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 a net income of $3.5 million for Q1 2023, down from $6.1 million in the previous quarter but up from $2.8 million year-over-year. Basic and diluted earnings per share are $0.39, down from $0.66 Q4 2022. Deposits grew by $30 million year-to-date, bringing total deposits to $1.59 billion. The company declared a $0.07 quarterly cash dividend, payable on May 26, 2023. Operating revenue for Q1 was $18.6 million, a decrease from $22.3 million Q4 2022. The net interest margin fell to 3.46% from 3.96% in Q4 2022, primarily due to increased funding costs. Noninterest income decreased 30.7% quarter-over-quarter. The provision for credit losses reflected positive trends due to a reduction in unfunded commitments.
First Northwest Bancorp (Nasdaq: FNWB) reported a net income of $6.1 million and diluted earnings per share of $0.66 for Q4 2022, reflecting an increase from $4.3 million and $0.47 in Q4 2021. Year-to-date loan growth stood at 13.1%, with a net interest margin of 3.96%. Total revenue was $22.3 million, an increase of 8.6% year-over-year. The Board declared a quarterly cash dividend of $0.07 per share, payable on February 24, 2023. Despite a decrease in total assets by 2.4% to $2.04 billion, the Bank remains focused on strategic growth through technology investments and partnerships.
First Northwest Bancorp (NASDAQ: FNWB) has appointed Lynn Terwoerds to its Board of Directors at First Fed Bank, effective January 25, 2023. With over 24 years of expertise in cybersecurity for major corporations like Microsoft and Oracle, Terwoerds aims to enhance the bank's strategic initiatives. The leadership believes her extensive background in technology and security will bolster the bank's commitment to customer service and partnership with fintech companies. First Fed Bank continues to focus on delivering comprehensive financial products and sustainable earnings while investing in fintech innovation.
First Northwest Bancorp (NASDAQ: FNWB) announced a Centennial Celebration for First Fed Bank, scheduled for September 3, 2023, in Port Angeles, Washington. Founded in 1923, the bank aims to celebrate its 100 years of community service with a family-friendly event featuring fireworks, food trucks, live music, and activities for all ages. CEO Matt Deines emphasized the bank's commitment to customers and community growth. The event is part of the Proudly PNW 2023 calendar, which will also include a scavenger hunt with prizes.
First Northwest Bancorp (Fnwb) reported Q3 2022 net income of $4.3 million ($0.47 per share), significantly up from $2.5 million in Q3 2021. Total revenue rose 5.5% to $20.5 million, driven by prudent loan growth and higher yields. Total assets reached $2.09 billion, with gross loans increasing 4.1% to $1.53 billion. The company declared a quarterly cash dividend of $0.07 per share, payable on November 25, 2022. However, the tangible common equity ratio fell to 7.40% from 8.04%, and nonperforming assets increased to 0.16%.
First Northwest Bancorp (NASDAQ: FNWB) announces Ana Liza Grandner as the new Senior Vice President and Chief Payments Officer at First Fed Bank. Grandner, with over 20 years in fintech and banking, joins from Cross River, where she led fintech banking efforts. Her expertise will bolster First Fed's banking-as-a-service (BaaS) initiatives, particularly in forming partnerships with fintech firms. First Fed Bank has been recognized for its community presence and is committed to innovative financial solutions.
First Northwest Bancorp (FNWB) announced a 5% workforce reduction to optimize operating expenses and realign resources. This decision, stemming from a thorough review of roles, aims to save approximately $1.3 million annually. One-time costs related to this restructuring are estimated at $225,000. Following the layoffs, First Fed Bank will employ around 280 team members. CEO Matthew Deines emphasized the necessity of this action to maintain high-quality banking services for customers and communities.
First Northwest Bancorp (FNWB) has entered a strategic partnership with Torpago, a corporate card and spend management platform, aimed at enhancing Torpago’s market presence. The partnership involves an equity investment and a line of credit to support Torpago’s expansion. FNWB will also implement Torpago’s corporate cards for its own operations. Both companies highlight the importance of innovative banking solutions, with Torpago expressing gratitude for FNWB's support as both an investor and partner. This collaboration reflects FNWB's strategy of engaging with fintech companies to improve service offerings.
First Northwest Bancorp (FNWB) reported Q2 2022 net income of $2.5 million, translating to diluted earnings per share (EPS) of $0.27, down from $2.8 million and $0.30 a year ago. Total revenue reached $19.5 million, an 8.8% increase year-over-year. Loan growth was strong at 6.6%, while net interest margin improved to 3.77%. The company declared a quarterly cash dividend of $0.07 per share. However, noninterest income decreased 42.6% year-over-year, affected by lower gains on mortgage loans and securities. Total assets grew 4.5% to $2.03 billion as of June 30, 2022.
First Northwest Bancorp (FNWB) announced a strategic investment in Meriwether Group, enhancing its role as a modern merchant bank for entrepreneurs. This partnership formalizes an existing collaboration aimed at providing financial support to high-growth businesses. Meriwether Group Capital, co-founded by FNWB, has allocated $6.5 million since April 2022 to non-traditional lending. Both firms share a philosophy of expanding access to capital for disruptive consumer brands. FNWB has been recognized for its contributions to the community and is set to celebrate its centennial in 2023.