First Northwest - FNWB STOCK NEWS

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.

First Northwest Bancorp announced the appointment of Sherilyn G. Anderson to its Board of Directors, effective September 22, 2020, replacing David Flodstrom, who is retiring. Anderson brings extensive experience in finance, having served as CFO at Glassybaby and held positions in investment banking at Wells Fargo and Morgan Stanley. Her academic credentials include an MBA from Harvard and a B.S. in Industrial Engineering from Stanford. The company emphasizes the potential positive impact of her expertise on its operations.