Market Newsdesk

January 28, 2025 9:24 am

State of Iowa Selects Tyler Technologies’ Public Safety Solutions to Better Integrate Departments

State of Iowa Selects Tyler Technologies’ Public Safety Solutions to Better Integrate Departments

Iowa will be Tyler’s eighth statewide implementation for Enterprise Public Safety

PLANO, Texas–(BUSINESS WIRE)–Tyler Technologies, Inc. (NYSE: TYL) announced today it has signed an agreement with the Iowa Department of Public Safety (DPS) for Tyler’s Enterprise Public Safety suite. Iowa DPS will use several Tyler solutions, including Enterprise CAD, Enterprise Law Enforcement Records, and Public Safety Analytics, to integrate departments and improve the flow of critical information.

“The state of Iowa has been using a homegrown public safety system for more than 30 years, serving as a hub for all public safety agencies in the state,” said Iowa DPS Captain Heath Hove. “While the system has served us well, we recognized the opportunity to better integrate departmental silos. We look forward to updating and overhauling our current applications, bringing more streamlined communication to our agencies and officers across the state.”

Tyler’s Enterprise Public Safety suite, powered by AWS, will bring improvements to the Iowa DPS, including:

Seamless integration between departments for officers and back-end staff to share accurate information more easily
An updated records and warrant application interface to better serve the community and help make policing safer
Analytics tools for public safety personnel to track metrics and analyze crime trends and patterns for better decision-making
Enhanced response times for multi-jurisdictional dispatching activities

“We look forward to working closely with the Iowa Department of Public Safety to enhance its public safety software capabilities,” said Andrew Hittle, president of Tyler’s Public Safety Division. “Our priority is serving the community through our technology. With the implementation of Tyler’s Enterprise Public Safety solution, agencies across the state of Iowa will be able to deliver quicker, more streamlined, and more accurate services to its residents.”

About Tyler Technologies, Inc.

Tyler Technologies (NYSE: TYL) is a leading provider of integrated software and technology services for the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate efficiently and transparently with residents and each other. By connecting data and processes across disparate systems, Tyler’s solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 44,000 successful installations across 13,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including on Government Technology’s GovTech 100 list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.

#TYL_Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128768346/en/

Jennifer Kepler

Tyler Technologies

972.713.3770

[email protected]

KEYWORDS: United States North America Iowa

INDUSTRY KEYWORDS: Data Management Public Policy/Government Law Enforcement/Emergency Services State/Local Technology Other Technology Software

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January 28, 2025 9:24 am

Globalstar Partner Global Telesat Communications Sees Massive 35% YoY Growth in SPOT and Satellite IoT Device Sales in 2024

Globalstar Partner Global Telesat Communications Sees Massive 35% YoY Growth in SPOT and Satellite IoT Device Sales in 2024

Customers of leading UK-based specialist reseller purchased over 10,800 Globalstar devices in 2024 alone, including SPOT and best-selling SmartOne Csatellite IoT transmitter

DUBLIN–(BUSINESS WIRE)–Globalstar Europe Satellite Services Ltd., a wholly owned subsidiary of Globalstar, Inc. (NYSE American: GSAT), the next-generation mobile satellite and communications service provider, today announced that UK-based wireless and satellite technology reseller, Global Telesat Communications (GTC), a subsidiary of NextPlat Corp. (NASDAQ: NXPL), has seen sales of Globalstar SPOT and satellite IoT devices dramatically increase, a 35% boost compared to the same period in 2023.

“We’ve seen extraordinary growth in sales of Globalstar’s products this year, particularly for SPOT,” reports David Phipps, Managing Director of GTC and CEO of Global Operations of NextPlat Corp.

One of Europe’s most successful Globalstar resellers, GTC has achieved another milestone of having sold over 10,800 Globalstar devices in 2024, driven by SPOT Gen4, SPOT X, SPOT Trace and SmartOne C satellite IoT transmitters.

Phipps says that SPOT’s ease of use and economical price are the key drivers in accelerated uptake. “SPOT is really easy to use and has a very economical price; for many people, it simply ticks all the boxes,” he says.

In May 2024, GTC celebrated reaching a total of 45,000 Globalstar device sales overall, shortly after Globalstar announced the 10,000th rescue worldwide, thanks to the reliable and ubiquitous satellite-enabled tracking and SOS capabilities in Globalstar’s product portfolio.

Phipps says new sales are coming from a mix of individual consumers and organisations choosing SPOT to safeguard remote-working and at-risk employees. Commercial customers include utilities suppliers, as well as civil and national defence organisations. GTC has seen accelerated demand from humanitarian aid NGOs, and other parties operating in regions affected by political instability or conflict.

GTC has also seen increased uptake of Globalstar’s commercial IoT devices, for applications in a range of industries. Phipps reports continuous demand for SmartOne C, GTC’s bestseller in this category, with one customer having recently procured a large number of units to monitor oil and gas pipelines.

“We are extremely proud of our partnership with GTC, and we congratulate the company for its ongoing success,” said Mark O’Connell, Globalstar EMEA & APAC General Manager.

About Globalstar, Inc.

Globalstar empowers its customers to connect, transmit, and communicate in smarter ways – easily, quickly, securely, and affordably – offering reliable satellite and terrestrial connectivity services as an international telecom infrastructure provider. The Company’s LEO satellite constellation ensures secure data transmission for connecting and protecting assets, transmitting critical operational data, and saving lives for consumers, businesses, and government agencies across the globe. Globalstar’s terrestrial spectrum, Band 53, and its 5G variant, n53, offers carriers, cable companies, and system integrators a versatile, fully licensed channel for private networks with a growing ecosystem to improve customer wireless connectivity, while Globalstar’s XCOM RAN product offers significant capacity gains in dense wireless deployments. In addition to SPOT GPS messengers, Globalstar offers next-generation IoT hardware and software products for efficiently tracking and monitoring assets, processing smart data at the edge, and managing analytics with cloud-based telematics solutions to drive safety, productivity, and profitability. For more information, visit www.globalstar.com and connect with us on LinkedIn.

About GTC

Global Telesat Communications Ltd (GTC), a subsidiary of NextPlat Corp. (NASDAQ: NXPL), is a supplier of mobile voice and data communications services via satellite. GTC provides equipment and airtime for use on all the major satellite networks, including Globalstar, allowing users in remote locations to make phone calls, connect to the internet and track assets or personnel anywhere in the world. www.gtc.co.uk

About NextPlat Corp

NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets including technology and healthcare. Through acquisitions, joint ventures and collaborations, the Company intends to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-commerce communications division offering voice, data, tracking, and IoT products and services worldwide serving more than 70,000 customers located in over 165 countries and also provides pharmacy and healthcare data management services in the United States through its subsidiary, Progressive Care Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128126191/en/

For media information

For Globalstar:

Gavan Murphy

Globalstar Europe Satellite Services Ltd.

[email protected]

For GTC and NextPlat Corp:

Michael Glickman

Media and Investors

MWGCO, Inc.

[email protected]

+1 917 397 2272

KEYWORDS: Europe Ireland United States North America

INDUSTRY KEYWORDS: Mobile/Wireless Technology Finance Satellite Banking Accounting Telecommunications Professional Services Networks IOT (Internet of Things)

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January 28, 2025 9:23 am

ENPH INVESTOR NOTICE: Enphase Energy, Inc. Investors with Substantial Losses Have Opportunity to Lead Securities Class Action Lawsuit

PR Newswire

SAN DIEGO
, Jan. 28, 2025 /PRNewswire/ — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Enphase Energy, Inc. (NASDAQ: ENPH) common stock between April 25, 2023 and October 22, 2024, both dates inclusive (the “Class Period”), have until Tuesday, February 11, 2025 to seek appointment as lead plaintiff of the Enphase Energy class action lawsuit. Captioned The Trustees of the Welfare and Pension Funds of Local 464A – Pension Fund v. Enphase Energy, Inc., No. 24-cv-09038 (N.D. Cal.), the Enphase Energy class action lawsuit charges Enphase Energy as well as certain of Enphase Energy’s top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Enphase Energy class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-enphase-energy-class-action-lawsuit-enph.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

CASE ALLEGATIONS: Enphase Energy designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry.

The Enphase Energy class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that defendants systematically overstated Enphase Energy’s ability to maintain its pricing levels and market share for microinverter products in Europe in the face of competition from low-cost, Chinese alternatives.

The Enphase Energy class action lawsuit further alleges that on October 26, 2023, Enphase Energy announced that third quarter 2023 “revenue in Europe decreased approximately 34%, compared to the second quarter of 2023 due to . . . softening in demand in our key markets – the Netherlands, France, and Germany.” On this news, the price of Enphase Energy common stock fell nearly 15%, according to the complaint.

Then, the Enphase Energy class action lawsuit further alleges that on October 22, 2024 Enphase Energy announced its third quarter 2024 financial results and revealed that “revenue in Europe decreased approximately 15% for the third quarter of 2024, compared to the second quarter of 2024″ due to “further softening in European demand.” On this news, the price of Enphase Energy common stock fell nearly 15%, according to the Enphase Energy class action lawsuit.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Enphase Energy common stock during the Class Period to seek appointment as lead plaintiff in the Enphase Energy class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Enphase Energy class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Enphase Energy class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Enphase Energy class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.

Contact:
            Robbins Geller Rudman & Dowd LLP
            J.C. Sanchez, Jennifer N. Caringal
            655 W. Broadway, Suite 1900, San Diego, CA 92101
            800-449-4900
            [email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/enph-investor-notice-enphase-energy-inc-investors-with-substantial-losses-have-opportunity-to-lead-securities-class-action-lawsuit-302361230.html

SOURCE Robbins Geller Rudman & Dowd LLP

January 28, 2025 9:23 am

Virpax Pharmaceuticals, Inc. Announces Pricing of $6 Million Public Offering of Common Stock and Pre-Funded Warrants

Virpax Pharmaceuticals, Inc. Announces Pricing of $6 Million Public Offering of Common Stock and Pre-Funded Warrants

BERWYN, Pa.–(BUSINESS WIRE)–Virpax Pharmaceuticals, Inc. (Nasdaq: VRPX) (“Virpax” or the “Company”), a preclinical-stage pharmaceutical company focused in novel and proprietary drug delivery systems across various pain indications, announced today the pricing of its public offering of $0.20 of shares of the Company’s common stock, par value 0.00001 per share, and/or pre-funded warrants to purchase shares of common stock at a public offering price of $0.19999 per share (minus $0.00001 per pre-funded warrant). The Company intends to use the proceeds of the offering to fund our ongoing development activities for commencing clinical trial for our product candidate Probudur, marketing and advertising services to communicate information about the Company to the financial community, as well as for working capital and other general corporate purposes.

Spartan Capital Securities, LLC is acting as the exclusive placement agent in connection with the offering.

The offering is expected to close on January 29, 2025, subject to customary closing conditions. The offering is being conducted pursuant to the Company’s registration statement on Form S-1, as amended (File No. 333-284089), initially filed with the Securities and Exchange Commission (the “SEC”) on December 30, 2024, as amended on January 15, 2025 and January 17, 2025, and subsequently declared effective by the SEC on January 27, 2025. The offering is being made only by means of a prospectus. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at https://www.sec.gov/. Copies of the final prospectus relating to this offering, when available, may be obtained from Spartan Capital Securities, LLC, at 45 Broadway, 19th Floor, New York, NY 10006.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Virpax

Virpax Pharmaceuticals, Inc. is a preclinical-stage pharmaceutical company focused on developing novel and proprietary drug delivery systems across various pain indications in order to enhance compliance and optimize each product candidate in our pipeline. Our drug-delivery systems and drug-releasing technologies being developed are focused on advancing non-opioid and non-addictive pain management treatments and treatments for central nervous system disorders to enhance patients’ quality of life. For more information, please visit https://www.virpaxpharma.com.

Virpax’s shares of common stock trade on the Nasdaq Capital Market under the symbol “VRPX”.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company’s forward-looking statements occurs, the Company’s business, financial condition and operating results may vary materially from those expressed in the Company’s forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128517867/en/

Investor Contact

[email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Health Neurology Clinical Trials Research Science Pharmaceutical Biotechnology

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January 28, 2025 9:23 am

CION Investments and GCM Grosvenor Announce Launch of the CION Grosvenor Infrastructure Fund with $240 Million Invested in Infrastructure Assets

CION Investments and GCM Grosvenor Announce Launch of the CION Grosvenor Infrastructure Fund with $240 Million Invested in Infrastructure Assets

NEW YORK–(BUSINESS WIRE)–
CION Investments (CION), a leading alternative investment solutions platform, and GCM Grosvenor, (NASDAQ: GCMG), a global alternative asset management solutions provider, are pleased to announce the launch of CION Grosvenor Infrastructure Fund, (“CGIF” or “the Fund”). At launch, the fund will consist of a $240 million portfolio invested across 43 infrastructure assets, and $82 million in additional committed capital. The Fund launch was supported by a major institutional investor.

CGIF is an evergreen interval fund that allows individual investors, through their financial advisors, access to GCM Grosvenor’s institutional private infrastructure platform. The Fund is priced daily and offers liquidity for up to 5% of the Fund’s NAV once per quarter.

CGIF’s current portfolio is composed entirely of investments directly into private assets, across traditional infrastructure sectors, including transportation, digital, energy and energy transition and new infrastructure sectors such as supply chain and infrastructure adjacencies.

CGIF combines CION’s product management and distribution capabilities with the depth and breadth of GCM Grosvenor’s infrastructure platform, providing individual investors with access to a diversified pool of private infrastructure assets through a fee efficient structure.

GCM Grosvenor is one of the pioneers of private infrastructure investing, with a 20-year track record and $14.8 billion in infrastructure assets under management. Driven by the deep connectivity and experience of its infrastructure platform and team, GCM Grosvenor has developed into a “partner of choice” for infrastructure market participants. GCM Grosvenor’s robust sourcing network and unique deal flow allow for flexible entry points into assets creating a competitive advantage.

Infrastructure can provide capital appreciation and income and has distinct characteristics that can help construct portfolios with potential to meet long term goals. These features can include transparent cash flows, high barriers to entry, inflation protection potential, low correlations to other private and public assets, and potential lower volatility.

Michael A. Reisner and Mark Gatto, co-CEOs of CION, said: “Our firm’s mission has been to provide individual investors, through their financial advisors, with access to the private markets. We believe that the right manager and the right structure are critical for success in the space. GCM Grosvenor is a proven manager, infrastructure is an attractive asset class, and CGIF’s interval fund structure matches the needs of individual investors. The Fund allows investors to seek to take advantage of the illiquidity premium in a structure that offers ease of execution and low minimums.”

Michael Sacks, Chairman and Chief Executive Officer of GCM Grosvenor, said, “GCM Grosvenor’s approach to infrastructure combines building a well-diversified portfolio, with a focus on flexibility and alpha generation. Our powerful sourcing network provides us a broad range of investment opportunities and different entry points into such opportunities, allowing us to be selective and only execute on the investments we believe provide the best risk / reward profile for investors.”

ABOUT CION INVESTMENTS

CION Investments is a leading open-source provider of alternative investments designed to redefine the way individual investors can build their portfolios and meet their long-term investment goals. CION Investments currently sponsors, among other products, CION Investment Corporation (NYSE: CION), a leading publicly listed business development company that currently manages approximately $2 billion in assets, and also sponsors CION Ares Diversified Credit Fund, a globally diversified interval fund that currently manages approximately $6.5 billion in assets.

For more information, please visit www.cioninvestments.com.

ABOUT GCM GROSVENOR

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, please visit: gcmgrosvenor.com.

No assurance can be given that any investment will achieve its objectives or avoid losses. The information is neither an offer to sell, nor a solicitation of an offer to buy, an interest in any investment vehicles/accounts managed or advised by GCM Grosvenor.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128987226/en/

For more information, please contact:

Susan Armstrong

Head of Marketing

E: [email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

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January 28, 2025 9:23 am

First Financial Northwest, Inc. Reports Net Income of $1.2 Million or $0.13 per Diluted Share for the Fourth Quarter and $1.1 Million or $0.12 per Diluted Share for the Year Ended December 31, 2024

RENTON, Wash., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported net income for the quarter ended December 31, 2024, of $1.2 million, or $0.13 per diluted share, compared to a net loss of $608,000, or $(0.07) per diluted share, for the quarter ended September 30, 2024, and net income of $1.2 million, or $0.13 per diluted share, for the quarter ended December 31, 2023. For the twelve months ended December 31, 2024, the Company reported net income of $1.1 million, or $0.12 per diluted share, compared to net income of $6.3 million, or $0.69 per diluted share, for the year ended December 31, 2023.

The improved performance in the current quarter compared to the quarter ended September 30, 2024, was due primarily to a $1.3 million recapture of provision for credit losses. This compares to a provision for credit losses of $1.6 million in the prior quarter that mainly related to two participation loans to a single borrowing entity totaling approximately $6.0 million, where we were not the lead lender. During the quarter ended December 31, 2024, one of the two loans was paid in full and the borrower paid down the balance on the other loan using proceeds from the sale of another property. Subsequently, we received an updated appraisal of the property securing the remaining loan that confirmed a value sufficient to support the recapture of the previously allocated specific reserve for this loan.

“I am pleased to report that our net loans receivable increased $14.0 million in the quarter as our lending teams continue to focus on growing our loan portfolio. In addition, our credit quality remained strong, with only $842,000 in nonaccrual loans, representing 0.07% of our $1.16 billion total loan portfolio,” stated Joseph W. Kiley III, President and CEO.

“We continue to prepare for the closing of the sale of the Bank to Global Federal Credit Union (“Global”), as we await the final required approval from Global’s primary regulator, the National Credit Union Administration, before we can proceed towards closing the transaction,” concluded Kiley.

Highlights for the quarter and year ended December 31, 2024:

Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023.
Book value per common share was $17.50 at December 31, 2024, compared to $17.39 at September 30, 2024, and $17.61 at December 31, 2023.
The Bank’s Tier 1 leverage and total capital ratios were 11.2% and 16.7% at December 31, 2024, compared to 10.9% and 16.7% at September 30, 2024, and 10.2% and 16.2% at December 31, 2023, respectively.
Credit quality remained strong with nonaccrual loans totaling $842,000, or 0.07% of total loans at December 31, 2024.
A $1.3 million recapture of provision for credit losses was recorded in the current quarter, compared to a $1.6 million and no provision for credit losses recorded during the prior quarter and the same quarter a year ago, respectively. We recorded a $50,000 recapture of provision for credit losses for the year ended December 31, 2024, compared to a $208,000 recapture of provision for credit losses for the year ended December 31, 2023.

Deposits decreased $36.0 million to $1.13 billion at December 31, 2024, compared to $1.17 billion at September 30, 2024, and decreased $62.7 million compared to $1.19 billion at December 31, 2023. The decrease in deposits at December 31, 2024, compared to September 30, 2024, was due primarily to a $19.7 million decrease in noninterest-bearing demand deposits and a $15.5 million decrease in money market deposits. The decrease in deposits at December 31, 2024, from December 31, 2023, reflects declines in all deposit categories except for retail certificates of deposit which increased $91.8 million.

Federal Home Loan Bank (“FHLB”) advances totaled $110.0 million at December 31, 2024, compared to $100.0 million at September 30, 2024, and $125.0 million at December 31, 2023. Of the total FHLB advances at December 31, 2024, $100.0 million were tied to cash flow hedge agreements under which the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. These cash flow hedge agreements had a weighted average remaining term of 27.8 months and a weighted average fixed interest rate of 1.93% as of December 31, 2024. The average cost of borrowings was 2.35% for the quarter ended December 31, 2024, compared to 3.19% for the quarter ended September 30, 2024, and 2.40% for the quarter ended December 31, 2023.

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

	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023		Three Month Change			One Year Change
Deposits:	(Dollars in thousands)
Noninterest-bearing demand	$	80,772	$	100,466	$	100,899	$	(19,694	)	$	(20,127	)
Interest-bearing demand		56,957		55,506		56,968		1,451			(11	)
Savings		16,277		17,031		18,886		(754	)		(2,609	)
Money market		480,520		495,978		529,411		(15,458	)		(48,891	)
Certificates of deposit, retail		448,974		447,474		357,153		1,500			91,821
Brokered deposits		47,900		50,900		130,790		(3,000	)		(82,890	)
Total deposits	$	1,131,400	$	1,167,355	$	1,194,107	$	(35,955	)	$	(62,707	)

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

December 31, 2024
	Noninterest- bearing demand		Interest- bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	26,242	$	14,786	$	10,197	$	284,670	$	309,858	$	–	$	645,753
Landing		3,245		1,359		170		7,958		14,965		–		27,697
Woodinville		1,738		3,168		620		8,834		11,511		–		25,871
Bothell		2,792		930		408		1,421		6,762		–		12,313
Crossroads		11,075		2,762		86		29,208		18,772		–		61,903
Kent		3,766		4,873		40		18,673		8,471		–		35,823
Kirkland		5,524		1,924		208		11,574		1,855		–		21,085
Issaquah		1,244		238		13		2,298		6,562		–		10,355
Total King County		55,626		30,040		11,742		364,636		378,756		–		840,800
Snohomish County
Mill Creek		3,184		3,496		342		16,135		12,487		–		35,644
Edmonds		7,316		8,542		338		16,482		13,003		–		45,681
Clearview		4,909		5,653		1,494		17,934		13,778		–		43,768
Lake Stevens		3,633		5,946		1,314		24,571		17,004		–		52,468
Smokey Point		2,544		1,800		1,032		36,950		9,619		–		51,945
Total Snohomish County		21,586		25,437		4,520		112,072		65,891		–		229,506
Pierce County
University Place		1,837		54		1		2,113		2,122		–		6,127
Gig Harbor		1,723		1,426		14		1,699		2,205		–		7,067
Total Pierce County		3,560		1,480		15		3,812		4,327		–		13,194

Brokered deposits		–		–		–		–		–		47,900		47,900

Total deposits	$	80,772	$	56,957	$	16,277	$	480,520	$	448,974	$	47,900	$	1,131,400

September 30, 2024
	Noninterest- bearing demand		Interest- bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	29,388	$	14,153	$	10,654	$	305,836	$	315,721	$	–	$	675,752
Landing		3,442		1,660		237		8,348		12,733		–		26,420
Woodinville		1,968		2,234		959		8,852		11,522		–		25,535
Bothell		2,965		1,151		401		1,536		5,918		–		11,971
Crossroads		14,770		2,039		107		31,665		18,136		–		66,717
Kent		5,417		10,502		44		16,053		8,562		–		40,578
Kirkland		10,967		1,890		206		11,243		2,240		–		26,546
Issaquah		1,186		294		18		2,547		6,580		–		10,625
Total King County		70,103		33,923		12,626		386,080		381,412		–		884,144
Snohomish County
Mill Creek		3,990		2,171		384		14,628		10,312		–		31,485
Edmonds		9,254		6,831		330		18,549		13,281		–		48,245
Clearview		5,587		5,242		1,462		21,206		12,251		–		45,748
Lake Stevens		3,970		4,282		1,244		23,257		15,571		–		48,324
Smokey Point		2,994		1,664		969		29,353		11,387		–		46,367
Total Snohomish County		25,795		20,190		4,389		106,993		62,802		–		220,169
Pierce County
University Place		2,940		53		4		1,848		1,458		–		6,303
Gig Harbor		1,628		1,340		12		1,057		1,802		–		5,839
Total Pierce County		4,568		1,393		16		2,905		3,260		–		12,142

Brokered deposits		–		–		–		–		–		50,900		50,900

Total deposits	$	100,466	$	55,506	$	17,031	$	495,978	$	447,474	$	50,900	$	1,167,355

Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023. The increase in the current quarter compared to the quarter ended September 30, 2024, was due to growth in non-residential commercial real estate, construction/land, consumer and one-to-four family residential loans, partially offset by declines in multifamily and business lending. The average balance of net loans receivable totaled $1.13 billion for both the quarters ended December 31, 2024, and September 30, 2024, compared to $1.17 billion for the quarter ended December 31, 2023. For the year ended December 31, 2024, the average balance of net loans receivable was $1.14 billion, compared to $1.17 billion for the year ended December 31, 2023.

The allowance for credit losses (“ACL”) represented 1.30% of total loans receivable at December 31, 2024, compared to 1.42% of total loans receivable at September 30, 2024, and 1.28% at December 31, 2023. The change in the ACL at December 31, 2024, compared to September 30, 2024, related primarily to activity on the single lending relationship discussed above.

Nonaccrual loans totaled $842,000 at December 31, 2024, compared to $853,000 at September 30, 2024, and $220,000 at December 31, 2023. There was no other real estate owned at December 31, 2024, September 30, 2024, or December 31, 2023.

Net interest income totaled $8.4 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $9.3 million for the quarter ended December 31, 2023. The decrease in the current quarter compared to the quarter ended September 30, 2024, was primarily due to declines in interest from earning assets, partially offset by declines in interest expense. For the year ended December 31, 2024, net interest income totaled $34.8 million, compared to $40.5 million for the year ended December 31, 2023, as total interest expense increased by $5.0 million and total interest income declined by $800,000.

Total interest income decreased $419,000 to $19.0 million for the quarter ended December 31, 2024, compared to $19.4 million for the quarter ended September 30, 2024, and decreased $1.3 million compared to $20.3 million for the quarter ended December 31, 2023. The decrease in total interest income during the current quarter compared to the prior quarter was primarily due to a $250,000 or 29.0% decline in interest income earned on interest-earning deposits held with banks. This decline resulted from a 54 basis point decrease in the average yield earned on these deposits, coupled with a $13.6 million reduction in their average balance. Additionally, interest income on loans, including fees, declined by $146,000 or 0.9%, primarily due to a $2.5 million decrease in the average balance of loans and, to a lesser extent, a four basis point decrease in the yield earned on loans. The decrease in total interest income during the current quarter compared to the comparable quarter in 2023 was primarily due to declines in interest income on loans, including fees, of $631,000, investments of $449,000, and interest-earning deposits with banks of $267,000, partially offset by an increase in dividends on FHLB stock of $56,000.

Yield on loans, the largest component of our interest-earning assets, declined to 5.82% during the recent quarter, compared to 5.86% and 5.83% for the quarters ended September 30, 2024, and December 31, 2023, respectively. The yield on investment securities for the current quarter was 4.29%, down slightly from 4.30% last quarter and up from 4.11% a year ago.

Total interest expense was $10.6 million for the quarter ended December 31, 2024, down from $11.0 million for both quarters ended September 30, 2024, and December 31, 2023. The decrease from the quarter ended September 30, 2024, was due to lower interest expense related to FHLB advances and other borrowings, which declined due to a decline in the average balance of FHLB advances and other borrowings, partially offset by higher interest expense on deposits driven by an increase in the average balance of interest-bearing deposits. The decrease from the quarter ended December 31, 2023, was due to lower interest expense on deposits and FHLB advances and other borrowings, primarily as a result of lower average balances of these liabilities.

Net interest margin was 2.50% for the quarter ended December 31, 2024, compared to 2.46% for the quarter ended September 30, 2024, and 2.54% for the quarter ended December 31, 2023. The increase in the net interest margin for the quarter ended December 31, 2024, compared to the prior quarter was primarily due to a decline in the average balance of total interest-earning assets, as net interest income was relatively unchanged during the periods. The decrease in the net interest margin for the quarter ended December 31, 2024, compared to the same quarter a year ago was primarily due to a decline in net interest income, which was partially offset by a decline in the average balance of total interest-earning assets. The net interest margin for the month of December 2024 was 2.55%.

Noninterest income for the quarter ended December 31, 2024, totaled $658,000, down from $677,000 for the quarter ended September 30, 2024, and up from $633,000 for the quarter ended December 31, 2023. The decrease compared to the quarter ended September 30, 2024, was primarily due to lower loan and deposit related fees and BOLI income, partially offset by an increase in wealth management revenue. Noninterest income remained nearly flat at $2.8 million for both the years ended December 31, 2024, and December 31, 2023, as increases in BOLI income, wealth management revenue and loan related fees in the current year were nearly entirely offset by decreases in deposit related fees and other noninterest income.

Noninterest expense totaled $8.9 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $8.4 million for the quarter ended December 31, 2023. The increase from the quarter ended September 30, 2024, was primarily due to a $860,000 increase in salaries and employee benefits due to 2025 merit increases implemented in December 2024, as well as year-end accruals related to incentive compensation, partially offset by decreases in nearly all other categories, most notably professional fees and other general and administrative expenses. Incentive compensation increased due to the project that modified certain loans that would have otherwise been ineligible for Global Federal Credit Union to hold on their balance sheet. The increase compared to the quarter ended December 31, 2023, was primarily due to a $644,000 increase in salaries and employee benefits and an $87,000 increase in data processing expenses, partially offset by decreases across other expense categories. Noninterest expense totaled $36.7 million for the year ended December 31, 2024, compared to $35.7 million for the year ended December 31, 2023. The year-over-year increase was primarily due to an increase in professional fees, data processing and salaries and employee benefits, partially offset by lower marketing and other general and administrative expenses and regulatory assessments.

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

Forward-looking statements:

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

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands) (Unaudited)
Assets	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Three Month Change		One Year Change

Cash on hand and in banks	$	9,535		$	8,423		$	8,391		13.2	%	13.6	%
Interest-earning deposits with banks		36,182			72,884			22,138		(50.4	)	63.4
Investments available-for-sale, at fair value		151,642			156,609			207,915		(3.2	)	(27.1	)
Investments held-to-maturity, at amortized cost		2,468			2,462			2,456		0.2		0.5
Loans receivable, net of allowance of $15,066, $16,265 and $15,306, respectively		1,140,186			1,126,146			1,175,925		1.2		(3.0	)
Federal Home Loan Bank (“FHLB”) stock, at cost		5,853			5,403			6,527		8.3		(10.3	)
Accrued interest receivable		6,108			6,638			7,359		(8.0	)	(17.0	)
Deferred tax assets, net		2,582			2,690			2,648		(4.0	)	(2.5	)
Premises and equipment, net		18,166			18,584			19,667		(2.2	)	(7.6	)
Bank owned life insurance (“BOLI”), net		38,950			38,661			37,653		0.7		3.4
Prepaid expenses and other assets		9,676			8,898			10,478		8.7		(7.7	)
Right of use asset (“ROU”), net		2,357			2,473			2,617		(4.7	)	(9.9	)
Goodwill		889			889			889		0.0		0.0
Core deposit intangible, net		295			326			419		(9.5	)	(29.6	)
Total assets	$	1,424,889		$	1,451,086		$	1,505,082		(1.8	)	(5.3	)

Liabilities and Stockholders’ Equity

Deposits
Noninterest-bearing deposits	$	80,772		$	100,466		$	100,899		(19.6	)	(19.9	)
Interest-bearing deposits		1,050,628			1,066,889			1,093,208		(1.5	)	(3.9	)
Total deposits		1,131,400			1,167,355			1,194,107		(3.1	)	(5.3	)
FHLB advances		110,000			100,000			125,000		10.0		(12.0	)
Advance payments from borrowers for taxes and insurance		2,873			5,211			2,952		(44.9	)	(2.7	)
Lease liability, net		2,550			2,673			2,806		(4.6	)	(9.1	)
Accrued interest payable		526			294			2,739		78.9		(80.8	)
Other liabilities		15,985			15,340			15,818		4.2		1.1
Total liabilities		1,263,334			1,290,873			1,343,422		(2.1	)	(6.0	)

Commitments and contingencies

Stockholders’ Equity
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding		–			–			–		n/a		n/a
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 9,230,010 shares at December 31, 2024, 9,213,969 shares at September 30, 2024, and 9,179,510 shares at December 31, 2023		93			92			92		1.1		1.1
Additional paid-in capital		72,823			72,916			73,035		(0.1	)	(0.3	)
Retained earnings		94,892			93,692			96,206		1.3		(1.4	)
Accumulated other comprehensive loss, net of tax		(6,253	)		(6,487	)		(7,673	)	(3.6	)	(18.5	)
Total stockholders’ equity		161,555			160,213			161,660		0.8		(0.1	)
Total liabilities and stockholders’ equity	$	1,424,889		$	1,451,086		$	1,505,082		(1.8	)%	(5.3	)%

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Income Statements (Dollars in thousands, except per share data) (Unaudited)
	Quarter Ended
	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023		Three Month Change		One Year Change
Interest income
Loans, including fees	$	16,512		$	16,658		$	17,143	(0.9	)%	(3.7	)%
Investments		1,694			1,744			2,143	(2.9	)	(21.0	)
Interest-earning deposits with banks		613			863			880	(29.0	)	(30.3	)
Dividends on FHLB Stock		177			150			121	18.0		46.3
Total interest income		18,996			19,415			20,287	(2.2	)	(6.4	)
Interest expense
Deposits		9,956			9,748			10,281	2.1		(3.2	)
FHLB advances and other borrowings		600			1,213			731	(50.5	)	(17.9	)
Total interest expense		10,556			10,961			11,012	(3.7	)	(4.1	)
Net interest income		8,440			8,454			9,275	(0.2	)	(9.0	)
(Recapture of provision) provision for credit losses		(1,250	)		1,575			–	(179.4	)	n/a
Net interest income after (recapture of provision) provision for credit losses		9,690			6,879			9,275	40.9		4.5

Noninterest income
BOLI income		289			295			255	(2.0	)	13.3
Wealth management revenue		88			42			60	109.5		46.7
Deposit related fees		226			236			234	(4.2	)	(3.4	)
Loan related fees		44			96			60	(54.2	)	(26.7	)
Other		11			8			24	37.5		(54.2	)
Total noninterest income		658			677			633	(2.8	)	3.9

Noninterest expense
Salaries and employee benefits		5,466			4,606			4,822	18.7		13.4
Occupancy and equipment		1,154			1,183			1,231	(2.5	)	(6.3	)
Professional fees		377			585			431	(35.6	)	(12.5	)
Data processing		805			838			718	(3.9	)	12.1
Regulatory assessments		160			165			196	(3.0	)	(18.4	)
Insurance and bond premiums		114			113			113	0.9		0.9
Marketing		24			46			70	(47.8	)	(65.7	)
Other general and administrative		834			952			858	(12.4	)	(2.8	)
Total noninterest expense		8,934			8,488			8,439	5.3		5.9
Income before federal income tax provision (benefit)		1,414			(932	)		1,469	(251.7	)	(3.7	)
Federal income tax provision (benefit)		214			(324	)		275	(166.0	)	(22.2	)
Net income (loss)	$	1,200		$	(608	)	$	1,194	(297.4	)%	0.5	%

Basic earnings (loss) per share	$	0.13		$	(0.07	)	$	0.13
Diluted earnings (loss) per share	$	0.13		$	(0.07	)	$	0.13
Weighted average number of common shares outstanding		9,220,593			9,190,146			9,151,892
Weighted average number of diluted shares outstanding		9,238,565			9,190,146			9,176,724

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Income Statements (Dollars in thousands, except per share data) (Unaudited)
	Year Ended December 31,
		2024			2023		One Year Change
Interest income
Loans, including fees	$	66,941		$	66,938		0.0	%
Investments		7,388			8,474		(12.8	)
Interest-earning deposits with banks		2,444			2,261		8.1
Dividends on FHLB Stock		597			485		23.1
Total interest income		77,370			78,158		(1.0	)
Interest expense
Deposits		39,117			34,407		13.7
FHLB advances and other borrowings		3,490			3,208		8.8
Total interest expense		42,607			37,615		13.3
Net interest income		34,763			40,543		(14.3	)
Recapture of provision for credit losses		(50	)		(208	)	(76.0	)
Net interest income after recapture of provision for credit losses		34,813			40,751		(14.6	)

Noninterest income
BOLI		1,245			1,081		15.2
Wealth management revenue		279			253		10.3
Deposit accounts related fees		923			956		(3.5	)
Loan related fees		296			275		7.6
Other		53			208		(74.5	)
Total noninterest income		2,796			2,773		0.8

Noninterest expense
Salaries and employee benefits		20,652			20,366		1.4
Occupancy and equipment		4,789			4,748		0.9
Professional fees		3,011			2,288		31.6
Data processing		3,285			2,857		15.0
Regulatory assessments		662			763		(13.2	)
Insurance and bond premiums		477			468		1.9
Marketing		179			343		(47.8	)
Other general and administrative		3,638			3,833		(5.1	)
Total noninterest expense		36,693			35,666		2.9
Income before federal income tax (benefit) provision		916			7,858		(88.3	)
Federal income tax (benefit) provision		(156	)		1,553		(110.0	)
Net income	$	1,072		$	6,305		(83.0	)%

Basic earnings per share	$	0.12		$	0.69
Diluted earnings per share	$	0.12		$	0.69
Weighted average number of common shares outstanding		9,183,900			9,126,209
Weighted average number of diluted shares outstanding		9,238,016			9,152,617

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

	December 31, 2024					September 30, 2024					December 31, 2023
	Amount			Percent		Amount			Percent		Amount			Percent
	(Dollars in thousands)
Commercial real estate:
Residential:
Multifamily	$	126,303		10.9	%	$	132,811		11.6	%	$	138,149		11.6	%
Total multifamily residential		126,303		10.9			132,811		11.6			138,149		11.6

Non-residential:
Retail		110,787		9.6			118,840		10.4			124,172		10.4
Office		73,306		6.3			73,778		6.5			72,778		6.1
Hotel / motel		72,434		6.3			54,716		4.8			63,597		5.3
Storage		32,229		2.8			32,443		2.8			33,033		2.8
Mobile home park		22,701		2.0			22,443		2.0			21,701		1.8
Warehouse		23,363		2.0			18,743		1.6			19,218		1.6
Nursing Home		9,713		0.8			11,407		1.0			11,610		1.0
Other non-residential		29,865		2.5			30,719		2.7			31,750		2.6
Total non-residential		374,398		32.3			363,089		31.8			377,859		31.6

Construction/land:
One-to-four family residential		49,674		4.3			42,846		3.8			47,149		4.0
Multifamily		7,884		0.7			7,227		0.6			4,004		0.3
Land development		9,582		0.8			10,148		0.8			9,771		0.8
Total construction/land		67,140		5.8			60,221		5.2			60,924		5.1

One-to-four family residential:
Permanent owner occupied		284,650		24.7			279,744		24.5			284,471		23.9
Permanent non-owner occupied		217,420		18.8			221,127		19.4			228,752		19.2
Total one-to-four family residential		502,070		43.5			500,871		43.9			513,223		43.1

Business
Aircraft		–		0.0			–		0.0			1,945		0.1
Small Business Administration (“SBA”)		1,729		0.2			1,745		0.2			1,794		0.3
Paycheck Protection Plan (“PPP”)		159		0.0			238		0.0			473		0.0
Other business		10,247		0.9			12,416		1.1			24,869		2.1
Total business		12,135		1.1			14,399		1.3			29,081		2.5

Consumer
Classic, collectible and other auto		59,580		5.2			58,085		5.1			58,618		5.0
Other consumer		13,626		1.2			12,935		1.1			13,377		1.1
Total consumer		73,206		6.4			71,020		6.2			71,995		6.1
Total loans		1,155,252		100.0	%		1,142,411		100.0	%		1,191,231		100.0	%
Less:
ACL		15,066					16,265					15,306
Loans receivable, net	$	1,140,186				$	1,126,146				$	1,175,925

Concentrations of credit: ⁽¹⁾
Construction loans as % of total capital		40.5	%				36.8	%				38.3	%
Total non-owner occupied commercial real estate as % of total capital		300.8	%				296.2	%				316.8	%

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Quarter Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2024			2024			2024			2024			2023
	(Dollars in thousands, except per share data)
Performance Ratios : ⁽¹⁾
Return on assets		0.33	%		(0.17	)%		0.43	%		(0.29	)%		0.31	%
Return on equity		2.96			(1.50	)		3.88			(2.67	)		2.97
Dividend payout ratio		0.00			0.00			76.47			(108.33	)		100.00
Equity-to-assets ratio		11.34			11.04			11.10			10.91			10.74
Tangible equity ratio ⁽²⁾		11.26			10.97			11.02			10.83			10.66
Net interest margin		2.50			2.46			2.66			2.55			2.54
Average interest-earning assets to average interest-bearing liabilities		116.51			116.46			117.01			116.40			115.84
Efficiency ratio		98.20			92.96			82.35			116.97			85.17
Noninterest expense as a percent of average total assets		2.49			2.32			2.21			3.05			2.18
Book value per common share	$	17.50		$	17.39		$	17.51		$	17.46		$	17.61
Tangible book value per share ⁽²⁾		17.37			17.26			17.37			17.32			17.47

Capital Ratios : ⁽³⁾
Tier 1 leverage ratio		11.16	%		10.86	%		10.91	%		10.41	%		10.18	%
Common equity tier 1 capital ratio		15.40			15.43			15.39			14.98			14.90
Tier 1 capital ratio		15.40			15.43			15.39			14.98			14.90
Total capital ratio		16.65			16.68			16.64			16.24			16.15

Asset Quality Ratios : ⁽⁴⁾
Nonaccrual loans as a percent of total loans		0.07	%		0.07	%		0.41	%		0.02	%		0.02	%
Nonaccrual loans as a percent of total assets		0.06			0.06			0.32			0.01			0.01
ACL as a percent of total loans		1.30			1.42			1.29			1.30			1.28
Net charge-offs to average loans receivable, net		(0.00	)		0.00			0.00			0.00			0.00

Allowance for Credit Losses :
ACL – loans
Beginning balance	$	16,265		$	14,796		$	14,996		$	15,306		$	15,306
(Recapture of provision) provision for credit losses		(1,200	)		1,500			(200	)		(300	)		–
Charge-offs		–			(31	)		–			(10	)		–
Recoveries		1			–			–			–			–
Ending balance	$	15,066		$	16,265		$	14,796		$	14,996		$	15,306

Allowance for unfunded commitments
Beginning balance	$	639		$	564		$	564		$	439		$	439
(Recapture of provision) provision for credit losses		(50	)		75			–			125			–
Ending balance	$	589		$	639		$	564		$	564		$	439

(Recapture of provision) provision for credit losses
ACL – loans	$	(1,200	)	$	1,500		$	(200	)	$	(300	)	$	–
Allowance for unfunded commitments		(50	)		75			–			125			–
Total	$	(1,250	)	$	1,575		$	(200	)	$	(175	)	$	–

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Quarter Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2024			2024			2024			2024			2023
	(Dollars in thousands)
Yields and Costs : ⁽¹⁾
Yield on loans		5.82	%		5.86	%		5.93	%		5.88	%		5.83	%
Yield on investments		4.29			4.30			4.38			4.11			4.11
Yield on interest-earning deposits		4.73			5.27			5.25			5.28			5.32
Yield on FHLB stock		12.87			7.73			8.63			7.79			7.29
Yield on interest-earning assets		5.63	%		5.66	%		5.73	%		5.62	%		5.56	%

Cost of interest-bearing deposits		3.77	%		3.80	%		3.71	%		3.69	%		3.62	%
Cost of borrowings		2.35			3.19			2.64			2.65			2.40
Cost of interest-bearing liabilities		3.64	%		3.72	%		3.59	%		3.58	%		3.50	%

Cost of total deposits ⁽²⁾		3.46	%		3.47	%		3.38	%		3.38	%		3.31	%
Cost of funds ⁽²⁾		3.37			3.44			3.30			3.31			3.23

Average Balances :
Loans	$	1,129,019		$	1,131,473		$	1,139,017		$	1,160,156		$	1,167,339
Investments		156,975			161,232			173,102			202,106			206,837
Interest-earning deposits		51,518			65,149			36,959			37,032			65,680
FHLB stock		5,471			7,719			6,714			6,554			6,584
Total interest-earning assets	$	1,342,983		$	1,365,573		$	1,355,792		$	1,405,848		$	1,446,440

Interest-bearing deposits	$	1,051,201		$	1,021,041		$	1,029,608		$	1,082,168		$	1,127,690
Borrowings		101,522			151,478			129,126			125,604			120,978
Total interest-bearing liabilities		1,152,723			1,172,519			1,158,734			1,207,772			1,248,668
Noninterest-bearing deposits		93,331			96,003			101,196			99,173			102,869
Total deposits and borrowings	$	1,246,054		$	1,268,522		$	1,259,930		$	1,306,945		$	1,351,537

Average assets	$	1,429,788		$	1,453,431		$	1,446,207		$	1,495,753		$	1,538,955
Average stockholders’ equity		161,093			161,569			161,057			161,823			159,659

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Year Ended December 31,
		2024			2023			2022			2021			2020
				(Dollars in thousands, except per share data)
Performance Ratios:
Return on assets		0.07	%		0.41	%		0.91	%		0.86	%		0.63	%
Return on equity		0.66			3.93			8.34			7.65			5.50
Dividend payout ratio		216.67			75.36			32.65			33.59			45.45
Equity-to-assets ratio		11.34			10.74			10.67			11.07			11.26
Tangible equity ratio ⁽¹⁾		11.26			10.66			10.58			10.97			11.15
Net interest margin		2.54			2.82			3.54			3.35			3.15
Average interest-earning assets to average interest-bearing liabilities		116.59			116.69			119.18			118.59			115.62
Efficiency ratio		97.69			82.34			69.04			68.32			72.39
Noninterest expense as a percent of average total assets		2.52			2.33			2.44			2.35			2.39
Book value per common share	$	17.50		$	17.61		$	17.57		$	17.30		$	16.05
Tangible book value per share ⁽¹⁾		17.37			17.47			17.41			17.13			15.88

Capital Ratios : ⁽²⁾
Tier 1 leverage ratio		11.16	%		10.18	%		10.31	%		10.34	%		10.29	%
Common equity tier 1 capital ratio		15.40			14.90			14.37			14.23			14.32
Tier 1 capital ratio		15.40			14.90			14.37			14.23			14.32
Total capital ratio		16.65			16.15			15.62			15.48			15.57

Asset Quality Ratios : ⁽³⁾
Nonaccrual loans as a percent of total loans		0.07	%		0.02	%		0.02	%		0.00	%		0.19	%
Nonaccrual loans as a percent of total assets		0.06			0.01			0.01			0.00			0.18
ACL as a percent of total loans		1.30			1.28			1.29			1.40			1.36
Net charge-offs (recoveries) to average loans receivable, net		0.00			0.00			0.00			(0.02	)		(0.00	)

ACL – loans
Beginning balance	$	15,306		$	15,227		$	15,657		$	15,174		$	13,218
Beginning balance adjustment from adoption of Topic 326		–			500			–			–			–
(Recapture of provision) provision for credit losses		(200	)		(400	)		(400	)		300			1,900
Charge-offs		(41	)		(22	)		(37	)		–			(2	)
Recoveries		1			1			7			183			58
Ending balance	$	15,066		$	15,306		$	15,227		$	15,657		$	15,174

Allowance for unfunded commitments
Beginning balance	$	439		$	247		$	281		$	351		$	428
Provision (recapture of provision) for credit losses		150			192			(34	)		(70	)		(77	)
Ending balance	$	589		$	439		$	247		$	281		$	351

(Recapture of provision) provision for credit losses
ACL – loans	$	(200	)	$	(400	)	$	(400	)	$	300		$	1,900
Allowance for unfunded commitments		150			192			(34	)		(70	)		(77	)
Total	$	(50	)	$	(208	)	$	(434	)	$	230		$	1,823

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Year Ended December 31,
		2024			2023			2022			2021			2020
	(Dollars in thousands)
Yields and Costs:
Yield on loans		5.87	%		5.71	%		4.69	%		4.57	%		4.69	%
Yield on investments		4.26			3.97			2.77			1.83			2.39
Yield on interest-earning deposits		5.12			5.06			1.28			0.12			0.21
Yield on FHLB stock		9.03			7.07			5.08			5.29			4.85
Yield on interest-earning assets		5.66	%		5.44	%		4.33	%		4.01	%		4.36	%

Cost of deposits		3.74	%		3.12	%		0.87	%		0.71	%		1.42	%
Cost of borrowings		2.75			2.52			1.70			1.39			1.31
Cost of interest-bearing liabilities		3.63	%		3.05	%		0.95	%		0.78	%		1.41	%

Cost of interest-bearing deposits		3.42	%		2.83	%		0.77	%		0.64	%		1.32	%
Cost of funds		3.35			2.80			0.86			0.71			1.32

Average Balances:
Loans	$	1,139,864		$	1,172,569		$	1,128,835		$	1,098,772		$	1,120,889
Investments		173,276			213,261			203,165			176,110			133,584
Interest-earning deposits		47,723			44,684			30,176			60,482			25,108
FHLB stock		6,614			6,857			6,256			6,271			6,600
Total interest-earning assets	$	1,367,477		$	1,437,371		$	1,368,432		$	1,341,635		$	1,286,181

Interest-bearing deposits	$	1,045,950		$	1,104,510		$	1,034,351		$	1,015,852		$	987,069
Borrowings		126,931			127,263			113,890			115,466			125,392
Total interest-bearing liabilities		1,172,881			1,231,773			1,148,241			1,131,318			1,112,461
Noninterest-bearing deposits		97,411			109,795			125,166			112,484			75,388
Total deposits and borrowings	$	1,270,292		$	1,341,568		$	1,273,407		$	1,243,802		$	1,187,849

Average assets	$	1,456,215		$	1,529,511		$	1,455,739		$	1,421,476		$	1,361,604
Average stockholders’ equity		161,385			160,428			158,685			160,041			155,587

Non-GAAP Financial Measures

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

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

	Quarter Ended
		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
	(Dollars in thousands, except per share data)
Tangible equity to tangible assets and tangible book value per share:
Total stockholders’ equity (GAAP)	$	161,555		$	160,213		$	160,693		$	160,183		$	161,660
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		295			326			357			388			419
Tangible equity (Non-GAAP)	$	160,371		$	158,998		$	159,447		$	158,906		$	160,352

Total assets (GAAP)	$	1,424,889		$	1,451,086		$	1,447,753		$	1,468,350		$	1,505,082
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		295			326			357			388			419
Tangible assets (Non-GAAP)	$	1,423,705		$	1,449,871		$	1,446,507		$	1,467,073		$	1,503,774

Common shares outstanding at period end		9,230,010			9,213,969			9,179,825			9,174,425			9,179,510

Equity-to-assets ratio (GAAP)		11.34	%		11.04	%		11.10	%		10.91	%		10.74	%
Tangible equity-to-tangible assets ratio (Non-GAAP)		11.26			10.97			11.02			10.83			10.66
Book value per common share (GAAP)	$	17.50		$	17.39		$	17.51		$	17.46		$	17.61
Tangible book value per share (Non-GAAP)		17.37			17.26			17.37			17.32			17.47

Non-GAAP Financial Measures (continued)

	Year Ended December 31,
		2024			2023			2022			2021			2020
	(Dollars in thousands, except per share data)
Tangible equity to tangible assets and tangible book value per share:
Total stockholders’ equity (GAAP)	$	161,555		$	161,660		$	160,360		$	157,879		$	156,302
Less:
Goodwill		889			889			889			889			889
Core deposit intangible		295			419			548			684			824
Tangible equity (Non-GAAP)	$	160,371		$	160,352		$	158,923		$	156,306		$	154,589

Total assets (GAAP)		1,424,889			1,505,082			1,502,916			1,426,329			1,387,669
Less:
Goodwill		889			889			889			889			889
		295			419			548			684			824
Tangible assets (Non-GAAP)	$	1,423,705		$	1,503,774		$	1,501,479		$	1,424,756		$	1,385,956

Common shares outstanding at period end		9,230,010			9,179,510			9,127,595			9,125,759			9,736,875

Equity-to-assets ratio (GAAP)		11.34	%		10.74	%		10.67	%		11.07	%		11.26	%
Tangible equity ratio (Non-GAAP)		11.26			10.66			10.58			10.97			11.15
Book value per common share (GAAP)	$	17.50		$	17.61		$	17.57		$	17.30		$	16.05
Tangible book value per share (Non-GAAP)		17.37			17.47			17.41			17.13			15.88

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

January 28, 2025 9:23 am

Maris-Tech Announces First Customer Conference: Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation

Join industry leaders and innovators on February 27, 2025 for a day of industry insights and networking opportunities

Rehovot, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, is thrilled to announce its first annual customer conference, Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation. This exclusive event will place on February 27, 2025, in Rishon LeZion, Israel, and will gather industry professionals, thought leaders and collaborators to explore cutting-edge developments in edge computing and its central role in defense operations.

Attendees will gain valuable insights into the future of video and AI acceleration, with a sharp focus on how this innovation is reshaping defense operations, enabling faster decision-making and independent functionality in challenging environments.

The conference agenda features keynote presentations by renowned guest speakers, in-depth technical sessions, and live product demonstrations during session breaks. Attendees will also have the chance to network with peers, engage with Maris-Tech’s expert team, and gain hands-on experience with the Company’s innovative solutions.

“We are very excited to present our first customer conference,” said Israel Bar, Chief Executive Officer of Maris-Tech. “It’s an honor to host some of the most influential guest speakers in our field and to welcome our valued customers and partners. This event will represent a unique opportunity to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation.”

For more information, to view the agenda, and to register, visit the event’s official webpage: https://maris-tech.forms-wizard.co/users/new.

About Maris-Tech Ltd.

Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israel technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries worldwide. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

For more information, visit https://www.maris-tech.com/

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing the conference and the Company’s expectation for the benefits of the conference and anticipated opportunities to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation; and the benefits and advantages of video and AI acceleration. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations:

Nir Bussy, CFO
Tel: +972-72-2424022
[email protected]

January 28, 2025 9:22 am

Harel and Amitim to Acquire 44% of a Partnership Holding a Cluster of Enlight Projects Comprising 69 MW Solar Generation and 448 MWh of Energy Storage Capacity

The transaction
is based on a valuation of $114 million for the entire Cluster
,
comprised of
a
$
102
million
base
and an additional $1
2
million in deferred
consideration
upon
fulfillment
of the conditions
of
its payment

Enlight will recognize a profit of $9
4
million
upon fulfillment of the conditions of
the
deferred
consideration
, and will continue to operate
and develop projects in the
C
luster

The partnership provides Harel and Amitim exposure to renewable energy infrastructure, with the potential for high
returns
and
financial
strength over time
,
while diversifying the
ir
investment portfolio
s
and reinfor
cing
their
commitment
to
positive
impact
s
on the
Israeli
economy and environment

TEL AVIV, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, or the “Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces the signing of an agreement to sell 44% of a partnership (the “Partnership”), which holds the Sunlight cluster of Israeli renewable energy projects to Harel Insurance Investments & Financial Services Ltd. and Amitim Senior Pension Funds (the “Investors”, “the Sale Agreement”), who will acquire a 25% and 19% stake respectively.

The Investors will purchase 44% of the Partnership for a total investment of $50 million¹ in cash, of which $45 million will be paid upfront, and $5 million will be deferred consideration to be paid by the Investors upon fulfillment of certain conditions set forth in the Sale Agreement. Upon completion of the transaction, which is expected to occur during the first quarter of 2025, the Company will cease to consolidate the financial results of the Partnership in its financial statements, and will accordingly recognize a profit of $94 million.

The Sunlight Cluster consists of operational and pre-construction projects totaling 69 MW of solar generation and 448 MWh of energy storage capacity, and accounts for 5% of the capacity of Enlight’s total portfolio in Israel and 1% of the capacity of Enlight’s total global portfolio². The Investors will acquire 44% of the Limited Partner rights in the Partnership and a wholly-owned subsidiary of the Company will act as the General Partner in the Partnership. Completion of the transaction is contingent upon obtaining approval of the Israeli Competition Authority.

In conjunction with the Sale Agreement, the parties have entered into a number of additional commercial arrangements:

1. The parties commit to future investments in projects under construction.

2. The Company will have the exclusive right to purchase all the electricity produced by the Cluster under a 20-year availability agreement whose commercial terms were set between the parties.

3. The Company’s commitment to the duration and minimal level of holdings in the Limited Partnership.

4. The right of the Investors to mandate the sale of 50% of the Company’s holdings in the General Partner to a third party and terminate the management agreements with the Company.

More financial information regarding the Sale Agreement can be found here.

The Herzog Fox & Neeman law firm and the Giza Singer Even consulting firm advised the Company on the transaction. The Piron law firm advised both Harel and Amitim, and the Escola consulting firm advised Amitim on the transaction.

¹ Amounts in U.S. dollars are calculated based on a U.S. dollar to Israeli Shekel conversion rate of 1 to 3.71, as reported in the Company’s financial statements for the period ending September 30, 2024.

² Enlight’s global projects consist of 19.2 GW of generation and 31.8 GWh of energy storage capacity, located in Israel, Europe, and the United States, and allocated into Mature, Advanced Development, and Development portfolios.

Itzik
Taw
i
l
l
,
Deputy Director of the Investment
Department
and
D
irector of the
c
redit and real estate
division
at
Harel
, commented, “Harel selects its investments with thoroughness and professionalism, and is proud to continue investing in green energy and infrastructure in Israel. Our cooperation with leading companies such as Enlight diversify our investment portfolio in a stable sector, providing our fund members with attractive and long-term financial performance along with a positive environmental impact.”

Nir Gavish,
Head of Investment
s
at
Amitim Senior Pension Funds
, commented, “The Sunlight transaction is a direct implementation of our strategy to invest in infrastructure assets in Israel, and in particular in renewable energy, with a commitment to delivering optimal returns for our fund members over time. Amitim has a long-standing relationship with Enlight, and we are pleased to deepen our collaboration with this investment.”

Gilad
Yaavetz
, CEO of Enlight
, commented, “We are very proud to extend our long-standing partnership with Harel and Amitim, some of Israel’s leading institutional investors, in the innovative field of integrated solar generation and energy storage facilities. The projects generate clean electricity at a competitive price, and the production will be sold by Enlight Enterprise, the Company’s supplier unit, to some of the most prestigious consumers in Israel.

“We are proud of the asset value implied by the transaction, which reflects the quality of the projects and energy management system we have developed at Enlight. The transaction highlights the competitive advantage that the Company has in optimizing and establishing attractive funding sources to deliver on our significant growth plan.”

About Enlight Renewable Energy

Founded in 2008, Enlight is a global leader in initiating, developing, financing, setting up and operating renewable energy projects on a global scale. Enlight operates across the three largest renewable energy sectors today: solar, wind and energy storage. As a global company, Enlight operates in the United States, Israel and 9 countries throughout Europe. Enlight is currently a dual public company, with no controlling interest, that has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT).TA) and the U.S. Nasdaq Stock Exchange where it was successfully issued in 2023 (NASDAQ: ENLT).

About Harel

Harel Insurance Investments & Financial Services Ltd is the largest insurance and finance group in Israel, operating in a variety of insurance, asset management and credit fields, with 90 years of experience. Assets under management amounted to approximately ILS 490 billion and premiums amounted to approximately NIS 31.2 billion in the first nine months of 2024. The transaction was led on behalf of Harel by Itzik Taweel, director of the credit and real estate division, and Inesa Laron, manager of the project and infrastructure financing department.

About
Amitim Senior Pension Funds

Amitim Senior Pension Funds, managed by Ephi Senderov, is one of the largest institutional investors in Israel, managing approximately ILS 350 billion of assets in Israel and abroad through a variety of investment strategies. The transaction was led on behalf of Amitim by Ziv Frenkel, head of the credit division, and Roni Horvitz, credit manager. In recent years, Amitim’s credit division has led and participated in transactions worth billions of Shekels in the infrastructure sector in general and in the energy sector in particular.

Investor Contact

Yonah Weisz
Director IR
[email protected]

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
[email protected]

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

January 28, 2025 9:22 am

The Illuminating Company and Ohio Edison Named 2024 Business Customer Champions by Escalent

PR Newswire

The recognition highlights the companies’ commitment to supporting

businesses across the region

AKRON, Ohio
, Jan. 28, 2025 /PRNewswire/ — FirstEnergy Corp. (NYSE: FE) electric companies The Illuminating Company and Ohio Edison have been named 2024 Business Customer Champions in a national study conducted by Escalent, a leading data analytics and advisory firm with extensive expertise in the energy and utility industry. The designation underscores the companies’ dedication to fostering strong, engaged relationships with business customers throughout their Ohio service areas.

Escalent’s Utility Trusted Brand & Customer Engagement study for business customers scores energy utility providers based on a 360-degree review of how they engage with businesses. The study evaluates 78 electric, gas and combination utilities throughout the United States, assessing factors such as trust, service satisfaction and community support. The Illuminating Company and Ohio Edison are among 24 utilities named Business Customer Champions for scoring above their industry peers for demonstrating exceptional engagement among business customers.

Torrence Hinton, FirstEnergy Ohio President: “We know that powering businesses is crucial to supporting the communities where we live and work. We are deeply honored to be a trusted partner to the business community and remain focused on providing safe, reliable power while innovating solutions that help them succeed.”

The report highlights the companies’ standout performance in key areas, including:

Great customer service
Tools and programs to help customers save energy
Helping customers prepare for emergency situations
Dedication to the safety of employees and the community
Easy to understand and manageable monthly bills
Communication through preferred methods
Ease of doing business

Escalent’s study also indicated that the 2024 Business Customer Champions demonstrated particularly strong performance among small businesses with less than $500,000 in annual revenue.

Michelle Henry, FirstEnergy Senior Vice President of Customer Experience: “We continuously work to be a trusted energy partner to our customers. We are committed to understanding the unique needs of businesses and providing them with the tools and resources they need. Strengthening these partnerships is central to how we help businesses thrive in the communities we serve.”

Business customers of The Illuminating Company and Ohio Edison can access tools and resources to manage their electric account, including the Business Energy Analyzer to help maximize energy use, at illuminatingco.com and ohioedison.com.

Ohio Edison serves more than one million customers across 34 Ohio counties. Follow Ohio Edison on X @OhioEdison, on Facebook at facebook.com/OhioEdison and online at ohioedison.com.

The Illuminating Company serves approximately 755,000 customers across Ashtabula, Cuyahoga, Geauga, Lake and Lorain counties. Connect with The Illuminating Company at illuminatingcompany.com, on X @IlluminatingCo, and on Facebook at facebook.com/IlluminatingCo.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on X @FirstEnergyCorp or online at firstenergycorp.com.

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SOURCE FirstEnergy Corp.

January 28, 2025 9:22 am

47% of Americans plan to purchase an EV in the next 5 years according to Verra Mobility Survey

PR Newswire

More than half of respondents would purchase an EV if cost was not a factor; Survey of 2,000 Americans aged 25+ looks at consumer perceptions of EVs

MESA, Ariz.
, Jan. 28, 2025 /PRNewswire/ — Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, today released its second electric vehicle (EV) consumer perceptions report, “The State of EVs: 2025 Report on Smart Mobility.” Notably, the survey found that 47% plan to purchase an EV in the next 5 years, with 21% planning to purchase one in the next 1-2 years.

Verra Mobility polled 2,000 Americans aged 25 and older on their plans to purchase or rent an EV as well as their perceptions on EV maintenance, safety and charging. Only 7% said they currently own an EV.

The full report can be downloaded at: www.verramobility.com/the-state-of-evs-2025-smart-mobility-report

“Although there have been market indications that EV adoption rates are slowing down, our analysis indicates steady, albeit more cautious adoption and interest,” said Steve Lalla, executive vice president of Commercial Services at Verra Mobility. “Our survey results echo what we have been seeing and hearing for the last year as we work with customers representing cities, rental car companies, fleets and vehicle OEMs. The overall message we continue to hear is ‘it’s not if, but when’ EVs will constitute a much more significant share of vehicles on the road.”

Consumers’ EV purchasing plans support results from additional research conducted by Verra Mobility which found that 48% of municipal technology leaders expected EVs to make up the majority of personal vehicles within 10 years. According to recent data from Edmunds, EVs made up 8.5% of vehicles sold in mid-2024 in the U.S.

The State of EVs: 2025 Report on Smart Mobility survey found that range anxiety and availability of charging stations remains the top concern around EV ownership. When asked, “What is your biggest concern with owning/driving an EV?” 46% said the availability of charging stations (the second most popular answer was upfront cost at 31%). 40% weren’t aware of the closest charging station to their home and had “no clue how to find one” and 71% reported feeling range anxiety at the idea of driving an EV. This number was slightly down from last year, when 79% said they felt range anxiety.

The survey also explored EV perceptions around maintenance costs, safety and awareness of charging features. Surprising stats included:

51% would purchase an EV today if upfront cost was not a factor.
73% wouldn’t know how to charge an EV rental car.
70% would consider renting an EV as a way to “try before they buy” if they were considering a vehicle purchase.
63% expect maintenance costs to be higher with EVs than gas-powered vehicles.
42% think their chances of needing roadside assistance are higher with an EV versus a gas-powered vehicle.

Regarding how the last year impacted Americans’ decision to buy an EV, the results are split. When asked, “Are you more or less likely to purchase an EV than you were in 2023?” 31% answered more, 24% said less and 46% said the same. When asked, “After the results of the 2024 presidential election, are you more likely to purchase an EV in the next 4 years?” 15% said yes.

Survey Methodology

The data was derived from a survey by Verra Mobility conducted online via Pollfish on November 15, 2024. 2,000 Americans aged 25+ completed the survey.

All decimals in this report are rounded to the nearest percentage point, which may lead to certain numerical totals adding up to slightly more or less than 100%.

This is the second consumer survey conducted by Verra Mobility and Pollfish. “The State of EVs: 2023 Smart Mobility Survey” can be found here.

About Verra Mobility

Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility’s transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.

Media Relations:	Investor Relations:
Eric Krantz	Mark Zindler
[email protected]	[email protected]

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SOURCE Verra Mobility