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 (NASDAQ: FNWB) is the financial holding company for First Fed Bank, a Pacific Northwest-based community bank that has served customers and communities since 1923. This news page aggregates company-issued updates, earnings announcements, governance changes, and other material developments related to First Northwest and its subsidiary, First Fed.
Readers can review earnings releases that discuss quarterly financial performance, including net income trends, net interest margin, efficiency ratio, and adjusted pre-tax, pre-provision net revenue (PPNR). These releases also describe changes in credit quality, such as movements in the allowance for credit losses on loans, nonperforming loans, and classified loans, as well as commentary on balance sheet management and capital ratios.
The news flow for FNWB also includes corporate governance and leadership updates, such as the appointment of new directors to the boards of First Northwest and First Fed, the retirement of long-serving board members, and transitions in executive leadership. Press releases provide context on board succession planning, committee assignments, and the experience that new directors and executives bring to the organization.
In addition, company and partner announcements highlight strategic initiatives and partnerships, including investments in modern financial solutions, digital banking platforms for business customers, and relationships with firms like The Meriwether Group, LLC and Meriwether Group Capital. These items illustrate how First Northwest and First Fed seek to combine community banking with contemporary financial services.
Investors, analysts, and community stakeholders can use this page to follow FNWB news related to financial results, risk management developments, legal matter resolutions, philanthropy via the First Fed Foundation, and technology enhancements. For ongoing research, this consolidated news feed offers a convenient way to monitor how First Northwest Bancorp communicates its strategy, performance, and governance over time.
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
First Northwest Bancorp (FNWB) announced a $1 million pledge to the Northwest Maritime Center (NWMC) aimed at expanding maritime education over a 10-year period. This investment aligns with NWMC's goal to double program participation from 2,950 in 2019 to 6,000 by 2025. The maritime industry, a key economic driver in Washington, faces a projected workforce shortage of 150,000 mariners by 2025. First Fed's CEO emphasized the importance of this initiative for local community development.
First Northwest Bancorp (FNWB) reported a Q4 2021 net income of $5.1 million, with diluted earnings per share (EPS) of $0.56, marking a significant increase from $4.2 million and $0.45 in Q4 2020. Total revenue rose by 18.9% to $20.6 million, while non-interest expenses increased by 25.2%. The company declared a quarterly cash dividend of $0.07 per share, payable on February 25, 2022. Assets grew to $1.92 billion, with total loans increasing 0.3% to $1.36 billion, and total deposits up 3.8% to $1.58 billion.
First Northwest Bancorp (FNWB) has partnered with Splash Financial, a leading digital lending platform, to enhance consumer loan offerings through its subsidiary, First Fed Bank. This collaboration aims to leverage fintech solutions to meet diverse customer needs across the U.S. Notable mentions include Splash's significant funding achievement of $44M in Series B and First Fed's accolades, including a Forbes best-in-state bank award in 2021. This strategic partnership aligns with FNWB's focus on sustainable earnings and innovative financial solutions.
First Northwest Bancorp (NASDAQ: FNWB) has released its initial report based on the Sustainable Accounting Standards Board (SASB) framework, detailing its environmental, social, and governance (ESG) initiatives. President and CEO Matt Deines emphasized the bank's commitment to sustainability and community. Key achievements include the adoption of e-records and e-signature technologies for waste reduction, the launch of a Diversity, Equity, and Inclusion program, and the establishment of a leadership team with 50% female representation. Additional ESG-related data is available in the SASB Fact Sheet.
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.
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