First Northwest Bancorp - FNWB STOCK NEWS

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.

First Fed Bank, a subsidiary of First Northwest Bancorp (NASDAQ: FNWB), has appointed Cindy Hill-Finnie as the new Board Chair, making her the first woman to hold this position. Hill-Finnie, who has served on the board for ten years and has extensive experience in financial services and community involvement, emphasizes the bank's commitment to its community. Former Chair Steve Oliver remains on the board. First Fed Bank currently operates 16 branches in Washington state and is focused on sustainable earnings and digital financial solutions.

First Northwest Bancorp (FNWB) announced a $2 million pledge to support the Field Arts & Events Hall in Port Angeles, aimed at bolstering local economic development. This contribution marks the largest corporate commitment to the project, contributing to a total funding of $46 million. The venue will feature a 500-seat auditorium and a 300-seat conference facility, set to enhance community engagement. Development had paused during the pandemic but will resume with this new funding, with a community event scheduled for June 2, 2022, to outline the project's timeline.

First Northwest Bancorp (FNWB) reported Q1 2022 net income of $2.8 million and diluted earnings per share (EPS) of $0.30, down from $5.1 million and $0.55 a year prior. Total revenue decreased by 13.1% to $17.9 million, while non-interest expenses rose by 22.6%. Total assets increased to $1.94 billion, with total deposits declining by 2.0% to $1.55 billion.

A quarterly cash dividend of $0.07 per common share was declared, payable on May 27, 2022.

First Northwest Bancorp (NASDAQ: FNWB) announced the appointment of Christopher "Chris" Neros as Executive Vice President and Chief Lending Officer of First Fed Bank. With over 15 years in lending and leadership roles at Peoples Bank, Neros aims to enhance lending initiatives and strengthen business relationships. His background includes extensive experience at First National Bank Alaska and community involvement in economic development. First Fed Bank, a community-oriented institution since 1923, continues to focus on sustainable earnings through a robust array of financial services and fintech partnerships.

Meriwether Group Capital has launched the Hero Fund to provide commercial loans for small to mid-sized companies that do not meet traditional lending criteria. The fund aims to fill the financing gap for businesses with revenues between $2 million and $75 million needing $500,000 to $5 million. Founded by banking veterans Jamie Shulman and Mike Ferguson, it partners with First Northwest Bancorp (Nasdaq: FNWB) and Meriwether Group. The fund is expected to boost entrepreneurship in the Pacific Northwest.