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KBRA comments on the recent FDIC consent order against Port Angeles, Washington-based First Fed Bank (FNWB). The consent order is related to findings in connection to the banking relationship with Quin Ventures, a Joint Venture established in 2021. First Fed Bank self-reported the issue in 2022 and is cooperating with the consent order requirements. KBRA affirmed the ratings for First Northwest Bancorp and First Fed Bank, with a Stable Outlook.
Positive
None.
Negative
The consent order may still impact consumer confidence and trust in the bank, potentially affecting customer retention and acquisition. The need to add resources to compliance and control functions may increase operating expenses for the bank, impacting its profitability.
NEW YORK--(BUSINESS WIRE)--
KBRA comments on the recent FDIC consent order (placed on November 21, 2023) against Port Angeles, Washington-based First Fed Bank ("the bank"), the primary subsidiary of First Northwest Bancorp (NASDAQ: FNWB) ("the company"). The consent order was related to findings that are in connection to the banking relationship with Quin Ventures, which First Fed Bank established as a Joint Venture in 2021. First Fed Bank initially self-reported the issue to the FDIC in 2022, and the bank has already added resources to compliance and control functions to address the issues. The company is in full cooperation with the consent order requirements to correct the violations with regards to consumer lending and implementing new policies and procedures to prevent future violations. Furthermore, the consent order is not expected to have any material effect on the bank’s operations, earnings, or capital. As such, KBRA does not consider the consent order as having a material impact on First Northwest Bancorp’s or First Fed Bank's ratings or credit profile.
On March 7, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for First Northwest Bancorp. In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its bank subsidiary, First Fed Bank. The Outlook for all long-term ratings is Stable.
To access ratings and relevant documents, click here.
About KBRA
KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
What is the recent FDIC consent order against First Fed Bank (FNWB)?
The recent FDIC consent order is related to findings in connection to the banking relationship with Quin Ventures, a Joint Venture established in 2021.
When did First Fed Bank self-report the issue to the FDIC?
First Fed Bank self-reported the issue to the FDIC in 2022.
What ratings did KBRA affirm for First Northwest Bancorp and First Fed Bank?
KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for First Northwest Bancorp. KBRA also affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its bank subsidiary, First Fed Bank.
What is the Outlook for all long-term ratings affirmed by KBRA?
first federal is committed to pledging our resources to the customers and communities we serve. we set the standard for excellence in community banking, and are devoted to providing our customers with innovative banking solutions that help them meet their financial goals. our “hometown” touch allows us to offer personalized products and services to the communities we serve throughout western washington. our 12 locations are situated throughout forks, port angeles, sequim, port townsend, silverdale, bellingham, seattle and bainbridge island. through service, leadership and strong financial performance, we… • put our resources to work to strengthen communities and support local business. • deliver banking services that promote customer convenience and choice. • attract, develop and retain phenomenal talent who love their jobs and love where they live. core values community • excellence • collaboration • integrity • accountability member fdic, equal housing lender, nmls institution # 4035
