First Northwest Bancorp Earns $3.1 Million, or $0.34 Per Diluted Share, in First Quarter 2021; Highlighted by Net Interest Margin Expansion and Strong Asset Quality; Declares Quarterly Cash Dividend of $0.06 Per Share
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.
- Net income increased 257.6% to $3.1 million.
- Net interest income rose 43.3% to $13.5 million.
- Loan receivables grew 28.6% year-over-year to $1.16 billion.
- Deposits increased 34.9% year-over-year to $1.43 billion.
- Quarterly dividend of $0.06 declared, payable May 28, 2021.
- Net income decreased from $3.8 million in Q4 2020.
- Gain on sale of mortgage loans decreased to $1.3 million from $2.3 million in the previous quarter.
- Noninterest expense rose to $12.1 million, higher than the previous quarters.
PORT ANGELES, Wash., April 28, 2021 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank” or "First Fed"), today reported that net income increased
“First Northwest Bancorp’s first quarter operating results were highlighted by strong revenue generation fueled by solid net interest income and core deposit growth,” stated Matthew P. Deines, President and CEO. “Despite ongoing pressures on loan and investment yields, net interest income increased
“We are actively participating in the SBA’s current round of PPP funding that began in January 2021 and concludes at the end of May,” said Deines. “This round of SBA funding offers PPP loans for companies that did not receive a PPP loan in 2020, and also “second draw” loans targeted at hard-hit businesses that have already used their initial PPP proceeds. We funded
First Quarter 2021 Highlights (at or for the quarter ended March 31, 2021)
- First quarter net income was
$3.1 million , compared to$3.8 million in the preceding quarter and$873,000 in the year ago quarter. - Diluted earnings per share was
$0.34 , compared to$0.41 per share in the preceding quarter and$0.09 per share in the first quarter a year ago. - Provision for loan losses was
$500,000 in the first quarter, compared to$930,000 in the fourth quarter of 2020 and$1.3 million in the first quarter of 2020. - Loans receivable increased
1.3% to$1.16 billion at March 31, 2021, compared to$1.14 billion at December 31, 2020, and increased28.6% compared to$899.2 million a year ago, primarily due to growth in commercial real estate and commercial business loans, including PPP loans. - Deposits increased
7.6% during the quarter and increased34.9% from one year prior, to$1.43 billion at March 31, 2021, due to successful organic and wholesale deposit-gathering strategies, including significant growth in noninterest-bearing deposits, which increased76.8% in the last twelve months. Deposit balances benefitted from a second round of PPP and additional Federal stimulus payments during the quarter. - The cost of deposits for the first quarter decreased to
0.27% from0.33% for fourth quarter 2020 and0.85% in the first quarter of 2020. - Gain on sale of mortgage loans was
$1.3 million for the first quarter compared to$2.3 million in the previous quarter and$383,000 in the first quarter of 2020, reflecting a modest slowdown in activity from the fourth quarter of 2020 and strong year-over-year quarterly mortgage originations, including refinance activity. - During the first quarter, the Company repurchased 135,837 shares of common stock at an average price of
$15.89 per share for a total of$2.2 million , leaving 872,030 shares remaining under the 2020 Stock Repurchase Plan approved in October 2020.
Recent Developments
On March 22, 2021 the Company announced that First Fed has entered into an agreement with Sterling Bank and Trust of Southfield, Michigan to purchase its Bellevue, Washington branch, subject to applicable regulatory approvals and other customary closing conditions. The agreement includes the purchase of approximately
On April 16, 2021, the Company issued 29,719 shares of the Company’s common stock under the terms of an Amended and Restated Joint Venture Agreement dated April 15, 2021 (the “Joint Venture Agreement”) with the Bank, POM Peace of Mind, Inc. (“POM”), and Quin Ventures, Inc. (“Quin”). The shares were issued to POM and had a value of approximately
Balance Sheet Review
Total assets increased
Cash and cash equivalents increased by
Investment securities increased
“We continue to utilize the investment portfolio as a means to generate additional interest income,” said Geri Bullard, EVP/Chief Financial Officer. “We began adding to the investment portfolio a year ago as credit spreads widened, to deploy excess cash and prudently manage the balance sheet.”
Securities consisted of the following at the dates indicated:
March 31, 2021 | December 31, 2020 | March 31, 2020 | Three Month Change | One Year Change | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available for Sale at Fair Value | ||||||||||||||||||||
Municipal bonds | $ | 132,492 | $ | 127,862 | $ | 52,254 | $ | 4,630 | $ | 80,238 | ||||||||||
U.S. government and agency issued bonds (Agency bonds) | 1,913 | — | — | 1,913 | 1,913 | |||||||||||||||
U.S. government agency issued asset-backed securities (ABS agency) | 65,910 | 63,820 | 42,125 | 2,090 | 23,785 | |||||||||||||||
Corporate issued asset-backed securities (ABS corporate) | 17,505 | 29,280 | 34,073 | (11,775 | ) | (16,568 | ) | |||||||||||||
Corporate issued debt securities (Corporate debt) | 43,890 | 35,510 | 9,439 | 8,380 | 34,451 | |||||||||||||||
U.S. Small Business Administration securities (SBA) | 17,566 | 18,564 | 25,363 | (998 | ) | (7,797 | ) | |||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. government agency issued mortgage-backed securities (MBS agency) | 74,016 | 62,683 | 145,139 | 11,333 | (71,123 | ) | ||||||||||||||
Corporate issued mortgage-backed securities (MBS corporate) | 40,203 | 26,577 | 9,127 | 13,626 | 31,076 | |||||||||||||||
Total securities available for sale | $ | 393,495 | $ | 364,296 | $ | 317,520 | $ | 29,199 | $ | 75,975 |
Net loans, excluding loans held for sale, increased
The Company originated
Loans receivable consisted of the following at the dates indicated:
March 31, 2021 | December 31, 2020 | March 31, 2020 | Three Month Change | One Year Change | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Real Estate: | ||||||||||||||||||||
One to four family | $ | 295,831 | $ | 309,828 | $ | 302,688 | $ | (13,997 | ) | $ | (6,857 | ) | ||||||||
Multi-family | 162,487 | 162,467 | 88,794 | 20 | 73,693 | |||||||||||||||
Commercial real estate | 296,826 | 296,574 | 260,321 | 252 | 36,505 | |||||||||||||||
Construction and land | 157,316 | 123,627 | 48,565 | 33,689 | 108,751 | |||||||||||||||
Total real estate loans | 912,460 | 892,496 | 700,368 | 19,964 | 212,092 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity | 33,713 | 33,103 | 35,260 | 610 | (1,547 | ) | ||||||||||||||
Auto and other consumer | 139,134 | 128,233 | 114,194 | 10,901 | 24,940 | |||||||||||||||
Total consumer loans | 172,847 | 161,336 | 149,454 | 11,511 | 23,393 | |||||||||||||||
Commercial business | 83,033 | 100,201 | 55,853 | (17,168 | ) | 27,180 | ||||||||||||||
Total loans | 1,168,340 | 1,154,033 | 905,675 | 14,307 | 262,665 | |||||||||||||||
Less: | ||||||||||||||||||||
Net deferred loan fees | 4,983 | 4,346 | 433 | 637 | 4,550 | |||||||||||||||
Premium on purchased loans, net | (7,347 | ) | (6,129 | ) | (4,742 | ) | (1,218 | ) | (2,605 | ) | ||||||||||
Allowance for loan losses | 14,265 | 13,847 | 10,830 | 418 | 3,435 | |||||||||||||||
Total loans receivable, net | $ | 1,156,439 | $ | 1,141,969 | $ | 899,154 | $ | 14,470 | $ | 257,285 |
The sectors most heavily impacted by the pandemic include hospitality; restaurant and food services; and lessors of commercial real estate to these businesses. The table below presents selected information on loans to these industries as of March 31, 2021.
Industry | % of Total Loan Portfolio | Loan Balance | Number of Loans | Average Loan-to-Value | |||||||
(In thousands) | |||||||||||
Hospitality | 4.4 | % | 14 | 60.6 | % | ||||||
Restaurant and food services | 0.2 | 1,907 | 6 | 64.8 | |||||||
Lessors of commercial real estate to hospitality, restaurant, and retail establishments | 4.3 | 48,103 | 27 | 52.3 |
The table below presents selected information on loans that remained on COVID-19 deferrals at the periods indicated.
% of Total Loan Portfolio | Deferred Loan Balance | Number of Loans | ||||||
(In thousands) | ||||||||
June 30, 2020 | 12.9 | % | 297 | |||||
September 30, 2020 | 13.9 | 149,542 | 183 | |||||
December 31, 2020 | 0.2 | 2,349 | 19 | |||||
March 31, 2021 | 0.7 | 8,052 | 4 |
Total deposits increased
“Deposit balances remain at record levels as we experienced growth with existing customers and developed new deposit relationships,” said Bullard. “We strategically increased noninterest-bearing and other core deposits to manage overall funding costs. We lowered our total cost of funds over the quarter by shifting our deposit mix more toward non-maturity deposits.” Total cost of funds improved to
Deposits consisted of the following at the dates indicated:
March 31, 2021 | December 31, 2020 | March 31, 2020 | Three Month Change | One Year Change | |||||||||||||
(In thousands) | |||||||||||||||||
Savings | $ | 186,173 | $ | 164,434 | $ | 165,747 | $ | 21,739 | $ | 20,426 | |||||||
Transaction accounts | 466,143 | 431,171 | 286,283 | 34,972 | 179,860 | ||||||||||||
Money market accounts | 495,265 | 429,143 | 253,198 | 66,122 | 242,067 | ||||||||||||
Certificates of deposit | 287,226 | 308,769 | 358,677 | (21,543 | ) | (71,451 | ) | ||||||||||
Total deposits | $ | 1,434,807 | $ | 1,333,517 | $ | 1,063,905 | $ | 101,290 | $ | 370,902 |
On March 25, 2021, the Company completed its private placement of
Total shareholders' equity was
Operating Results
In the first quarter of 2021, the Company generated a return on average assets ("ROAA") of
Total interest income increased to
Net interest income, before provision for loan losses, increased
While asset quality improved during the last twelve months, additional loan growth and the anticipated impact of the COVID-19 pandemic on local businesses resulted in a
The net interest margin expanded 2 basis point to
The yield on earning assets decreased 3 basis points to
Noninterest income decreased
Noninterest expense totaled
Capital Ratios and Credit Quality
Capital levels for both the Company and its operating bank, First Fed, remain in excess of applicable regulatory requirements and the Bank was categorized as "well-capitalized" at March 31, 2021. Common Equity Tier 1 and Total Risk-Based Capital Ratios at March 31, 2021, were 15.1 % and
Nonperforming loans decreased to
About the Company
First Northwest is a bank holding company that primarily engages in the business activity of its subsidiary, First Fed. First Fed is a community-oriented financial institution serving Clallam, Jefferson, Kitsap, Whatcom, and King counties in Washington, through its Seattle lending center and ten full-service branches. Our business and operating strategy is focused on building sustainable earnings through hiring experienced bankers, geographic expansion, diversifying our loan product mix, expanding our deposit product offerings that deliver value-added solutions, enhancing existing services and digital service delivery channels, and enhancing our infrastructure to support the changing needs and expectations of our customers.
FIRST NORTHWEST BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data) (Unaudited)
March 31, 2021 | December 31, 2020 | March 31, 2020 | Three Month Change | One Year Change | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 15,827 | $ | 13,508 | $ | 15,531 | 17.2 | % | 1.9 | % | ||||||||||
Interest-bearing deposits in banks | 83,444 | 51,647 | 91,633 | 61.6 | -8.9 | |||||||||||||||
Investment securities available for sale, at fair value | 393,495 | 364,296 | 317,520 | 8.0 | 23.9 | |||||||||||||||
Loans held for sale | 4,037 | 3,753 | 4,531 | 7.6 | -10.9 | |||||||||||||||
Loans receivable (net of allowance for loan losses of | 1,156,439 | 1,141,969 | 899,154 | 1.3 | 28.6 | |||||||||||||||
Federal Home Loan Bank (FHLB) stock, at cost | 3,997 | 5,977 | 7,581 | -33.1 | -47.3 | |||||||||||||||
Accrued interest receivable | 6,251 | 6,966 | 4,124 | -10.3 | 51.6 | |||||||||||||||
Premises and equipment, net | 14,795 | 14,785 | 14,231 | 0.1 | 4.0 | |||||||||||||||
Mortgage servicing rights, net | 2,309 | 2,120 | 843 | 8.9 | 173.9 | |||||||||||||||
Bank-owned life insurance, net | 38,596 | 38,353 | 30,355 | 0.6 | 27.1 | |||||||||||||||
Prepaid expenses and other assets | 17,103 | 10,975 | 11,436 | 55.8 | 49.6 | |||||||||||||||
Total assets | $ | 1,736,293 | $ | 1,654,349 | $ | 1,396,939 | 5.0 | % | 24.3 | % | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Deposits | $ | 1,434,807 | $ | 1,333,517 | $ | 1,063,905 | 7.6 | % | 34.9 | % | ||||||||||
FHLB advances | 50,000 | 109,977 | 150,021 | -54.5 | -66.7 | |||||||||||||||
Subordinated debt | 39,310 | — | — | 100.0 | 100.0 | |||||||||||||||
Accrued interest payable | 84 | 53 | 194 | 58.5 | -56.7 | |||||||||||||||
Accrued expenses and other liabilities | 27,994 | 23,303 | 15,225 | 20.1 | 83.9 | |||||||||||||||
Advances from borrowers for taxes and insurance | 2,000 | 1,116 | 443 | 79.2 | 351.5 | |||||||||||||||
Total liabilities | 1,554,195 | 1,467,966 | 1,229,788 | 5.9 | 26.4 | |||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, | — | — | — | n/a | n/a | |||||||||||||||
Common stock, | 102 | 102 | 104 | 0.0 | -1.9 | |||||||||||||||
Additional paid-in capital | 96,499 | 97,412 | 99,479 | -0.9 | -3.0 | |||||||||||||||
Retained earnings | 94,363 | 92,657 | 85,549 | 1.8 | 10.3 | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax | 199 | 5,442 | (8,256 | ) | -96.3 | 102.4 | ||||||||||||||
Unearned employee stock ownership plan (ESOP) shares | (9,065 | ) | (9,230 | ) | (9,725 | ) | 1.8 | 6.8 | ||||||||||||
Total shareholders' equity | 182,098 | 186,383 | 167,151 | -2.3 | 8.9 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,736,293 | $ | 1,654,349 | $ | 1,396,939 | 5.0 | % | 24.3 | % |
FIRST NORTHWEST BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data) (Unaudited)
Quarter Ended | ||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | Three Month Change | One Year Change | ||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Interest and fees on loans receivable | $ | 12,541 | $ | 11,894 | $ | 9,836 | 5.4 | % | 27.5 | % | ||||||||||
Interest on mortgage-backed and related securities | 464 | 437 | 959 | 6.2 | -51.6 | |||||||||||||||
Interest on investment securities | 1,570 | 1,581 | 1,069 | -0.7 | 46.9 | |||||||||||||||
Interest on deposits in banks | 13 | 9 | 68 | 44.4 | -80.9 | |||||||||||||||
FHLB dividends | 45 | 56 | 47 | -19.6 | -4.3 | |||||||||||||||
Total interest income | 14,633 | 13,977 | 11,979 | 4.7 | 22.2 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Deposits | 934 | 1,079 | 2,138 | -13.4 | -56.3 | |||||||||||||||
FHLB advances | 191 | 221 | 434 | -13.6 | -56.0 | |||||||||||||||
Subordinated debt | 25 | — | — | 100.0 | 100.0 | |||||||||||||||
Total interest expense | 1,150 | 1,300 | 2,572 | -11.5 | -55.3 | |||||||||||||||
Net interest income | 13,483 | 12,677 | 9,407 | 6.4 | 43.3 | |||||||||||||||
PROVISION FOR LOAN LOSSES | 500 | 930 | 1,266 | -46.2 | -60.5 | |||||||||||||||
Net interest income after provision for loan losses | 12,983 | 11,747 | 8,141 | 10.5 | 59.5 | |||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Loan and deposit service fees | 837 | 940 | 881 | -11.0 | -5.0 | |||||||||||||||
Mortgage servicing fees, net of amortization | 30 | 146 | 15 | -79.5 | 100.0 | |||||||||||||||
Net gain on sale of loans | 1,337 | 2,324 | 383 | -42.5 | 249.1 | |||||||||||||||
Net gain on sale of investment securities | — | 912 | 605 | -100.0 | -100.0 | |||||||||||||||
Increase in cash surrender value of bank-owned life insurance | 244 | 249 | 328 | -2.0 | -25.6 | |||||||||||||||
Other income | 256 | 67 | 106 | 282.1 | 141.5 | |||||||||||||||
Total noninterest income | 2,704 | 4,638 | 2,318 | -41.7 | 16.7 | |||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Compensation and benefits | 7,295 | 7,193 | 5,361 | 1.4 | 36.1 | |||||||||||||||
Data processing | 739 | 691 | 690 | 6.9 | 7.1 | |||||||||||||||
Occupancy and equipment | 1,623 | 1,663 | 1,351 | -2.4 | 20.1 | |||||||||||||||
Supplies, postage, and telephone | 242 | 236 | 211 | 2.5 | 14.7 | |||||||||||||||
Regulatory assessments and state taxes | 261 | 271 | 174 | -3.7 | 50.0 | |||||||||||||||
Advertising | 445 | 572 | 272 | -22.2 | 63.6 | |||||||||||||||
Professional fees | 522 | 408 | 400 | 27.9 | 30.5 | |||||||||||||||
FDIC insurance premium | 148 | 89 | — | 66.3 | 100.0 | |||||||||||||||
FHLB prepayment penalty | — | — | 210 | n/a | -100.0 | |||||||||||||||
Other | 819 | 596 | 713 | 37.4 | 14.9 | |||||||||||||||
Total noninterest expense | 12,094 | 11,719 | 9,382 | 3.2 | 28.9 | |||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 3,593 | 4,666 | 1,077 | -23.0 | 233.6 | |||||||||||||||
PROVISION FOR INCOME TAXES | 473 | 850 | 204 | -44.4 | 131.9 | |||||||||||||||
NET INCOME | $ | 3,120 | $ | 3,816 | $ | 873 | -18.2 | % | 257.4 | % | ||||||||||
Basic and diluted earnings per common share | $ | 0.34 | $ | 0.41 | $ | 0.09 | -17.1 | % | 277.8 | % |
FIRST NORTHWEST BANCORP AND SUBSIDIARY
Selected Financial Ratios and Other Data
(Unaudited)
As of or For the Quarter Ended | ||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||
Performance ratios: (1) | ||||||||||||||||||||
Return on average assets | 0.76 | % | 0.97 | % | 0.99 | % | 0.56 | % | 0.27 | % | ||||||||||
Return on average equity | 6.70 | 8.32 | 8.22 | 4.60 | 1.94 | |||||||||||||||
Average interest rate spread | 3.38 | 3.35 | 3.22 | 2.90 | 2.86 | |||||||||||||||
Net interest margin (2) | 3.48 | 3.46 | 3.36 | 3.10 | 3.11 | |||||||||||||||
Efficiency ratio (3) | 74.7 | 67.7 | 60.9 | 72.3 | 80.0 | |||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 134.6 | 131.7 | 130.9 | 129.5 | 130.1 | |||||||||||||||
Book value per common share | $ | 17.86 | $ | 18.20 | $ | 17.65 | $ | 17.07 | $ | 16.02 | ||||||||||
Asset quality ratios: | ||||||||||||||||||||
Nonperforming assets to total assets at end of period (4) | 0.1 | % | 0.1 | % | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||
Nonperforming loans to total loans (5) | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | |||||||||||||||
Allowance for loan losses to nonperforming loans (5) | 668.1 | 609.2 | 419.9 | 360.8 | 622.4 | |||||||||||||||
Allowance for loan losses to total loans | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | |||||||||||||||
Net charge-offs to average outstanding loans | — | — | — | — | — | |||||||||||||||
Capital ratios (First Fed): | ||||||||||||||||||||
Tier 1 leverage | 11.2 | % | 10.3 | % | 10.5 | % | 10.9 | % | 11.8 | % | ||||||||||
Common equity Tier 1 capital | 15.1 | 13.4 | 14.7 | 15.1 | 16.8 | |||||||||||||||
Tier 1 risk-based | 15.1 | 13.4 | 14.7 | 15.1 | 16.8 | |||||||||||||||
Total risk-based | 16.3 | 14.6 | 16.0 | 16.4 | 18.1 | |||||||||||||||
Other Information: | ||||||||||||||||||||
Average total assets | $ | 1,645,806 | $ | 1,567,521 | $ | 1,488,723 | $ | 1,401,500 | $ | 1,287,529 | ||||||||||
Average total loans | 1,144,230 | 1,089,505 | 1,009,210 | 938,646 | 876,135 | |||||||||||||||
Average interest-earning assets | 1,549,316 | 1,466,103 | 1,401,090 | 1,305,437 | 1,208,314 | |||||||||||||||
Average noninterest-bearing deposits | 283,204 | 245,024 | 218,615 | 196,698 | 159,214 | |||||||||||||||
Average interest-bearing deposits | 1,092,114 | 1,032,608 | 1,009,041 | 936,968 | 849,196 | |||||||||||||||
Average interest-bearing liabilities | 58,629 | 80,731 | 61,244 | 71,170 | 79,659 | |||||||||||||||
Average equity | 186,171 | 183,424 | 178,887 | 172,009 | 179,614 | |||||||||||||||
Average shares - basic | 9,094,354 | 9,214,965 | 9,257,252 | 9,373,253 | 9,624,727 | |||||||||||||||
Average shares - diluted | 9,185,725 | 9,258,109 | 9,263,975 | 9,408,123 | 9,676,377 |
(1) | Performance ratios are annualized, where appropriate. | |
(2) | Net interest income divided by average interest-earning assets. | |
(3) | Total noninterest expense as a percentage of net interest income and total other noninterest income. | |
(4) | Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets. | |
(5) | Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due. |
Contact:
Matthew P. Deines, President and Chief Executive Officer
Geri Bullard, EVP and Chief Financial Officer
First Northwest Bancorp
360-457-0461
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