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 (FNWB) delivers community-focused banking services through First Fed Bank subsidiary, serving individuals and businesses across Washington's Pacific Northwest region. This news hub provides investors and stakeholders with verified updates about financial performance, strategic developments, and operational milestones.
Access timely information about earnings announcements, leadership changes, and regulatory filings alongside analysis of market trends affecting regional banking. Our curated collection features press releases about residential/commercial lending initiatives, deposit product innovations, and community partnership programs that demonstrate FNWB's local economic impact.
Key updates include quarterly financial disclosures, balance sheet optimization strategies, and risk management practices developed through decades of community banking experience. Track the company's progress in merging traditional financial services with modern digital solutions while maintaining its commitment to personalized customer relationships.
Bookmark this page for ongoing access to FNWB's latest developments, including merger/acquisition activity, dividend declarations, and executive commentary on navigating evolving rate environments. Check regularly for objective reporting about this regional financial institution's role in supporting Pacific Northwest communities.
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.
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