Business
First Northwest Bancorp Earns $873,000, or $0.09 Per Diluted Share, in First Quarter 2020; Declares Quarterly Cash Dividend of $0.05 per Share; Announces COVID-19 Response
PORT ANGELES, Wash., April 29, 2020 (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., April 29, 2020 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank” or \"First Federal\"), today reported net income of $873,000, or $0.09 per diluted share, for the first quarter of 2020, reflecting both strong loan growth and an addition to reserves for the economic disruption from the COVID-19 pandemic. These results compare to net income of $2.2 million, or $0.23 per diluted share, for the fourth quarter of 2019, and net income of $2.2 million, or $0.22 per diluted share, for the first quarter of 2019.\n The Company also announced today that the Board of Directors declared a regular quarterly cash dividend of $0.05 per common share outstanding, payable on May 29, 2020, to shareholders of record as of the close of business on May 15, 2020. “The success of our banking operation relies entirely on the safety and well-being of our employees and customers. As one of the first regions to experience COVID-19 infections, Washington State moved quickly to mandate business closures and implement quarantine measures. Consequently, we incorporated several COVID-19 pandemic measures to assist the communities we serve,” stated Matthew P. Deines, President and CEO. “On March 20, 2020, we began restricting lobby activities at all branches to appointment only and encouraged the use of drive-up services, ITM/ATM machines, digital banking applications and our contact center. Nearly 70% of our staff have the ability to work remotely, and we will continue operating in this manner until the mandated Stay Home, Stay Healthy order is lifted by the State of Washington. Our loan officers are contacting borrowers who are affected by declining economic activity, offering their assistance with payment deferrals and interest only payment options. Additionally, we continue to help our small business borrowers navigate the SBA’s Paycheck Protection Program. We are actively assisting customers and supporting the businesses in our communities.” On March 23, 2020, the State of Washington announced the Stay Home, Stay Healthy order for all residents, resulting in the closing of businesses or a substantial reduction in business activity. The sectors that have been most heavily impacted include hospitality; restaurant and food servic...