First Northwest Bancorp Reports Third Quarter 2026 Financial Results

Deposit growth and a wider net interest margin accompanied higher credit-loss provisions and a nonrecurring settlement expense.

Rhea-AI Summary

First Northwest Bancorp (Nasdaq: FNWB) reported a $743,000 net loss for the third quarter of 2026, reversing prior-quarter and year-earlier profits. Loss per share was $0.08, versus earnings of $0.03 in the preceding quarter and $0.09 a year earlier. Net interest income was $14.3 million, versus $14.2 million and $14.6 million, respectively. Net interest margin rose to 2.96% from 2.95% sequentially.

Customer deposits grew $27.0 million during the quarter, while loans declined to $1.594 billion. Noninterest expense reached $17.3 million, including a $1.3 million settlement expense. Nonperforming loans fell to $19.9 million from $20.7 million, but classified loans increased to $26.1 million. Shareholders’ equity fell to $149 million from $158 million. First Fed remained well capitalized, with a preliminary total risk-based capital ratio of 13.3%, versus 13.4% the preceding quarter.

14 points · 0 major

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0 major · 18 points

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Positive

• Moderate pointCustomer deposits increased $27.0 million during the third quarter to $1.576 billion.
• Moderate pointNine-month net loss narrowed to $0.4 million from $4.6 million; loss per share narrowed to $0.05 from $0.52.
• Moderate pointNine-month credit-loss provision declined to $0.3 million from $6.8 million a year earlier.
• Minor pointNet interest margin rose to 2.96%, versus 2.95% sequentially and 2.91% a year earlier.
• Minor pointNoninterest income increased $169,000 sequentially to $2.2 million, primarily reflecting a nonrecurring tax-credit partnership redemption gain.

9 minor points

• Minor pointCost of funds decreased 1 basis point sequentially to 2.41%.
• Minor pointInterest expense was $11.3 million, unchanged sequentially and below $12.3 million a year earlier.
• Minor pointNonaccrual loans fell to $19.886 million from $20.728 million sequentially, but exceeded $13.372 million a year earlier.
• Minor pointNonperforming assets fell to $20.987 million from $22.296 million sequentially, but exceeded $14.749 million a year earlier.
• Minor pointLoan-loss allowance coverage of nonaccrual loans rose to 82.41% from 78.68% sequentially, below 121.17% a year earlier.
• Minor pointLoan-loss allowance reached 1.03% of loans, versus 1.01% sequentially and 1.00% a year earlier.
• Minor pointBrokered deposits declined to $59 million from $104 million a year earlier; unchanged sequentially.
• Minor pointInvestment securities increased 8.1% sequentially to $310.2 million following $44.4 million of purchases.
• Minor pointNine-month net interest income increased to $42.9 million from $42.6 million a year earlier.

Negative

• Moderate pointThird-quarter net loss of $743,000 compared with profits of $308,000 sequentially and $802,000 a year earlier.
• Moderate pointCredit-loss provision reached $0.7 million, versus releases of $0.5 million sequentially and $0.7 million a year earlier.
• Moderate pointNoninterest expense rose $922,000 sequentially to $17.3 million, including a nonrecurring $1.3 million settlement expense. 1.3% of market cap
• Moderate pointTotal loans declined to $1.594 billion from $1.613 billion sequentially and $1.623 billion a year earlier.
• Moderate pointShareholders’ equity fell to $149 million from $158 million sequentially and $155 million a year earlier.
• Moderate pointBook value per share fell to $15.65 from $16.66 sequentially and $16.33 a year earlier.
• Moderate pointSecurities portfolio net unrealized losses increased $11.9 million during the third quarter. 12% of market cap
• Moderate pointPast-due loans rose to 1.44% of loans, versus 1.09% sequentially and 0.88% a year earlier.
• Moderate pointNine-month noninterest income fell to $6.2 million from $7.9 million a year earlier.

9 minor points

• Minor pointNet interest income of $14.3 million exceeded $14.2 million sequentially but trailed $14.6 million a year earlier.
• Minor pointClassified loans increased $593,000 sequentially to $26.1 million, primarily reflecting $2.5 million of new downgrades.
• Minor pointFour collateral-dependent loans totaling $17.4 million represented 67% of classified loans at September 30, 2026.
• Minor pointLoans totaling $1.0 million entered nonaccrual status during the third quarter.
• Minor pointAnnualized net charge-offs were 0.11% of average loans, versus 0.04% sequentially and 0.37% a year earlier.
• Minor pointEfficiency ratio worsened to 105.0%, versus 101.3% sequentially and 104.9% a year earlier.
• Minor pointFirst Fed’s preliminary total risk-based capital ratio fell to 13.3% from 13.4% sequentially; it remained well capitalized.
• Minor pointFirst Fed’s preliminary common equity Tier 1 ratio fell to 12.3% from 12.4% sequentially.
• Minor pointNine-month noninterest expense increased to $50.4 million from $50.2 million a year earlier.

News Explained

At September 30, four collateral-dependent loans accounted for 67 percent of classified loans, concentrating those balances in four credits.

First Northwest has reported its third-quarter and nine-month 2026 results; for the nine months ended September 30, 2026, it recorded a $0.4 million net loss.

At September 30, 2026, the allowance for credit losses equaled 82.41% of nonaccrual loans, up from 78.68% at June 30, 2026, meaning the allowance covered a larger share of that balance.

Four collateral-dependent loans totaling $17.4 million accounted for 67% of classified loans at September 30, 2026, concentrating more than half of the classified balance in those four loans.

Key Figures

Net loss: $743,000 Loss per share: $0.08 Customer deposit growth: $27.0 million +5 more

Net loss

$743,000

Third quarter 2026

Loss per share

$0.08

Basic and diluted, third quarter 2026

Customer deposit growth

$27.0 million

During the third quarter of 2026

Net interest margin

2.96%

Third quarter 2026; compared with 2.95% in the second quarter

Litigation settlement expense

$1.3 million

Nonrecurring expense recorded in the third quarter

Provision for credit losses

$532,000

Quarter ended September 30, 2026

Nonperforming loans

$19.9 million

At September 30, 2026; down $842,000 from June 30, 2026

Net charge-offs

$453,000

Quarter ended September 30, 2026

Previous Earnings Reports

2 past events · Latest: Jul 29

Same Type 2 events

1. Jul 29

   Quarterly earnings

   24h Move

   +1.9%

   Reported $308,000 net income, down from $3.7 million a year earlier

2. Oct 27

   Quarterly earnings

   24h Move

   +8.6%

   Reported $802,000 net income and $0.09 EPS for the third quarter

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net interest margin, brokered deposits, nonaccrual status, net charge-offs, +1 more

5 terms

net interest margin financial

"Net interest margin improved to 2.96% for the current quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

brokered deposits financial

"reduced reliance on higher-cost brokered deposits"

Brokered deposits are large sums of customer cash placed at a bank through a third-party intermediary that shops around for the best interest rate, like a broker assembling a big bucket of savings and directing it to a bank. They matter to investors because they can quickly change a bank’s funding level and cost — providing fast liquidity but also adding volatility and regulatory scrutiny that can affect a bank’s stability and profitability.

nonaccrual status financial

"transition into nonaccrual status of loans totaling $1.0 million"

Nonaccrual status is when a lender stops recording interest income on a loan because payments are late or the borrower’s ability to pay is in serious doubt. For investors this is a red flag: it signals deteriorating loan quality, can reduce reported earnings and may require the lender to set aside more reserves, much like marking a damaged product off the books until its value is clear.

net charge-offs financial

"result of $453,000 in net charge-offs"

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

tangible book value financial

"Tangible book value (1)"

Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.

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PORT ANGELES, Wash., Oct. 29, 2026 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) ("First Northwest" or the "Company"), the holding company for First Fed Bank ("First Fed" or the "Bank"), today reported its financial results for the third quarter and nine months ended September 30, 2026. The Company reported a net loss of $743,000 for the third quarter of 2026, compared to net income of $308,000 for the second quarter of 2026 and net income of $802,000 for the third quarter of 2025. Basic and diluted loss per share were $0.08 for the third quarter of 2026, compared to basic and diluted income per share of $0.03 for the second quarter of 2026 and basic and diluted income per share of $0.09 for the third quarter of 2025. 

Management Outlook; President and Chief Executive Officer, Curt Queyrouze:

"We are encouraged by the continued momentum in our core banking franchise during the third quarter, including stable net interest income, modest net interest margin expansion and growth in customer deposits. These results reflect the progress we are making to enhance our funding mix and strengthen the balance sheet. Although reported results were affected by a higher provision for credit losses and the settlement of a previously disclosed legal matter, nonperforming loans declined and allowance coverage improved. With a stable capital position and several strategic and operational initiatives underway, we believe we are building a stronger foundation for improved profitability and long-term shareholder value."

2026 FINANCIAL RESULTS		3Q 26				2Q 26				3Q 25				2026 YTD				2025 YTD
OPERATING RESULTS (in millions)
Net (loss) income		$	(0.7	)		$	0.3			$	0.8			$	(0.4	)		$	(4.6	)
Net interest income			14.3				14.2				14.6				42.9				42.6
Provision for credit losses			0.7				(0.5	)			(0.7	)			0.3				6.8
Noninterest income			2.2				2.0				2.0				6.2				7.9
Noninterest expense			17.3				16.4				17.4				50.4				50.2
PER SHARE DATA
Basic and diluted (loss) earnings		$	(0.08	)		$	0.03			$	0.09			$	(0.05	)		$	(0.52	)
Book value			15.65				16.66				16.33				15.65				16.33
Tangible book value (1)			15.52				16.52				16.18				15.52				16.18
BALANCE SHEET (in millions)
Total assets		$	2,143			$	2,125			$	2,111			$	2,143			$	2,111
Total securities available for sale			310				287				283				310				283
Total loans			1,594				1,613				1,623				1,594				1,623
Total customer deposits			1,576				1,549				1,549				1,576				1,549
Total brokered deposits			59				59				104				59				104
Total shareholders' equity			149				158				155				149				155
ASSET QUALITY
Annualized net charge-offs    to average outstanding loans			0.11	%			0.04	%			0.37	%			0.07	%			0.90	%
Nonperforming assets to total assets			0.98				1.05				0.70				0.98				0.70
Allowance for credit losses on loans    to total loans			1.03				1.01				1.00				1.03				1.00
Nonaccrual loan coverage ratio			82.41				78.68				121.17				82.41				121.17
(1)	Non-GAAP financial measure; see "Additional Information - Non-GAAP Financial Measures" later in this release for definitions and a reconciliation to the most comparable GAAP financial measure.

Third Quarter Insights:

• Growth of $27.0 million in customer deposits during the current quarter improved the funding mix.
  
• Additional investment security purchases during the third quarter of 2026 drove the increase in total assets and partially offset a decline in total loans from the preceding quarter.
  
• Net interest margin improved to 2.96% for the current quarter compared to 2.95% in the second quarter of 2026, and 2.91% for the third quarter of 2025. 
  
• First Fed remains well capitalized with a total risk-based capital ratio of 13.3% for the current quarter, 13.4% for the second quarter of 2026, and 13.7% for the third quarter of 2025.
  

Selected Quarterly Financial Ratios:

		As of or For the Quarter Ended																				As of or For the Nine Months Ended September 30,
		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				2026				2025
Performance ratios: (1)
	Return on average assets		-0.14	%			0.06	%			0.00	%			0.07	%			0.15	%			-0.03	%			-0.28	%
	Return on average equity		-1.87				0.78				0.02				0.96				2.10				-0.36				-4.03
	Net interest margin (2)		2.96				2.95				3.03				3.00				2.91				2.98				2.83
	Efficiency ratio (3)		105.0				101.3				101.4				92.0				104.9				102.6				99.2
	Equity to total assets		6.95				7.45				7.36				7.46				7.32				6.95				7.32
Tangible performance ratios: (1)
	Tangible common equity to tangible assets (4)		6.89	%			7.39	%			7.30	%			7.40	%			7.26	%			6.89	%			7.26	%
	Return on average tangible common equity (4)		-1.89				0.79				0.02				0.97				2.12				-0.37				-4.07
Capital ratios (First Fed): (5)
	Tier 1 leverage		9.6	%			9.6	%			9.6	%			9.5	%			9.3	%			9.6	%			9.3	%
	Common equity Tier 1		12.3				12.4				12.4				12.5				12.7				12.3				12.7
	Total risk-based		13.3				13.4				13.5				13.6				13.7				13.3				13.7
(1)	Performance ratios are annualized, where appropriate.
(2)	Net interest income divided by average interest-earning assets.
(3)	Total noninterest expense as a percentage of net interest income and total other noninterest income.
(4)	Non-GAAP financial measure; see "Additional Information - Non-GAAP Financial Measures" later in this release for definitions and a reconciliation to the most comparable GAAP financial measure.
(5)	Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.

Net Interest Income and Margin

Total interest income increased $134,000 to $25.6 million for the third quarter of 2026, compared to $25.5 million for the preceding quarter, and decreased $1.3 million compared to $26.9 million in the third quarter of 2025. Interest income increased during the third quarter of 2026 primarily due to 2026 purchases of investment securities. Average investment securities balances and yields increased compared to the preceding quarter as a result of these purchases. Average consumer and commercial business loan balances increased while average real estate loan balances decreased over the preceding quarter. The yield on interest-earning assets was flat at 5.30% for both the second and third quarters of 2026 as additional income from higher-yielding investment securities and deposits in banks offset a small decline in interest from loans receivable.

Total interest expense was flat at $11.3 million for the second and third quarters of 2026, and decreased $1.1 million compared to $12.3 million in the third quarter of 2025. The deposit mix changed in the third quarter of 2026 with slightly higher rates paid on customer deposits offset by lower average balances on borrowings. As a result of third quarter changes, the total cost of funds decreased 1 basis point to 2.41% compared to the preceding quarter.

The net interest margin increased to 2.96% for the third quarter of 2026, from 2.95% for the preceding quarter and increased from 2.91% for the third quarter of 2025.

Noninterest Income and Expense

Noninterest income increased $169,000 to $2.2 million for the third quarter of 2026, compared to $2.0 million for the second quarter of 2026. The increase was primarily due to a nonrecurring gain recognized upon exercising a historic tax credit partnership redemption option, partially offset by a decline in the valuation of servicing rights on sold loans.

Noninterest expense increased $922,000 to $17.3 million for the third quarter of 2026, compared to $16.4 million for the preceding quarter. The increase was primarily due to a nonrecurring $1.3 million expense for the settlement of the litigation previously disclosed in the Company’s Form 8-K filed September 18, 2026. This increase was partially offset by lower consulting fees recorded in professional fees. Legal fees remain elevated due to the timing of the settlement in the quarter and the Company’s defense of other ongoing legal matters.

Allowance for Credit Losses on Loans ("ACLL") and Credit Quality

The ACLL increased $79,000 to $16.4 million at September 30, 2026, from $16.3 million at June 30, 2026. The ACLL as a percentage of total loans was 1.03% at September 30, 2026, an increase from 1.01% at June 30, 2026, and an increase from 1.00% at September 30, 2025. A $532,000 loan provision expense for the quarter ended September 30, 2026, was the result of $453,000 in net charge-offs and a $264,000 increase in reserves on individually evaluated loans, partially offset by a $185,000 decrease in the overall pooled loan reserve. The change in pooled loan reserve was driven by lower loss factors applied to multi-family and auto loans combined with decreased loan balances in commercial business loans.

Nonperforming loans decreased $842,000 to $19.9 million at September 30, 2026, from $20.7 million at June 30, 2026. Current quarter activity included principal payments totaling $1.4 million and net charge-offs on nonperforming loans totaling $419,000. The decreases were partially offset by the transition into nonaccrual status of loans totaling $1.0 million across multiple loan categories. ACLL to nonperforming loans increased slightly to 82% at September 30, 2026, from 79% at June 30, 2026, reflecting a higher ACLL balance and lower nonperforming loan balances.

Classified loans increased $593,000 to $26.1 million at September 30, 2026, from $25.5 million at June 30, 2026, primarily due to $2.5 million of new downgrades across multiple loan categories. The increase was partially offset by principal payments totaling $1.4 million and net charge-offs totaling $419,000. Four collateral-dependent loans totaling $17.4 million account for 67% of the classified loan balance at September 30, 2026.

	For the Quarter Ended
ACLL ($ in thousands)	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Balance at beginning of period	$	16,309			$	16,823			$	16,987			$	16,203			$	18,345
Charge-offs:
Commercial real estate		—				—				(3	)			(329	)			(656	)
Construction and land		(110	)			(200	)			(171	)			(1,027	)			(483	)
Auto and other consumer		(171	)			(125	)			(276	)			(123	)			(106	)
Commercial business		(273	)			(34	)			(133	)			(964	)			(1,005	)
Total charge-offs		(554	)			(359	)			(583	)			(2,443	)			(2,250	)
Recoveries:
Commercial real estate		—				—				—				—				6
Auto and other consumer		91				109				50				34				47
Commercial business		10				73				382				2,727				675
Total recoveries		101				182				432				2,761				728
Net loan (charge-offs) recoveries		(453	)			(177	)			(151	)			318				(1,522	)
Provision for (recapture of) credit losses on loans		532				(337	)			(13	)			466				(620	)
Balance at end of period	$	16,388			$	16,309			$	16,823			$	16,987			$	16,203
Average total loans	$	1,578,190			$	1,604,872			$	1,613,526			$	1,622,476			$	1,650,340
Annualized net charge-offs (recoveries) to average    outstanding loans		0.11	%			0.04	%			0.04	%			-0.08	%			0.37	%

Asset Quality ($ in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Nonaccrual loans:
	One-to-four family	$	1,608			$	1,627			$	2,521			$	2,272			$	2,345
	Multi-family		17				—				—				—				—
	Commercial real estate		9,213				9,449				9,619				9,745				3,439
	Construction and land		3,598				4,164				4,164				5,146				6,037
	Home equity		158				159				53				53				9
	Auto and other consumer		1,018				1,332				1,280				1,086				1,072
	Commercial business		4,274				3,997				4,062				4,293				470
	Total nonaccrual loans		19,886				20,728				21,699				22,595				13,372
Other real estate owned			1,101				1,568				1,380				1,380				1,377
Total nonperforming assets		$	20,987			$	22,296			$	23,079			$	23,975			$	14,749
Nonaccrual loans as a % of total loans			1.25	%			1.28	%			1.33	%			1.39	%			0.82	%
Nonperforming assets as a % of total assets (1)			0.98				1.05				1.08				1.14				0.70
ACLL as a % of total loans			1.03				1.01				1.03				1.04				1.00
ACLL as a % of nonaccrual loans			82.41				78.68				77.53				75.18				121.17
Total past due loans to total loans			1.44				1.09				1.18				1.21				0.88
(1)	Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), other real estate owned and repossessed assets.

Financial Condition and Capital

Continued disciplined balance sheet management and deposit growth resulted in reduced reliance on higher-cost brokered deposits while maintaining stable capital levels.

Investment securities increased $23.2 million, or 8.1%, to $310.2 million at September 30, 2026, compared to $287.0 million three months earlier, and increased $27.6 million compared to $282.6 million at September 30, 2025. Purchases totaling $44.4 million were partially offset by an $11.9 million increase in net unrealized losses, maturities totaling $4.4 million and regular principal payments totaling $4.9 million during the third quarter of 2026. The estimated average life of the securities portfolio was approximately 6.9 years at September 30, 2026, 6.4 years at the preceding quarter end and 6.9 years at the end of the third quarter of 2025. The effective duration of the portfolio was approximately 4.2 years at September 30, 2026, compared to 4.6 years at the preceding quarter end and 4.8 years at the end of the third quarter of 2025.

Investment Securities ($ in thousands)	September 30, 2026			June 30, 2026			September 30, 2025			Three Month % Change			One Year % Change
Available for Sale at Fair Value
Municipal bonds	$	72,758		$	79,990		$	79,621		-9.0	%		-8.6	%
U.S. government agency issued asset-backed    securities (ABS agency)		11,170			11,371			12,169		-1.8			-8.2
Corporate issued asset-backed securities (ABS    corporate)		21,088			6,615			9,881		218.8			113.4
Corporate issued debt securities (Corporate    debt)		60,191			50,991			43,339		18.0			38.9
U.S. Small Business Administration securities    (SBA)		4,923			5,362			6,977		-8.2			-29.4
Mortgage-backed securities:
U.S. government agency issued mortgage-    backed securities (MBS agency)		91,217			95,002			94,203		-4.0			-3.2
Non-agency issued mortgage-backed    securities (MBS non-agency)		48,841			37,697			36,418		29.6			34.1
Total securities available for sale	$	310,188		$	287,028		$	282,608		8.1			9.8

Net loans receivable, excluding loans held for sale, decreased $19.9 million, or 1.2%, to $1.58 billion at September 30, 2026, from $1.60 billion at June 30, 2026, and decreased $30.6 million, or 1.9%, from $1.61 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $2.4 million. Regular payments of $34.0 million, loan payoffs of $42.4 million and charge-offs totaling $554,000 outpaced new loan funding totaling $58.1 million and draws on existing loans totaling $18.0 million. Participation in the Northpointe Bank Mortgage Purchase Program ("Northpoint Bank MPP") decreased $20.0 million while purchased consumer loans increased $322,000 during the current quarter.

Loans ($ in thousands)	September 30, 2026				June 30, 2026				September 30, 2025			Three Month % Change			One Year % Change
Real Estate:
One-to-four family	$	353,620		$	357,077			$	382,486			-1.0	%		-7.5	%
Multi-family		245,236			255,813				296,321			-4.1			-17.2
Commercial real estate		420,161			402,798				396,519			4.3			6.0
Construction and land		62,491			61,697				67,793			1.3			-7.8
Total real estate loans		1,081,508			1,077,385				1,143,119			0.4			-5.4
Consumer:
Home equity		94,171			90,014				86,629			4.6			8.7
Auto and other consumer		296,217			294,982				280,224			0.4			5.7
Total consumer loans		390,388			384,996				366,853			1.4			6.4
Commercial business		122,031			151,000				113,160			-19.2			7.8
Total loans receivable		1,593,927			1,613,381				1,623,132			-1.2			-1.8
Less:
Derivative basis adjustment		353			(10	)			(896	)		3,630.0			139.4
Allowance for credit losses on loans		16,388			16,309				16,203			0.5			1.1
Total loans receivable, net	$	1,577,186		$	1,597,082			$	1,607,825			-1.2			-1.9

Total deposits increased $27.0 million to $1.63 billion at September 30, 2026, compared to $1.61 billion at June 30, 2026, and decreased $18.9 million compared to $1.65 billion one year prior. During the third quarter of 2026, total customer deposit balances increased $27.0 million and there was no change in brokered deposit balances. The customer deposit mix reflects increased average CD, money market and demand account balances while average balances of savings accounts decreased compared to the preceding quarter. The rates paid on customer interest-bearing deposits increased 7 basis points to 2.39% for the current quarter, compared to 2.32% for the second quarter of 2026. The deposit mix compared to September 30, 2025, reflects an increase in average balances of customer accounts to CD, savings and money market accounts, with an overall $29.6 million increase to average total customer balances. A $45.2 million decrease in the average balance of brokered CDs was the main driver for the year-over-year decrease in total deposits. Rates paid on total interest-bearing deposit accounts decreased 14 basis points compared to the same quarter one year ago.

Deposits ($ in thousands)	September 30, 2026			June 30, 2026			September 30, 2025			Three Month % Change			One Year % Change
Noninterest-bearing demand deposits	$	253,385		$	244,699		$	255,366		3.5	%		-0.8	%
Interest-bearing demand deposits		146,932			147,019			146,373		-0.1			0.4
Money market accounts		466,782			462,208			475,614		1.0			-1.9
Savings accounts		243,962			241,711			232,831		0.9			4.8
Certificates of deposit, customer		464,732			453,140			438,780		2.6			5.9
Certificates of deposit, brokered		58,615			58,615			104,363		0.0			-43.8
Total deposits	$	1,634,408		$	1,607,392		$	1,653,327		1.7			-1.1

Total shareholders’ equity decreased to $148.8 million at September 30, 2026, compared to $158.3 million three months earlier, due to decreases in the after-tax fair market values of the available-for-sale investment securities portfolio of $9.3 million and a net loss of $743,000, partially offset by the after-tax fair value of the investment portfolio hedge of $332,000. No shares of common stock were repurchased under the Company's April 2024 Stock Repurchase Plan (the "Repurchase Plan") during the quarter ended September 30, 2026. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

Capital levels for both the Company and the Bank remain in excess of applicable requirements and the Bank was categorized as "well-capitalized" at September 30, 2026. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at September 30, 2026, for the Bank were 12.3% and 13.3%, respectively.

2026 Awards/Recognition
Forbes Best-in-State Banks	Sound Publishing:
Bellingham Best of the Northwest - Best Bank Gold	Best Bank in Clallam County
	Best Lender in the West End

About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 11 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. First Northwest has also strategically invested in partnerships focused on developing modern financial solutions and a boutique investment banking/accelerator firm. These investments underscore the Company’s commitment to innovation and growth in the financial services sector. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as "believes," "expects," "anticipates," "estimates," or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits, declines in the value of our investment portfolio or changes in interest rates; risks related to overall economic conditions; geopolitical events; legislative, regulatory, and policy changes; legal proceedings, regulatory investigations and their resolutions; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled "Risk Factors," and other filings with the Securities and Exchange Commission ("SEC"), which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company's operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. These risks could cause our actual results for 2026 and beyond to differ materially from those expressed in or implied by any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

For More Information Contact:
Curt Queyrouze, President and Chief Executive Officer
Phyllis Nomura, Chief Financial Officer and EVP
IRGroup@ourfirstfed.com
360-457-0461

FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited)
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
ASSETS
Cash and due from banks	$	17,986			$	14,649			$	16,548			$	15,530			$	15,688
Interest-earning deposits in banks		85,639				83,709				87,588				69,587				63,482
Investment securities available for sale, at fair value    (amortized cost at each period end of $348,325,    $313,215, $299,707, $295,849 and $310,545)		310,188				287,028				272,985				270,310				282,608
Loans held for sale		300				1,286				1,140				1,063				2,154
Loans receivable (net of allowance for credit losses    on loans at each period end of $16,388, $16,309,    $16,823, $16,987, and $16,203)		1,577,186				1,597,082				1,612,979				1,612,028				1,607,825
Federal Home Loan Bank (FHLB) stock, at cost		13,211				13,279				13,927				13,105				10,856
Accrued interest receivable		8,197				7,181				7,051				6,498				8,160
Premises and equipment, net		9,270				9,160				8,591				8,464				8,788
Servicing rights on sold loans, at fair value		2,776				3,012				2,999				3,014				3,093
Bank-owned life insurance ("BOLI"), net		43,762				43,305				42,850				42,382				41,889
Equity and partnership investments		15,331				15,441				15,452				15,489				15,048
Goodwill and other intangible assets, net		1,062				1,062				1,062				1,062				1,080
Deferred tax asset, net		16,937				13,664				13,898				13,638				14,168
Right-of-use ("ROU") asset, net		14,975				15,057				15,316				15,596				15,494
Prepaid expenses and other assets		25,742				19,920				21,057				20,129				21,040
Total assets	$	2,142,562			$	2,124,835			$	2,133,443			$	2,107,895			$	2,111,373
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits	$	1,634,408			$	1,607,392			$	1,601,582			$	1,599,101			$	1,653,327
Borrowings		311,694				313,177				328,160				308,143				259,625
Accrued interest payable		145				151				280				1,223				1,145
Lease liability, net		15,968				16,039				16,250				16,439				16,071
Accrued expenses and other liabilities		28,795				28,260				27,514				24,301				24,321
Advances from borrowers for taxes and insurance		2,716				1,503				2,691				1,424				2,356
Total liabilities		1,993,726				1,966,522				1,976,477				1,950,631				1,956,845
Shareholders' Equity
Preferred stock, $0.01 par value, authorized    5,000,000 shares, no shares issued or    outstanding		—				—				—				—				—
Common stock, $0.01 par value, 75,000,000    shares authorized; issued and outstanding at    each period end: 9,508,205; 9,504,441;    9,499,300; 9,467,925; and 9,462,150		95				95				95				95				94
Additional paid-in capital		94,075				93,986				93,854				93,803				93,646
Retained earnings		91,272				92,015				91,707				91,699				91,317
Accumulated other comprehensive loss, net of    tax		(31,165	)			(22,177	)			(22,920	)			(22,398	)			(24,429	)
Unearned employee stock ownership plan    (ESOP) shares		(5,441	)			(5,606	)			(5,770	)			(5,935	)			(6,100	)
Total shareholders' equity		148,836				158,313				156,966				157,264				154,528
Total liabilities and shareholders' equity	$	2,142,562			$	2,124,835			$	2,133,443			$	2,107,895			$	2,111,373

FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited)
	For the Quarter Ended																				For the Nine Months Ended
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				September 30, 2026				September 30, 2025
INTEREST INCOME
Interest and fees on loans receivable	$	21,815			$	21,997			$	22,000			$	22,431			$	22,814			$	65,812			$	67,859
Interest on investment securities		3,067				2,723				2,585				2,971				3,244				8,375				10,513
Interest on deposits in banks		464				453				467				473				570				1,384				1,572
FHLB dividends		243				282				282				262				282				807				920
Total interest income		25,589				25,455				25,334				26,137				26,910				76,378				80,864
INTEREST EXPENSE
Deposits		8,493				8,033				7,930				8,648				9,083				24,456				28,372
Borrowings		2,778				3,249				2,964				2,799				3,258				8,991				9,883
Total interest expense		11,271				11,282				10,894				11,447				12,341				33,447				38,255
Net interest income		14,318				14,173				14,440				14,690				14,569				42,931				42,609
PROVISION FOR CREDIT LOSSES
Provision for (recapture of) credit losses on loans		532				(337	)			(13	)			466				(620	)			182				6,854
Provision for (recapture of) credit losses on unfunded commitments		207				(203	)			91				97				(53	)			95				(102	)
Provision for (recapture of) credit losses		739				(540	)			78				563				(673	)			277				6,752
Net interest income after provision    for (recapture of) credit losses		13,579				14,713				14,362				14,127				15,242				42,654				35,857
NONINTEREST INCOME
Loan and deposit service fees		1,150				1,107				1,122				1,044				1,114				3,379				3,315
Sold loan servicing fees and servicing rights mark-to-market		(47	)			162				127				57				85				242				372
Net gain (loss) on sale of loans		40				73				76				96				(39	)			189				16
Increase in BOLI cash surrender value		457				455				468				493				539				1,380				1,396
Income from BOLI death benefit, net		—				—				—				—				—				—				1,059
Other income		574				208				215				2,000				303				997				1,791
Total noninterest income		2,174				2,005				2,008				3,690				2,002				6,187				7,949
NONINTEREST EXPENSE
Compensation and benefits		8,185				8,054				8,232				8,042				8,353				24,471				20,766
Data processing		1,943				1,702				2,228				1,990				1,941				5,873				5,878
Occupancy and equipment		1,512				1,538				1,565				1,539				1,505				4,615				4,604
Supplies, postage, and telephone		305				384				298				332				344				987				988
Regulatory assessments and state taxes		548				581				534				688				558				1,663				1,538
Advertising		278				245				304				290				282				827				846
Professional fees		1,915				2,305				2,026				1,957				2,668				6,246				4,894
FDIC insurance premium		381				387				363				424				411				1,131				1,308
Legal settlement		1,300				—				—				—				(10	)			1,300				5,740
Other expense		948				1,197				1,134				1,640				1,338				3,279				3,593
Total noninterest expense		17,315				16,393				16,684				16,902				17,390				50,392				50,155
(Loss) income before (benefit    from) provision for income taxes		(1,562	)			325				(314	)			915				(146	)			(1,551	)			(6,349	)
(Benefit from) provision for income taxes		(819	)			17				(320	)			533				(948	)			(1,122	)			(1,776	)
Net (loss) income	$	(743	)		$	308			$	6			$	382			$	802			$	(429	)		$	(4,573	)
Basic and diluted (loss) earnings per common share	$	(0.08	)		$	0.03			$	-			$	0.04			$	0.09			$	(0.05	)		$	(0.52	)
Diluted weighted average common shares outstanding		8,903,832				8,930,663				8,894,998				8,860,060				8,813,632				8,877,432				8,779,708

FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited)
Selected Loan Detail	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Construction and land loans breakout
1-4 Family construction	$	13,994		$	5,682		$	18,802		$	21,954		$	29,961
Multifamily construction		18,584			14,826			12,144			10,109			15,660
Nonresidential construction		24,952			35,749			25,758			23,005			16,484
Land and development		4,961			5,440			5,643			6,200			5,688
Total construction and land loans	$	62,491		$	61,697		$	62,347		$	61,268		$	67,793
Auto and other consumer loans breakout
Triad Manufactured Home loans	$	133,054		$	131,367		$	131,406		$	132,287		$	133,425
Woodside auto loans		153,421			152,748			147,444			137,678			131,800
First Help auto loans		5,632			6,430			7,570			8,491			9,561
Other auto loans		257			346			468			586			767
Other consumer loans		3,853			4,091			4,072			4,460			4,671
Total auto and other consumer loans	$	296,217		$	294,982		$	290,960		$	283,502		$	280,224
Commercial business loans breakout
Northpointe Bank MPP	$	24,644		$	44,602		$	41,951		$	18,941		$	-
Secured lines of credit		24,747			34,485			40,991			39,783			43,081
Unsecured lines of credit		2,597			2,953			3,351			2,901			2,580
SBA loans		6,724			6,818			5,505			5,645			6,347
Other commercial business loans		63,319			62,142			60,793			63,041			61,152
Total commercial business loans	$	122,031		$	151,000		$	152,591		$	130,311		$	113,160

Loans by Collateral and Unfunded Commitments	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
One-to-four family construction	$	19,639		$	20,583		$	18,571		$	23,815		$	31,627
All other construction and land		42,852			41,873			44,000			37,334			36,161
One-to-four family first mortgage		401,389			425,021			440,576			431,222			415,670
One-to-four family junior liens		19,018			19,986			21,169			21,003			20,568
One-to-four family revolving open-end		68,531			62,411			57,027			56,365			58,486
Commercial real estate, owner occupied:
Health care		31,244			31,522			28,177			28,488			28,794
Office		21,182			22,895			18,953			19,216			18,499
Warehouse		9,202			9,270			7,549			7,608			7,684
Other		74,961			71,064			72,556			71,313			73,562
Commercial real estate, non-owner occupied:
Office		40,034			36,297			36,657			40,311			40,917
Retail		51,685			52,465			53,519			50,494			50,839
Hospitality		63,005			62,352			62,729			63,113			63,953
Other		121,306			113,320			115,367			112,307			106,991
Multi-family residential		246,270			256,853			272,025			289,581			297,379
Commercial business loans		55,173			61,958			61,247			66,264			68,062
Commercial agriculture and fishing loans		31,886			30,197			27,982			25,842			23,346
State and political subdivision obligations		333			333			333			333			369
Consumer automobile loans		159,316			159,519			155,443			146,708			142,064
Consumer loans secured by other assets		135,280			133,899			133,825			134,826			136,073
Consumer loans unsecured		1,621			1,563			1,691			1,969			2,088
Total loans	$	1,593,927		$	1,613,381		$	1,629,396		$	1,628,112		$	1,623,132
Unfunded commitments under lines of credit or existing loans	$	169,974		$	164,614		$	166,899		$	167,489		$	158,118

FIRST NORTHWEST BANCORP AND SUBSIDIARY NET INTEREST MARGIN ANALYSIS (Unaudited)
		Three Months Ended
		September 30, 2026											June 30, 2026											September 30, 2025
(dollars in thousands)		Average Balance Outstanding				Interest Earned/ Paid			Yield/ Rate				Average Balance Outstanding				Interest Earned/ Paid			Yield/ Rate				Average Balance Outstanding				Interest Earned/ Paid			Yield/ Rate
Interest-earning assets:
Loans receivable, net (1) (2)		$	1,561,983			$	21,815			5.54	%		$	1,588,321			$	21,997			5.55	%		$	1,632,684			$	22,814			5.54	%
Total investment securities			294,960				3,067			4.13				276,147				2,723			3.96				293,723				3,244			4.38
FHLB dividends			9,943				243			9.70				12,020				282			9.41				12,810				282			8.73
Interest-earning deposits in banks			49,136				464			3.75				48,783				453			3.72				50,150				570			4.51
	Total interest-earning assets (3)		1,916,022				25,589			5.30				1,925,271				25,455			5.30				1,989,367				26,910			5.37
Noninterest-earning assets			143,191											143,007											146,042
	Total average assets	$	2,059,213										$	2,068,278										$	2,135,409
Interest-bearing liabilities:
Interest-bearing demand deposits		$	142,597			$	99			0.28			$	141,339			$	83			0.24			$	141,469			$	52			0.15
Money market accounts			466,389				2,642			2.25				455,356				2,451			2.16				464,265				2,832			2.42
Savings accounts			241,159				974			1.60				243,735				921			1.52				231,431				914			1.57
Certificates of deposit, customer			461,588				4,189			3.60				449,938				4,024			3.59				443,312				4,175			3.74
Certificates of deposit, brokered			58,745				589			3.98				51,788				554			4.29				103,959				1,110			4.24
	Total interest-bearing deposits (4)		1,370,478				8,493			2.46				1,342,156				8,033			2.40				1,384,436				9,083			2.60
Advances			204,364				2,159			4.19				252,230				2,633			4.19				265,554				2,913			4.35
Subordinated debt			34,685				619			7.08				34,668				616			7.13				34,617				345			3.95
Total interest-bearing liabilities			1,609,527				11,271			2.78				1,629,054				11,282			2.78				1,684,607				12,341			2.91
Noninterest-bearing deposits (4)			249,784											237,762											251,448
Other noninterest-bearing liabilities			42,502											43,529											47,978
	Total average liabilities		1,901,813											1,910,345											1,984,033
Average equity			157,400											157,933											151,376
	Total average liabilities and equity	$	2,059,213										$	2,068,278										$	2,135,409
Net interest income						$	14,318										$	14,173										$	14,569
Net interest rate spread										2.52											2.52											2.46
Net earning assets		$	306,495										$	296,217										$	304,760
Net interest margin (5)										2.96											2.95											2.91
Average interest-earning assets to average interest- bearing liabilities			119.0	%										118.2	%										118.1	%
(1)	The average loans receivable, net balances include nonaccrual loans.
(2)	Interest earned on loans receivable includes net deferred costs of $841,000, $775,000 and $410,000 for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(3)	Includes interest-earning deposits (cash) at other financial institutions.
(4)	Cost of all deposits, including noninterest-bearing demand deposits, was 2.08%, 2.04%, and 2.20% for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(5)	Net interest income divided by average interest-earning assets.

FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Unaudited)

Non-GAAP Financial Measures
This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Non-GAAP financial measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

Calculations Based on Tangible Common Equity:

		For the Quarter Ended																				For the Nine Months Ended
($ in thousands, except per share data)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				September 30, 2026				September 30, 2025
Total shareholders' equity		$	148,836			$	158,313			$	156,966			$	157,264			$	154,528			$	148,836			$	154,528
Less: Goodwill and other intangible assets			1,062				1,062				1,062				1,062				1,080				1,062				1,080
	Disallowed non-mortgage loan servicing rights		226				247				312				302				317				226				317
Total tangible common equity		$	147,548			$	157,004			$	155,592			$	155,900			$	153,131			$	147,548			$	153,131
Total assets		$	2,142,562			$	2,124,835			$	2,133,443			$	2,107,895			$	2,111,373			$	2,142,562			$	2,111,373
Less: Goodwill and other intangible assets			1,062				1,062				1,062				1,062				1,080				1,062				1,080
	Disallowed non-mortgage loan servicing rights		226				247				312				302				317				226				317
Total tangible assets		$	2,141,274			$	2,123,526			$	2,132,069			$	2,106,531			$	2,109,976			$	2,141,274			$	2,109,976
Average shareholders' equity		$	157,400			$	157,933			$	159,532			$	157,588			$	151,376			$	158,281			$	151,538
Less: Average goodwill and other intangible assets			1,062				1,062				1,062				1,080				1,081				1,062				1,081
	Average disallowed non-mortgage loan servicing rights		247				311				302				317				371				286				403
Total average tangible common equity		$	156,091			$	156,560			$	158,168			$	156,191			$	149,924			$	156,933			$	150,054
Net (loss) income		$	(743	)		$	308			$	6			$	382			$	802			$	(429	)		$	(4,573	)
Common shares outstanding			9,508,205				9,504,441				9,499,300				9,467,925				9,462,150				9,508,205				9,462,150
GAAP Ratios:
	Equity to total assets		6.95	%			7.45	%			7.36	%			7.46	%			7.32	%			6.95	%			7.32	%
	Return on average equity		-1.87	%			0.78	%			0.02	%			0.96	%			2.10	%			-0.36	%			-4.03	%
	Book value per common share	$	15.65			$	16.66			$	16.52			$	16.61			$	16.33			$	15.65			$	16.33
Non-GAAP Ratios:
	Tangible common equity to tangible assets (1)		6.89	%			7.39	%			7.30	%			7.40	%			7.26	%			6.89	%			7.26	%
	Return on average tangible common equity (1)		-1.89	%			0.79	%			0.02	%			0.97	%			2.12	%			-0.37	%			-4.07	%
	Tangible book value per common share (1)	$	15.52			$	16.52			$	16.38			$	16.47			$	16.18			$	15.52			$	16.18
(1)	We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/43935da2-1fac-45d3-aaa6-7e49c5d48c82
https://www.globenewswire.com/NewsRoom/AttachmentNg/497cc8f7-e380-4650-b771-abaf7d6f38a0
https://www.globenewswire.com/NewsRoom/AttachmentNg/5267f335-4f02-4e57-903c-642aeea8ee39
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1bbf68e-d1dd-4a67-828e-4c138f1be953

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were First Northwest Bancorp’s third-quarter 2026 earnings?

First Northwest Bancorp reported a $743,000 net loss, or $0.08 per basic and diluted share. This compared with net income of $308,000, or $0.03 per share, in the second quarter of 2026 and $802,000, or $0.09 per share, in the third quarter of 2025.

How did FNWB’s net interest margin change in the third quarter of 2026?

Net interest margin increased to 2.96% from 2.95% in the preceding quarter and 2.91% a year earlier. The measure represents net interest income divided by average interest-earning assets.

How concentrated were First Northwest Bancorp’s classified loans at September 30, 2026?

Four collateral-dependent loans totaling $17.4 million accounted for 67% of classified loans. Total classified loans increased $593,000 sequentially to $26.1 million, primarily because of $2.5 million of new downgrades, partially offset by principal payments and net charge-offs.

Are First Fed’s third-quarter 2026 capital ratios final?

First Fed’s current-period capital ratios are preliminary and subject to finalization of the FDIC Call Report. Its Tier 1 leverage ratio was 9.6%, its common equity Tier 1 ratio was 12.3%, and its total risk-based capital ratio was 13.3%.