First Northwest Bancorp - FNWB STOCK NEWS

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.

First Northwest Bancorp reported a return to profitability in Q1 2024, with a focus on balance sheet restructuring, increased market rate loans and securities, and a sale-leaseback transaction planned for six branches. The company emphasized expense management, small business lending, digital banking enhancements, and reducing reliance on term deposits. Share repurchase plans were executed, and a new dividend was declared. Financial results showed improvement in net income, operating expenses, and revenue, with positive growth in loans and deposits. Asset quality and key ratios remained stable.

First Fed Bank appoints David Edelstein as Chief Innovation Officer and Chris Riffle as Chief Strategy Officer to enhance digital and strategic focus. Edelstein brings 25 years of experience in financial services and technology, aiming to transform First Fed into a world-class community bank. Riffle, previously General Counsel, will now lead strategic initiatives for the bank.

First Northwest Bancorp's subsidiary, First Fed Bank, appoints Sean Brennan, a seasoned financial industry leader, to its Board of Directors. Brennan's extensive experience in commercial banking and track record of growth are expected to enhance the board's oversight and insight. His appointment reflects First Fed's commitment to conservative financial management and community service.

First Northwest Bancorp reported a net loss of $5.5 million in the 4th quarter of 2023, compared to a net income of $2.5 million in the 3rd quarter of 2023 and $6.1 million in the 4th quarter of 2022. The company posted an operating loss in the 4th quarter due to a restructure of its bond portfolio, but experienced an increase in tangible book value per share compared to previous periods. Despite the challenges, the company remains focused on its customers and their financial needs. The Board of Directors declared a quarterly cash dividend of $0.07 per common share. Overall, the financial results for 2023 show a decrease in net income, an increase in tangible book value, growth in loans and deposits, and a repositioning of the securities portfolio.

First Fed Bank, a subsidiary of First Northwest Bancorp (FNWB), announced the election of Sherilyn Anderson as Board Vice Chair. Anderson, a seasoned financial leader, brings deep banking industry experience and a strong focus on financial stewardship. With over 30 years of leadership experience in investment banking divisions of major financial institutions, Anderson's appointment signals a strategic move towards financial stewardship and growth opportunities for the company. Jennifer Zaccardo, the previous Board Vice Chair, will remain an active member on the Board.