First Northwest Bancorp Reports Second Quarter 2023 Earnings

About this update from First Northwest Bancorp

[{"type":"text","content":"PORT ANGELES, Wash., July 27, 2023 (GLOBE NEWSWIRE) -- Matthew P. Deines, President and CEO, comments on financial results:\"We grew deposits this quarter and are cautiously optimistic that funding costs have begun to stabilize,\" said Matthew P. Deines, President and CEO of First Northwest Bancorp. \"We continue to focus on the blocking and tackling of community banking and expect actions we took in the second quarter will result in lower expenses in future quarters. Loan growth continues to moderate as we focus on liquidity and pricing loans based on the marginal cost of deposits. Credit quality remains strong and continues to serve as a defining characteristic of our credit culture.\" 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 25, 2023, to shareholders of record as of the close of business on August 11, 2023. FINANCIAL HIGHLIGHTS 2Q 23 1Q 23 2Q 22 YTD HighlightsOPERATING RESULTS (in millions) ●Deposit growth year-to-date of $88.9 millionOperating revenue (1) $17.7 $18.6 $19.5 –Retail growth $43.1 million, or 3.0%Noninterest expense 15.2 14.9 17.0 –Brokered growth $45.7 million, or 34.2%Pre-provision net interest income 16.0 16.3 17.2 Net income 1.8 3.5 2.5 ●Loan growth year-to-date of $90.6 million,PER SHARE DATA or 6%Basic and diluted earnings $0.20 $0.39 $0.27 Book value 16.56 16.57 16.60 ●Deposit insurance coverage update:Tangible book value * 16.39 16.38 16.40 –Estimated uninsured business andBALANCE SHEET (in millions) consumer deposits totaling $271.5 million,Total loans $1,638 $1,579 $1,477 or approximately 16% of total depositsTotal deposits 1,653 1,594 1,581 42% of uninsured in urban areasTotal shareholders' equity 160 160 165 58% of uninsured in rural areasASSET QUALITY –Estimated uninsured public fund depositsNet charge-off ratio 0.10% 0.25% -0.03% to total deposits of 8% (fully collateralized)Nonperforming assets to total assets 0.12 0.12 0.06 –Estimated insured deposits to totalAllowance for credit losses on loans deposits of 76%to total loans 1.06 1.10 1.07 –Available borrowing capacity toNonperforming loan coverage ratio 677 661 1,269 uninsured deposits of 125%SELECTED RATIOS Return on average assets 0.34% 0.70% 0.51% ●Liquidity:Return on average equity 4.41 8.98 5.75 Closely monitored with ample on and o...

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