Business
First Northwest Bancorp Announces Record Earnings in the Third Quarter of 2021
PORT ANGELES, Wash., Oct. 27, 2021 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) Net IncomeDiluted Earnings Per ShareYTD Loan GrowthNet Interest
About this update from First Northwest Bancorp
[{"type":"text","content":"PORT ANGELES, Wash., Oct. 27, 2021 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) Net IncomeDiluted Earnings Per ShareYTD Loan GrowthNet Interest MarginBook Value per Share$4.2 Million$0.4518%3.58%$18.65$18.481, excluding goodwill and intangibles CEO Commentary “First Fed achieved strong loan growth and record earnings in the third quarter as our strategic investment in technology, market expansion and personnel continues to deliver results,” said Matthew P. Deines, President and CEO of First Northwest Bancorp. “We believe our momentum will help us to continue to grow revenue, deliver results and create shareholder value in the years to come.” “We continue to make progress on all aspects of our business with significant loan and revenue growth and enhancements to our deposit franchise,” Deines added. “Loan growth in the third quarter was broad-based due to solid commercial real estate and construction lending originations and partnerships with select specialty lenders who give us the ability to add consumer loans with attractive risk-adjusted returns. Growth in our balance sheet led to a healthy increase in interest income while improvements in our deposit franchise kept interest expense stable.” The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on November 26, 2021, to shareholders of record as of the close of business on November 12, 2021. On July 23, we closed on the previously announced Bellevue branch purchase from Sterling Savings and Trust. The branch had over $65 million in deposits at closing. Quarter Ended September 30, 2021 to June 30, 2021Quarter Ended September 30, 2021 to September 30, 2020Financial HighlightsNet income of $4.2 million and diluted earnings per share of $0.45, compared to $3.0 million and $0.32, respectivelyNet income of $4.2 million and diluted earnings per share of $0.45, compared to $3.7 million and $0.40, respectivelyTotal revenue of $21.1 million, an increase of 11.3%, or $2.1 million, compared to an increase in non-interest expenses of 1.7%, or $227,000Total revenue of $21.1 million, an increase of 16.0%, or $2.9 million, compared to an increase in non-interest expenses of 38.2%, or $3.9 millionEffective tax rate of 18.9% for both quartersEffective tax rate of 17.2%, compared to 28.1%Financia...