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 reports news centered on its role as the bank holding company for First Fed Bank, a Washington community bank serving individuals, businesses and nonprofit organizations. Company updates commonly cover quarterly earnings, net interest income and funding costs, deposit trends, loan activity, capital management and dividend decisions.
Recurring developments also include First Fed Bank leadership changes, board succession, digital banking initiatives for business customers, community foundation activity and management commentary on operating efficiency, liquidity and balance sheet positioning.
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.
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