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 (NASDAQ: FNWB) has released its initial report based on the Sustainable Accounting Standards Board (SASB) framework, detailing its environmental, social, and governance (ESG) initiatives. President and CEO Matt Deines emphasized the bank's commitment to sustainability and community. Key achievements include the adoption of e-records and e-signature technologies for waste reduction, the launch of a Diversity, Equity, and Inclusion program, and the establishment of a leadership team with 50% female representation. Additional ESG-related data is available in the SASB Fact Sheet.
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First Northwest Bancorp (Nasdaq: FNWB) reported a net income of $4.2 million for Q3 2021, with diluted earnings per share of $0.45, reflecting increases of 40% and 41%, respectively, year-over-year. Total revenue rose 11.3% to $21.1 million. Loan growth was strong, increasing 18% year-to-date, contributing to a healthy net interest margin of 3.58%. The firm declared a quarterly cash dividend of $0.07 per share, payable November 26, 2021. Total assets reached $1.85 billion, and total deposits were $1.52 billion, up 5.6% from the previous quarter.
First Northwest Bancorp (Nasdaq: FNWB) reported a net income of $3.0 million, or $0.32 per diluted share, for Q2 2021, a 51.6% increase year-over-year. Year-to-date net income reached $6.1 million, marking a 114.7% growth compared to the same period in 2020. The company declared a quarterly dividend of $0.06 per share, payable on August 27, 2021. Loan growth surged over 26% year-over-year, with total deposits increasing by 23.2%. However, net interest margin contracted to 3.34% from 3.48% in the previous quarter, primarily due to subordinated notes issuance.
First Northwest Bancorp (NASDAQ: FNWB) has announced the retirement of David Blake from its Board of Directors, effective September 28, 2021, after serving since 2005. In his place, Gabriel S. Galanda has been appointed to both the Company and First Federal Savings and Loan Association boards. Galanda brings extensive legal expertise and a commitment to serving underserved communities, which is expected to enhance board deliberations. The bank, founded in 1923, operates several branches across Washington, focusing on sustainable earnings and diverse financial solutions.
First Northwest Bancorp (NASDAQ: FNWB) has successfully acquired a Bellevue branch from Sterling Bank and Trust. This acquisition marks a significant expansion for First Federal Savings and Loan Association of Port Angeles, enhancing its presence in King County. The Bellevue location becomes the first full-service branch in the county, complementing the existing Seattle Lending Center. Recently recognized by Forbes as one of Washington's top banks, First Fed continues to grow, with plans for a new branch opening in Ferndale in August 2021.
First Northwest Bancorp (FNWB) reported a significant 257.6% increase in net income, reaching $3.1 million or $0.34 per diluted share for Q1 2021. This compares to $873,000 or $0.09 in Q1 2020. However, income decreased from $3.8 million in the prior quarter. Key highlights included a 43.3% rise in net interest income and a regular quarterly dividend of $0.06 per share, payable May 28, 2021. Loans increased by 28.6% year-over-year to $1.16 billion, reflecting growth in commercial loans, aided by $32.4 million in PPP funding.
First Northwest Bancorp (NASDAQ: FNWB) has successfully completed a private placement of $40 million in ten-year fixed-to-floating rate subordinated notes. The notes will initially bear a 3.75% interest rate until March 30, 2026, after which the rate will adjust quarterly to the three-month SOFR plus 300 basis points. Proceeds will be used for general corporate purposes. CEO Matthew Deines expressed satisfaction with the investor support and indicated that the capital will aid in the company’s growth and diversification efforts.
First Northwest Bancorp (NASDAQ: FNWB) has announced an agreement to acquire Sterling Bank and Trust's Bellevue, Washington branch, pending regulatory approval. The deal involves the purchase of approximately $77.7 million in deposits and the acquisition of property assets. Expected to close by the end of Q2 2021, this acquisition aims to strengthen First Fed's presence in the King County market. CEO Matt Deines expressed excitement about expanding the company’s footprint and welcoming new team members.
First Northwest Bancorp (FNWB) reported a 72% increase in net income for Q4 2020, totaling $3.8 million, or $0.41 per diluted share. For the fiscal year, net income rose 14.7% to a record $10.3 million. The bank experienced significant loan growth of 30% year-over-year, reaching $1.14 billion, alongside a 33.1% increase in deposits to $1.33 billion. The Board declared a quarterly dividend of $0.06 per share, payable on February 26, 2021. The bank actively supported customers through COVID-19 with PPP loans totaling $32.2 million and a successful participation in the Main Street Lending Program.