Restaurant financing – Dorfschaenke http://dorfschaenke.net/ Fri, 20 May 2022 13:27:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://dorfschaenke.net/wp-content/uploads/2021/04/cropped-icon-32x32.png Restaurant financing – Dorfschaenke http://dorfschaenke.net/ 32 32 lenskart: ETtech Deals Digest: D2C Startups Steal the Show https://dorfschaenke.net/lenskart-ettech-deals-digest-d2c-startups-steal-the-show/ Fri, 20 May 2022 13:27:00 +0000 https://dorfschaenke.net/lenskart-ettech-deals-digest-d2c-startups-steal-the-show/ Direct-to-consumer (D2C) startups shone this week, led by Lenskart subsidiary Neso Brands, which landed its first funding. GreyOrange and B2B marketplace Fashinza are the other big money startups. Lenskart’s Neso Brands has raised over $100 million Neso Brands, a subsidiary of Lenskart that invests in D2C eyewear brands, raised over $100 million in its funding […]]]>
Direct-to-consumer (D2C) startups shone this week, led by Lenskart subsidiary Neso Brands, which landed its first funding. GreyOrange and B2B marketplace Fashinza are the other big money startups.

Lenskart’s Neso Brands has raised over $100 million


Neso Brands, a subsidiary of Lenskart that invests in D2C eyewear brands, raised over $100 million in its funding round. Neso Brands said it will partner with and invest in consumer eyewear brands globally and grow them by leveraging synergies within the Lenskart Group. Lenskart is the latest entrant in rolling out brands in India, a space that has warmed up with companies such as Globalbees, Mensa, Goat Brands and Rebel Foods backed by Firstcry.

D2C jewelry brand Melorra has raised $16 million


Melorra, a D2C jewelry brand, has raised $16 million from Axis Growth Avenues, SRF Family Office, N+1 and existing investors in the first stage of its Series D round. The funding includes $14 million in equity and $2 million in debt. Founded in 2015, Melorra delivers hallmarked gold jewelry to 718 districts in India and over 2,800 cities.

ETtech

BlissClub raised $15m led by Eight Roads, Elevation Capital

Discover the stories that interest you

D2C women’s activewear brand BlissClub has raised $15 million in a new funding round led by Eight Roads Ventures and Elevation Capital. This comes less than a year after the Bengaluru-based startup raised $2.25 million in seed funding in May 2021. BlissClub did not disclose its post-funding round valuation. Over 90% of BlissClub’s sales are through its own platform, while the rest comes from Amazon India e-commerce platform and Walmart-owned fashion portal Myntra.

MasterChow Raised $1.2M Led by Anicut Capital


Ready-to-cook food brand MasterChow has raised $1.2 million in a funding round led by Anicut Capital, an Indian investment firm specializing in alternative assets. The round also saw participation from Mumbai-based WEH ventures and Fluid ventures, a D2C-focused fund, among other high-profile founders and angel investors. MasterChow is a ready-to-cook Asian cuisine brand that offers a line of premium Asian staples like stir-fry sauces, ready-to-eat dips, and noodles for restaurant-style quick cooking at home.

Wow Skin Science seduced Singalore


Beauty and wellness brand Wow Skin Science has raised primary growth capital from Singapore’s sovereign wealth fund GIC. The deal gives the ChrysCapital-backed company a post-money valuation of $400-420 million.

GreyOrange has raised $110 million from Mithril Capital from Peter Thiel and others


Warehouse robotics and automation company GreyOrange has raised $110 million from Peter Thiel’s Mithril Capital and other existing and new investors. It also received separate debt financing from funds and accounts managed by investment firm BlackRock. The company last raised funds in a $140 million round in September 2018.

Fashinza raked in $100m from Prosus and Westbridge


Fashinza, the AI-focused business-to-business (B2B) marketplace, has raised $100 million in a Series B funding round led by Prosus Ventures (formerly Naspers Ventures) and Westbridge. The company said it would use the funds to create a sustainable supply chain and expand into new geographies.

Coinshift raises $15 million led by Tiger Global


Cash management and infrastructure platform Coinshift has raised $15 million under the leadership of Tiger Global. The company will use the funds to develop its product and technology. The company will launch its latest beta release next week, which will be available through a waitlist.

Smytten raised Rs 100 crore led by Fireside Ventures


Smytten, a direct-to-consumer brand product sampling and engagement platform, raised Rs 100 crore (about $15 million) in a funding round led by existing investors Fireside Ventures and Roots Ventures.

Other Notable Offers


■ High Street Essentials, the parent company behind womenswear brands FabAlley and Indya, raised Rs 40 crore from Stride Ventures in a combination of equity and debt. The startup plans to enter international markets like the Middle East and the United States with the new fundraising.

■ QwikSkills cloud skills and certification platform raised Rs 3.85 crore in a funding round led by IAN angel investors Manish Sinha and Naveen Gupta.

■ Flipkart-backed fresh fruit and vegetable supply chain startup Ninjacart has raised $9m (Rs 69 crore) from South Korea-based STIC and UK-based Mainstream Digital UK, at a valuation of $812 million (Rs 1,050 crore), according to regulatory filings sourced from ETtech. STIC is an existing investor in Ninjacart.

■ GeoIQ, a location intelligence startup, secured $2.25 million in funding from Lenskart and others. He said the new capital would allow him to expand globally, grow his data stack and create various AI models by leveraging data scientist communities.

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Andale Cantina will open a third location; Pizza Hut returns | Local News https://dorfschaenke.net/andale-cantina-will-open-a-third-location-pizza-hut-returns-local-news/ Wed, 18 May 2022 09:30:00 +0000 https://dorfschaenke.net/andale-cantina-will-open-a-third-location-pizza-hut-returns-local-news/ A Mexican restaurant is expanding in a bustling corner of Williamsville The owners of Andale Cantina want to break up the concept of the traditional Mexican American restaurant as part of their planned third local restaurant for the busy corner of major and through roads in Amherst. They will do so with a unique food […]]]>

A Mexican restaurant is expanding in a bustling corner of Williamsville

The owners of Andale Cantina want to break up the concept of the traditional Mexican American restaurant as part of their planned third local restaurant for the busy corner of major and through roads in Amherst.

They will do so with a unique food selection, entertainment offerings and an open, modern atmosphere inside the Southern California-style restaurant slated to open in June at the former TGIF and My Dads at 6850 Main St.

Dave Hyou, co-owner, said he would like the restaurant to bring a downtown feel to the area.

“We want to be a game changer,” said Hyou, who often drives past the new location to get to the East Amherst restaurant location on Transit Road. Andale’s other location is on French Road in Depew.

The restaurant will offer made-to-order dishes and cocktails refreshed with homemade herbs, infusions and syrups. There will also be a focus on entertainment with live music and a DJ on Friday and Saturday nights, as well as bright neon lights and art depicting Mexican culture inside. There will be 200 seats, including outside under a covered terrace on both sides of the restaurant.

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Pizza Hut in Depew is coming

One of 10 locations for Pizza Hut’s return in Western New York has been identified.

A Pizza Hut ‘coming soon’ sign hangs from the window of an old subway in an outside plot of Transit and French Square in Depew. The outdoor plot also includes a Starbucks and Zoom Tan.

Pizza Hut announced earlier this year that 10 restaurants in the area would open under a new franchisee in 2022, but locations have not yet been disclosed. YUM! Brands Inc., owner of the Pizza Hut brand, did not respond to a request for further information.

During the pandemic, Pizza Hut closed the rest of its 17 full-service locations in the Buffalo area. There are still Pizza Hut express locations at Target stores in Depew and Orchard Park.

The new location at the corner of Transit and French Roads is near a former stand-alone Pizza Hut on French Road that is now inhabited by Mexican restaurant Andale.

Pennsylvania mall sold in Kohan in online auction

Mall owner McKinley has expanded its portfolio of mall owners.

According to the Indiana Gazette, the Indiana Mall in Pennsylvania has been acquired by Kohan Retail Investment Group. The article notes that the 43-year-old closed 455,000 square foot regional mall was acquired at an online auction for $6.9 million.

Mike Kohan, who runs the company, has come under fire for his handling of some of his other mall properties, including at the Great Northern Mall in Syracuse, where the property was forced to close twice this year and the county of ‘Onondaga is suing him. for unpaid property taxes.

Five Below arrives at the Walden Galleria

A discount retailer aimed at teens is set to open this spring at Walden Galleria.

Philadelphia-based Five Below, which opened in 2002, will be located on the upper level of the mall in a 9,000 square foot space.

The store offers an assortment of value-priced items such as cell phone cases and chargers, remote control cars, yoga pants, graphic t-shirts, nail polish, footballs and soccer balls and seasonal items in a scavenger hunt-style shopping setting.

Latino’s Cuisine opens a new location at the mall

A restaurant serving Spanish and Caribbean-inspired cuisines is setting up shop at the Walden Galleria.

Latino’s Cuisine, headquartered in Massachusetts, is opening a 1,600-square-foot restaurant this summer at the long-vacant Johnny Rocket’s Restaurant on the mall’s second floor.

It will offer breakfast options, appetizers, lunches and dinners. Eduardo Castillo, owner of Latino’s Cuisine, has worked in the restaurant industry for 27 years.

A hobby shop becomes an event center

The owner of a DIY store has moved to Hamburg and plans to create more of an event center.

James Thomas Wray moved his store, WNY Gaming LLC, from Hamburg Village to the city’s Route 20, where it tripled its space. He plans to install a football pitch and indoor activities in the coming weeks and a YouTube room by the end of the month, while starting to design an escape room.

Credit Union arrives at the old OTB in Lockport

A Cornerstone Community Federal Credit Union is being built on a former off-track betting site at a busy Lockport intersection.

The bank is adding a location at 5810 South Transit Road, on the corner of Strauss Road, next to a Taco Bell and across from a square anchored by Tops. The existing 3,400 square foot building will have a new facade and a newly designed interior. Interior demolition is complete. The end product will be a 3,800 square foot cornerstone with a box office building.

Welcome to Buffalo Next. This newsletter from The Buffalo News will bring you the latest coverage on the changing economy of Buffalo Niagara – from real estate to healthcare to startups. Learn more at BuffaloNext.com.

THE LAST

Keep up to date with news related to Buffalo Niagara’s economy

Paolini Enterprises Inc. in Sanborn is proposing to construct five new buildings using part of the former 42-acre Spaulding Fiber factory in the town of Tonawanda that will be leased to small fixture manufacturers and distribution companies.

Before it can move forward with its plans for a redevelopment project, including an apartment complex, along Scajaquada Creek in Buffalo, Savarino Cos. will have a major cleanup job ahead of it after decades of contamination from previous users of the site.

Two Buffalo expats, one who founded Zephyr Partners and the other who owns CrossCountry Mortgage LLC, are offering to cover all funeral expenses up to $50,000 for the 10 victims of Saturday’s mass shooting at the Tops Markets store on Jefferson Avenue in Buffalo.

Douglas Jemal pledges at least $100,000 for victims’ families of the mass shooting at the Tops Markets store on the east side of Buffalo. He said he would try to reach out to other local businessmen to help raise funds or make the donation himself.

KeyBank has pledged to donate $250,000 from the KeyBank Foundation to support the families of the victims of Saturday’s shooting.

CleanFiber expands Blasdell plant after securing $14 million in debt funding from California-based Lapis Advisers LP, as well as $37 million in previously announced funding.

Tops Markets store on Jefferson Avenue will reopen but first prioritizes its store employees’ access to the advice and support they may need and its customers access to the food they need while the grocer is closed.

Real estate frenzy: The owner of the University Commons office park offers transform the site into no less than 500 apartments, while developer Paul Kolkmeyer forges ahead with his plans to convert downtown apartment buildings Glenny and Marin into condominiums.

Despite the ongoing challenges facing the automotive industry, Buffalo’s ACV Auctions continued to find ways to innovate and grow through its service offerings and as a result recorded a 49% increase in revenue during the first quarter of 2022.

A pair of residential complexes on North Forest and Maple Roads which would bring 300 apartments to the middle of Amherst, the area’s largest suburb, is offered by Bliss Construction and PB Investors.

Buffalo Next reporters Jonathan D. Epstein, Jon Harris, Natalie Brophy, Janet Gramza and Mike Petro contributed to this roundup.

ICYMI

Five reads from Buffalo Next:

1. Doctor recognized for helping in conflict-torn regions: Dr. Aaron Epstein splits his life between surgical shifts in Buffalo and leading the humanitarian aid group he founded in 2015. Now he’s up for one of the nation’s biggest civilian awards .

2. Rachel’s Mediterranean Grill Expands Beyond Buffalo’s House: Rachel’s has a proven track record in Western New York and the family business is now trying to expand the concept on the New York Thruway and into larger markets such as Fort Worth, TX.

3. Mickey Rats has one more summer, but Captain Kidd’s gives way to townhouses: Ellicott Development Co. CEO William Paladino said the real estate company is trying to reopen Mickey Rats Beach Club by Memorial Day for what could be its last summer.

4. National infant formula shortage hits home: Parents in the Buffalo Niagara region are feeling the impact of the shortage. Here’s how some local families are scrambling to get what they need for their babies.

5. How much can personal seat licenses cost: Buffalo Bills season ticket holders got their first taste of what they could pay for PSLs at a new stadium. The bottom line: It all depends on where your seat is.

The Buffalo Next team gives you insight into the economic revitalization of the region. Email tips to buffalonext@buffnews.com or contact Associate Business Editor David Robinson at 716-849-4435.

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Epic Health & Fitness officially announces its first franchise agreement https://dorfschaenke.net/epic-health-fitness-officially-announces-its-first-franchise-agreement/ Mon, 16 May 2022 16:16:00 +0000 https://dorfschaenke.net/epic-health-fitness-officially-announces-its-first-franchise-agreement/ Ryan and Kelly Unger, owners of Epic Health & Fitness Florida-based fitness center Epic Health & Fitness has officially launched franchise sales. Each location has high quality professional equipment. The franchise agreement is one of many to be signed this spring and summer. All franchisees who enter our franchise system are avid gym goers with […]]]>

Ryan and Kelly Unger, owners of Epic Health & Fitness

Florida-based fitness center Epic Health & Fitness has officially launched franchise sales.

Each location has high quality professional equipment.

The franchise agreement is one of many to be signed this spring and summer.

All franchisees who enter our franchise system are avid gym goers with a passion for fitness.

— Ryan Unger, co-owner of Epic Health & Fitness

SPRING HILL, FLORIDA, USA, May 16, 2022 /EINPresswire.com/ — Epic news for Florida residents and fitness fanatics — Florida-based fitness center Epic Health & Fitness has officially launched its franchise sales, signing its first deal this month.

The newest Epic will be moving to Pasco County Florida, signed by Luke Enslow. The incidental story of the connection was told by Epic co-owner Ryan Unger, who owns the gym with his wife, Kelly Unger. “Luke moved from Kentucky to Florida to buy a restaurant,” Unger recalled. “The restaurant business suddenly failed and he was looking for a gym membership while thinking about opening his own fitness center.” According to Unger, Epic’s clean, professional look and high-end gear caught Enslow’s eye. “I told him about our franchise opportunity and he was in for it.”

Enslow has the first-ever Epic to hit Pasco County and already has plans for a second location in the coming months. “We already have a very good momentum. In addition to our first sale, we will be selling one of our corporate sites,” Unger said. “The same franchisees who purchase the business site are also funding another unit in Citrus County.”

Currently, Epic Health and Fitness company facilities are located in Spring Hill, Florida in Hernando County.

“All franchisees who enter our franchise system are avid gym goers with a passion for fitness. We know they will maintain our commitment to helping people achieve their fitness and health goals, which is at core of Epic’s mission,” Unger emphasized. “They’ll be very practical and they’re business-minded while being fitness-focused.”

Florida isn’t the only state getting new Epic locations. Another unit is in preparation in Connecticut. “We have a solid conversation with someone in Connecticut who is completely ready to go with funding and a location. Once we get registered, we’ll get going,” Unger said.

Epic Health & Fitness was first launched with the vision of helping everyday people achieve their fitness goals. The company launched its franchise model this year and saw instant traction. Each franchise purchased includes marketing guidance, ongoing support, vendor relations, membership processes, operational procedures, and more.

To learn more about the Epic Health & Fitness franchise opportunity, visit their franchise page at www.epichealthandfitnessfranchise.com.

ABOUT EPIC HEALTH AND FITNESS
Epic Health & Fitness is a state-of-the-art health club dedicated to the unique needs of each member. Each location is a well-rounded club that offers a variety of options, from the most novice beginner to the most advanced fitness enthusiast, with memberships to suit all budgets and needs. Visit www.epichealthandfitness.com to find a location near you. To start the conversation about how you can be the next Epic Health & Fitness franchise owner, visit www.epichealthandfitnessfranchise.com.

ryan unger
Epic health and fitness
+1 352-600-7398
write to us here

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FIRST NORTHWEST BANCORP: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q) https://dorfschaenke.net/first-northwest-bancorp-managements-discussion-and-analysis-of-financial-position-and-results-of-operations-form-10-q/ Fri, 13 May 2022 21:21:04 +0000 https://dorfschaenke.net/first-northwest-bancorp-managements-discussion-and-analysis-of-financial-position-and-results-of-operations-form-10-q/ Forward-looking statements Certain matters discussed in this Quarterly Report on Form 10-Q constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by the use of words such as "believes," "expects," "anticipates," "estimates" […]]]>

Forward-looking statements




Certain matters discussed in this Quarterly Report on Form 10-Q constitute
forward-looking statements, within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not statements of
historical fact, are based on certain assumptions and are generally identified
by the use of words such as "believes," "expects," "anticipates," "estimates" or
similar expressions. Forward-looking statements include, but are not limited to:



• statements of our objectives, intentions and expectations;

• statements regarding our business plans, prospects, growth and

strategies;

• statements regarding the quality of our loan and investment portfolios;

• estimates of our risks and future costs and benefits; and

• statements regarding the continuing effects of the COVID-19 pandemic on

        the Bank's business and financial results and conditions.




These forward-looking statements are based on current beliefs and expectations
of management and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are beyond the
Company's control. Actual results may differ materially from those contemplated
by the forward-looking statements due to, among others, the following factors:


• the effects of the COVID-19 pandemic, including on our credit quality and

        operations, as well as its impact on general economic conditions?
    •   legislative or regulatory changes, including actions taken by
        governmental authorities in response to inflationary pressures, the
        COVID-19 pandemic, and climate change;

• the risks associated with the loans and potential adverse changes in the

the credit quality of the loans in our portfolio, particularly with regard to

to borrowers affected by the COVID-19 pandemic, natural disasters or

climate change;

• reduced market demand for the loans we originate for sale;

• our ability to control operating costs and expenses;

• whether our management team can implement our operational strategy,

including, but not limited to, our efforts to obtain loans and income

growth;

• our ability to successfully execute a merger and/or acquisition

strategies and integrate all assets, liabilities,

customers, systems and management personnel in our operations and our

ability to achieve related cost savings within the expected time frame;

• our ability to successfully execute growth strategies related to our

entry into new markets;

• our ability to develop user-friendly digital applications to serve

existing customers and attracting new customers;

• the use of estimates to determine the fair value of certain of our assets,

whose estimates may turn out to be erroneous and lead to

valuation declines;

• the evolution of general interest rate levels and the relative

differences between short and long-term interest rates, interest on deposits

rates, our net interest margin and funding sources;

• increased competitive pressures among financial services companies,

in particular from non-traditional banking entities such as challenger

banks, fintechs and tech mega-companies;

• our ability to attract and retain deposits;

• changes in consumption, borrowing and saving habits, resulting in

        reduced demand for banking products and services;
    •   results of examinations of us by the Washington State Department of
        Financial Institutions, Department of Banks, the Federal Deposit
        Insurance Corporation, Federal Reserve Bank of San Francisco, or other
        regulatory authorities, which could result in restrictions that may
        adversely affect our liquidity and earnings;

• legislative or regulatory changes that adversely affect our business;

• interruptions, security breaches or other adverse events, failures or

interruptions or attacks on our computer systems or

third-party vendors who perform many of our critical processing

functions;

• any failure of major third-party providers to fulfill their obligations of

we; and

• other economic, competitive, governmental, regulatory and technical aspects

        factors affecting our operations, pricing, products and services and
        other risks described elsewhere in our filings with the Securities and
        Exchange Commission, including this Form 10-Q and our Annual Report on
        Form 10-K for the year ended December 31, 2021.





Further, statements about the potential effects of the COVID-19 pandemic on the
Bank's businesses and financial results and condition may constitute
forward-looking statements and are subject to the risk that the actual effects
may differ, possibly materially, from what is reflected in those forward-looking
statements due to factors and future developments that are uncertain,
unpredictable and in many cases beyond the Bank's control, including the direct
and indirect impact of the ongoing pandemic on the Bank, its customers and third
parties. These developments could have an adverse impact on our financial
position and our results of operations.



Any of the forward-looking statements that we make in this report and in other
statements we make may turn out to be wrong because of inaccurate assumptions we
might make, because of the factors illustrated above or because of other factors
that we cannot anticipate or predict. Any forward-looking statements are based
upon management's beliefs and assumptions at the time they are made. We
undertake no obligation to publicly update or revise any forward-looking
statements included or incorporated by reference in this document or to update
the reasons why actual results could differ from those contained in such
statements, whether as a result of new information, future events or otherwise.
Due to these risks, uncertainties and assumptions, the forward-looking
statements discussed in this report might not occur, and you should not put
undue reliance on any forward-looking statements.



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  Table of Contents



General



First Northwest Bancorp, a Washington corporation, is the bank holding company
for First Fed Bank. The Company also has a controlling interest in Quin
Ventures, Inc. and limited partnership investments. First Northwest's business
activities are generally limited to passive investment activities and oversight
of its investments in First Fed and Quin Ventures.



First Fed Bank is a community-oriented financial institution serving Western
Washington with offices in Clallam, Jefferson, King, Kitsap, and Whatcom
counties. We have twelve full-service branches and two business centers. First
Fed's business and operating strategy is focused on building sustainable
earnings by delivering a fully array of financial products and services for
individuals, small business, and commercial customers. Additionally, First Fed
focuses on strategic partnerships with financial technology ("fintech")
companies to develop and deploy digitally focused financial solutions to meet
customers' needs on a broader scale. Lending activities include the origination
of first lien one- to four-family mortgage loans, commercial and multi-family
real estate loans, construction and land loans (including lot loans), commercial
business loans, and consumer loans, consisting primarily of automobile loans as
well as home equity loans and lines of credit. Over the last five years, we have
significantly increased the origination of commercial real estate, multi-family
real estate, construction, and commercial business loans, and more recently have
increased our consumer loan portfolio through our manufactured home and auto
loan purchase programs. We offer traditional consumer and business deposit
products, including transaction accounts, savings and money market accounts and
certificates of deposit for individuals and businesses. Deposits are our primary
source of funding for our lending and investing activities.



Quin Ventures is a fintech focused on financial wellness and lifestyle
protection for consumers nationwide. First Northwest's limited partnership
investments include Canapi Ventures Fund, L.P., BankTech Ventures, L.P., and JAM
FINTOP Blockchain, L.P., which invest in fintech-related business with a focus
on developing digital solutions applicable to the banking industry.



First Northwest is affected by prevailing economic conditions as well as
government policies and regulations concerning, among other things, monetary and
fiscal affairs, housing and financial institutions. Deposit flows are influenced
by several factors, including interest rates paid on competing time deposits,
alternative investment options available to our customers, account maturities,
the number and quality of our deposit originators, digital delivery systems,
branding and customer acquisition, and the overall level of personal income and
savings in the markets where we do business. Lending activities are influenced
by the demand for funds, our credit policies, the number and quality of our
lenders and credit underwriters, digital delivery systems, branding and customer
acquisition, and regional economic cycles.



Our primary source of pre-tax income is net interest income. Net interest income
is the difference between interest income earned on our loans and investments
and interest expense paid on our deposits and borrowings. Changes in levels of
interest rates and cash flows from existing assets and liabilities affect our
net interest income. A secondary source of income is noninterest income, which
includes revenue we receive from providing products and services, including
service charges on deposit accounts, mortgage banking income, loan sales,
interest rate swap fee income, earnings from bank-owned life insurance,
investment services income, and gains and losses from sales of securities.



An offset to net interest income is the provision for loan losses, which
represents the periodic charge to operations that is required to adequately
provide for losses inherent in our loan portfolio through our allowance for loan
losses. A recapture of previously recognized provision for loan losses may be
added to net income as credit metrics improve, such as a loan's risk rating,
increased property values, improvements in the economic environment, or receipt
of recoveries of amounts previously charged off.



Noninterest expenses we incur in operating our business consist of salaries and
employee benefit costs, occupancy and equipment expenses, federal deposit
insurance premiums and regulatory assessments, data processing expenses,
marketing and customer acquisition expenses, professional fees, expenses related
to real estate and personal property owned, and other expenses.



Impact of COVID-19 Pandemic. The COVID-19 pandemic and related restrictive
measures taken by governments, businesses and individuals caused unprecedented
uncertainty, volatility and disruption in financial markets and in governmental,
commercial and consumer activity in the United States and globally, including
the markets that we serve. We anticipate continued improvements in commercial
and consumer activity and the U.S. economy. As of September 30, 2021, the
governor of Washington removed restrictions initially set in place, allowing
businesses to return to full capacity.



We recognize that our business and consumer customers are experiencing varying
degrees of financial distress, which is expected to continue through the
remainder of 2022, as new COVID-19 variant infections increase and new
restrictions are mandated. Commercial activity has improved but has not returned
to the levels existing prior to the outbreak of the pandemic, which may result
in our customers' inability to meet their loan obligations to us. In addition,
the economic pressures and uncertainties related to the COVID-19 pandemic and
resulting supply chain issues have resulted in changes in consumer spending
behaviors, which may negatively impact the demand for loans and other services
we offer. Our borrowing base includes customers in industries such as
hospitality; restaurant and food services; and lessors of commercial real estate
to hospitality, restaurant, and retail establishments, all of which have been
significantly impacted by the COVID-19 pandemic. At March 31, 2022, the
Company's exposure as a percent of the total loan portfolio to these industries
was 4.0%, 0.3%, and 4.0%, respectively. We recognize that these industries may
take longer to recover as consumers may be hesitant to return to full social
interaction or may change their spending habits on a more permanent basis as a
result of the pandemic. We continue to monitor these customers closely.





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Contents




We have taken deliberate actions to ensure that we have the balance sheet
strength to serve our clients and communities, including increases in liquidity
and managing our assets and liabilities in order to maintain a strong capital
position; however, future economic conditions are subject to significant
uncertainty. Uncertainties associated with the pandemic include the duration of
the COVID-19 outbreak and any related variant infections, the availability and
effectiveness of COVID-19 vaccines, and the impact on our customers, employees,
vendors and the economy. While uncertainty still exists, we believe we are
well-positioned to operate effectively through the present economic environment.



We continue to provide banking and financial services to our customers, having
returned to regular lobby and drive-thru access at all our branch locations in
May 2021. In addition, we continue to provide access to banking and financial
services through online banking, Interactive Teller Machines ("ITMs"),
Automated Teller Machines ("ATMs"), and by telephone. We continue to take
additional precautions within all our locations, including providing personal
protection equipment and enhanced cleaning procedures, to ensure the safety of
our customers and our employees.



We provided assistance to many small businesses applying for the SBA's Paycheck
Protection Program ("PPP") funding. We processed $32.2 million of loans for 515
customers through the initial round of SBA PPP funding during 2020 with an
average loan amount of $63,000. We processed $35.0 million of loans for
427 customers during the second round of SBA PPP funding with an average loan
amount of $82,000. Payments by borrowers on these loans can be deferred up to
sixteen months after the note date, and interest, at 1%, will continue to accrue
during the deferment period. Loans can be forgiven in whole or part (up to full
principal and any accrued interest). We partnered with a third-party financial
technology provider to assist our borrowers with the loan forgiveness
application process. As of March 31, 2022, $32.1 million, or 99.7%, of the
first-round loans were forgiven and $27.9 million, or 79.7%, of second-round
loans were forgiven.



Critical Accounting Policies



Effective January 1, 2022, the Bank elected to measure servicing rights using
the fair value method of accounting. We record servicing rights on loans
originated and subsequently sold into the secondary market. We stratify our
capitalized servicing rights based on the type, term and interest rates of the
underlying loans. Servicing rights are measured at fair value at each reporting
date with the change reported in earnings. The value is determined through a
discounted cash flow analysis, which uses interest rates, prepayment speeds and
delinquency rate assumptions as inputs. All of these assumptions require a
significant degree of management judgment. If our assumptions prove to be
incorrect, the value of our mortgage servicing rights could be negatively
affected.



There have been no other material changes in critical accounting policies as disclosed in the company’s annual report on Form 10-K for the year ended
December 31, 2021.

Comparison of the financial situation at March 31, 2022 and December 31, 2021

Assets. Total assets increased to $1.94 billion to March 31, 2022 from $1.92 billion to December 31, 2021.




Cash and cash equivalents decreased by $43.5 million, or 34.5%, to $82.5 million
as of March 31, 2022, compared to $126.0 million as of December 31, 2021. Excess
cash was deployed into the investment and loan portfolios as the Bank continued
to build earning assets.



Net loans, excluding loans held for sale, increased $20.3 million to $1.37
billion at March 31, 2022, from $1.35 billion at December 31, 2021. During the
three months ended March 31, 2022, multi-family loans increased $31.3 million as
$16.6 million of acquisition-renovation construction and $13.6 million of
commercial construction loans transitioned into amortizing loans. Auto and other
consumer loans increased $23.4 million, as a result of a $16.0 million purchase
of a pool of manufactured home loans, $5.9 million in individual manufactured
home loan purchases, and a net increase in auto loans of $2.4 million offset by
payment activity. One- to four-family residential loans decreased $3.9
million as payment of loans exceeded originations during the current quarter.
Commercial business loans decreased $25.3 million, mainly as the result of a
decrease in Northpointe Mortgage Participation Program of $26.3 million and
Paycheck Protection Program ("PPP") loans paid off during the quarter totaling
$7.3 million, offset by a $1.9 million SBA loan origination and draws on
existing loans. Our participation in the Northpointe program is based on current
funding needs of the program. Given the slowdown in the mortgage market, as well
as recent funding raises by Northpointe, we do not anticipate significant
activity in the near term.



Construction and land loans decreased $15.3 million, or 6.8%, to $209.4
million at March 31, 2022, from $224.7 million at December 31, 2021. Our
construction loans are geographically dispersed throughout Western Washington
with one loan in Oregon and two loans in Idaho. We manage our construction
lending by utilizing a licensed third-party vendor to assist us in monitoring
our construction projects. We continue to monitor the projects currently in our
portfolio to determine the impact of COVID-19 on completion. As of the date of
this report, we have no reason to believe that any of the projects in process
will not be completed. At March 31, 2022, acquisition-renovation loans of $31.2
million were included in the construction loan total compared to $51.1
million at December 31, 2021. These commercial acquisition-renovation loans
represent financing primarily for the acquisition of multi-family properties
with a construction component used for the renovation of common areas and
specific units of the building. Given the construction component of these loans
we are required to report them as construction under regulatory guidelines;
however, we consider these loans to be lower risk than typical ground-up
construction projects.



We monitor real estate values and general economic conditions in our market
areas, in addition to assessing the strength of our borrowers, including their
equity contributions to a project, to prudently underwrite construction loans.
We continually assess our lending strategies across all product lines and
markets within which we do business to improve earnings while also prudently
managing credit risk.



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The following tables present our construction commitments by type and geographic concentration on the dates indicated:




                         North Olympic      Puget Sound
March 31, 2022           Peninsula (1)       Region (2)       Other Washington        Oregon         Idaho         Total
                                                                  (In thousands)
Construction
Commitment
One- to four-family
residential              $       36,886     $     65,326     $            4,983     $        -     $       -     $ 107,195
Multi-family
residential                           -          154,503                  5,798            415         3,592       164,308
Commercial
acquisition-renovation            2,934           31,304                      -              -             -        34,238
Commercial real estate            9,078           45,054                      -              -             -        54,132
Total commitment         $       48,898     $    296,187     $           10,781     $      415     $   3,592     $ 359,873

Construction Funds
Disbursed
One- to four-family
residential              $       13,600     $     31,015     $            1,052     $        -     $       -     $  45,667
Multi-family
residential                           -           80,953                  2,438              8         1,805        85,204
Commercial
acquisition-renovation            2,445           28,742                      -              -             -        31,187
Commercial real estate            5,883           30,682                      -              -             -        36,565
Total disbursed          $       21,928     $    171,392     $            3,490     $        8     $   1,805     $ 198,623

Undisbursed Commitment
One- to four-family
residential              $       23,286     $     34,311     $            3,931     $        -     $       -     $  61,528
Multi-family
residential                           -           73,550                  3,360            407         1,787        79,104
Commercial
acquisition-renovation              489            2,562                      -              -             -         3,051
Commercial real estate            3,195           14,372                      -              -             -        17,567
Total undisbursed        $       26,970     $    124,795     $            7,291     $      407     $   1,787     $ 161,250

Land Funds Disbursed
One- to four-family
residential              $        3,870     $      3,609     $              190     $        -     $       -     $   7,669
Commercial real estate                -            3,103                      -              -             -         3,103
Total disbursed for
land                     $        3,870     $      6,712     $              190     $        -     $       -     $  10,772




(1) Includes Clallam and Jefferson counties.
(2) Includes Kitsap, Mason, Thurston, Pierce, King, Snohomish, Skagit, Whatcom,
and Island counties.




                             North Olympic     Puget Sound
December 31, 2021            Peninsula (1)      Region (2)       Other Washington        Oregon         Total
                                                               (In thousands)
Construction Commitment
One- to four-family
residential                  $      32,785     $     57,050     $            4,430     $        -     $   94,265
Multi-family residential                 -          182,151                  4,095          8,435        194,681
Commercial
acquisition-renovation               2,938           36,536                 16,638              -         56,112
Commercial real estate              12,489           50,372                  2,535              -         65,396
Total commitment             $      48,212     $    326,109     $           27,698     $    8,435     $  410,454

Construction Funds
Disbursed
One- to four-family
residential                  $      10,242     $     28,929     $              562     $        -     $   39,733
Multi-family residential                 -           79,707                  2,414          7,534         89,655
Commercial
acquisition-renovation               2,449           32,789                 15,861              -         51,099
Commercial real estate               3,486           29,484                  2,701              -         35,671
Total disbursed              $      16,177     $    170,909     $           21,538     $    7,534     $  216,158

Undisbursed Commitment
One- to four-family
residential                  $      22,543     $     28,121     $            3,868     $        -     $   54,532
Multi-family residential                 -          102,444                  1,681            901        105,026
Commercial
acquisition-renovation                 489            3,747                    777              -          5,013
Commercial real estate               9,003           20,888                   (166 )            -         29,725
Total undisbursed            $      32,035     $    155,200     $            6,160     $      901     $  194,296

Land Funds Disbursed
One- to four-family
residential                  $       3,502     $      3,556     $              191     $        -     $    7,249
Commercial real estate                   -            1,302                      -              -          1,302
Total disbursed for land     $       3,502     $      4,858     $              191     $        -     $    8,551




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During the three months ended March 31, 2022, the Company originated $139.8
million of loans, of which $92.3 million, or 66.1%, were originated in the Puget
Sound region, $27.2 million, or 19.4%, in the North Olympic Peninsula, $9.4
million, or 6.7%, in other areas throughout Washington State, and $10.9 million,
or 7.8%, in other states. The Company purchased an additional $16.0 million in
auto loans and $21.5 million in manufactured home loans during the three months
ended March 31, 2022. We will continue to evaluate opportunities to acquire
assets through wholesale channels in order to supplement our organic
originations and increase net interest income.



Our allowance for loan losses remained $15.1 million at March 31, 2022, as no
loan loss provision was recorded for the three months ended March 31, 2022. Net
recoveries were $3,000 for the three-month period. The loan loss provision is
made to account for growth in the loan portfolio adjusted for qualitative
factors. We continue to monitor the economic impact of the COVID-19 pandemic,
which is reflected in the qualitative factor adjustments. The allowance for loan
losses as a percentage of total loans was 1.1% at both March 31, 2022 and
December 31, 2021.



Nonperforming loans decreased $148,000, or 10.7%, to $1.2 million at March 31,
2022, from $1.4 million at December 31, 2021, reflecting improvements in
nonperforming auto and other consumer loans of $106,000, home equity loans
of $29,000, one- to four-family loans of $10,000, and commercial real estate
loans of $3,000. Nonperforming loans to total loans was 0.1% at both March 31,
2022 and December 31, 2021. The allowance for loan losses as a percentage of
nonperforming loans increased to 1227% at March 31, 2022, from 1095% at December
31, 2021.



At March 31, 2022, there were $1.8 million in restructured loans, of which $1.79
million were performing in accordance with their modified payment terms and are
accruing loans. Classified loans increased $1.7 million to $14.3 million at
March 31, 2022, from $12.6 million at December 31, 2021, due to the addition of
a single residential real estate loan that was downgraded in 2022.



Loan charge-offs are concentrated mainly in our indirect auto loan portfolio. We
stopped originating loans from one of our indirect auto loan product offerings
in 2020 to reduce credit risk and future charge-off activity. We continue to
monitor the program in order to prudently manage risk within the portfolio. The
balance of indirect auto loans decreased to $8.8 million at March 31, 2022 from
$10.6 million at December 31, 2021. We believe our allowance for loan losses is
adequate to absorb the known and inherent risks of loss in the overall loan
portfolio as of March 31, 2022.



Loans receivable, excluding loans held for sale, consisted of the following at
the dates indicated:



                                                                                   Increase (Decrease)
                                   March 31, 2022       December 31, 2021         Amount          Percent
                                               (In thousands)
Real Estate:
One-to-four family                $        291,053     $           294,965     $     (3,912 )          (1.3 )%
Multi-family                               203,746                 172,409           31,337            18.2
Commercial real estate                     370,346                 363,299            7,047             1.9
Construction and land                      209,395                 224,709          (15,314 )          (6.8 )
Total real estate loans                  1,074,540               1,055,382           19,158             1.8

Consumer:
Home equity                                 39,858                  39,172              686             1.8
Auto and other consumer                    206,140                 182,769           23,371            12.8
Total consumer loans                       245,998                 221,941           24,057            10.8

Commercial business loans                   54,506                  79,838          (25,332 )         (31.7 )

Total loans                              1,375,044               1,357,161           17,883             1.3
Less:
Net deferred loan fees                       4,144                   4,772             (628 )         (13.2 )
Premium on purchased loans, net            (14,816 )               (12,995 )         (1,821 )          14.0
Allowance for loan losses                   15,127                  15,124                3               -
Loans receivable, net             $      1,370,589     $         1,350,260     $     20,329             1.5




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The following table represents non-performing assets as of the dates indicated.


                                                                                    Increase (Decrease)
                                   March 31, 2022       December 31, 2021        Amount            Percent
                                               (In thousands)
Nonperforming loans:
Real estate loans:
One- to four-family               $            484     $               494     $       (10 )            (2.0 )%
Commercial real estate                          68                      71              (3 )            (4.2 )
Construction and land                           22                      22               -                 -
Total real estate loans                        574                     587             (13 )            (2.2 )

Consumer loans:
Home equity                                    253                     282             (29 )           (10.3 )
Auto and other consumer                        406                     512            (106 )           (20.7 )
Total consumer loans                           659                     794            (135 )           (17.0 )

Total nonperforming assets        $          1,233     $             1,381     $      (148 )           (10.7 )

Nonaccrual and 90 days or more
past due loans as a percentage
of total loans                                 0.1 %                   0.1 %           0.0 %               -




Investment securities increased $33.5 million, or 9.7%, to $377.7 million at
March 31, 2022, from $344.2 million at December 31, 2021, due to the purchase of
securities, partially offset by sales, normal payments and prepayment activity.
The investment portfolio, including mortgage-backed securities, had an estimated
projected average life of 7.0 years as of March 31, 2022, and 5.7 years as
of December 31, 2021, and had an estimated average repricing term of 7.0 years
as of March 31, 2022, and 5.4 years as of December 31, 2021, based on the
interest rate environment at those times.



The investment portfolio was composed of 45.0% in amortizing securities at March
31, 2022 and 43.0% at December 31, 2021. The projected average life of our
securities may vary due to prepayment activity, which, particularly in the
mortgage-backed securities portfolio, is impacted by prevailing mortgage
interest rates. Management maintains a focus on enhancing the mix of earning
assets by originating loans as a percentage of earning assets; however, we
continue to purchase investment securities as a source of additional interest
income. Securities are sold to provide liquidity, improve long-term portfolio
yields, reduce LIBOR risk, and manage duration in the portfolio. For additional
information, see Note 2 of the Notes to Consolidated Financial Statements
contained in Item 1 of this Form 10-Q.



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Passives. Total liabilities increased to $1.77 billion to March 31, 2022from $1.73 billion to December 31, 2021mainly due to an increase in borrowings of $65.0 millionoffset by a drop in deposits of $31.2 million.




Deposit balances decreased 2.0%, to $1.55 billion at March 31, 2022, from $1.58
billion at December 31, 2021. There was a $2.7 million increase in savings
accounts offset by a $16.0 million decrease in money market accounts and a $9.7
million decrease in demand deposit accounts, and certificates of deposits
decreased $8.2 million during the period. A runoff in commercial and public fund
account balances of $44.1 million was partially offset by an increase in
consumer account balances of $13.0 million. We also utilize brokered
certificates of deposit ("brokered CDs") as an additional funding source in
order to manage our cost of funds, reduce our reliance on public funds deposits,
and manage interest rate risk. Brokered CDs totaling $65.7 million were included
in the $239.0 million balance of certificates of deposit at March 31, 2022.



FHLB advances increased by 81.3% to reach $145.0 million to March 31, 2022from $80.0 million to December 31, 2021. We increased short-term advances to replace cash lost through deposit outflows.




Equity. Total shareholders' equity decreased $12.4 million to $177.8 million for
the three months ended March 31, 2022. The Company recorded year-to-date net
income of $2.8 million. The net income increase was offset by an after-tax
decrease in unrealized gain on available-for-sale investments of $15.3 million.
All categories of the investment portfolio have been significantly impacted by
the rising rate environment.






Comparison of operating results for the three months ended March 31, 2022
and 2021




General. Net income was $2.8 million for the three months ended March 31, 2022,
and compared to $3.1 million for the three months ended March 31, 2021. A $2.5
million increase in net interest income after provision for loan loss was offset
by a $301,000 decrease in noninterest income and a $2.7 million increase in
noninterest expense.



Net Interest Income. Net interest income increased $2.0 million to $15.5
million for the three months ended March 31, 2022, from $13.5 million for the
three months ended March 31, 2021. This increase was mainly the result of an
increase in average earning assets of $228.4 million. The yield on average
interest-earning assets increased 8 basis points to 3.86% for the three months
ended March 31, 2022, compared to 3.78% for the same period in the prior year,
due to an increase in yields earned on investment securities.



The average cost of interest-bearing liabilities increased to 0.43% for the
three months ended March 31, 2022, compared to 0.40% for the same period last
year, due primarily to an increase in borrowing rates of 85 basis points related
to the issuance of subordinated debt offset by a decrease in rates on
interest-bearing deposits of 10 basis points. Total cost of funds increased
2 basis points to 0.34% for the three months ended March 31, 2022, from 0.32%
for the same period in 2021. The net interest margin increased 5 basis points
to 3.53% for the three months ended March 31, 2022, from 3.48% for the same
period in 2021.



Interest Income. Total interest income increased $2.3 million, or 15.5%,
to $16.9 million for the three months ended March 31, 2022, from $14.6 million
for the comparable period in 2021, primarily due to an increase in the average
balances on interest-earning assets. Interest and fees on loans receivable
increased $2.0 million, to $14.5 million for the three months ended March 31,
2022, from $12.5 million for the three months ended March 31, 2021, related to
an increase in the average balance of net loans receivable of $198.0 million
compared to the prior year. Average loan yields were 4.43% for each of the three
months ended March 31, 2022 and 2021.





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The following table compares the average earning asset balances, associated returns, and resulting changes in interest income for the periods indicated:



                                             Three Months Ended March 31,
                                          2022                           2021
                                  Average                        Average                         Increase
                                  Balance                        Balance                       (Decrease) in
                                Outstanding       Yield        Outstanding       Yield        Interest Income
                                                           (Dollars in thousands)
Loans receivable, net          $   1,330,177         4.43 %   $   1,132,194         4.43 %   $           1,995
Investment securities                359,436         2.57           368,737         2.21                   241
FHLB stock                             5,311         3.97             3,809         4.73                     7
Interest-earning deposits in
banks                                 82,780         0.19            44,576         0.12                    25
Total interest-earning
assets                         $   1,777,704         3.86 %   $   1,549,316
        3.78 %   $           2,268




Interest Expense. Total interest expense increased $265,000, or 23.0%, to $1.4
million for the three months ended March 31, 2022, compared to $1.2 million for
the three months ended March 31, 2021, due to an increase in borrowing costs of
$428,000 primarily related to the subordinated debt issued in 2021, offset by a
decrease in interest expense on deposits of $217,000 resulting from a 10 basis
point decrease in the average cost of interest-bearing deposits. The average
balance of interest-bearing deposits increased $129.2 million, or 11.8%,
to $1.22 billion for the three months ended March 31, 2022, from $1.09 billion
for the three months ended March 31, 2021, due to core deposit growth in new and
existing market areas as well as purchasing the Bellevue branch in July of 2021.



During the three months ended March 31, 2022, interest expense decreased on
certificates of deposit due to a decrease in the average balances of $53.4
million, along with a decrease in the average rates paid of 18 basis points,
compared to the three months ended March 31, 2021. During the same period, the
average balances of money market and savings accounts increased $126.7 million
and $21.1 million, respectively, while the average rate paid decreased 4 basis
points for both categories, resulting in comparatively minor changes to interest
expense. Interest-bearing demand account average balances increased $34.8
million and the average rate paid increased 2 basis points, resulting in a minor
increase to interest expense. The average cost of interest-bearing deposit
products decreased to 0.24% for the three months ended March 31, 2022,
from 0.34% for the three months ended March 31, 2021, due in large part to the
expiration of promotional rates and a shift in deposit mix to higher levels of
transaction accounts. Borrowing costs increased due to the issuance of
subordinated debt in March 2021 and increases in both the average balance and
cost of FHLB advances compared to the same period in 2021.



The following table details the average balances, cost of funds and change in interest expense for the periods indicated:




                                             Three Months Ended March 31,
                                          2022                           2021
                                                                                               Increase
                                  Average                        Average                      (Decrease)
                                  Balance                        Balance                     in Interest
                                Outstanding        Rate        Outstanding        Rate         Expense
                                                         (Dollars in thousands)
Transaction accounts           $     196,154         0.04 %   $     161,398         0.02 %   $         10
Money market accounts                587,806         0.21           461,080         0.25               12
Savings accounts                     194,721         0.05           173,647         0.09              (14 )
Certificates of deposit              242,642         0.63           295,989         0.81             (225 )
FHLB advances                         82,611         1.49            55,437         1.38              113
Subordinated debt                     39,282         4.07             3,192         3.13              369
Total interest-bearing
liabilities                    $   1,343,216         0.43 %   $   1,150,743         0.40 %   $        265



Allowance for loan losses. The Company recorded no loan loss provision in the first quarter of 2022. This compares to a loan loss provision of
$500,000 for the three months ended March 31, 2021. The lack of provision reflects improving economic conditions, lower uncertainty regarding the impact of COVID-19 and stable credit quality measures compared to the prior year.







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The following table details the activities and information relating to the provision for loan losses for the periods indicated:



                                                       Three Months Ended March 31,
                                                         2022                 2021
                                                          (Dollars in thousands)
Provision for loan losses                           $             -       $        500
Net recoveries (charge-offs)                                      3                (82 )
Allowance for loan losses                                    15,127             14,265
Allowance for losses as a percentage of total
gross loans receivable at period end                            1.1 %              1.2 %
Total nonaccrual loans                                        1,233         

2,135

Allowance for loan losses as a percentage of
nonaccrual loans at period end                               1226.8 %            668.1 %
Nonaccrual and 90 days or more past due loans as
a percentage of total loans                                     0.1 %              0.2 %
Total loans                                         $     1,375,044       $  1,168,340




Noninterest Income. Noninterest income decreased $301,000, or 11.1%, to $2.4
million for the three months ended March 31, 2022, from $2.7 million for the
three months ended March 31, 2021. Loan and deposit service fees increased over
the same period in 2021 due to $120,000 of commercial loan late fees received
during the quarter. Servicing fee income on sold loans increased $200,000 due to
the fair value accounting election and a $63,000 increase in Main Street Lending
Program servicing fee income. Investment securities with low yields driven by
high levels of prepayment activity were sold for a gain of $126,000 during the
quarter, allowing the Company to reallocate funds into higher yielding
assets. Other income decreased due to a valuation decrease of $67,000 recorded
on our joint venture fintech investments compared to a gain of $208,000 in the
same period in 2021, offset by adjustable-rate conversion ("ARC") loan fee
income of $149,000 in the current period compared to no ARC fee income during
the same period in 2021. These increases were offset by a decline in gain on
sales of mortgage loans of $1.1 million over the same period in 2021 as rising
mortgage loan rates and lack of single family home inventory have resulted in a
decline in mortgage loan production.



The following table presents a detailed analysis of the variations of the components of non-interest income for the periods indicated:



                                        Three Months Ended March 31,           Increase (Decrease)
                                          2022                2021            Amount         Percent
                                                           (Dollars in thousands)

Loan and deposit service fees $1,173 $837 $336

           40.1 %
Sold loan servicing fees                        432                  30             402        1,340.0
Net gain on sale of loans                       253               1,337          (1,084 )        (81.1 )
Net gain on sale of investment
securities                                      126                   -             126          100.0
Increase in cash surrender value of
bank-owned life insurance                       252                 244               8            3.3
Other income                                    167                 256             (89 )        (34.8 )
Total noninterest income              $       2,403       $       2,704     $      (301 )        (11.1 )%




Noninterest Expense. Noninterest expense increased $2.7 million, or 22.6%,
to $14.8 million for the three months ended March 31, 2022, compared to $12.1
million for the three months ended March 31, 2021, primarily as a result of an
increase in compensation and benefits as we added staff to manage the company
and build up data and fintech infrastructures. Costs related to software
increased $423,000 as we implemented more robust systems to support digital
initiatives and implement customer relationship management tools. Increases in
advertising were related to Quin Ventures and online initiatives. The increase
in regulatory assessments and state taxes was due to an increase in taxable
income compared to the same period in 2021 combined with an accrual for
regulatory exams in the current year.



The following table provides an analysis of the changes in the components of non-interest expense for the periods indicated:




                                            Three Months Ended March 31,              Increase (Decrease)
                                              2022                 2021            Amount            Percent
                                                                (Dollars in thousands)
Compensation and benefits                $        8,803       $        7,295     $     1,508              20.7 %
Data processing                                   1,772                1,333             439              32.9
Occupancy and equipment                           1,167                1,029             138              13.4
Supplies, postage, and telephone                    313                  242              71              29.3
Regulatory assessments and state taxes              361                  261             100              38.3
Advertising                                         752                  445             307              69.0
Professional fees                                   559                  522              37               7.1
FDIC insurance premium                              223                  148              75              50.7
Other expense                                       881                  819              62               7.6
Total noninterest expense                $       14,831       $       12,094     $     2,737              22.6 %




Provision for Income Tax. An income tax expense of $554,000 was recorded for the
three months ended March 31, 2022, compared to $473,000 for the three months
ended March 31, 2021. There was a year-over-year decrease in income before taxes
of $535,000; however, the expense recorded for the three months ended March 31,
2021, included a tax accrual true-up. For additional information, see Note 5 of
the Notes to Consolidated Financial Statements contained in Item 1 of this Form
10-Q.



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Average balances, interest and average returns/costs




The following tables set forth, for the periods indicated, information regarding
average balances of assets and liabilities as well as the total dollar amounts
of interest income from average interest-earning assets and interest expense on
average interest-bearing liabilities, resultant yields, interest rate spread,
net interest margin (otherwise known as net yield on interest-earning assets),
and the ratio of average interest-earning assets to average interest-bearing
liabilities. Also presented is the weighted average yield on interest-earning
assets, rates paid on interest-bearing liabilities and the net spread as
of March 31, 2022 and 2021. Income and all average balances are monthly average
balances, which management deems to be not materially different than daily
averages. Nonaccrual loans have been included in the table as loans carrying a
zero yield.





                                                       Three Months Ended March 31,
                                            2022                                           2021
                           Average         Interest                       Average         Interest
                           Balance         Earned/         Yield/         Balance         Earned/         Yield/
                         Outstanding         Paid           Rate        Outstanding         Paid           Rate
                                                          (Dollars in thousands)
Interest-earning
assets:
Loans receivable, net
(1)                      $  1,330,177     $   14,536           4.43 %   $  1,132,194     $   12,541           4.43 %
Investment securities         359,436          2,275           2.57          368,737          2,034           2.21
FHLB dividends                  5,311             52           3.97            3,809             45           4.73
Interest-earning
deposits in banks              82,780             38           0.19           44,576             13           0.12
Total interest-earning
assets (2)                  1,777,704         16,901           3.86        1,549,316         14,633           3.78
Noninterest-earning
assets                        122,013                                         96,490
Total average assets     $  1,899,717                                   $  1,645,806

Interest-bearing
liabilities:
Interest-bearing
demand deposits          $    196,154     $       17           0.04     $    161,398     $        7           0.02
Money market accounts         587,806            298           0.21          461,080            286           0.25
Savings accounts              194,721             26           0.05          173,647             40           0.09
Certificates of
deposit                       242,642            376           0.63          295,989            601           0.81
Total deposits              1,221,323            717           0.24        1,092,114            934           0.34
FHLB borrowings                82,611            304           1.49           55,437            191           1.38
Subordinated debt              39,282            394           4.07            3,192             25           3.13
Total interest-bearing
liabilities                 1,343,216          1,415           0.43        1,150,743          1,150           0.40
Noninterest-bearing
deposits                      328,304                                        283,204
Other
noninterest-bearing
liabilities                    38,742                                         25,688
Total average
liabilities                 1,710,262                                      1,459,635
Average equity                189,455                                        186,171
Total average
liabilities and equity   $  1,899,717                                   $  1,645,806

Net interest income                       $   15,486                                     $   13,483
Net interest rate
spread                                                         3.43                                           3.38
Net earning assets       $    434,488                                   $    398,573
Net interest margin
(3)                                                            3.53                                           3.48
Average
interest-earning
assets to average
interest-bearing
liabilities                     132.3 %                                        134.6 %



(1) Average loans receivable, net balances include outstanding loans. (2) Includes remunerated deposits (cash) with other financial institutions. (3) Net interest income divided by average interest-earning assets.






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Rate/Volume Analysis



The following table presents the dollar amount of changes in interest income and
interest expense for major components of interest-earning assets and
interest-bearing liabilities. It distinguishes between the changes related to
outstanding balances and changes in interest rates. For each category of
interest-earning assets and interest-bearing liabilities, information is
provided on changes attributable to (i) changes in volume (i.e., changes in
volume multiplied by old rate) and (ii) changes in rate (i.e., changes in rate
multiplied by old volume). For purposes of this table, changes attributable to
both rate and volume, which cannot be segregated, have been allocated
proportionately to the change due to volume and the change due to rate.





                                                        Three Months Ended
                                                     March 31, 2022 vs. 2021
                                                    Increase (Decrease) Due to
                                                                                        Total Increase
                                                    Volume                 Rate           (Decrease)
                                                                    (In thousands)
Interest-earning assets:
Loans receivable, net                          $          1,995         $         -     $         1,995
Investments                                                 (64 )               305                 241
FHLB stock                                                   17                 (10 )                 7
Other (1)                                                    11                  14                  25
Total interest-earning assets                  $          1,959         $   

309 $2,268


Interest-bearing liabilities:
Interest-bearing demand deposits               $              1         $         9     $            10
Money market accounts                                        76                 (64 )                12
Savings accounts                                              4                 (18 )               (14 )
Certificates of deposit                                    (111 )              (114 )              (225 )
FHLB advances                                                91                  22                 113
Subordinated debt                                           278                  91                 369
Total interest-bearing liabilities             $            339         $       (74 )   $           265

Net change in interest income                  $          1,620         $       383     $         2,003



(1) Includes remunerated deposits (cash) with other financial institutions.

Off-balance sheet activities




In the normal course of operations, First Fed engages in a variety of financial
transactions that are not recorded in the financial statements. These
transactions involve varying degrees of off-balance sheet credit, interest rate
and liquidity risks. These transactions are used primarily to manage customers'
requests for funding and take the form of loan commitments and lines of credit.
For the three months ended March 31, 2022 and the year ended December 31, 2021,
we engaged in no off-balance sheet transactions likely to have a material effect
on our financial condition, results of operations or cash flows.



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Contractual Obligations



At March 31, 2022, our scheduled maturities of contractual obligations were as
follows:



                                                          After 3
                                       After 1 Year        Years
                          Within         Through          Through          Beyond         Total
                          1 Year         3 Years          5 Years         5 Years        Balance
                                                      (In thousands)

Certificates of
deposit                 $  147,258     $     71,091     $     20,672     $        -     $  239,021
FHLB advances               75,000           35,000           25,000         10,000        145,000
Subordinated debt
obligation                       -                -                -         39,250         39,250
Operating leases               803            1,691            1,777          4,601          8,872
Borrower taxes and
insurance                    2,138                -                -              -          2,138
Deferred compensation          123              383               78            497          1,081
Total contractual
obligations             $  225,322     $    108,165     $     47,527     $   54,348     $  435,362



Off-balance sheet commitments and arrangements

The following table summarizes our commitments and contingent liabilities with off-balance sheet risks at March 31, 2022:



                                                      Amount of Commitment Expiration
                                                                After 3
                                             After 1 Year        Years
                                Within         Through          Through          Beyond        Total Amounts
                                1 Year         3 Years          5 Years         5 Years          Committed
                                                              (In thousands)
Commitments to originate
loans:
Fixed-rate                    $    3,028     $          -     $          -     $        -     $         3,028
Variable-rate                      9,795                -                -              -               9,795
Unfunded commitments under
lines of credit or existing
loans                             95,067           30,986           10,666        123,672             260,391
Standby letters of credit            212                -                -              -                 212
Total commitments             $  108,102     $     30,986     $     10,666     $  123,672     $       273,426






Liquidity Management



Liquidity is the ability to meet current and future financial obligations of a
short-term and long-term nature. Our primary sources of funds consist of deposit
inflows, loan repayments, maturities and sales of securities, and borrowings
from the FHLB. While maturities and scheduled amortization of loans and
securities are usually predictable sources of funds, deposit flows, calls of
investment securities and borrowed funds, and prepayments on loans and
investment securities are greatly influenced by general interest rates, economic
conditions and competition, which can cause those sources of funds to fluctuate.



Management regularly adjusts our investments in liquid assets based on an assessment of expected loan demand, expected deposit flows, available yields on deposits and interest-bearing securities, and the objectives of our interest rate risk policies. interest and investment.




Our most liquid assets are cash and cash equivalents followed by
available-for-sale securities. The levels of these assets depend on our
operating, financing, lending and investing activities during any given period.
At March 31, 2022, cash and cash equivalents totaled $82.5 million, and
unpledged securities classified as available-for-sale with a market value
of $272.0 million provided additional sources of liquidity. We pledged
collateral of $475.7 million to support borrowings from the FHLB and have an
established borrowing arrangement with the Federal Reserve Bank of San
Francisco, for which available-for-sale securities with a market value of $9.7
million were pledged as of March 31, 2022.



To March 31, 2022we have had $12.8 million outstanding credit commitments and $260.6 million in undisbursed loans and stand-by letters of credit, including $161.3 million in undisbursed construction loan commitments.




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Certificates of deposit due within one year as of March 31, 2022 totaled $147.3
million, or 61.6% of certificates of deposit with a weighted-average rate of
0.40%. We believe the large percentage of certificates of deposit that mature
within one year reflects customers' hesitancy to invest their funds for longer
periods as market interest rates were in decline. If these maturing deposits are
not renewed, however, we will be required to seek other sources of funds,
including other certificates of deposit, non-maturity deposits, and borrowings.
We have the ability to attract and retain deposits by adjusting the interest
rates offered as well as through sales and marketing efforts in the markets we
serve. Depending on market conditions, we may be required to pay higher rates on
such deposits or other borrowings than we currently pay on certificates of
deposit. In addition, we believe that our branch network, and the general cash
flows from our existing lending and investment activities, will provide us more
than adequate long-term liquidity. For additional information, see the
Consolidated Statements of Cash Flows in Item 1 of this Form 10-Q.



The Company is a separate legal entity from the Bank and provides for its own
liquidity. At March 31, 2022, the Company, on an unconsolidated basis, had
liquid assets of $7.8 million. In addition to its operating expenses, the
Company is responsible for paying dividends declared, if any, to its
shareholders, funds paid for Company stock repurchases, payments on subordinated
notes held at the Company level, and commitments to joint ventures. The Company
has the ability to receive dividends or capital distributions from the Bank,
although there are regulatory restrictions on the ability of the Bank to
pay dividends. First Northwest has partially fulfilled its commitment to extend
$15.0 million to Quin Ventures, Inc. under a capital financing agreement and
related promissory note.



Capital Resources



At March 31, 2022, shareholders' equity totaled $177.8 million, or 9.1% of total
assets. Our book value per share of common stock was $17.77 at March 31, 2022,
compared to $19.10 at December 31, 2021.



To March 31, 2022the Bank exceeded all regulatory capital requirements and was considered “well capitalized” FDIC regulatory capital guidelines.




The following table provides the capital requirements and actual results for
First Fed at March 31, 2022.



                                                              Minimum Capital                 Minimum Required to be
                                      Actual                    Requirements                     Well-Capitalized
                               Amount        Ratio         Amount           Ratio         Amount                 Ratio
                                                           (Dollars in thousands)
Tier I leverage capital (to
average assets)               $ 200,865         10.6 %   $   75,735             4.0 %   $    94,669                     5.0 %
Common equity tier I (to
risk-weighted assets)           200,865         13.1         69,014             4.5          99,687                     6.5
Tier I risk-based capital
(to risk-weighted assets)       200,865         13.1         92,019             6.0         122,692                     8.0
Total risk-based capital
(to risk-weighted assets)       216,321         14.1        122,692             8.0         153,365                    10.0




In order to avoid limitations on paying dividends, engaging in share
repurchases, and paying discretionary bonuses, the Bank must maintain common
equity tier 1 capital ("CET1") at an amount greater than the required minimum
levels plus a capital conservation buffer of 2.5%.



Effect of inflation and price change




The consolidated financial statements and related financial data presented in
this report have been prepared according to generally accepted accounting
principles in the United States, which require the measurement of financial and
operating results in terms of historical dollars without considering the change
in the relative purchasing power of money over time due to inflation. The
primary impact of inflation on our operations is reflected in increased
operating costs and the effect that general inflation may have on both
short-term and long-term interest rates. Unlike companies in many other
industries, virtually all the assets and liabilities of a financial institution
are monetary in nature. As a result, interest rates generally have a more
significant impact on a financial institution's performance than do general
levels of inflation. Although inflation expectations do affect interest rates,
interest rates do not necessarily move in the same direction or to the same
extent as the prices of goods and services.



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© Edgar Online, source Previews

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Hamburg’s Villa Viva becomes a place for meetings and networking https://dorfschaenke.net/hamburgs-villa-viva-becomes-a-place-for-meetings-and-networking/ Tue, 10 May 2022 06:00:00 +0000 https://dorfschaenke.net/hamburgs-villa-viva-becomes-a-place-for-meetings-and-networking/ Be part of the neighborhood Villa Viva will create approximately 65 jobs. The building is designed to leave the lowest possible ecological footprint during construction and operation. Recycled concrete, solar thermal energy, hot water tanks, rainwater harvesting systems and a special waste water treatment system are just some of the approaches. Sroka and Adrion joined […]]]>

Be part of the neighborhood

Villa Viva will create approximately 65 jobs. The building is designed to leave the lowest possible ecological footprint during construction and operation. Recycled concrete, solar thermal energy, hot water tanks, rainwater harvesting systems and a special waste water treatment system are just some of the approaches. Sroka and Adrion joined the district advisory board of Münzviertel to avoid being perceived as an alien entity. “We also want to invite neighborhood residents to join us in our restaurant and bar. The neighborhood has the highest density of social institutions per capita, but few gastronomic offerings, Sroka said. Visitors to the restaurant can expect various dishes from the regions where Viva con Agua is active. And Hamburg-based chefs and restaurateurs have also announced special recipes for Villa Viva. “We will offer our meals for door-to-door sale through the kitchen window to employees in the neighborhood. And if you want to pay for a coffee, a soup or a main dish, you pay for the homeless.”

yes/pb

Read more parts of our series “Unusual hotels and innovative usage concepts in Hamburg”:

1) Opening of a hard rock hotel in the flak tower in Heiligengeistfeld

2) HNX combines co-living and working plus one tree per room

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Here’s how Yukon’s political parties funded their 2021 election campaigns – Yukon News https://dorfschaenke.net/heres-how-yukons-political-parties-funded-their-2021-election-campaigns-yukon-news/ Sat, 07 May 2022 22:00:00 +0000 https://dorfschaenke.net/heres-how-yukons-political-parties-funded-their-2021-election-campaigns-yukon-news/ The public disclosure of the money behind the last territorial election leaves a mark on how political parties in the Yukon financed their campaigns. The Chief Electoral Officer’s report on 2021 territorial election financing is posted online and was tabled in the Yukon Legislative Assembly on April 28. This shows that the Liberals were the […]]]>

The public disclosure of the money behind the last territorial election leaves a mark on how political parties in the Yukon financed their campaigns.

The Chief Electoral Officer’s report on 2021 territorial election financing is posted online and was tabled in the Yukon Legislative Assembly on April 28.

This shows that the Liberals were the only ones to end the election period with a surplus of $8,350. The Yukon Party finished the event with a deficit of $99,500. The NDP also finished in the red with a deficit of $107,500.

The Yukon Party spent the most at nearly $294,500, while the Yukon Liberal Party spent $186,100 and the Yukon NDP spent $179,800.

The Liberal Party and the Yukon Party raised similar amounts, with the Liberal Party raising nearly $194,500 and the Yukon Party raising $195,000. The NDP had an income of $72,300.

A breakdown of election finance reports by candidate in each electoral district shows 13 candidates with the highest incomes and expenses per riding won. The remaining six winners passed without having the highest incomes and expenses compared to their competitors by constituency.

In total, the Liberal Party had 193 contributors, including 81 party contributors and 113 candidate contributors. The highest contributions received by the party were $5,000 from Pemberton Management and Consulting and Billy and Lilly Restaurant Corp. ltd.

Ketza Construction donated $2,500 to the Liberal Party and the Yukon Party.

Air North made $3,500 in in-kind contributions to the Liberal Party and the Yukon Party.

Chieftain Energy donated $1,000 in unleaded gasoline or regular diesel to the Liberal Party and nearly $1,000 in regular fuel to the Yukon Party.

A total of 260 contributors gave to the Yukon Party, including 120 party contributors and 140 candidate contributors. Midnight Sun Drilling contributed the highest amount to the party at $15,000. Ewing Transport Ltd. and two numbered companies — 12963 Yukon Inc. and 45325 Yukon Inc — each contributed $5,000. Tombstone Outfitters based in Lethbridge, Alberta. donated $4,000, Worldwide Trophy Adventures based in Sydney, Australia donated $3,000 and Aaron Florian of Salt Lake City, Utah donated $2,500 to the Yukon Party.

The NDP received monetary contributions from 379 contributors, 82 of which were over $250. The highest amount was $1,280 from Lois Moorcroft.

Each political party and each candidate must file statutory returns showing total income and expenditure under the financial provisions legislation contained in the Election law.

All election finance reports were due July 19, 2021, and reports were due August 6, 2021, unless a political party had an approved extension.

Contact Dana Hatherly at dana.hatherly@yukon-news.com

election

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Backflip startup emerges from Stealth with $35 million in capital https://dorfschaenke.net/backflip-startup-emerges-from-stealth-with-35-million-in-capital/ Fri, 06 May 2022 18:02:09 +0000 https://dorfschaenke.net/backflip-startup-emerges-from-stealth-with-35-million-in-capital/ Send the latest business news from your company to Ben Swanger at [email protected] Backflip, a Dallas-based fintech startup, is trying to solve the housing shortage in the United States by making it easier for real estate investors to flip older homes. The startup, which created an app that lets users research and analyze a potential […]]]>

Backflip, a Dallas-based fintech startup, is trying to solve the housing shortage in the United States by making it easier for real estate investors to flip older homes. The startup, which created an app that lets users research and analyze a potential home to flip, finance and learn about the whole process along the way, received an 8 round million and $27 million of dedicated debt financing. Investors included: Vertical Venture Partners and LiveOak Venture Partners with participation from Revel Partners, Great Oaks VC and Greg Waldorf, former founding investor and board member of Trulia and Zillow.

Backflip launched its private beta in 2021. App users have already analyzed over $2 billion in investment opportunities, and Backflip Capital, the app’s funding arm, has funded over 100 millions of dollars in loans for its users to buy and flip homes.

CEO sat down with Backflip Founder and CEO Josh Ernst to talk about the company, its growth and more.

CEO: What sets Backflip apart from its competitors?

ERNST: “Real estate investors have a tough job. They must strike a balance between creativity and entrepreneurship and be practical and organized. To be successful repeatedly, they need to know several things, including: local real estate markets, marketing and sales, project and people management, design and construction, finance and investment analysis, as well as capital raising and risk management.

“Most people just can’t be exceptional at all of these things. This is where Backflip comes in. We help entrepreneurs focus on what they naturally do best – their individual domain – while providing tools for mundane, data-driven tasks.

“Who says great tools have to come at a high price? We offer our technology for free because it helps our members make smarter investment decisions. Who says real estate investors have to wait 30 days or more to find out that a bank wouldn’t give them a loan?We pre-subscribe our members, assets and markets, which has allowed us to close loans in as little as five days.Hard money lenders typically charge 12 to 14% interest to close a loan so quickly – our interest rates average 7-10%.

What about rising mortgage interest rates and inflation? We haven’t raised our prices at all, in fact, we plan to lower them. We work hard to raise standards across the industry and provide access to affordable investment finance. Supporting local real estate entrepreneurs is the best way to modernize neighborhoods while retaining their unique charm and authenticity.

D CEO: How do you plan to use the funds raised?

ERNST: “There are four main pillars that we are focusing on in the short term, which serve all of our members with better products and better service. We invest heavily in our engineering team to improve our technology products; grow our lending business; the introduction of new innovative capital products to support the real estate investment ambitions of our members; and make strategic brand and marketing investments that drive growth.

D CEO: Why was Dallas the right place to launch Backflip?

ERNST: “Dallas has all the makings of a fantastic city to start a business in, especially a real estate and fintech business. The talent pool is strong, there’s a growing tech startup ecosystem, and the reputation of the real estate industry in Dallas is legendary. Dallas has deep roots in finance, private equity and more recently the emerging fintech sector. Several investors and team members are proud to call Dallas home, myself included. Planting the Backflip flag in Dallas was a no-brainer.

The Realm at Castle Hills adds 11 new retailers

The Kingdom of Castle Hills

Lewisville’s $1.5 billion, 324-acre mixed-use development, The Realm at Castle Hills, will add 11 new retailers this spring and summer. When complete, Bright Realty’s development along SH 121 will include 5,000 multi-family units; 1.5 million square feet of retail, office and restaurant space; a boutique hotel; an extensive network of trails; and an outdoor entertainment district.

“Denton County’s population is exploding and has seen a 53% increase between 2000 and 2010 and another 29% increase between 2010 and 2018,” said Chris Bright, CEO of Bright Realty. “People flocking to the area want the walkable, living, working and leisure destinations they can get in urban developments. We give them that with The Realm, plus unique retailers you won’t often find elsewhere.

In all, the 11 new units will occupy nearly 35,000 square feet. Soon are:

  • Saray Mediterranean Fusion Grill & Bar: offers a fusion of Mediterranean cuisine including Turkish, Lebanese, Greek and Syrian dishes
  • Mochinut: a restaurant that combines Japanese rice cake (mochi) and American donut
  • Salon Bellus: a salon specializing in coloring, cuts, blowouts, conditioning treatments and makeup
  • Salubrious Juice & More: an organic juice and juice cleanse, acai bowl, smoothie, panini and avocado toast restaurant
  • Hotworx: an exercise program that combines heat and yoga, barre, Pilates and cardio
  • Luster Grill: a restaurant serving teriyaki-inspired food and sushi
  • Bahama Bucks: shaved ice, smoothies and lemonades
  • Food Morning: serves sizzling breakfasts and creative brunches
  • Cool Heads: A men’s lounge that offers old-fashioned barber chairs, XBox video game stations, and free drinks
  • Castle Hills Animal Hospital: a full-service pet clinic
  • Cachet Salons & Spa: offers luxurious rental space for salon professionals

Unleashed Brands acquires the Youth Esports League

Dallas-based Unleashed Brands, a growing company that operates children’s development and entertainment franchises, has acquired North Carolina-based XP League, a youth esports franchise. This is the company’s fifth acquisition in nine months.

“Adding XP League to our family of brands is exciting for us, the value of the global esports market is expected to reach $2 billion next year, said Michael O. Browning Jr., Founder and CEO. from Unleashed Brands. . “There is so much room for growth and product innovation in the future.”

Unleashed Brands is also the parent company of Premier Martial Arts, Snapology, The Little Gym, Class 101 and Urban Air Adventure Park.

Grapevine adds new Chicken N Pickle entertainment concept

Picture
Pickleball is the fastest growing sport in America.

North Texas is quickly becoming a hub for new entertainment concepts, and Grapevine just added to the tally.

With TopGolf, Drive Shack, Invited, Dave & Busters, Main Event and others headquartered in North Texas, the region is well positioned to continue to attract new entertainment concepts. So far, the TOCA Social “Topgolf of Soccer” brings a venue to Dallas; the virtual reality gaming center Two Bit Circus opened in North Texas; and Electric Shuffle, a tech-inspired shuffleboard bar and restaurant, is up and running in Deep Ellum.

The latest is Chicken N Pickle, a restaurant and sports bar with pickle ball courts, shuffleboard and bocce courts, now open in the 8,000 square foot Delaney Vineyards.

“Grapevine has a well-deserved reputation as a center for recreation and entertainment. Our diverse market includes DFW Airport, excellent schools, award-winning festivals, numerous resorts and hotels, a beautiful 60-mile lake and an extensive network of hiking trails,” said Grapevine Mayor William D.Tate. “Chicken N Pickle will be an exciting and perfect addition to the town of Grapevine. Pickleball is the fastest growing sport in America, and we’re thrilled to have Chicken N Pickle in this beautiful, high-profile location. The pickleball courts, garden games and local foods will foster an environment conducive to making memories for all ages for many years to come.

Author

Ben Swanger

Ben Swanger is the associate editor of CEOthe business title of Magazine D. Ben manages the Dallas 500

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Arcos Dorados issues sustainability bond https://dorfschaenke.net/arcos-dorados-issues-sustainability-bond/ Wed, 04 May 2022 22:14:08 +0000 https://dorfschaenke.net/arcos-dorados-issues-sustainability-bond/ Posted an hour ago Proposed by Arcos Dorados Holdings The Company is the first in its sector in Latin America to link its funding strategy to its sustainability goals, with specific targets related to reducing greenhouse gas emissions across its operations. MONTEVIDEO, Uruguay, May 4, 2022 /CSRwire/ — Arcos Dorados Holdings, Inc. (NYSE: ARCO) (“Arcos […]]]>

Posted an hour ago

Proposed by Arcos Dorados Holdings

The Company is the first in its sector in Latin America to link its funding strategy to its sustainability goals, with specific targets related to reducing greenhouse gas emissions across its operations.

MONTEVIDEO, Uruguay, May 4, 2022 /CSRwire/ — Arcos Dorados Holdings, Inc. (NYSE: ARCO) (“Arcos Dorados” or the “Company”), Latin America’s largest restaurant chain and largest independent franchisee McDonald’s in the world, announced the issuance of its first Sustainability Bond (SLB), positioning the company as the first in the Latin American restaurant industry to combine a financial instrument with environmental objectives.

Sustainability is part of the Arcos Dorados culture as well as our business strategy. As private sector leaders, we continually seek to balance our business activities with our social and environmental impact. Issuing this bond is an ambitious step that demonstrates our belief that sustainability is not only the right thing to do, but can also support good financial strategy,” said Marcelo Rabach, Managing Director.

SLBs are debt instruments that include commitments by the issuer to achieve certain ESG (Environment, Social and Governance) objectives, measured on the basis of specific key performance indicators (KPIs), in exchange for interest rates more attractive. Arcos Dorados has chosen to reduce greenhouse gas (GHG) emissions across its entire operation, taking another step in the evolution of the company’s constant and growing commitment to caring for the planet. and community development in the region.

The target set out in the agreement aligns with the company’s previous commitment to reduce GHG emissions from its restaurants and offices by 36% and its supply chain by 31% by 2030, both using 2021 as the reference year.

Excess GHG emissions, primarily carbon dioxide, contribute to global warming, which poses a major threat to the planet’s ecosystem. Driving a low-carbon economy is one of the priorities of the company’s ESG platform, known as its recipe for the future, which is aligned with the Sustainable Development Goals (SDGs) established by the United Nations.

In this context, from 2019, Arcos Dorados began to measure and audit the “carbon footprint” linked to its operations, which represents approximately 5.7% of its total GHG emissions. Since 2021, the Company has also started to measure the carbon footprint of its suppliers, which represent more than 93% of its total GHG emissions. In other words, the KPIs chosen by the Company for this financial instrument represent nearly 100% of its GHG emissions.

We believe we have a responsibility to be an agent of positive change given our size and scope. Our commitment to reducing GHG emissions goes beyond our operations, which is why we have gone further with this bond issue and have involved our main suppliers in this commitment, thus generating a common effort to reduce the carbon footprint. across our operations in Latin America and the Caribbean,” said Gabriel Serber, Vice President of Social Engagement and Sustainability.

The issuance of the Sustainability Linked Bond will be accompanied by annual audits carried out by third parties to measure the KPIs established by the Company. In addition, as part of this transaction and in accordance with SLBP (Sustainability-Linked Bond Principles), the financial instrument benefits from the approval of Sustainalytics, the renowned global sustainability rating company.

“Sustainalytics considers reporting and verification commitments to be aligned with market expectations. Based on the above, Sustainalytics considers that the framework is aligned with the five essential components of the 2020 Sustainability Bond Principles and that the potential achievement of sustainability performance targets is impactful,” said Sustainalytics in its report endorsing the Arcos Dorados initiative. .

With increasingly ambitious and challenging goals involving all aspects of its operation, Arcos Dorados continues to advance and strengthen its environmental commitments through its recipe for the future.

About Arcos Dorados
Arcos Dorados is the largest independent McDonald’s franchisee in the world, operating the largest chain of quick-service restaurants in Latin America and the Caribbean. It has the exclusive right to own, operate and license McDonald’s restaurants in 20 countries and territories in Latin America and the Caribbean with more than 2,250 restaurants, operated by the Company or its sub-franchisees, which together employ more than 90,000 people (as of 03/31/2022). The company is also committed to developing the communities in which it operates, providing young people with their first formal employment opportunities, and using its recipe for the future to achieve positive environmental impact. Arcos Dorados is listed on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website: www.arcosdorados.com/.

Arcos Dorados logo

Arcos Dorados Holdings

Arcos Dorados Holdings

Arcos Dorados is the world’s largest independent McDonald’s franchisee by system-wide sales and number of locations. The company is the largest fast food chain in Latin America and the Caribbean. You have the exclusive right to own, operate and franchise McDonald’s locations in 20 countries and territories in Latin America and the Caribbean, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaçao, Ecuador, French Guyana, Guadeloupe and Martinique. , Mexico, Panama, Peru, Puerto Rico, St. Croix, St. Thomas, Trinidad and Tobago, Uruguay and Venezuela. The company operates or franchises over 2,200 McDonald’s restaurants with over 90,000 employees and is recognized as one of the best companies to work for in Latin America. Arcos Dorados is listed on the New York Stock Exchange (NYSE: ARCO).

More than Arcos Dorados Holdings

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Limestone buys PLANTA flagship in South Beach for $12 million https://dorfschaenke.net/limestone-buys-planta-flagship-in-south-beach-for-12-million/ Mon, 02 May 2022 20:09:53 +0000 https://dorfschaenke.net/limestone-buys-planta-flagship-in-south-beach-for-12-million/ Management of limestone assets bought the flagship vegetable catering site PLANT in South Beach, the company announced. Miami-based Limestone paid $12 million for the 7,835-square-foot retail building in 850 Commerce Street in the south of the Fifth Ward. The site was custom-built for PLANTA, which debuted there in 2018 and has a lease that runs […]]]>

Management of limestone assets bought the flagship vegetable catering site PLANT in South Beach, the company announced.

Miami-based Limestone paid $12 million for the 7,835-square-foot retail building in 850 Commerce Street in the south of the Fifth Ward. The site was custom-built for PLANTA, which debuted there in 2018 and has a lease that runs until 2028.

Seller, Commerce Street Properties LLCbought the property in 2012 for $2.2 million, according to property records.

PLANTA is a project led by Steven Salm and cook David Lee which offers a variety of plant-based concepts in different cuisines. In April, the team open a location for a vegan Asian restaurant, Queen PLANTA, in Fort Lauderdale. In New York, the group will soon open its Mexican-themed boutique PLANTA Cocina.

Central reception David Grutman was an early partner and has a stake in the South Beach location, which serves carrot hot dogs, cauliflower and coconut ceviche in an upscale setting.

Limestone is a subsidiary of Orion real estate groupa company run by a Saudi descendant Ibrahim Al-Rashid which is also its joint venture partner in the deal. The two affiliates have already worked together to purchase a South Florida Walgreens Wallet.

“PLANTA is a unique restaurant concept, and we are thrilled to purchase their flagship property located in the south of the Fifth Ward, said Al-Rashid. “Opportunities rarely arise in this neighborhood.”

Kevin Sanz represented Orion Real Estate Group internally and Alex Sharrin of JLL represented the seller. First National Bank of South Miami provided $7.2 million in financing for the acquisition, according to Limestone.

PLANTA did not immediately respond to a request for comment.

Chava Gourarie can be reached at cgourarie@commercialobserver.com.

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Happy 25th Anniversary at the Atlantic City Convention Center https://dorfschaenke.net/happy-25th-anniversary-at-the-atlantic-city-convention-center/ Sun, 01 May 2022 04:09:41 +0000 https://dorfschaenke.net/happy-25th-anniversary-at-the-atlantic-city-convention-center/ Happy birthday to the Atlantic City Convention Center. You look as good today as you did a quarter of a century ago. The Atlantic City Convention Center officially opened on Thursday, May 1, 1997. It opened with great excitement and high expectations for what the future held for Atlantic City as a major tourist destination. […]]]>

Happy birthday to the Atlantic City Convention Center. You look as good today as you did a quarter of a century ago.

The Atlantic City Convention Center officially opened on Thursday, May 1, 1997.

It opened with great excitement and high expectations for what the future held for Atlantic City as a major tourist destination.

A day after it opened on May 2, 1997, former New Jersey State Senator Steve Perskie quoted Sir Winston Churchill when he wrote an op-ed about the brand new convention center saying :

It’s not the end, or even the beginning of the end, but it may be the end of the beginning.

The Atlantic City Convention Center was a dynamic and ambitious project that spanned 20 years and was the vision of former New Jersey Senator William L. Gormley.

Gormley was a human force of nature…who managed to design and navigate the complicated maze of politics and finance…both sets of skills were required to complete…the brand new construction of a facility at state-of-the-art, featuring 500,000 square feet of contiguous space for meetings and conventions.

The funding was made possible when former Governor Jim Florio and Gormley worked effectively in a bipartisan fashion to merge funding for the convention center with a bailout from the then-New Jersey Sports Authority.

This fueled the dream of an Atlantic City Convention Center, giving it the final impetus needed to garner the broad legislative support necessary for its realization.

Make no mistake, this facility, coupled with Atlantic City’s multi-billion dollar casino industry, has put Atlantic City on the map.

This has allowed Atlantic City to be able to compete with all major jurisdictions in the country in attracting elite meetings and conventions.

The price tag for the Atlantic City Convention Center was $268 million. You couldn’t build it today for less than $800 million to $1 billion.

The cost would actually be prohibitive today, making it an even more impressive achievement once and for all.

Gormley secured the funding in such a way that not a single taxpayer dollar was spent to build the convention center.

Compare that to the ballpark and all the other big projects in Atlantic City that always hit local taxpayers hard in their personal pocketbooks.

Many have never had the opportunity to see the fabulous meeting and exhibition space. Below is a quick tour of some of the facilities at the Atlantic City Convention Center.

Here’s an overview of the Keynote Session: table setup.

Atlantic City Convention Center – Main session: setting up the table – photo MEETAC.com.

Atlantic City Convention Center – Main session: setting up the table – photo MEETAC.com.

Here is the Keynote Session: Setting up the scene:

Atlantic City Convention Center – Stage setup – MEETAC.com photo.

Atlantic City Convention Center – Stage setup – MEETAC.com photo.

Here is an overview of the very flexible space of the showroom:

Atlantic City Convention Center – Exhibit Hall – MEETAC.com photo.

Atlantic City Convention Center – Exhibit Hall – MEETAC.com photo.

Here is a glimpse of one of the state-of-the-art meeting rooms:

Atlantic City Convention Center – Meeting Room – MEETAC.com photo

Atlantic City Convention Center – Meeting Room – MEETAC.com photo

The Atlantic City Convention Center offers world-class space for:

  • Meetings.
  • Trade shows.
  • Conferences.
  • Expos.
  • Special events.
  • Sport events.

Somewhere between 20 and 34 million visitors have come to Atlantic City each year for over 30 years.

In direct comparison, that compares to 16-18 million people visiting the so-called “happiest place on earth”… The Magic Kingdom of Disney World.

Prior to the advent of the Atlantic City Convention Center, the hallway was in poor condition. The convention center was the starting point to help fix Atlantic City from the foot of the Atlantic City Freeway…to the famous Atlantic City Boardwalk.

The implementation of a world-class convention center was also behind the generation of the revenue needed for Atlantic City to market itself properly nationwide.

It was achieved thanks to the establishment of a tourist tax of 1 to 2 dollars which created the dedicated source of funding.

We reach out to Larry Sieg, President and CEO of MEETAC, the sales and marketing force that supports the Atlantic City Convention Center and Atlantic City Resort.

“As we continue to learn to live with COVID-19, we’re seeing more and more event planners start hosting their in-person meetings and conventions in our destination,” Sieg said.

“As we enter the high seasons of spring and summer, we expect to see these events increase in frequency and magnitude. This spring, we expect to see a total of 23,600 room nights generating $27 million in economic impact for the destination, said Sieg.

In conclusion, you cannot overstate how important the Atlantic City Convention Center is to the overall success of Atlantic City as a world-class resort.

An exclusive throwback to the Golden Nugget, Atlantic City from 1980

Atlantic City’s Firsts Throughout History

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