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 (FNWB) delivers community-focused banking services through First Fed Bank subsidiary, serving individuals and businesses across Washington's Pacific Northwest region. This news hub provides investors and stakeholders with verified updates about financial performance, strategic developments, and operational milestones.
Access timely information about earnings announcements, leadership changes, and regulatory filings alongside analysis of market trends affecting regional banking. Our curated collection features press releases about residential/commercial lending initiatives, deposit product innovations, and community partnership programs that demonstrate FNWB's local economic impact.
Key updates include quarterly financial disclosures, balance sheet optimization strategies, and risk management practices developed through decades of community banking experience. Track the company's progress in merging traditional financial services with modern digital solutions while maintaining its commitment to personalized customer relationships.
Bookmark this page for ongoing access to FNWB's latest developments, including merger/acquisition activity, dividend declarations, and executive commentary on navigating evolving rate environments. Check regularly for objective reporting about this regional financial institution's role in supporting Pacific Northwest communities.
First Northwest Bancorp (Nasdaq: FNWB) reported a net income of $4.2 million for Q3 2021, with diluted earnings per share of $0.45, reflecting increases of 40% and 41%, respectively, year-over-year. Total revenue rose 11.3% to $21.1 million. Loan growth was strong, increasing 18% year-to-date, contributing to a healthy net interest margin of 3.58%. The firm declared a quarterly cash dividend of $0.07 per share, payable November 26, 2021. Total assets reached $1.85 billion, and total deposits were $1.52 billion, up 5.6% from the previous quarter.
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.
