First Northwest Bancorp Reports Second Quarter 2022 Financial Results

About this update from First Northwest Bancorp

[{"type":"text","content":"PORT ANGELES, Wash., July 27, 2022 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) Q2 2022 Net IncomeQ2 2022 Diluted Earnings Per ShareYTD Loan GrowthQ2 2022 Net Interest MarginBook Value per Share$2.5 million$0.278.0%3.77%$16.60 $16.40*, excluding goodwill and intangibles CEO Commentary “Our commercial bank shined this quarter as loan growth combined with increasing yields and stable deposit costs to drive increases in net interest income and net interest margin,” said Matthew P. Deines, President and CEO of First Northwest Bancorp. “Expenses were impacted by investments in our fintech initiatives and partnerships, which we expect to moderate in the coming quarters. We are also pleased to have been recognized as one of the Top 100 Best Workplaces in Washington by Puget Sound Business Journal for the second year in a row.” 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 August 26, 2022, to shareholders of record as of the close of business on August 12, 2022. Quarter Ended June 30, 2022 to March 31, 2022Quarter Ended June 30, 2022 to June 30, 2021Financial HighlightsNet income of $2.5 million and diluted earnings per share of $0.27, compared to $2.8 million and $0.30, respectivelyNet income of $2.5 million and diluted earnings per share of $0.27, compared to $3.0 million and $0.32, respectivelyTotal revenue (net interest income before provision plus noninterest income) of $19.5 million, an increase of 8.8%, or $1.6 millionTotal revenue of $19.5 million, an increase of 11.1%, or $1.9 millionEffective tax rate of 23.3%, compared to 18.1%Effective tax rate of 23.3%, compared to 18.9%Financial Position Total assets of $2.03 billion, up $87.4 million, or 4.5%Increase in total assets of $244.2 million, or 13.7%Total gross loans, excluding loans held for sale, of $1.47 billion, up $90.2 million, or 6.6%Increase in total gross loans, excluding loans held for sale, of $209.1 million, or 16.6%Total deposits of $1.58 billion, an increase of $31.3 million, or 2.0%Increase in total deposits of $139.0 million, or 9.6%Asset Quality and Capital Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.06% for both periodsNonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.06%, compa...

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