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 (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.
First Northwest Bancorp (NASDAQ: FNWB) announced the appointment of Jennifer Bolton as Senior Vice President and Sr. Director of Digital Marketing at First Federal Savings and Loan Association. Bolton, boasting over 25 years of marketing experience, aims to enhance digital initiatives to drive growth. Despite a challenging year, the company has achieved strong results, allowing for investment in team expansion. The appointment is viewed as a strategic move to strengthen First Federal's market position and customer engagement.
First Northwest Bancorp (FNWB) reported a significant net income increase of 86.0% to $3.7 million for Q3 2020, translating to $0.40 per diluted share, up from $2.0 million or $0.21 per share in Q2 2020. Year-over-year, net income increased 46.4% from $2.5 million. The bank saw strong growth in loans and deposits, with loan receivables up 7.6% to $1.06 billion. Additionally, the board declared a 20% dividend increase to $0.06 per common share. Asset quality remains solid despite pandemic challenges, with few delinquencies reported.
First Northwest Bancorp (NASDAQ: FNWB) announced that its subsidiary, First Federal Bank, was voted Best Bank in Clallam County for the 25th consecutive year in the Peninsula Daily News' 'Best of the Peninsula' poll. Additionally, First Federal was recognized as a finalist for Best Bank in Jefferson County and Best Customer Service in both counties. President Matthew P. Deines attributed the achievement to the bank's commitment to excellent customer service and community engagement.
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