Japan spent $96.2 million in September 2024, compared to $101.3 million (-5.0%) in September 2023 and $196.5 million (-51.0%) in September 2019. Daily spending by Japanese visitors in September 2024 ($240 per person) decreased compared to September 2023 ($243 per person, -1.2%) but was higher than September 2019 ($231 per person, +3.8%).

In September 2024, 19,188 visitors arrived from Canada, an increase from September 2023 (18,647 visitors, +2.9%), but a decline compared to September 2019 (21,928 visitors, -12.5%). Visitors from Canada spent $43.6 million in September 2024, compared to $48.1 million (-9.3%) in September 2023 and $40.5 million (+7.6%) in September 2019. Daily spending by Canadian visitors in September 2024 ($236 per person) was similar to September 2023 ($236 per person, +0.2%) and was considerably more than September 2019 ($159 per person, +48.8%).

There were 84,717 visitors from all other international markets in September 2024, comprising visitors from Oceania, Other Asia, Europe, Latin America, Guam, the Philippines, the Pacific Islands and other regions. In comparison, there were 81,833 visitors (+3.5%) from all other international markets in September 2023 and 113,192 visitors (-25.2%) in September 2019.

Air capacity to the Hawaiian Islands in September 2024 (4,476 transpacific flights with 990,746 seats) increased compared to September 2023 (4,376 flights, +2.3% with 963,916 seats, +2.8%), but declined from September 2019 (4,533 flights, -1.3% with 1,012,883 seats, -2.2%).

VIEW FULL NEWS RELEASE AND TABLES

Statement by DBEDT Director James Kunane Tokioka

The leading contributor to the September 2024 tourism industry performance was the U.S. market with 519,987 visitors and registered as the second highest September visitor count on record (the highest September number occurred in 2022 with 566,189 visitors). The September 2024 U.S. visitor count was 18.4 percent higher than the same month in 2019. For the first nine months of 2024, the U.S. visitor count was 6.0 percent higher than the same period in 2019.

The rebound of Hawai‘i’s cruise industry, which has surpassed pre-pandemic 2019 levels, was also a contributing factor in September’s performance. Nine out-of-state cruise ships brought 18,655 visitors to the islands in September 2024, more than double the number of visitors who came by cruise ships in September 2023 and 3.0 percent higher than September 2019. For the first nine months of 2024, there were 58 arrivals from out-of-state cruise ships that carried more than 106,000 visitors, a growth of 11.5 percent compared to year-to-date 2019.

Current airlift and travel agency bookings data indicate that the U.S. market will still be leading Hawai‘i’s tourism recovery in the future months. We expect that the foreign exchange rate will be more favorable to foreign visitors and the international market will improve in the near future. During the first nine months of 2024, the recovery of foreign visitors was at 63.6 percent, while Japanese visitor recovery was at 44.5 percent.

# # #

Media Contacts:

Laci Goshi

Department of Business, Economic Development and Tourism

808-518-5480

[email protected]

Jennifer Chun

Director of Tourism Research

Department of Business, Economic Development and Tourism

808-973-9446

[email protected]

MIL OSI USA News –
January 25, 2025
MIL-OSI Europe: Written question – Reliable statistics on homelessness and potential solutions for homeless people – E-001980/2024

Source: European Parliament

Question for written answer E-001980/2024/rev.1
to the Commission
Rule 144
Gabriela Firea (S&D)

As we approach the cold season, the issue of homelessness and the pinpointing of potential solutions to improve their situation are back on the agenda. Official statistics showed in 2022 that almost one in ten people in the EU spent over 40 % of their income on housing. The groups most at risk of homelessness due to a lack of access to housing are families with children and single-parent households. On top of this, overcrowding, mould, damp, exposure to pollution and poor sanitary conditions are an increasing cause for concern when assessing housing conditions themselves.

What strategy does the Commission have for working in cooperation with the Member States to improve the gathering of statistics on the number of homeless people – especially in big cities, where they are concentrated – so as to facilitate the pinpointing of viable solutions?

Submitted: 8.10.2024

Last updated: 31 October 2024

MIL OSI Europe News –

January 25, 2025
MIL-OSI USA: Neal Statement on September 2024 Jobs Report

Source: United States House of Representatives – Congressman Richard Neal (D-MA)

Ways and Means Committee Ranking Member Richard E. Neal (D-MA) released the following statement on the U.S. Bureau of Labor Statistics (BLS) September 2024 jobs report:

“In under four years, President Biden, Vice President Harris, and Congressional Democrats have changed the course of history. Another 254,000 jobs were created last month, beating expectations, and proving the resilience of our economy. Their leadership was instrumental in reopening the ports and securing a tentative agreement—no administration has had the backs of workers like this one.

“Together, Democrats put people back to work at a record rate, lowered gas prices and stamped out inflation, raised wages and ushered in a new era for collective bargaining, all while proving the naysayers wrong. When critics sounded the alarm of a boogeyman recession and Republicans embraced a do-nothing agenda centered around chaos, conspiracies, and cuts, Democrats stayed the course and put the American worker first. The results speak volumes.

“Trump will sacrifice all of this and more to give his own ilk another massive tax cut. We’ve come too far to let the delusion of trickle-down economics and danger of Project 2025 ruin our progress. We know what works to grow the economy and put money back into the pockets of working people. It starts with basic workplace supports like affordable child care and universal paid leave. Policy focused on tax relief and expanding access to health care for the middle class. Policy focused on people, not politics. That’s exactly how Ways and Means Democrats will unlock opportunity and continue delivering for our workers and families.”

###

MIL OSI USA News –

January 25, 2025
MIL-OSI Economics: ECB publishes consolidated banking data for end-June 2024
Source: European Central Bank

31 October 2024

Chart 1

Total assets of credit institutions headquartered in the EU

(EUR billions)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate of total assets of credit institutions headquartered in the EU

Chart 2

Non-performing loans ratio of credit institutions headquartered in the EU

(EUR billions; percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate non-performing loans ratio of credit institutions headquartered in the EU

Chart 3

Return on equity of credit institutions headquartered in the EU in June 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate return on equity of credit institutions headquartered in the EU

Chart 4

Common Equity Tier 1 ratio of credit institutions headquartered in the EU in June 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate Common Equity Tier 1 ratio of credit institutions headquartered in the EU

The European Central Bank (ECB) has published consolidated banking data as at end-June 2024, a dataset for the EU banking system compiled on a group consolidated basis.

The quarterly data provide information required to analyse the EU banking sector and comprise a subset of the information that is available in the year-end dataset. The data cover 344 banking groups and 2374 stand-alone credit institutions and non-EU controlled subsidiaries and branches operating in the EU, accounting for nearly 100% of the EU banking sector’s balance sheet. They include an extensive range of indicators on profitability and efficiency, balance sheet composition, liquidity and funding, asset quality, asset encumbrance, capital adequacy and solvency. Aggregates and indicators are published for the reporting population.

Reporters generally apply International Financial Reporting Standards and the European Banking Authority’s Implementing Technical Standards on Supervisory Reporting. However, some small and medium-sized reporters may apply national accounting standards. Accordingly, aggregates and indicators may include some data that are based on national accounting standards, depending on the availability of the underlying items.

In addition to data as at end-June 2024, the published figures also include a few revisions to past data.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 5482.

Notes

These consolidated banking data are available in the ECB Data Portal.

More information about the methodology used to compile the data is available on the ECB’s website.

Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions.
MIL OSI Economics –
January 25, 2025
MIL-OSI Africa: African health ministers, delegates adopt declaration on climate change and health

Source: Africa Press Organisation – English (2) – Report:

HARARE, Zimbabwe, October 31, 2024/APO Group/ —

Health ministers and delegates from 20 African countries today adopted a landmark declaration to enhance climate resilience within health systems and address the profound health impacts of climate change on the continent.

The Harare Declaration, endorsed during the first Climate and Health Africa Conference (CHAC), calls for immediate and collaborative action from a wide array of stakeholders—including governments, academic institutions, funding agencies and civil society—to combat the detrimental health effects of climate change and improve the well-being of African populations.

Speaking at the official opening of the conference, President Emmerson Mnangagwa of Zimbabwe said, “Climate change is not merely an environmental disaster. It is a public health emergency and I firmly believe the recommendations from this conference will pave the way for a healthier and more sustainable continent, where no one and no place is left behind”.

The declaration which aligns with the newly WHO adopted framework for building climate-resilient and sustainable health systems in the African region, was endorsed by health ministers and representatives from countries engaged in the WHO-led Alliance for Transformative Action on Climate and Health Initiative (ATACH) and over 500 participants at CHAC.

“Our region deals with multiple climate-induced emergencies every year. Ensuring health systems resilience is key. I applaud the commitments taken by health policy makers to build climate-resilient health systems that can adapt to and mitigate the impacts of climate change,” said Dr Matshidiso Moeti, WHO Regional Director for Africa.

Africa faces an escalating burden of climate-sensitive diseases, with increasing transmission of vector- and waterborne illnesses. Recent statistics reveal a 14% rise in malaria transmissions in 2023, potentially putting an additional 147-171 million people at risk by 2030. Additionally, 18 African countries reported cholera outbreaks linked to natural disasters, contributing to a staggering 836 600 cases between January 2023 and March 2024, alongside widespread malnutrition and population displacement.

Recognizing the disproportionate burden of climate-related health risks faced by African populations, the declaration presents a comprehensive strategy to address these challenges. It emphasizes the need to strengthen research and knowledge generation by investing in studies that assess the specific impacts of climate change on health in Africa and identify effective interventions. Enhancing policy and decision-making is also crucial by integrating climate change considerations into national health policies and strategies to ensure that health is prioritized in climate action plans.

The declaration also highlights the importance of improving surveillance and early warning systems to track climate-related health risks, enabling timely and effective responses.

Additionally, it calls for building climate-resilient health systems by enhancing the capacity of health infrastructures to adapt to and mitigate the impacts of climate change, including through necessary upgrades and workforce training.

During CHAC, the WHO Regional Office for Africa, in collaboration with the Wellcome Trust, hosted a high-level meeting to promote collaboration among health and climate stakeholders. The meeting was an opportunity to evaluate countries implementation of past Conference of the Parties (COP) commitments and define a roadmap for climate and health in Africa.

With support from WHO, 29 African countries have joined ATACH, signaling dedication to safeguarding the health and well-being of their population. The WHO-Wellcome Trust side event provided delegates with a platform to discuss actionable strategies for integrating health priorities into global climate frameworks and strengthening inter-ministerial collaboration.

The Climate and Health Africa conference is hosted by the Centre for Sexual Health, HIV and AIDS Research (CeSHHAR) Zimbabwe in collaboration with the Zimbabwean Ministry of Environment, Climate and Wildlife, the Ministry of Health and Child Care and the WHO Regional Office for Africa amongst other partners.

MIL OSI Africa –

January 25, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q3 2024 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended September 30, 2024, or $0.45 diluted earnings per share, as compared to net income of $795 thousand, or $0.31 diluted earnings per share, for the quarter ended June 30, 2024, and $1.2 million, or $0.45 diluted earnings per share, for the quarter ended September 30, 2023. The Company also announced today that its Board of Directors declared a cash dividend on common stock of $0.19 per share, payable on November 26, 2024 to stockholders of record as of the close of business on November 12, 2024.

Comments from the President and Chief Executive Officer

“For the first time in our history, loans surpassed $900 million, and we continued to grow deposits. These production improvements came as we held operating expenses steady, demonstrating our ability to grow the Bank efficiently,” remarked Laurie Stewart, President and Chief Executive Officer. “We also completed a major upgrade to our online banking services and have received positive feedback on this from our clients,” concluded Ms. Stewart.

“Net income increased 45% from the prior quarter primarily due to the improvement in our net interest margin, which was driven by the repricing and origination of new loans at higher market rates. At the same time, funding costs increased at a slower pace, as the majority of our deposits had already been repriced. We also made progress in transitioning time deposits to savings and money market accounts, which typically carry lower rates and provide more flexibility for future repricing,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

Mr. Ochs continued, “As always, we remain focused on maintaining strong asset quality. Non-performing loans decreased from the prior quarter-end and we are actively utilizing available remedies to address the remaining problem loans.”

Q3 2024 Financial Performance
Total assets increased $26.1 million or 2.4% to $1.10 billion at September 30, 2024, from $1.07 billion at June 30, 2024, and increased $70.8 million or 6.9% from $1.03 billion at September 30, 2023.				Net interest income increased $425 thousand or 5.7% to $7.9 million for the quarter ended September 30, 2024, from $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand or 3.6% from $8.2 million for the quarter ended September 30, 2023.

				Net interest margin (“NIM”), annualized, was 2.98% for the quarter ended September 30, 2024, compared to 2.92% for the quarter ended June 30, 2024 and 3.38% for the quarter ended September 30, 2023.
Loans held-for-portfolio increased $12.5 million or 1.4% to $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024, and increased $26.3 million or 3.0% from $875.4 million at September 30, 2023.
				An $8 thousand provision for credit losses was recorded for the quarter ended September 30, 2024, compared to a $109 thousand and a $75 thousand release of provision for credit losses for the quarters ended June 30, 2024 and September 30, 2023, respectively. At September 30, 2024, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.96% at both June 30, 2024 and September 30, 2023.
Total deposits increased $23.4 million or 2.6% to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024, and increased $69.3 million or 8.1% from $860.9 million at September 30, 2023. Noninterest-bearing deposits increased $4.8 million or 3.8% to $129.7 million at September 30, 2024 compared to $124.9 million at June 30, 2024, and decreased $24.2 million or 15.7% compared to $153.9 million at September 30, 2023.
				Total noninterest income increased $73 thousand or 6.3% to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand or 14.2% compared to the quarter ended September 30, 2023.
The loans-to-deposits ratio was 97% at September 30, 2024, compared to 98% at June 30, 2024 and 102% at September 30, 2023.
				Total noninterest expense decreased $58 thousand or 0.7% to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand or 0.4% from compared to the quarter ended September 30, 2023.
Total nonperforming loans decreased $420 thousand or 4.7% to $8.5 million at September 30, 2024, from $8.9 million at June 30, 2024, and increased $6.7 million or 381.8% from $1.8 million at September 30, 2023. Nonperforming loans to total loans was 0.94% and the allowance for credit losses on loans to total nonperforming loans was 101.13% at September 30, 2024.
				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at September 30, 2024.

Operating Results

Net interest income increased $425 thousand, or 5.7%, to $7.9 million for the quarter ended September 30, 2024, compared to $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand, or 3.6%, from $8.2 million for the quarter ended September 30, 2023.The increase from the prior quarter was primarily due to a higher average yield on interest-earning assets, particularly loans receivable, and an increase in the average balances of both loans receivable and interest-earning cash. This was partially offset by a more modest rise in the cost of funds, as higher cost earnings interest-bearing deposits decreased by the end of the third quarter of 2024, limiting the growth in funding costs compared to the prior quarter. The decrease in net interest income compared to the same quarter one year ago was primarily due to higher funding costs, specifically, increased rates on and balances of money market and certificate accounts, partially offset by an increase in the average yield earned on interest-earning assets.

Interest income increased $799 thousand, or 5.7%, to $14.8 million for the quarter ended September 30, 2024, compared to $14.0 million for the quarter ended June 30, 2024, and increased $2.2 million, or 17.0%, from $12.7 million for the quarter ended September 30, 2023. The increase from the prior quarter was primarily due to a higher average balance of loans and interest-bearing cash, along with a 14 basis point increase in the average loan yield, reflecting higher rates on newly originated loans and upward adjustments to rates on existing variable rate loans. The increase in interest income compared to the same quarter last year was due primarily to higher average balances of loans and interest-bearing cash, a 41 basis point increase in the average yield on loans, a 20 basis point increase in the average yield on interest-bearing cash, and a seven basis point increase in the average yield on investments, partially offset by a decline in the average balance of investments.

Interest income on loans increased $556 thousand, or 4.5%, to $12.9 million for the quarter ended September 30, 2024, compared to $12.3 million for the quarter ended June 30, 2024, and increased $1.4 million, or 11.9%, from $11.5 million for the quarter ended September 30, 2023. The average balance of total loans was $898.6 million for the quarter ended September 30, 2024, up from $891.9 million for the quarter ended June 30, 2024 and $862.4 million for the quarter ended September 30, 2023. The average yield on total loans was 5.70% for the quarter ended September 30, 2024, up from 5.56% for the quarter ended June 30, 2024 and 5.29% for the quarter ended September 30, 2023. The increase in the average loan yield during the current quarter, compared to both the prior quarter and the third quarter of 2023, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the third quarter of 2023. The increase in the average balance during the current quarter compared to the prior quarter was primarily due to growth in commercial and multifamily loans, manufactured housing loans and consumer loans, with the growth in consumer loans coming primarily from floating home loans. This was partially offset by a decline in construction and land loans. The average balances for commercial business loans and one-to-four family loans remained relatively flat from the second quarter of 2024. The increase in the average balance of loans during the current quarter compared to the third quarter of 2023 was primarily due to loan growth across all categories, except for one-to-four family loans, construction and land loans, and commercial business loans, with the largest decrease being in construction and land loans.

Interest income on investments was $132 thousand for the quarter ended September 30, 2024, compared to $133 thousand for the quarter ended June 30, 2024, and $139 thousand for the quarter ended September 30, 2023. Interest income on interest-bearing cash increased $244 thousand to $1.8 million for the quarter ended September 30, 2024, compared to $1.6 million for the quarter ended June 30, 2024, and increased $788 thousand from $1.0 million for the quarter ended September 30, 2023. These increases were due to higher average balances of interest-bearing cash, with the increase from the same quarter in the prior year also resulting from a higher average yield.

Interest expense increased $374 thousand, or 5.7%, to $7.0 million for the quarter ended September 30, 2024, from $6.6 million for the quarter ended June 30, 2024, and increased $2.4 million, or 54.2%, from $4.5 million for the quarter ended September 30, 2023. The increase in interest expense during the current quarter from the prior quarter was primarily the result of a $38.8 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on these accounts, partially offset by a $13.9 million decrease in the average balance of certificate accounts. The increase in interest expense during the current quarter from the comparable period a year ago was primarily the result of a $9.8 million increase in the average balance of certificate accounts and a $148.1 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on all interest-bearing deposits. This was partially offset by a $46.3 million decrease in the average balance of demand and NOW accounts and a $2.8 million decrease in the average balance of FHLB advances. The average cost of deposits was 2.74% for the quarter ended September 30, 2024, up from 2.67% for the quarter ended June 30, 2024 and 1.85% for the quarter ended September 30, 2023. The average cost of FHLB advances was 4.32% for both the quarters ended September 30, 2024 and June 30, 2024, and down from 4.38% for the quarter ended September 30, 2023.

NIM (annualized) was 2.98% for the quarter ended September 30, 2024, up from 2.92% for the quarter ended June 30, 2024 and down from 3.38% for the quarter ended September 30, 2023. The increase in NIM from the prior quarter was result of an increase in interest income on interest-earning assets, partially offset by an increase in the cost of funding. The decrease in NIM from the quarter one year ago was primarily due to the cost of funding increasing at a faster pace than the yield earned on interest-earning assets, driven by the higher average balance of higher costing money market and certificate accounts.

A provision for credit losses of $8 thousand was recorded for the quarter ended September 30, 2024, consisting of a provision for credit losses on loans of $106 thousand and a release of provision for credit losses on unfunded loan commitments of $98 thousand. This compared to a release of provision for credit losses of $109 thousand for the quarter ended June 30, 2024, consisting of a release of provision for credit losses on loans of $88 thousand and a release of provision for credit losses on unfunded loan commitments of $21 thousand, and a provision for credit losses of $75 thousand for the quarter ended September 30, 2023, consisting of a provision for credit losses on loans of $224 thousand and a release of the provision for credit losses on unfunded loan commitments of$149 thousand. The increase in the provision for credit losses for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 resulted primarily from growth in the loan portfolio and higher quantitative loss rates, which were influenced by a forecast of higher unemployment, and enhancements to the loss model, including an additional qualitative adjustment related to loan review. These adjustments were partially offset by decline in the balance of the construction loan portfolio, which typically has higher loss rates, and a decrease in the qualitative risk adjustment for construction loans as projects were completed and market conditions improved. Expected loss estimates consider various factors, such as market conditions, borrower -specific information, projected delinquencies, and the impact of economic conditions on borrowers’ ability to repay.

Noninterest income increased $73 thousand, or 6.3%, to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand, or 14.2%, compared to the quarter ended September 30, 2023. The increase from the prior quarter was primarily related to a $217 thousand upward adjustment in fair value of mortgage servicing rights and a $52 thousand increase in earnings from bank-owned life insurance (“BOLI”), both influenced by fluctuating market interest rates. These gains were partially offset by a $133 thousand decrease in service charges and fee income, which was elevated in the prior quarter due to the recovery of potential future lost fee income due to vendor error. Additionally, there was a $34 thousand decrease in net gain on sale of loans, due to lower sales volume, and a $30 thousand decrease in gain on disposal of assets due to insurance claims on the loss of fully depreciated assets in second quarter of 2024. The increase in noninterest income from the comparable period in 2023 was primarily due to an $98 thousand increase in earnings on BOLI due to market rate fluctuations, and an $179 thousand increase in the fair value adjustment on mortgage servicing rights due to changes in prepayment speeds, servicing costs, and discount rate. These increases were partially offset by a $72 thousand decrease in service charges and fee income primarily due to a volume incentive paid by Mastercard in 2023, a $36 thousand decrease in net gain on sale of loans for reason similar to those noted above, and a decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than we are replacing the loans. Additionally, mortgage servicing income decreased by $15 thousand compared to the third quarter of 2023. Loans sold during the quarter ended September 30, 2024, totaled $2.4 million, compared to $4.0 million and $4.4 million of loans sold during the quarters ended June 30, 2024 and September 30, 2023, respectively.

Noninterest expense decreased $58 thousand, or 0.7%, to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand, or 0.4%, from the quarter ended September 30, 2023. The decrease from the quarter ended June 30, 2024 was primarily a result of lower a $189 thousand decrease in salaries and benefits, primarily due to lower incentive compensation accruals. This was partially offset by an $157 thousand increase in data processing expenses, largely due to a vendor reimbursement received in the previous quarter for software implementation costs. Additionally, regulatory assessments declined $31 thousand due to a lower accrual for exam costs. Compared to same quarter in 2023, the decrease in noninterest expense was primarily due to lower operations, data processing, and occupancy expenses, which were partially offset by a $321 thousand increase in salaries and benefits. Operations expenses decreased due to reduction in loan originations costs, office expenses, marketing costs, legal fees, and charitable contributions, partially offset by an operational loss from a fraudulently obtained loan charged off in the third quarter of 2024. Data processing expenses decreased due to one-time costs related to new technology implemented in 2023, while occupancy expenses decreased primarily due fully amortized leasehold improvements. The increase in salaries and benefits compared to the third quarter of 2023 reflected higher incentive compensation, medical expenses, retirement plan costs, and directors’ fees (due to the addition of a new director), partially offset by lower salaries from a restructuring of positions at the end of 2023.

Balance Sheet Review, Capital Management and Credit Quality

Assets at September 30, 2024 totaled $1.10 billion, an increase from $1.07 billion at June 30, 2024 and $1.03 billion at September 30, 2023. The increase in total assets from June 30, 2024 and one year ago was primarily due to an increase in cash and cash equivalents and in loans held-for-portfolio.

Cash and cash equivalents increased $13.8 million, or 10.2%, to $148.9 million at September 30, 2024, compared to $135.1 million at June 30, 2024, and increased $47.0 million, or 46.2%, from $101.9 million at September 30, 2023. The increase from the prior quarter and from one year ago was primarily due to the increase in deposits exceeding the increase in loans held-for-portfolio.

Investment securities increased $28 thousand, or 0.3%, to $10.2 million at September 30, 2024, compared to $10.1 million at June 30, 2024, and increased $17 thousand, or 0.2%, from $10.2 million at September 30, 2023. Held-to-maturity securities totaled $2.1 million at both September 30, 2024 and June 30, 2024, and totaled $2.2 million at September 30, 2023. Available-for-sale securities totaled $8.0 million at September 30, 2024, June 30, 2024 and September 30, 2023.

Loans held-for-portfolio were $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024 and $875.4 million at September 30, 2023. The increase from to June 30, 2024, primarily resulted from growth in one-to-four family home loans, commercial and multifamily loans, as well as manufactured home and floating home loans, partially offset by decreases in construction and land loans and home equity loans. The increase in one-to-four family home loans was primarily due to new originations exceeding prepayments during the quarter, while the increase in commercial and multifamily loans primarily resulted from conversion of construction projects to permanent financing. The increase in manufactured home loans and floating home loans relates to continued strong demand for this type of financing in our market. The decrease in construction and land loans was primarily due to project completions and reduced demand caused by higher interest rates, which limited new financing opportunities. The decrease in home equity loans reflected normal payment fluctuations. Compared to September 30, 2024, the overall increase in loans held-for-portfolio was due to sustained strong loan demand and slower prepayment activity, with increases primarily related to commercial and multifamily loans, home equity loans, manufactured home loans and floating home loans.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, decreased $420 thousand, or 4.7%, to $8.6 million at September 30, 2024, from $9.0 million at June 30, 2024 and increased $6.3 million, or 268.2%, from $2.3 million at September 30, 2023. The decrease in NPAs from June 30, 2024 was primarily due to the payoff of three loans totaling $175 thousand and one loan totaling $421 thousand returning to accrual status, partially offset by the addition of eight loans totaling $260 thousand to nonaccrual. The increase in NPAs from one year ago was primarily due to the placement of an additional $7.7 million of loans on nonaccrual status, which included a $3.7 million matured commercial real estate loan where the borrower is in the process of securing financing from another lender, a $2.4 million floating home loan, and a $985 thousand commercial real estate loan, all of which are well secured, and one manufactured home loan of $115 thousand that was repossessed in the first quarter of 2024. These additions were partially offset by the payoff of seven loans totaling $877 thousand, and normal payment amortization.

NPAs to total assets were 0.78%, 0.84% and 0.23% at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at September 30, 2024, compared to 0.96% at both June 30, 2024 and September 30, 2023. Net loan charge-offs for the third quarter of 2024 totaled $14 thousand, compared to $17 thousand for the second quarter of 2023, and $3 thousand for the third quarter of 2023.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Nonperforming Loans:
One-to-four family	$	745		$	822		$	835		$	1,108		$	1,137
Home equity loans		338			342			83			84			86
Commercial and multifamily		4,719			5,161			4,747			—			306
Construction and land		25			28			29			—			78
Manufactured homes		230			136			166			228			151
Floating homes		2,377			2,417			3,192			—			—
Commercial business		23			—			—			2,135			—
Other consumer		32			3			1			1			4
Total nonperforming loans		8,489			8,909			9,053			3,556			1,762
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			575			575			575
Manufactured homes		115			115			115			—			—
Total OREO and repossessed assets		115			115			690			575			575
Total NPAs	$	8,604		$	9,024		$	9,743		$	4,131		$	2,337

Percentage of Nonperforming Loans:
One-to-four family		8.7	%		9.1	%		8.5	%		26.9	%		48.7	%
Home equity loans		3.9			3.8			0.9			2.0			3.7
Commercial and multifamily		54.8			57.2			48.7			—			13.1
Construction and land		0.3			0.3			0.3			—			3.3
Manufactured homes		2.7			1.5			1.7			5.5			6.4
Floating homes		27.6			26.8			32.8			—			—
Commercial business		0.3			—			—			51.7			—
Other consumer		0.4			—			—			—			0.2
Total nonperforming loans		98.7			98.7			92.9			86.1			75.4
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			5.9			13.9			24.6
Manufactured homes		1.3			1.3			1.2			—			—
Total OREO and repossessed assets		1.3			1.3			7.1			13.9			24.6
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,493		$	8,598		$	8,760		$	8,438		$	8,217
(Release of) Provision for credit losses during the period		106			(88	)		(106	)		337			224
Net charge-offs during the period		(14	)		(17	)		(56	)		(15	)		(3	)
Balance at end of period	$	8,585		$	8,493		$	8,598		$	8,760		$	8,438
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	245		$	266		$	193		$	557		$	706
(Release of) Provision for credit		(98	)		(21	)		73			(364	)		(149	)
Balance at end of period		147			245			266			193			557
Allowance for Credit Losses	$	8,732		$	8,738		$	8,864		$	8,953		$	8,995
Allowance for credit losses on loans to total loans		0.95	%		0.96	%		0.96	%		0.98	%		0.96	%
Allowance for credit losses to total loans		0.97	%		0.98	%		0.99	%		1.00	%		1.03	%
Allowance for credit losses on loans to total nonperforming loans		101.13	%		95.33	%		94.97	%		246.34	%		478.89	%
Allowance for credit losses to total nonperforming loans		102.86	%		98.08	%		97.91	%		251.77	%		510.50	%

Deposits increased $23.4 million, or 2.6%, to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024 and increased $69.3 million, or 8.1%, from $860.9 million at September 30, 2023. The increase in deposits compared to the prior quarter-end was primarily a result of an increase of $17.0 million related to one new depositor relationship, as well as a $5.3 million increase in related party money market deposits. Compared to a year ago, the increase was primarily a result of an increase in certificate accounts and money market accounts, including $50.2 million of related party deposits, which helped fund organic loan growth. These increases were partially offset by decreases in noninterest-bearing and interest-bearing demand accounts and savings accounts, as interest rate sensitive clients shifted funds from lower-cost deposits, such as noninterest-bearing deposits, into higher rate money market and time deposits. Noninterest-bearing deposits increased $4.8 million, or 3.8%, to $129.7 million at September 30, 2024, compared to $124.9 million at June 30, 2024 and decreased $24.2 million, or 15.7%, from $153.9 million at September 30, 2023. Noninterest-bearing deposits represented 14.0%, 13.8% and 17.9% of total deposits at September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

FHLB advances totaled $40.0 million at each of September 30, 2024, June 30, 2024, and September 30, 2023. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at September 30, 2024 had maturities ranging from late 2024 through early 2028. Subordinated notes, net totaled $11.7 million at each of September 30, 2024, June 30, 2024 and September 30, 2023.

Stockholders’ equity totaled $102.2 million at September 30, 2024, an increase of $892 thousand, or 0.9%, from $101.3 million at June 30, 2024, and an increase of $2.0 million, or 2.0%, from $100.2 million at September 30, 2023. The increase in stockholders’ equity from June 30, 2024 was primarily the result of $1.2 million of net income earned during the current quarter and a $127 thousand decrease in accumulated other comprehensive loss, net of tax, partially offset by the payment of $487 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans; expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Quarter Ended
	September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Interest income	$	14,838	$	14,039		$	13,760		$	13,337		$	12,686
Interest expense		6,965		6,591			6,300			5,770			4,518
Net interest income		7,873		7,448			7,460			7,567			8,168
Provision for (release of) credit losses		8		(109	)		(33	)		(27	)		75
Net interest income after provision for (release of) credit losses		7,865		7,557			7,493			7,594			8,093
Noninterest income:
Service charges and fee income		628		761			612			576			700
Earnings on bank-owned life insurance		186		134			177			222			88
Mortgage servicing income		280		279			282			288			295
Fair value adjustment on mortgage servicing rights		101		(116	)		(65	)		(96	)		(78	)
Net gain on sale of loans		40		74			90			76			76
Other income		—		30			—			—			—
Total noninterest income		1,235		1,162			1,096			1,066			1,081
Noninterest expense:
Salaries and benefits		4,469		4,658			4,543			3,802			4,148
Operations		1,540		1,569			1,457			1,537			1,625
Regulatory assessments		189		220			189			198			183
Occupancy		414		397			444			458			458
Data processing		1,067		910			1,017			1,311			1,296
Net (gain) loss on OREO and repossessed assets		—		(17	)		6			—			—
Total noninterest expense		7,679		7,737			7,656			7,306			7,710
Income before provision for income taxes		1,421		982			933			1,354			1,464
Provision for income taxes		267		187			163			143			295
Net income	$	1,154	$	795		$	770		$	1,211		$	1,169

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Nine Months Ended September 30
		2024			2023
Interest income	$	42,638		$	37,273
Interest expense		19,856			10,990
Net interest income		22,782			26,283
(Release of) provision for credit losses		(134	)		(246	)
Net interest income after (release of) provision for credit losses		22,916			26,529
Noninterest income:
Service charges and fee income		2,001			1,951
Earnings on bank-owned life insurance		498			957
Mortgage servicing income		841			891
Fair value adjustment on mortgage servicing rights		(81	)		(123	)
Net gain on sale of loans		205			264
Other income		30			—
Total noninterest income		3,494			3,940
Noninterest expense:
Salaries and benefits		13,670			13,333
Operations		4,566			4,557
Regulatory assessments		598			490
Occupancy		1,255			1,352
Data processing		2,995			3,077
Net (gain) loss on OREO and repossessed assets		(10	)		13
Total noninterest expense		23,074			22,822
Income before provision for income taxes		3,336			7,647
Provision for income taxes		617			1,419
Net income	$	2,719		$	6,228

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
ASSETS
Cash and cash equivalents	$	148,930		$	135,111		$	137,977		$	49,690		$	101,890
Available-for-sale securities, at fair value		8,032			7,996			8,115			8,287			7,980
Held-to-maturity securities, at amortized cost		2,139			2,147			2,157			2,166			2,174
Loans held-for-sale		65			257			351			603			1,153
Loans held-for-portfolio		901,733			889,274			897,877			894,478			875,434
Allowance for credit losses – loans		(8,585	)		(8,493	)		(8,598	)		(8,760	)		(8,438	)
Total loans held-for-portfolio, net		893,148			880,781			889,279			885,718			866,996
Accrued interest receivable		3,705			3,413			3,617			3,452			3,415
Bank-owned life insurance, net		22,363			22,172			22,037			21,860			21,638
Other real estate owned (“OREO”) and other repossessed assets, net		115			115			690			575			575
Mortgage servicing rights, at fair value		4,665			4,540			4,612			4,632			4,681
Federal Home Loan Bank (“FHLB”) stock, at cost		2,405			2,406			2,406			2,396			2,783
Premises and equipment, net		4,807			4,906			6,685			5,240			5,204
Right-of-use assets		3,779			4,020			4,259			4,496			4,732
Other assets		6,777			6,995			4,500			6,106			6,955
TOTAL ASSETS	$	1,100,930		$	1,074,859		$	1,086,685		$	995,221		$	1,030,176
LIABILITIES
Interest-bearing deposits	$	800,480		$	781,854		$	788,217		$	699,813		$	706,954
Noninterest-bearing deposits		129,717			124,915			128,666			126,726			153,921
Total deposits		930,197			906,769			916,883			826,539			860,875
Borrowings		40,000			40,000			40,000			40,000			40,000
Accrued interest payable		908			760			719			817			588
Lease liabilities		4,079			4,328			4,576			4,821			5,065
Other liabilities		9,711			9,105			9,578			9,563			9,794
Advance payments from borrowers for taxes and insurance		2,047			812			2,209			1,110			1,909
Subordinated notes, net		11,749			11,738			11,728			11,717			11,707
TOTAL LIABILITIES		998,691			973,512			985,693			894,567			929,938
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,296			28,198			28,110			27,990			28,112
Retained earnings		74,840			74,173			73,907			73,627			73,438
Accumulated other comprehensive loss, net of tax		(922	)		(1,049	)		(1,050	)		(988	)		(1,337	)
TOTAL STOCKHOLDERS’ EQUITY		102,239			101,347			100,992			100,654			100,238
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,100,930		$	1,074,859		$	1,086,685		$	995,221		$	1,030,176

KEY FINANCIAL RATIOS
(unaudited)

	For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Annualized return on average assets		0.42	%		0.30	%		0.29	%		0.46	%		0.46	%
Annualized return on average equity		4.50	%		3.17	%		3.06	%		4.78	%		4.60	%
Annualized net interest margin⁽¹⁾		2.98	%		2.92	%		2.95	%		3.04	%		3.38	%
Annualized efficiency ratio⁽²⁾		84.31	%		89.86	%		89.48	%		84.63	%		83.36	%
_{(1) Net interest income divided by average interest earning assets.}
_{(2) Noninterest expense divided by total revenue (net interest income and noninterest income).}

PER COMMON SHARE DATA
(unaudited)

	At or For the Quarter Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Basic earnings per share	$	0.45	$	0.31	$	0.30	$	0.47	$	0.45
Diluted earnings per share	$	0.45	$	0.31	$	0.30	$	0.47	$	0.45
Weighted-average basic shares outstanding		2,544,233		2,540,538		2,539,213		2,542,175		2,553,773
Weighted-average diluted shares outstanding		2,569,368		2,559,015		2,556,958		2,560,656		2,571,808
Common shares outstanding at period-end		2,564,095		2,557,284		2,558,546		2,549,427		2,568,054
Book value per share	$	39.87	$	39.63	$	39.47	$	39.48	$	39.03

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following tables present, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	898,570		$	12,876	5.70	%	$	891,863		$	12,320	5.56	%	$	862,397		$	11,505	5.29	%
Interest-earning cash		138,240			1,830	5.27	%		120,804			1,586	5.28	%		81,616			1,042	5.07	%
Investments		13,806			132	3.80	%		13,935			133	3.84	%		14,793			139	3.73	%
Total interest-earning assets	$	1,050,616			14,838	5.62	%		1,026,602		$	14,039	5.50	%	$	958,806			12,686	5.25	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	340,281			2,688	3.14	%	$	301,454			2,115	2.82	%	$	192,214			720	1.49	%
Demand and NOW accounts		148,252			151	0.41	%		153,739			148	0.39	%		194,561			173	0.35	%
Certificate accounts		303,632			3,524	4.62	%		317,496			3,731	4.73	%		293,820			2,984	4.03	%
Subordinated notes		11,745			168	5.69	%		11,735			168	5.76	%		11,703			168	5.70	%
Borrowings		40,000			434	4.32	%		40,000			429	4.31	%		42,815			473	4.38	%
Total interest-bearing liabilities	$	843,910			6,965	3.28	%	$	824,424			6,591	3.22	%	$	735,113			4,518	2.44	%
Net interest income/spread				$	7,873	2.34	%				$	7,448	2.28	%				$	8,168	2.81	%
Net interest margin						2.98	%						2.92	%						3.38	%

Ratio of interest-earning assets to interest-bearing liabilities		124	%						125	%						130	%
Noninterest-bearing deposits	$	132,762						$	128,878						$	151,298
Total deposits		924,927		$	6,363	2.74	%		901,567		$	5,994	2.67	%		831,893		$	3,877	1.85	%
Total funding ⁽¹⁾		976,672			6,965	2.84	%		953,302			6,591	2.78	%		886,411			4,518	2.02	%
_{(1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.}

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	895,300		$	37,429	5.58	%	$	865,357		$	34,437	5.32	%
Interest-earning cash		122,194			4,832	5.28	%		70,094			2,447	4.67	%
Investments		12,607			377	3.99	%		13,962			389	3.73	%
Total interest-earning assets	$	1,030,101			42,638	5.53	%	$	949,413			37,273	5.25	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	308,845			6,669	2.88	%	$	173,319			1,197	0.92	%
Demand and NOW accounts		153,897			440	0.38	%		216,753			587	0.36	%
Certificate accounts		312,176			10,950	4.69	%		273,564			7,182	3.51	%
Subordinated notes		11,735			504	5.74	%		11,693			504	5.76	%
Borrowings		40,000			1,293	4.32	%		45,280			1,520	4.49	%
Total interest-bearing liabilities	$	826,653			19,856	3.21	%	$	720,609			10,990	2.04	%
Net interest income/spread				$	22,782	2.32	%				$	26,283	3.21	%
Net interest margin						2.95	%						3.70	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						132	%
Noninterest-bearing deposits	$	131,365						$	161,051
Total deposits		906,283		$	18,059	2.66	%		824,687		$	8,966	1.45	%
Total funding ⁽¹⁾		958,018			19,856	2.77	%		881,660			10,990	1.67	%
_{(1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.}

LOANS
(Dollars in thousands, unaudited)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Real estate loans:
One-to-four family	$	271,702		$	268,488		$	279,213		$	279,448		$	280,556
Home equity		25,199			26,185			24,380			23,073			21,313
Commercial and multifamily		358,587			342,632			324,483			315,280			304,252
Construction and land		85,724			96,962			111,726			126,758			118,619
Total real estate loans		741,212			734,267			739,802			744,559			724,740
Consumer Loans:
Manufactured homes		40,371			38,953			37,583			36,193			34,652
Floating homes		86,155			81,622			84,237			75,108			73,716
Other consumer		18,266			18,422			18,847			19,612			18,710
Total consumer loans		144,792			138,997			140,667			130,913			127,078
Commercial business loans		17,481			17,860			19,075			20,688			25,033
Total loans		903,485			891,124			899,544			896,160			876,851
Less:
Premiums		736			754			808			829			850
Deferred fees, net		(2,488	)		(2,604	)		(2,475	)		(2,511	)		(2,267	)
Allowance for credit losses – loans		(8,585	)		(8,493	)		(8,598	)		(8,760	)		(8,438	)
Total loans held-for-portfolio, net	$	893,148		$	880,781		$	889,279		$	885,718		$	866,996

DEPOSITS
(Dollars in thousands, unaudited)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Noninterest-bearing demand	$	129,717	$	124,915	$	128,666	$	126,726	$	153,921
Interest-bearing demand		148,740		152,829		159,178		168,346		185,441
Savings		61,455		63,368		65,723		69,461		76,729
Money market⁽¹⁾		285,655		253,873		241,976		154,044		143,558
Certificates		304,630		311,784		321,340		307,962		301,226
Total deposits	$	930,197	$	906,769	$	916,883	$	826,539	$	860,875
_{(1) Includes $5.0 million of brokered deposits at December 31, 2023.}

CREDIT QUALITY DATA
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total nonperforming loans	$	8,489		$	8,909		$	9,053		$	3,556		$	1,762
OREO and other repossessed assets		115			115			690			575			575
Total nonperforming assets	$	8,604		$	9,024		$	9,743		$	4,131		$	2,337
Net charge-offs during the quarter	$	(14	)	$	(17	)	$	(56	)	$	(15	)	$	(3	)
Provision for (release of) credit losses during the quarter		8			(109	)		(33	)		(27	)		75
Allowance for credit losses – loans		8,585			8,493			8,598			8,760			8,438
Allowance for credit losses – loans to total loans		0.95	%		0.96	%		0.96	%		0.98	%		0.96	%
Allowance for credit losses – loans to total nonperforming loans		101.13	%		95.33	%		94.97	%		246.34	%		478.89	%
Nonperforming loans to total loans		0.94	%		1.00	%		1.01	%		0.40	%		0.20	%
Nonperforming assets to total assets		0.78	%		0.84	%		0.90	%		0.42	%		0.23	%

OTHER STATISTICS
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023

Total loans to total deposits		97.13	%		98.27	%		98.11	%		108.42	%		101.86	%
Noninterest-bearing deposits to total deposits		13.95	%		13.78	%		14.03	%		15.33	%		17.88	%

Average total assets for the quarter	$	1,095,404		$	1,070,579		$	1,062,036		$	1,033,985		$	1,005,223
Average total equity for the quarter	$	102,059		$	100,961		$	101,292		$	100,612		$	100,927

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

January 25, 2025

MIL-OSI Australia: Survey results highlight need for improved gender diversity in the construction industry

Source: New South Wales Ministerial News

Published: 31 October 2024

Released by: Minister for Skills, TAFE and Tertiary Education, Minister for Transport, Minister for Women

The NSW Government has released results from its annual Women in Construction survey, highlighting the need for stronger efforts to promote gender diversity across the sector.

With over 1000 responses from NSW construction workers and businesses, the survey revealed a positive trend: the number of women entering the industry has risen by 12.5% in the past year, and of the businesses surveyed women now make-up 20% of the construction workforce.

Key challenges identified by both men and women, include a lack of work-life balance (62%), lack of flexible working hours (51%), and insufficient mentoring and leadership training (47%).

The survey also showed that achieving work-life balance and flexible work options are critical for staff retention, with 40% of workers considering leaving jobs due to difficulties balancing their work and personal responsibilities.

Some concerning statistics were highlighted, with 69% of women reporting some form of gender-based discrimination in the past year, and 33% experiencing workplace sexual harassment.

The Minns Labor Government is committed to creating safer and more respectful workplaces, and the SafeWork NSW Respect at Work strategy continues to drive efforts to prevent sexual harassment in the workplace through education and enforcement.

To address these issues, the NSW Government is leveraging its procurement power to ensure contractors introduce flexible workplace policies and encourage development of mentoring programs to support women’s long-term success in the industry.

Through the Culture in Construction Taskforce, several major infrastructure projects including Transport for NSW, Mulgoa Road Upgrade Stage 1 and Health Infrastructure NSW, Randwick Children’s Hospital Redevelopment are piloting the Culture Standard which includes capped working hours and a five-day week. Initial findings of the piloted projects suggest improvements to recruitment and retention of women in construction.

In addition, the NSW Government’s Women in Construction Industry Innovation Program works with industry and contractors to implement flexible workplace and supportive policies, making construction a more appealing career choice for women.

Earlier this year, the government announced $2.2 million in funding to support initiatives to attract and retain women in construction and build more inclusive cultures.

The survey findings will guide the future direction of the government’s Women in Construction program, addressing entrenched issues and ensuring continued progress toward increasing women’s participation in the industry.

To find out more, and see the full survey results, see the Women in Construction program.

Minister for Transport, Jo Haylen said:

“The NSW Government is currently building some of the largest infrastructure projects in Australia, and we want women’s participation in these projects to be a standard in the industry and not the exception.”

“This is an important step in helping all our workers feel respected and valued, listening to what women are calling out for, and showing our commitment to equitable workplaces.

“Government can and should leverage its procurement power to increase women’s participation, and Transport for NSW is implementing this across its projects.

“The workforce delivering Parramatta Light Rail Stage 2 enabling works will be supported by wellbeing initiatives from the Culture in Construction Taskforce’s Culture Standard, which include a target for 40% female staff participation during project enabling works, flexible working hours and on-site mental health first aiders.

“It also includes a move to a five-day working week on the construction site, a reduction from the six-day working week that’s a frequent barrier to women entering the industry.”

Minister for Skills, TAFE and Tertiary Education Steve Whan said:

“We are committed to increasing women’s participation in the construction industry – this is essential for building a workforce that reflects our diverse communities.

“Change doesn’t happen overnight, but this report shows that targeted programs, like Women in Construction, can produce positive results. This report and the feedback I hear generally tells me that we still have a long way to go, across industry, in providing a workplace culture that encourages women to participate. Government is doing good work with industry, particularly large employers, but the change needs to happen in every workplace.

“Let’s continue working together for a stronger, more inclusive construction industry—one where gender equity and progressing women’s careers is at the forefront of progress.”

Minister for Women, Jodie Harrison said:

“The future of our trades industry lies in embracing the diversity and capabilities of all workers. It’s important that we’re creating a safe, inclusive and dynamic workforce that welcomes and supports women in all trade roles.

“The insights gathered from the annual Women in Construction Industry Survey will guide the future direction of our programs, ensuring our actions are informed by the experiences of women in the sector.

“We know there is more work to be done, and the NSW Government is working with industry to ensure we drive change by removing barriers and creating supportive pathways for women to thrive.”

MIL OSI News –

January 25, 2025
MIL-Evening Report: Trump’s slight lead in Pennsylvania could give him Electoral College win; Biden a drag on Harris

Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

The United States presidential election will be held next Tuesday, with results coming in Wednesday AEDT. In analyst Nate Silver’s aggregate of national polls, Democrat Kamala Harris leads Republican Donald Trump by 48.6–47.5, a slight gain for Trump since Monday, when Harris led by 48.6–47.4. Harris’ national lead peaked on October 2, when she led by 49.4–45.9.

The US president isn’t elected by the national popular vote, but by the Electoral College, in which each state receives electoral votes equal to its federal House seats (population based) and senators (always two). Almost all states award their electoral votes as winner-takes-all, and it takes 270 electoral votes to win (out of 538 total).

Relative to the national popular vote, the Electoral College is biased to Trump, with Harris needing at least a two-point popular vote win to be the narrow Electoral College favourite in Silver’s model.

In Silver’s averages, Trump has a 0.6-point lead in Pennsylvania (19 electoral votes), up from 0.3 on Monday. Trump has slightly larger leads of one to two points in North Carolina (16), Georgia (16) and Arizona (11). Harris is narrowly ahead by 0.1 point in Nevada (six) and about one point ahead in Michigan (15) and Wisconsin (ten).

If current polls are exactly right, Trump wins the Electoral College by 281–257. Not making Pennsylvania’s popular governor Josh Shapiro her running mate could be Harris’ biggest mistake.

In Silver’s model, Trump has a 54% chance to win the Electoral College, slightly higher than 53% on Monday. There’s a 29% chance that Harris wins the popular vote but loses the Electoral College. The FiveThirtyEight forecast gives Trump a 51% win probability.

Without a major event, there isn’t likely to be much change in the polls before the election, but a polling error where one candidate overperforms their polls could still occur. Silver’s model gives Trump a 22% probability of sweeping the seven swing states and Harris a 12.5% probability.

I wrote about the US election for The Poll Bludger yesterday, and also covered three Canadian provincial elections and Japan’s conservative LDP, which has governed almost continuously since 1955, losing its majority at an election last Sunday.

Biden a drag on Harris and favourability ratings

Joe Biden remains unpopular with a net -16.5 approval in the FiveThirtyEight national aggregate, with 55.8% disapproving and 39.3% approving. As Harris is the incumbent party’s candidate, an unpopular president is a key reason for Trump’s edge.

Biden’s remarks on Tuesday, in which he seemed to call Trump supporters “garbage”, resembled Hillary Clinton’s “basket of deplorables” in the 2016 presidential campaign. This won’t help Harris.

Biden is almost 82, Trump is 78 and Harris is 60. Trump’s age should be a factor in this election that favours Harris, but Silver said on October 19 that Democrats spent so much time defending Biden before he withdrew on July 21 that it’s now difficult for them to attack Trump’s age without seeming hypocritical.

Harris’ net favourability in the FiveThirtyEight national aggregate is -1.5, with 47.8% unfavourable and 46.3% favourable. Her net favourability peaked at +1 in late September. Trump’s net favourability is -8.5 with 52.1% unfavourable and 43.6% favourable; his ratings have improved a little in the last two weeks.

While Harris is more likeable than Trump, that’s not reflected in head to head polls. Silver said on October 23 that Trump’s campaign is promoting him as not-nice, but on your side, and as someone who will get things done. They argue Harris’ campaign lacks clear policies.

Harris’ running mate Tim Walz is at +2.6 net favourable, while Trump’s running mate JD Vance is at -6.9 net favourable. In the past few weeks, Vance’s ratings have improved slightly while Walz’s have dropped back.

Congressional elections

I last wrote about the elections for the House of Representatives and Senate that will be held concurrently with the presidential election on October 14. The House has 435 single-member seats that are apportioned to states on a population basis, while there are two senators for each of the 50 states.

The House only has a two-year term, so the last House election was at the 2022 midterm elections, when Republicans won the House by 222–213 over Democrats. The FiveThirtyEight aggregate of polls of the national House race gives Democrats a 46.2–46.1 lead over Republicans, a drop for Democrats from a 47.1–45.9 Democratic lead on October 14.

Senators have six-year terms, with one-third up for election every two years. Democrats and aligned independents currently have a 51–49 Senate majority, but they are defending 23 of the 33 regular seats up, including seats in three states Trump won easily in both 2016 and 2020: West Virginia, Montana and Ohio.

West Virginia is a certain Republican gain after the retirement of former Democratic (now independent) Senator Joe Manchin at this election. Republicans have taken a 5.4-point lead in Montana in the FiveThirtyEight poll aggregate, while Democrats are just 1.6 points ahead in Ohio.

Republicans are being challenged by independent Dan Osborn in Nebraska, and he trails Republican Deb Fischer by 2.3 points. Democrats did not contest to avoid splitting the vote. In Democratic-held Wisconsin, Democrats lead by 2.1 points, while other incumbents are ahead by at least three points.

If Republicans gain West Virginia and Montana, but lose Nebraska to Osborn, and no other seats change hands, Republicans would have a 50–49 lead in the Senate. If Harris wins the presidency, Osborn would be the decisive vote as a Senate tie can be broken by the vice president, who would be Walz. This is the rosiest plausible scenario for Democrats.

The FiveThirtyEight congressional forecasts give Republicans a 53% chance of retaining control of the House, so it’s effectively a toss-up like the presidency. But Republicans have an 89% chance to gain control of the Senate.

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

– ref. Trump’s slight lead in Pennsylvania could give him Electoral College win; Biden a drag on Harris – https://theconversation.com/trumps-slight-lead-in-pennsylvania-could-give-him-electoral-college-win-biden-a-drag-on-harris-242393

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-OSI China: China’s manufacturing sector resumes expansion in October

Source: China State Council Information Office 3

An aerial drone photo taken on Aug. 28, 2024 shows an interior view of the digital factory at a manufacturing enterprise in Yinchuan, northwest China’s Ningxia Hui Autonomous Region. [Photo/Xinhua]

China’s manufacturing sector returned to the expansion zone in October after five consecutive months of contraction, official data showed Thursday.

The purchasing managers’ index (PMI) for China’s manufacturing sector came in at 50.1 in October, up from 49.8 in September and surpassing the boom-or-bust line of 50 for the first time since May, the National Bureau of Statistics (NBS) said in a statement.

Commenting on the data, NBS statistician Zhao Qinghe said China’s economic sentiment continued to improve in October as a new package of incremental policies were rolled out and existing policies also gradually took effect.

MIL OSI China News –

January 25, 2025
MIL-OSI Europe: The 2024 Statistical Yearbook reveals and explains the trends that move Switzerland

Source: Switzerland – Department of Home Affairs

The Statistical Yearbook of Switzerland, the longest-running publication of the Federal Statistical Office (FSO), is now in its 130th edition. This year’s 400-page yearbook features engaging insights into the most important statistics on Swiss society and its people and includes over 130 QR codes for easy access to a wealth of additional statistics and datasets online. The special focus of this edition is health.

MIL OSI Europe News –

January 25, 2025
MIL-OSI New Zealand: Transport – Economist Cam Bagrie appointed chairman of the board for Transporting New Zealand

Source: Ia Ara Aotearoa Transporting New Zealand

Leading economist Cam Bagrie has been appointed as an independent director, board member and Chair of peak road freight organisation Ia Ara Aotearoa Transporting New Zealand.

Mr Bagrie is the former chief economist at ANZ and has held positions at National Bank, Treasury, and Statistics New Zealand. He is currently an independent chair of the governance committee of the NZ Apple and Pear Inc and a board member of Life Education Trust.

Transporting New Zealand CEO Dom Kalasih says Mr Bagrie will bring “additional skills, experience and knowledge to the Board and to our leadership”.

The appointment was made by the organisation’s new board this week, which also formally confirmed Dom Kalasih as CEO, a role he’s held in an interim capacity for 18 months.

Kalasih said on top of Cam Bagrie’s appointment, the next 12 months look very exciting for the organisation.

“I see the effectiveness of sector groups such as livestock, ports and logging really taking off and more relationships with industry suppliers being formed.

“For Transporting New Zealand, continuing to improve engagement across our membership is vital. We are committed to holding more quality events and leading high-level policy advocacy to benefit the road freight industry.”

About Ia Ara Aotearoa Transporting New Zealand

Ia Ara Aotearoa Transporting New Zealand is a national membership association representing the road freight transport industry. Their members operate urban, rural and inter- regional commercial freight transport services throughout the country.

Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4,700 businesses, with an annual turnover of $6 billion.

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI Submissions: Stats NZ information release: New Zealand business demography statistics: At February 2024
Source: Statistics New Zealand

New Zealand business demography statistics: At February 2024 – information release – 31 October 2024 – Business demography statistics provide an annual snapshot of the characteristics of New Zealand businesses. The statistics cover economically significant enterprises that produce goods and services in New Zealand.

Key facts
Provisional data showed that at February 2024:

New Zealand had 612,420 enterprises, an increase of 1.0 percent from February 2023; this followed a 2.0 percent increase in the previous February year

the number of paid employees in these enterprises (not an official employment statistic) was 2.5 million, up 1.5 percent from February 2023

these enterprises had 649,160 business locations, an increase of 0.9 percent from February 2023

of the 19 industries, 11 had more enterprises compared with February 2023, and 14 had more employees

of the 16 regions, 14 had more business locations than a year ago, and 11 had more employees.

Visit Statistics NZ’s website to read this information release and to download CSV files:

New Zealand business demography statistics: At February 2024

CSV files for download
MIL OSI –
January 25, 2025
MIL-OSI New Zealand: Stats NZ information release: New Zealand business demography statistics: At February 2024
Source: Statistics New Zealand

New Zealand business demography statistics: At February 2024 – information release – 31 October 2024 – Business demography statistics provide an annual snapshot of the characteristics of New Zealand businesses. The statistics cover economically significant enterprises that produce goods and services in New Zealand.

Key facts
Provisional data showed that at February 2024:
- New Zealand had 612,420 enterprises, an increase of 1.0 percent from February 2023; this followed a 2.0 percent increase in the previous February year
- the number of paid employees in these enterprises (not an official employment statistic) was 2.5 million, up 1.5 percent from February 2023
- these enterprises had 649,160 business locations, an increase of 0.9 percent from February 2023
- of the 19 industries, 11 had more enterprises compared with February 2023, and 14 had more employees
- of the 16 regions, 14 had more business locations than a year ago, and 11 had more employees.
Visit our website to read this information release and to download CSV files:

MIL OSI New Zealand News –
January 25, 2025
MIL-OSI Security: Previously Convicted Felon Is Sentenced To Prison For Possession Of Ammunition

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

CHARLOTTE, N.C. – David Matthew Lowe, 33, of Shelby, N.C., was sentenced today to 57 months in prison followed by three years of supervised release for possession of ammunition by a convicted felon, announced Dena J. King, U.S. Attorney for the Western District of North Carolina.

Bennie Mims, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Charlotte Field Division, and Chief Gerald Childress of the Kings Mountain Police Department, join U.S. Attorney King in making today’s announcement.

According to court documents and court proceedings, on August 12, 2023, at approximately 1:45 a.m., officers with the Kings Mountain Police Department were dispatched to a Comfort Inn in the area for a service call for an assault. Upon entering the hotel lobby, an officer encountered a female, identified in court documents as L.T., and the defendant. L.T. told the officers that Lowe had hit her, and she could not see out of her eye. At that point, Lowe fled toward the back of the hotel. Officers chased after Lowe and ultimately Lowe was taken into custody.

As part of the investigation, law enforcement obtained CCTV footage from the hotel that depicted Lowe possessing a firearm during his assault of L.T. Specifically, the footage depicted L.T. and Lowe having an altercation, L.T. running away from the hotel room, and Lowe following her. Lowe then removed a firearm from his pants and struck L.T. in the side of her head. This caused the firearm’s magazine to break and ammunition along with several firearm parts fell to the floor. The defendant then struck L.T. several more times with a closed fist, causing L.T. to fall to the ground. Lowe then left the scene. Law enforcement recovered the firearms parts from the scene and 15 rounds of mixed ammunition. Court records indicate that Lowe has prior criminal convictions, including a federal conviction in the Western District of North Carolina for conspiracy to participate in racketeering activity – RICO conspiracy. Because of the criminal convictions, Lowe is prohibited from possessing firearms or ammunition.

Lowe is in federal custody and will be transferred to the custody of the federal Bureau of Prisons upon designation of a federal facility.

The investigation was conducted by the ATF and the Kings Mountain Police Department.

Special Assistant U.S. Attorney Eric Frick of the U.S. Attorney’s Office in Charlotte prosecuted the case.

* * *

According to the National Coalition Against Domestic Violence, 19% of domestic violence involves a weapon. The presence of a gun in a domestic situation increases the risk of homicide by 500%.

To understand more about domestic violence, visit: https://www.justice.gov/ovw/domestic-violence#dv. If you require immediate help, please call the National Domestic Violence Hotline at 1-800-799-SAFE (1-800-799-7233) or Strong Hearts Native Helpline at 1-844-762-8483.

MIL Security OSI –

January 25, 2025
MIL-OSI Asia-Pac: Monetary Statistics for September 2024

Source: Hong Kong Government special administrative region

Monetary Statistics for September 2024
Monetary Statistics for September 2024
**************************************

The following is issued on behalf of the Hong Kong Monetary Authority: According to statistics published today (October 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.8 per cent in September 2024. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.9 per cent and 0.6 per cent respectively in September. In the year to end-September, total deposits and Hong Kong dollar deposits grew by 5.8 per cent and 2.5 per cent respectively. Renminbi deposits in Hong Kong increased by 0.2 per cent in September to RMB1,016.3 billion at the end of September. The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,267.2 billion in September, compared with RMB1,267.9 billion in August. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month. Total loans and advances increased by 0.5 per cent in September, while decreased by 2.1 per cent in the year to end-September. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.5 per cent and 0.8 per cent respectively in September. The Hong Kong dollar loan-to-deposit ratio decreased to 78.4 per cent at the end of September from 79.3 per cent at the end of August, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased. For the third quarter of 2024 as a whole, loans for use in Hong Kong (including trade finance) decreased by 0.8 per cent after increasing by 0.3 per cent in the previous quarter. Analysed by economic use, loans to stockbrokers increased, while loans to building, construction, property development and investment decreased. Hong Kong dollar M2 and M3 both increased by 0.9 per cent in September and both increased by 3.0 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 3.6 per cent in September and increased by 3.2 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.6 per cent in September. Compared to a year earlier, total M2 and total M3 both increased by 8.5 per cent. As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.Release Schedule of Monetary Statistics in Hong Kong The monthly release schedule of monetary statistics in Year 2025 is as follows.

Reference Month
Release Date

January 2025
February 28, 2025

February 2025
March 31, 2025

March 2025
April 30, 2025

April 2025
May 30, 2025

May 2025
June 30, 2025

June 2025
July 31, 2025

July 2025
August 29, 2025

August 2025
September 30, 2025

September 2025
October 31, 2025

October 2025
November 28, 2025

November 2025
December 31, 2025

December 2025
January 30, 2026

Ends/Thursday, October 31, 2024Issued at HKT 16:30

NNNN

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI China: Report: Beijing leads China’s modernization efforts

Source: China State Council Information Office 2

Beijing has led China’s modernization efforts for four consecutive years, according to the “2024 Chinese Modernization Index Report” released Wednesday by the School of Statistics of Renmin University of China.
The report evaluates the progress of Chinese modernization across five key areas: economy, politics, culture, society, and ecology.
The assessment framework comprises 24 indicators, including innovation, economic security, political participation, government efficiency, law-based governance, cultural engagement, social security, and pollution control.
The report highlights steady progress in China’s modernization journey over the past four years, with the most notable improvement seen in ecological conservation, demonstrating China’s commitment to green development. Beijing, Shanghai, and Zhejiang province topped the rankings in this respect, each scoring over 80.
Beijing is also ranked first in social modernization, driven by expanded coverage in areas like education, eldercare, and healthcare.
The report recommends further economic development, strengthening government performance, promoting green development principles, and increasing people’s cultural participation.

MIL OSI China News –

January 25, 2025
MIL-OSI Europe: Euro area bank interest rate statistics: September 2024
Source: European Central Bank

31 October 2024

Bank interest rates for corporations

Chart 1

Bank interest rates on new loans to, and deposits from, euro area corporations

(percentages per annum)

Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in September 2024. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 31 basis points to 4.72%, driven by the interest rate effect. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 31 basis points to 4.47%, driven by the interest rate effect. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 22 basis points to 3.58%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 5.02%.
As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 14 basis points to 3.28% in September 2024. The interest rate on overnight deposits from corporations stayed almost constant at 0.88%.
The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 22 basis points to 5.19%, driven by the interest rate effect.

Table 1

Bank interest rates for corporations

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for corporations (Table 1)

Bank interest rates for households

Chart 2

Bank interest rates on new loans to, and deposits from, euro area households

Data for cost of borrowing and deposit interest rate for households (Chart 2)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in September 2024. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 11 basis points to 4.59%. The rate on housing loans with an initial rate fixation period of over one and up to five years fell by 6 basis points to 3.82%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 10 basis points to 3.52%. The rate on housing loans with an initial rate fixation period of over ten years fell by 10 basis points to 3.27%, mainly driven by the interest rate effect. In the same period the interest rate on new loans to households for consumption decreased by 7 basis points to 7.75%.
As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year remained broadly unchanged at 2.97%. The rate on deposits redeemable at three months’ notice stayed constant at 1.75%. The interest rate on overnight deposits from households remained broadly unchanged at 0.37%.

Table 2

Bank interest rates for households

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for households (Table 2)

Further information

The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

Notes:

In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).

The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.

Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.

In addition to monthly euro area bank interest rate statistics for September 2024, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.

As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.
MIL OSI Europe News –
January 25, 2025
MIL-OSI United Kingdom: More than 400,000 customers use SLC’s digital refund service in first six months
Source: United Kingdom – Executive Government & Departments

Student Loans Company improves online customer experience with introduction of new digital refund service.

A new digital refund service has been used by 418,000 customers in the first six months. As it continues to improve its customer experience, and in response to customer feedback, in May 2024, SLC introduced a new service into the online account for repayment customers.

The simple, digital service is an easy way for customers to self-serve, requesting a below threshold refund, which is then paid directly into their bank account.

The figure has been announced today (31 October 2024) as SLC’s issues a new statistical publication – Student loan repayments via PAYE eligible for refund – Tax Year 2023/24. The ad hoc statistical release provides more information on the total number of customers who have made repayments under the four refund scenarios, the total amount repaid, as well as the total refunds provided to customers in 23/24 tax year.

Under the Education (Student Loans) (Repayment) Regulations, there are four refund scenarios, which the publication covers. These are:

· Below Threshold Refunds – a correct repayment may be taken if a customer’s earnings are above the pay period threshold (e.g. due to overtime or bonus) but their total income for the year is below the annual threshold. SLC must wait until HMRC provides the customer’s annual earnings information at the end of the tax year, before a refund can be provided to eligible customers.

· Over-repayment refunds – when a customer had paid off their loan, but an additional repayment is taken, due to the timing of pay dates and the request to stop deductions being processed at the employer side. If SLC has up-to-date bank details, a refund will be paid automatically to the customer.

· Early repayment refunds – a customer has a repayment taken before they are required to begin repaying (a statutory date that generally occurs in April after they finish or leave their course and commence employment).

· Wrong plan type refunds – the employer places the customer on the wrong plan type for their loan.

Since May, £61.6m has been successfully refunded to 248,000 customers, in the below threshold refund scenario, as a result of the new refund service. To support the introduction of the new service, SLC has proactively contacted customers who are eligible for a below threshold refund* in the 23/24 tax year. From the almost 700,000 customers that have been contacted (by the end of October 2024), 75% of customers have opened the email and a third have requested a refund, after considering their own personal and financial circumstances.

Annual earnings information is received from HMRC throughout the year, and SLC will continue to proactively communicate with customers as eligible refunds are identified.

SLC cannot provide financial advice, and customers are urged to consider their own personal circumstances before requesting a refund. Any refund provided will be added back onto the customer’s student loan balance.

Steven Darling, Customer Experience Director, at SLC, said: “At SLC, we want to provide the best possible customer experience, and from the feedback we receive from customers, they want to be able to self-serve in their online account.

“With a below threshold refund being the most common reason why a customer might be eligible for a refund, we’ve made it quick and easy to request a refund through the online account. The figures in our latest report demonstrate the value of these improvements, with £61.6m being paid to 248,000 customers since May 2024.

“I would encourage customers to keep their contact and bank details up to date in their online account to ensure they don’t miss any key communication regarding refunds.”

Customers can read all of SLC’s guidance and refund information here, which also includes a step by step video guide of how to request a refund through their online account.

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Asia-Pac: Economy grows 1.8% in Q3

Source: Hong Kong Information Services

Hong Kong’s economy grew 1.8% in the third quarter of 2024 over the same period a year earlier, down from a 3.2% increase in the second quarter, the Census & Statistics Department announced today.

According to the advance estimates, gross domestic product (GDP) decreased by 1.1% in real terms in the third quarter of this year on a seasonally adjusted quarter-to-quarter basis.

Private consumption expenditure dropped 1.4% in the third quarter year-on-year, following a decrease of 1.6% in the second quarter. Government consumption expenditure rose 2.1% year-on-year, as against a 2.2% increase in the second quarter.

Gross domestic fixed capital formation increased by 3.7% in the third quarter of this year over a year earlier, following an increase of 4.1% in the preceding quarter.

Over the same period, total goods exports recorded an increase of 3.9% over a year earlier, moderating from a 7.5% increase in the second quarter. Goods imports grew 2.6%, compared with a 3.4% increase in the preceding quarter.

Exports of services rose 2.4% in the third quarter over a year earlier, as against a 1.1% increase in the second quarter. Imports of services climbed by 8.2%, following an increase of 12.3% in the preceding quarter.

The Government said that Hong Kong’s economy continued to expand in the third quarter of 2024 over a year earlier and highlighted that total goods exports saw decelerated year-on-year growth alongside softening economic growth in some major markets.

Looking ahead, it added that the economy should continue to grow in the remainder of the year. In particular, the gradual easing of financial conditions should bode well for fixed asset investment.

A possible easing of the Hong Kong dollar alongside the US dollar, coupled with the central government’s various measures benefitting Hong Kong, the Government’s various initiatives to boost market sentiment, and increasing employment earnings are conducive to spending by both residents and visitors in the domestic market. However, the change in their consumption patterns will continue to pose challenges.

The revised GDP figures for the third quarter of 2024 and a revised forecast for the whole year will be released on November 15.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Europe: Commission finds Française des Jeux (‘FDJ’)’s exclusive rights contain no state aid after amendments

Source: EuroStat – European Statistics

European Commission Press release Brussels, 31 Oct 2024 The European Commission has concluded that the increased remuneration by Française des Jeux (‘FDJ’) to France for the modification of exclusive rights to operate offline and online lottery games and offline sports betting through 2019 PACTE law is in line with EU State aid rules.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: Written question – Digital education – E-002098/2024

Source: European Parliament

16.10.2024

Question for written answer E-002098/2024/rev.1
to the Commission
Rule 144
Daniel Buda (PPE)

The UK has announced that it is introducing classes into the primary and secondary school curricula in which students will learn to think critically and identify fake news in the press and online media. The Minister for Education, Bridget Phillipson, has stated that the aim is to prepare children to distinguish between real and false information, and also to recognise conspiracy theories and extremist content.

Although the details of how this will be done are unclear, various methods have been suggested. For example, during their English classes, students could analyse newspaper articles, while in IT classes they could learn how to recognise fake news sites. Teachers could also present statistics on disinformation during mathematics classes.

The EU can work with Member States to incorporate digital skills into school curricula. This includes training in critical thinking, assessing information sources and digital security, thereby helping students to better navigate the online world. What can the Commission do to help prepare the younger generations meet these new challenges?

Submitted: 16.10.2024

Last updated: 31 October 2024

MIL OSI Europe News –

January 25, 2025
MIL-OSI Video: Lebanon: Over 800,000 people forced from homes – Press Conference | United Nations

Source: United Nations (Video News)

Press conference by Andrea Tenenti, Spokesperson for the United Nations Interim Force in Lebanon (UNIFIL), on the peacekeeping mission in the country.

———–

Civilians in southern Lebanon are bearing the brunt of escalating violence, with more than 2,700 deaths reported in Lebanon since October last year said Andrea Tenenti, the spokesperson for UN Interim Force in Lebanon (UNIFIL).

“According to the Lebanese Ministry of Public Health, the death toll in Lebanon since October last year has reached over 2,700 people, and the number of wounded to over 12,700, around 25 percent women and children. More than 2,000 deaths have occurred since 23 September of this year,” Tenenti said at a press briefing in New York on Wednesday (30 Oct).

Over 800,000 people have been forced from their homes, with 60 percent of the displaced coming from areas within UNIFIL’s operational zone in southern Lebanon, Tenenti said, citing statistics from the International Organization for Migration. “Statistics like this cannot fully capture the human cost of conflict, and it’s the civilians who continue to suffer,” he added.

The mounting violence has also impacted UN peacekeeping operations, with more than 30 incidents of damage to UN property or injury to peacekeepers reported since the start of October. Tenenti noted that 20 of these incidents were linked to actions by the Israel Defense Forces (IDF), with seven identified as deliberate.

“In an incident yesterday, a rocket likely fired by Hezbollah or affiliated group, hit UNIFIL headquarters in Naqoura, where a vehicle workshop was set on fire, with some peacekeepers suffering minor injuries,” Tenenti said and added, “for about a dozen other incidents, the origin of the fire could not be determined.”

Amid the ongoing conflict, Tenenti underscored UNIFIL’s role in supporting peace efforts under UN Security Council Resolution 1701, which has governed the mandate since 2006. “We are here to implement the mission’s mandate, but any changes will be up to the Security Council. At the moment, the rules of engagement that have been used have been adequate to the situation on the ground,” he said.

Responding to criticism that UNIFIL has not fully implemented its mandate, Tenenti pointed to the need for cooperation from all parties involved in the conflict. “The mandate has to be implemented by the parties. UNIFIL is here to support the parties in the implementation of the mandate, so we need the commitment of the parties in order to implement resolution 1701,” he said. “From 2006 until October last year, the South of Lebanon had witnessed one of its quietest periods in recent history.”

According to UNIFIL, around 500,000 people have fled southern Lebanon, with the population in the area estimated at 600,000. “The vast majority of the population in the South has left, though some people still remain in the area today,” Tenenti said. “It’s a very dramatic situation, as most villages are being completely destroyed and the shelling continues.”

https://www.youtube.com/watch?v=UE52-tb1_FE

MIL OSI Video –

January 25, 2025

Category: Statistics

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Substantial side-effects

Source: New Zealand Infrastructure Commission

Thriving in space

NEWS RELEASE: SEPTEMBER 2024 VISITOR ARRIVALS RECOVERED 96.1 PERCENT COMPARED TO PRE-PANDEMIC SEPTEMBER 2019

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Biden a drag on Harris and favourability ratings

Congressional elections

Source: Ia Ara Aotearoa Transporting New Zealand

Bank interest rates for corporations

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Bank interest rates for households

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Further information

Notes:

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