First Northwest Stock Price, News & Analysis

First Northwest Bancorp (NASDAQ: FNWB), the holding company for First Fed Bank, has appointed Diane C. Davis to the Boards of Directors of both First Fed Bank and First Northwest Bancorp. Davis brings over 25 years of leadership experience in the insurance industry, with expertise in executive management, strategy, risk management, and corporate governance.

Davis previously served as President of Farmers New World Life Insurance Company from 2016 to 2019 and held the position of Regional Chief Risk Officer at Zurich Insurance Company Ltd. She currently serves as co-chair of 5050 Women on Boards of Greater Seattle and previously served on the board of First Financial Northwest Bancorp.

Meriwether Group Capital's Hero Fund has secured a significant investment from the State of Oregon following a thorough due diligence review by Meketa Investment Group. The state has committed an initial $3 million investment, with potential to increase to $5 million within 12 months.

The Hero Fund, launched in April 2022, has consistently outperformed its 10% target, delivering an average net annualized return of 11% since inception. Currently managing 18 loans to founder-led businesses, the fund aims to expand its assets under management from $22 million to $50 million. The fund benefits from strategic partnerships with Meriwether Group and First Fed (NASDAQ: FNWB), serving underserved small and emerging business owners in the Pacific Northwest.

First Northwest Bancorp (Nasdaq: FNWB) announced that Matthew P. Deines will resign as President and CEO effective July 12, 2025. The company has appointed Geraldine L. Bullard, current Chief Operating Officer, as Interim CEO effective July 13, 2025.

Bullard will maintain her COO role while serving as Interim CEO. The boards of directors have engaged a leading executive search firm to identify a permanent CEO replacement. Deines served as CEO for six years, and the transition represents a mutual agreement between him and the company's boards of directors.

First Northwest Bancorp (FNWB) reported improved financial results for Q1 2025, with net income of $1.5 million, compared to a net loss of $2.8 million in Q4 2024 and net income of $396,000 in Q1 2024. The company's earnings per share reached $0.17, up from -$0.32 in Q4 2024.

Key highlights include a $45.0 million decrease in brokered deposits while core customer deposits grew by $23.0 million. The company maintained a loan-to-deposit ratio of 99.9% and reduced borrowings by $28.9 million. Total cost of funds decreased to 2.67% from 2.80% in Q4 2024.

The company recorded a $1.6 million provision for credit losses due to $1.4 million in charge-offs. Notable gains included a $1.1 million BOLI death benefit, $846,000 from debt extinguishment, and $315,000 from loan conversion to equity investment. The Board declared a quarterly cash dividend of $0.07 per share, payable May 23, 2025.

First Northwest Bancorp (NASDAQ: FNWB) has announced the promotion of Phyllis Nomura to Executive Vice President and Chief Financial Officer of First Fed Bank and First Northwest. Nomura, who joined as Senior Director of Accounting in November 2024, brings over 30 years of experience in accounting, finance, and audit.

Prior to joining First Fed, Nomura served as CFO at various organizations including YWCA Seattle King Snohomish and Kosmos Management. She holds a BBA from Grand Valley State University and is a licensed CPA.

As part of the management succession plan, Geri Bullard will continue as Chief Operating Officer, focusing on enhancing profitability, efficiency, and back-office operations. Bullard's previous work with balance sheet restructuring has positioned the company to return to profitability in 2025 and beyond.

First Northwest Bancorp (NASDAQ: FNWB) and its subsidiary First Fed Bank have announced the appointment of Johanna Bartee to their Board of Directors. Bartee, currently serving as Executive Director of JST Capital, a Native Community Development Financial Institution in Sequim, WA, brings extensive experience in banking, finance, and economic development.

Her background includes roles in institutional banking, investment banking, and business development at financial firms in New York and Southern California. Prior to founding JST Capital in 2018, she managed DOD contractor projects in Hawaii and holds an MBA from Columbia Business School. Bartee actively serves on the Clallam County Opportunity Fund Board and Port Angeles Waterfront District Board.

First Fed Bank, founded in 1923, operates 18 locations in Washington state, including 12 full-service branches. The bank has recently received recognition as a Best Workplace and top Corporate Philanthropist by Puget Sound Business Journal, along with local awards for Best Bank and Best Lender in Clallam County.

First Northwest Bancorp (FNWB) reported a net loss of $2.8 million for Q4 2024, compared to a net loss of $2.0 million in Q3 2024 and $5.5 million in Q4 2023. The loss per share was $0.32 for Q4 2024. The company recorded adjusted pre-tax, pre-provision net revenue of $1.2 million in Q4 2024.

Key financial metrics include a quarterly cash dividend of $0.07 per share, a net interest margin of 2.73%, and an efficiency ratio of 92.2%. The company recorded a $3.8 million provision for credit losses on loans in Q4 2024, primarily due to charge-offs of six commercial business loans.

Notable developments include successful reduction of FHLB borrowings, improvement in liquidity position with loan-to-deposit ratio below 100%, and termination of FDIC compliance Consent Order. Investment securities increased 9.5% to $340.3 million, while net loans decreased 2.3% to $1.68 billion. Total deposits stood at $1.69 billion, representing a slight decrease from the previous quarter.

First Northwest Bancorp (NASDAQ: FNWB) announced the resignation of Craig Curtis from the Company's Boards of Directors, effective December 31, 2024. Curtis served on the First Fed Board for 10 years and the FNWB Board for 9 years, where he held positions as Chair of the Nominating and Corporate Governance Committee and First Fed Board Loan Committee.

Curtis cited the bank's evolution and growth as reasons for his departure, stating that more qualified candidates could make more meaningful contributions. The Boards' Nominating and Corporate Governance Committee is actively recruiting potential candidates with appropriate diversity, skills, and experience for Board membership.

First Northwest Bancorp (FNWB) reported a net loss of $2.0 million for Q3 2024, compared to a net loss of $2.2 million in Q2 2024 and net income of $2.5 million in Q3 2023. The loss was primarily driven by a $3.1 million provision for credit losses. Key metrics include:

- Basic and diluted loss per share: $0.23

- Return on average assets: -0.36%

- Net interest margin decreased to 2.70%

Notable developments include completion of a workforce reduction affecting 9% of employees, expected to reduce quarterly compensation expenses by $820,000 starting Q4 2024. Total deposits grew by $34.7 million year-to-date to $1.71 billion.