Welcome to our dedicated page for First Northwest news (Ticker: FNWB), a resource for investors and traders seeking the latest updates and insights on First Northwest stock.
First Northwest Bancorp (NASDAQ: FNWB) is the financial holding company for First Fed Bank, a Pacific Northwest-based community bank that has served customers and communities since 1923. This news page aggregates company-issued updates, earnings announcements, governance changes, and other material developments related to First Northwest and its subsidiary, First Fed.
Readers can review earnings releases that discuss quarterly financial performance, including net income trends, net interest margin, efficiency ratio, and adjusted pre-tax, pre-provision net revenue (PPNR). These releases also describe changes in credit quality, such as movements in the allowance for credit losses on loans, nonperforming loans, and classified loans, as well as commentary on balance sheet management and capital ratios.
The news flow for FNWB also includes corporate governance and leadership updates, such as the appointment of new directors to the boards of First Northwest and First Fed, the retirement of long-serving board members, and transitions in executive leadership. Press releases provide context on board succession planning, committee assignments, and the experience that new directors and executives bring to the organization.
In addition, company and partner announcements highlight strategic initiatives and partnerships, including investments in modern financial solutions, digital banking platforms for business customers, and relationships with firms like The Meriwether Group, LLC and Meriwether Group Capital. These items illustrate how First Northwest and First Fed seek to combine community banking with contemporary financial services.
Investors, analysts, and community stakeholders can use this page to follow FNWB news related to financial results, risk management developments, legal matter resolutions, philanthropy via the First Fed Foundation, and technology enhancements. For ongoing research, this consolidated news feed offers a convenient way to monitor how First Northwest Bancorp communicates its strategy, performance, and governance over time.
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.
First Fed Bank, subsidiary of First Northwest Bancorp (NASDAQ: FNWB), announced the termination of FDIC Consent Order on October 23, 2024, following successful resolution of compliance program deficiencies. The order was originally issued on November 21, 2023. Additionally, the company declared a quarterly cash dividend of $0.07 per share, payable on November 22, 2024, to shareholders of record as of November 8, 2024. CEO Matthew P. Deines highlighted the achievement of resolving the consent order within 11 months and emphasized the importance of consistent dividend payments in building shareholder value.
First Northwest Bancorp (Nasdaq: FNWB) reported its Q2 2024 financial results showing improved performance amid industry challenges. Net income surged to $1.4M from $0.4M in Q1 2024, but down from $1.8M in Q2 2023. Earnings per share were $0.16, up from $0.04 in Q1 2024. The company boosted its net interest margin to 2.77% from 2.76% in the previous quarter, ending a five-quarter decline. Key actions included a sale-leaseback transaction yielding a $7.9M gain, restructuring bank-owned life insurance (BOLI) policies, and selling $23.2M in lower-yielding securities. Non-real estate loans rose by 12% or $44M YTD, enhancing loan diversification. However, there was an increase in provision for credit losses to $4.2M due to issues with specific borrowers. A 9% workforce reduction is expected to save $1M quarterly starting Q4 2024. The board declared a quarterly cash dividend of $0.07 per share, payable on August 23, 2024.
First Northwest Bancorp (NASDAQ: FNWB) and First Fed Bank announced the retirement of Jennifer Zaccardo from the Boards of Directors, effective July 02, 2024. Zaccardo served on the First Fed Board for 13 years and the FNWB Board for 9 years, even serving as Vice Chair from June 2022 to June 2023. She expressed pride in the company's achievements and confidence in its future. The Nominating and Corporate Governance Committee is actively recruiting potential candidates to replace her. FNWB, a financial holding company, focuses on sustainable earnings through a broad array of financial products and fintech partnerships. Established in 2012 and publicly listed in 2015, FNWB operates 18 locations in Washington.
First Fed Bank, a subsidiary of First Northwest Bancorp (NASDAQ: FNWB), announced the promotion of Kyle Henderson to Chief Credit Officer, effective July 1, 2024. Henderson, who joined First Fed as Deputy Chief Credit Officer in 2023, brings 16 years of experience in credit administration and financial services, including his previous role as EVP of Credit for FirstBank in Denver, Colorado. He succeeds Terry Anderson, who retired after six years in the role. First Northwest Bancorp focuses on sustainable earnings through a mix of traditional banking and strategic partnerships with fintech companies.