Business
First Northwest Bancorp Earns $3.0 Million, or $0.32 Per Diluted Share, in Second Quarter 2021; Highlighted by Strong Deposit and Loan Growth; Declares Quarterly Cash Dividend of $0.06 Per Share
PORT ANGELES, Wash., July 28, 2021 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) (“Company”), the holding company for First Federal Savings and
About this update from First Northwest Bancorp
[{"type":"text","content":"PORT ANGELES, Wash., July 28, 2021 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank” or \"First Fed\"), today reported net income of $3.0 million, or $0.32 per diluted share, for the second quarter of 2021, an increase of 51.6% compared to $2.0 million, or $0.21 per diluted share, for the second quarter a year ago, and a decrease of 4.0% compared to $3.1 million, or $0.34 per diluted share, for the first quarter of 2021. Second quarter results reflect strong year-over-year revenue generation, solid core deposit and loan growth, and excellent credit quality. The decrease from the prior period was primarily due to lower gains on sale of one- to four-family mortgages and increased compensation expense, partially offset by increased net interest income and a lower provision for loan losses. For the first six months of 2021, net income was $6.1 million, or $0.66 per diluted share, an increase of 114.7% compared to $2.8 million, or $0.30 per diluted share, for the first six months of 2020. The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $0.06 per common share. The dividend will be payable on August 27, 2021, to shareholders of record as of the close of business on August 13, 2021. “We again delivered solid financial results for the second quarter, demonstrating the sustained strength of our franchise,” said Matthew P. Deines, President and CEO. “Our second quarter profits were up over 50% year-over-year fueled by strong revenue growth and steady loan growth, particularly in the commercial banking area. Gross loans increased over 26%, while total deposits grew over 23%, year-over-year, as we continue to foster new customer relationships. We remain focused on improving our earning asset mix and lowering our cost of funds, which is driving our net interest margin expansion compared to a year ago.” “We continue to look ‘outside the box’ to generate organic commercial and consumer activity to benefit our customers,” Deines continued. “To meet the needs of our business customers, we initiated a Small Business Administration (“SBA”) program during the quarter and already are seeing good growth in this new portfolio. In April we started a joint venture and established Quin Ventures, Inc. (“Qu...