PORT ANGELES, Wash., July 29, 2026 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB) ("First Northwest" or the "Company"), the holding company for First Fed Bank ("First Fed" or the "Bank"), today reported its financial results for the second quarter and first six months of 2026. The Company reported net income of $308,000 for the second quarter of 2026, compared to net income of $6,000 for the first quarter of 2026 and $3.7 million for the second quarter of 2025. Basic and diluted income per share were $0.03 for the second quarter of 2026, compared to basic and diluted income per share of $0.00 for the first quarter of 2026 and basic and diluted income per share of $0.42 for the second quarter of 2025.
Management Outlook; President and Chief Executive Officer, Curt Queyrouze:
"At the midpoint of 2026, we continue to execute a disciplined transformation to improve operating efficiency and reposition the balance sheet for long-term performance. We are pleased to report growth in customer deposits during the current quarter and are encouraged by the underlying momentum in our core banking franchise. Loan balances were down slightly for the quarter as we continue to rebalance our portfolio to lessen the dependence on commercial real estate lending. Consumer and commercial business lending were up, but offset by a decrease in commercial real estate balances. Our efforts to improve operating efficiency are on target at the midpoint of the year and we expect to begin realizing these benefits in late 2026 and over the course of 2027. We remain focused on disciplined balance sheet management, strengthening our funding and liquidity profile, and maintaining a strong capital position. Second quarter results reflect improved performance positioning the Company for accelerated growth in the second half of 2026 and beyond."
Second Quarter Insights:
• | Core banking revenues remained steady. | |
• | Cost of total deposits was flat at 2.04% for both the first and second quarters of 2026. | |
• | A recapture of provision for credit losses on loans of $337,000 was recorded in the second quarter of 2026, compared to a recapture of $13,000 for the preceding quarter and a recapture of $296,000 for the second quarter of 2025. | |
• | First Fed total risk-based capital ratio remained relatively stable at 13.4% for the current quarter compared to 13.5% in the first quarter of 2026, and 13.1% for the second quarter of 2025. | |
• | Total assets decreased $8.6 million, or 0.4%, to $2.12 billion at June 30, 2026 from $2.13 billion at March 31, 2026, and decreased $70.5 million, or 3.2%, from $2.20 billion at June 30, 2025. | |
• | Net loans receivable, excluding loans held for sale, decreased $15.9 million, or 1.0%, to $1.60 billion at June 30, 2026 from $1.61 billion at March 31, 2026, and decreased $50.1 million, or 3.0%, from $1.65 billion at June 30, 2025. | |
• | Customer deposits increased $11.3 million, or 0.7%, to $1.55 billion at June 30, 2026 from $1.54 billion at March 31, 2026, and increased $1.1 million, or 0.1%, from $1.55 billion at June 30, 2025. | |
• | Brokered deposits decreased $5.5 million, or 8.6%, to $58.6 million at June 30, 2026 from $64.1 million at March 31, 2026, and decreased $48.3 million, or 45.2%, from $106.9 million at June 30, 2025. | |
• | FHLB advances decreased $15.0 million, or 5.4%, to $265.0 million at June 30, 2026 from $280.0 million at March 31, 2026, and decreased $35.0 million, or 11.7%, from $300.0 million at June 30, 2025. | |
Selected Quarterly Financial Ratios:
As of or For the Quarter Ended | As of or For the Six Months Ended June 30, | |||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | 2026 | 2025 | ||||||||||||||||||||||
Performance ratios:(1) | ||||||||||||||||||||||||||||
Return on average assets | 0.06 | % | 0.00 | % | 0.07 | % | 0.15 | % | 0.68 | % | 0.03 | % | -0.50 | % | ||||||||||||||
Return on average equity | 0.78 | 0.02 | 0.96 | 2.10 | 10.00 | 0.40 | -7.15 | |||||||||||||||||||||
Net interest margin(2) | 2.95 | 3.03 | 3.00 | 2.91 | 2.83 | 2.99 | 2.80 | |||||||||||||||||||||
Efficiency ratio(3) | 101.3 | 101.4 | 92.0 | 104.9 | 78.0 | 101.4 | 96.4 | |||||||||||||||||||||
Equity to total assets | 7.45 | 7.36 | 7.46 | 7.32 | 6.82 | 7.45 | 6.82 | |||||||||||||||||||||
Book value per common share | $ | 16.66 | $ | 16.52 | $ | 16.61 | $ | 16.33 | $ | 15.85 | $ | 16.66 | $ | 15.85 | ||||||||||||||
Tangible performance ratios:(1) | ||||||||||||||||||||||||||||
Tangible common equity to tangible assets(4) | 7.39 | % | 7.30 | % | 7.40 | % | 7.26 | % | 6.76 | % | 7.39 | % | 6.76 | % | ||||||||||||||
Return on average tangible common equity(4) | 0.79 | 0.02 | 0.97 | 2.12 | 10.10 | 0.40 | -7.22 | |||||||||||||||||||||
Tangible book value per common share(4) | $ | 16.52 | $ | 16.38 | $ | 16.47 | $ | 16.18 | $ | 15.70 | $ | 16.52 | $ | 15.70 | ||||||||||||||
Capital ratios (First Fed):(5) | ||||||||||||||||||||||||||||
Tier 1 leverage | 9.6 | % | 9.6 | % | 9.5 | % | 9.3 | % | 9.1 | % | 9.6 | % | 9.1 | % | ||||||||||||||
Common equity Tier 1 | 12.4 | 12.4 | 12.5 | 12.7 | 12.0 | 12.4 | 12.0 | |||||||||||||||||||||
Total risk-based | 13.4 | 13.5 | 13.6 | 13.7 | 13.1 | 13.4 | 13.1 |
(1) | Performance ratios are annualized, where appropriate. | |
(2) | Net interest income divided by average interest-earning assets. | |
(3) | Total noninterest expense as a percentage of net interest income and total other noninterest income. | |
(4) | Non-GAAP financial measure; see "Additional Information - Non-GAAP Financial Measures" later in this release for definitions and a reconciliation to the most comparable GAAP financial measure. | |
(5) | Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report. | |
Net Interest Income and Margin
Total interest income increased $121,000 to $25.5 million for the second quarter of 2026, compared to $25.3 million for the preceding quarter, and decreased $1.7 million compared to $27.1 million in the second quarter of 2025. Interest income increased during the second quarter of 2026 primarily due to 2026 purchases of investment securities. Average investment securities balances and yields increased compared to the preceding quarter as a result of purchases. Average real estate loan balances decreased while average consumer and commercial business loan balances increased over the preceding quarter. The yield on interest-earning assets decreased by 2 basis points to 5.30% compared to the preceding quarter, primarily due to a reduction in average balances of loans receivable and interest-earning deposits in banks.
Total interest expense increased $388,000 to $11.3 million for the second quarter of 2026, compared to $10.9 million for the preceding quarter, and decreased $1.7 million compared to $12.9 million in the second quarter of 2025. Interest expense increased in the second quarter of 2026 primarily due to the transition of the Company's subordinated debt from a fixed rate to a floating rate at the end of March 2026. Higher volumes of customer deposits were partially offset by a reduced volume of brokered CDs. Interest paid on customer deposit accounts also increased compared to the preceding quarter due to an increase in CD and money market average balances combined with higher rates paid on non-maturity deposits. As a result of these second quarter changes, the total cost of funds increased 5 basis points to 2.42% compared to the preceding quarter.
The net interest margin decreased to 2.95% for the second quarter of 2026, from 3.03% for the preceding quarter but increased from 2.83% for the second quarter of 2025.
Noninterest Income and Expense
Noninterest income was flat at $2.0 million for the second and first quarters of 2026.
Noninterest expense decreased $291,000 to $16.4 million for the second quarter of 2026, compared to $16.7 million for the preceding quarter. The decline resulted from lower data processing and compensation costs, partially offset by increased legal and consulting fees recorded in professional fees. Legal fees remain elevated due to the Company's continued defense of ongoing legal matters. Consulting fees increased as several projects to improve operating efficiency were launched during the second quarter of 2026.
Allowance for Credit Losses on Loans ("ACLL") and Credit Quality
The ACLL decreased $514,000 to $16.3 million at June 30, 2026, from $16.8 million at March 31, 2026. The ACLL as a percentage of total loans was 1.01% at June 30, 2026, a decrease from 1.03% at March 31, 2026, and a decrease from 1.10% at June 30, 2025. A $337,000 recapture of loan provision expense for the quarter ended June 30, 2026, was the result of a $444,000 decrease in the overall pooled loan reserve and a $70,000 decrease in reserves on individually evaluated loans, partially offset by $177,000 in net charge-offs. The change in pooled loan reserve was driven by lower loss factors applied to commercial real estate and multi-family loans combined with decreased loan balances in multi-family and commercial business loans. Decreases to the pooled loan reserve balance were partially offset by higher loss factors applied to commercial business and home equity loan balances at the end of the current quarter. The pooled loan reserve loss rates were impacted by higher unemployment forecasts partially offset by a mild improvement in gross domestic product.
Nonperforming loans decreased $971,000 to $20.7 million at June 30, 2026, from $21.7 million at March 31, 2026. Current quarter activity included principal payments totaling $1.1 million and net charge-offs on nonperforming loans totaling $216,000. The decreases were partially offset by the transition into nonaccrual status of loans totaling $1.1 million across multiple loan categories. ACLL to nonperforming loans increased slightly to 79% at June 30, 2026, from 78% at March 31, 2026. This ratio increased compared to the preceding quarter despite a reduction in nonperforming loan balances.
Classified loans decreased $9.1 million to $25.5 million at June 30, 2026, from $34.6 million at March 31, 2026, primarily due to payoffs totaling $14.2 million, principal payments totaling $1.0 million, and net charge-offs totaling $216,000. The decreases were partially offset by $5.6 million of new downgrades across multiple loan categories. Four collateral-dependent loans totaling $18.3 million account for 72% of the classified loan balance at June 30, 2026.
For the Quarter Ended | ||||||||||||||||||||
ACLL ($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
Balance at beginning of period | $ | 16,823 | $ | 16,987 | $ | 16,203 | $ | 18,345 | $ | 20,569 | ||||||||||
Charge-offs: | ||||||||||||||||||||
Commercial real estate | — | (3 | ) | (329 | ) | (656 | ) | (15 | ) | |||||||||||
Construction and land | (200 | ) | (171 | ) | (1,027 | ) | (483 | ) | — | |||||||||||
Auto and other consumer | (125 | ) | (276 | ) | (123 | ) | (106 | ) | (273 | ) | ||||||||||
Commercial business | (34 | ) | (133 | ) | (964 | ) | (1,005 | ) | (2,823 | ) | ||||||||||
Total charge-offs | (359 | ) | (583 | ) | (2,443 | ) | (2,250 | ) | (3,111 | ) | ||||||||||
Recoveries: | ||||||||||||||||||||
Commercial real estate | — | — | — | 6 | 20 | |||||||||||||||
Construction and land | — | — | — | — | 5 | |||||||||||||||
Auto and other consumer | 109 | 50 | 34 | 47 | 74 | |||||||||||||||
Commercial business | 73 | 382 | 2,727 | 675 | 1,084 | |||||||||||||||
Total recoveries | 182 | 432 | 2,761 | 728 | 1,183 | |||||||||||||||
Net loan (charge-offs) recoveries | (177 | ) | (151 | ) | 318 | (1,522 | ) | (1,928 | ) | |||||||||||
(Recapture of) provision for credit losses | (337 | ) | (13 | ) | 466 | (620 | ) | (296 | ) | |||||||||||
Balance at end of period | $ | 16,309 | $ | 16,823 | $ | 16,987 | $ | 16,203 | $ | 18,345 | ||||||||||
Average total loans | $ | 1,604,872 | $ | 1,613,526 | $ | 1,622,476 | $ | 1,650,340 | $ | 1,658,723 | ||||||||||
Annualized net charge-offs (recoveries) to average outstanding loans | 0.04 | % | 0.04 | % | -0.08 | % | 0.37 | % | 0.47 | % |
Asset Quality ($ in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||
One-to-four family | $ | 1,627 | $ | 2,521 | $ | 2,272 | $ | 2,345 | $ | 2,274 | ||||||||||
Commercial real estate | 9,449 | 9,619 | 9,745 | 3,439 | 4,095 | |||||||||||||||
Construction and land | 4,164 | 4,164 | 5,146 | 6,037 | 13,063 | |||||||||||||||
Home equity | 159 | 53 | 53 | 9 | 10 | |||||||||||||||
Auto and other consumer | 1,332 | 1,280 | 1,086 | 1,072 | 410 | |||||||||||||||
Commercial business | 3,997 | 4,062 | 4,293 | 470 | 514 | |||||||||||||||
Total nonaccrual loans | 20,728 | 21,699 | 22,595 | 13,372 | 20,366 | |||||||||||||||
Other real estate owned | 1,568 | 1,380 | 1,380 | 1,377 | 1,297 | |||||||||||||||
Total nonperforming assets | $ | 22,296 | $ | 23,079 | $ | 23,975 | $ | 14,749 | $ | 21,663 | ||||||||||
Nonaccrual loans as a % of total loans(1) | 1.28 | % | 1.33 | % | 1.39 | % | 0.82 | % | 1.22 | % | ||||||||||
Nonperforming assets as a % of total assets(2) | 1.05 | 1.08 | 1.14 | 0.70 | 0.99 | |||||||||||||||
ACLL as a % of total loans | 1.01 | 1.03 | 1.04 | 1.00 | 1.10 | |||||||||||||||
ACLL as a % of nonaccrual loans | 78.68 | 77.53 | 75.18 | 121.17 | 90.08 | |||||||||||||||
Total past due loans to total loans | 1.09 | 1.18 | 1.21 | 0.88 | 1.17 |
(1) | Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due. | |
(2) | Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets. | |
Financial Condition and Capital
Continued disciplined balance sheet management resulted in lower borrowings and reduced reliance on higher-cost brokered deposits while maintaining stable capital levels.
Investment securities increased $14.0 million, or 5.1%, to $287.0 million at June 30, 2026, compared to $273.0 million three months earlier, and decreased $16.5 million compared to $303.5 million at June 30, 2025. Purchases totaling $27.8 million and a $535,000 decrease in net unrealized losses were partially offset by maturities totaling $9.7 million and regular principal payments totaling $4.6 million during the second quarter of 2026. The estimated average life of the securities portfolio was approximately 6.4 years at June 30, 2026, 6.8 years at the preceding quarter end and 7.6 years at the end of the second quarter of 2025. The effective duration of the portfolio was approximately 4.6 years at June 30, 2026, compared to 4.7 years at the preceding quarter end and 4.9 years at the end of the second quarter of 2025.
Investment Securities ($ in thousands) | June 30, 2026 | March 31, 2026 | June 30, 2025 | Three Month % Change | One Year % Change | |||||||||||||||
Available for Sale at Fair Value | ||||||||||||||||||||
Municipal bonds | $ | 79,990 | $ | 79,565 | $ | 77,324 | 0.5 | % | 3.4 | % | ||||||||||
U.S. government agency issued asset-backed securities (ABS agency) | 11,371 | 11,632 | 12,298 | -2.2 | -7.5 | |||||||||||||||
Corporate issued asset-backed securities (ABS corporate) | 6,615 | 7,676 | 13,105 | -13.8 | -49.5 | |||||||||||||||
Corporate issued debt securities (Corporate debt) | 50,991 | 37,392 | 55,760 | 36.4 | -8.6 | |||||||||||||||
U.S. Small Business Administration securities (SBA) | 5,362 | 5,820 | 7,504 | -7.9 | -28.5 | |||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. government agency issued mortgage-backed securities (MBS agency) | 95,002 | 97,968 | 96,014 | -3.0 | -1.1 | |||||||||||||||
Non-agency issued mortgage-backed securities (MBS non-agency) | 37,697 | 32,932 | 41,510 | 14.5 | -9.2 | |||||||||||||||
Total securities available for sale | $ | 287,028 | $ | 272,985 | $ | 303,515 | 5.1 | -5.4 | ||||||||||||
Net loans receivable, excluding loans held for sale, decreased $15.9 million, or 1.0%, to $1.60 billion at June 30, 2026, from $1.61 billion at March 31, 2026, and decreased $50.1 million, or 3.0%, from $1.65 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $8.9 million. Regular payments of $50.9 million, loan payoffs of $21.9 million and charge-offs totaling $359,000 outpaced new loan funding totaling $30.2 million and draws on existing loans totaling $20.4 million. Participation in the Northpointe MPP increased $2.7 million and purchased consumer loans increased $3.5 million during the current quarter.
Loans ($ in thousands) | June 30, 2026 | March 31, 2026 | June 30, 2025 | Three Month % Change | One Year % Change | |||||||||||||||
Real Estate: | ||||||||||||||||||||
One-to-four family | $ | 357,077 | $ | 362,984 | $ | 387,459 | -1.6 | % | -7.8 | % | ||||||||||
Multi-family | 255,813 | 270,979 | 329,696 | -5.6 | -22.4 | |||||||||||||||
Commercial real estate | 402,798 | 403,243 | 391,362 | -0.1 | 2.9 | |||||||||||||||
Construction and land | 61,697 | 62,347 | 72,538 | -1.0 | -14.9 | |||||||||||||||
Total real estate loans | 1,077,385 | 1,099,553 | 1,181,055 | -2.0 | -8.8 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity | 90,014 | 86,292 | 84,927 | 4.3 | 6.0 | |||||||||||||||
Auto and other consumer | 294,982 | 290,960 | 280,877 | 1.4 | 5.0 | |||||||||||||||
Total consumer loans | 384,996 | 377,252 | 365,804 | 2.1 | 5.2 | |||||||||||||||
Commercial business | 151,000 | 152,591 | 117,843 | -1.0 | 28.1 | |||||||||||||||
Total loans receivable | 1,613,381 | 1,629,396 | 1,664,702 | -1.0 | -3.1 | |||||||||||||||
Less: | ||||||||||||||||||||
Derivative basis adjustment | (10 | ) | (406 | ) | (860 | ) | 97.5 | 98.8 | ||||||||||||
Allowance for credit losses on loans | 16,309 | 16,823 | 18,345 | -3.1 | -11.1 | |||||||||||||||
Total loans receivable, net | $ | 1,597,082 | $ | 1,612,979 | $ | 1,647,217 | -1.0 | -3.0 | ||||||||||||
Total deposits increased $5.8 million to $1.61 billion at June 30, 2026, compared to $1.60 billion at March 31, 2026, and decreased $47.2 million compared to $1.65 billion one year prior. During the second quarter of 2026, total customer deposit balances increased $11.3 million and brokered deposit balances decreased $5.5 million. The customer deposit mix reflects increased average money market and CD account balances while average balances of all other customer accounts decreased compared to the preceding quarter. The rates paid on customer interest-bearing deposits increased 3 basis points to 2.32% for the current quarter, compared to 2.29% for the first quarter of 2026. The deposit mix compared to June 30, 2025, reflects a continued shift in average balances of customer accounts to savings and money market accounts from demand deposit and CD accounts, with an overall $4.7 million decrease to average total customer balances. A $72.6 million decrease in the average balance of brokered CDs was the main driver for the year-over-year decrease in total deposits. Rates paid on total interest-bearing deposit accounts decreased 31 basis points compared to the same quarter one year ago.
Deposits ($ in thousands) | June 30, 2026 | March 31, 2026 | June 30, 2025 | Three Month % Change | One Year % Change | |||||||||||||||
Noninterest-bearing demand deposits | $ | 244,699 | $ | 238,901 | $ | 240,051 | 2.4 | % | 1.9 | % | ||||||||||
Interest-bearing demand deposits | 147,019 | 157,565 | 144,409 | -6.7 | 1.8 | |||||||||||||||
Money market accounts | 462,208 | 449,353 | 484,787 | 2.9 | -4.7 | |||||||||||||||
Savings accounts | 241,711 | 246,533 | 227,968 | -2.0 | 6.0 | |||||||||||||||
Certificates of deposit, customer | 453,140 | 445,110 | 450,494 | 1.8 | 0.6 | |||||||||||||||
Certificates of deposit, brokered | 58,615 | 64,120 | 106,927 | -8.6 | -45.2 | |||||||||||||||
Total deposits | $ | 1,607,392 | $ | 1,601,582 | $ | 1,654,636 | 0.4 | -2.9 | ||||||||||||
FHLB advances decreased $15.0 million during the current quarter.
Total shareholders' equity increased to $158.3 million at June 30, 2026, compared to $157.0 million three months earlier, due to increases in the after-tax fair market values of the available-for-sale investment securities portfolio of $418,000, the after-tax fair value of the investment portfolio hedge of $295,000 and net income of $308,000. No shares of common stock were repurchased under the Company's April 2024 Stock Repurchase Plan (the "Repurchase Plan") during the quarter ended June 30, 2026. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.
Capital levels for both the Company and the Bank remain in excess of applicable requirements and the Bank was categorized as "well-capitalized" at June 30, 2026. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at June 30, 2026, for the Bank were 12.4% and 13.4%, respectively.
2025 Awards/Recognition | |||||
Sound Publishing: | |||||
Bellingham Best of the Northwest - Best Bank Silver | Best Bank in Clallam County | ||||
Best Lender in Clallam County and West End | |||||
About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 11 full-service branches. First Fed's business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. First Northwest has also strategically invested in partnerships focused on developing modern financial solutions and a boutique investment banking/accelerator firm. These investments underscore the Company's commitment to innovation and growth in the financial services sector. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as "believes," "expects," "anticipates," "estimates," or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits, declines in the value of our investment portfolio or changes in interest rates; risks related to overall economic conditions; geopolitical events; legislative, regulatory, and policy changes; legal proceedings, regulatory investigations and their resolutions; and other factors described in the Company's latest Annual Report on Form 10-K under the section entitled "Risk Factors," and other filings with the Securities and Exchange Commission ("SEC"), which are available on our website at www.ourfirstfed.com and on the SEC's website at www.sec.gov.
Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company's operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. These risks could cause our actual results for 2026 and beyond to differ materially from those expressed in or implied by any forward-looking statements by, or on behalf of, us and could negatively affect the Company's operations and stock price performance.
For More Information Contact:
Curt Queyrouze, President and Chief Executive Officer
Phyllis Nomura, Chief Financial Officer and EVP
IRGroup@ourfirstfed.com
360-457-0461
FIRST NORTHWEST BANCORP AND SUBSIDIARY | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 14,649 | $ | 16,548 | $ | 15,530 | $ | 15,688 | $ | 18,487 | ||||||||||
Interest-earning deposits in banks | 83,709 | 87,588 | 69,587 | 63,482 | 69,376 | |||||||||||||||
Investment securities available for sale, at fair value (amortized cost at each period end of $313,215, $299,707, $295,849, $310,545 and $336,206) | 287,028 | 272,985 | 270,310 | 282,608 | 303,515 | |||||||||||||||
Loans held for sale | 1,286 | 1,140 | 1,063 | 2,154 | 1,557 | |||||||||||||||
Loans receivable (net of allowance for credit losses on loans at each period end of $16,309, $16,823, $16,987, $16,203, and $18,345) | 1,597,082 | 1,612,979 | 1,612,028 | 1,607,825 | 1,647,217 | |||||||||||||||
Federal Home Loan Bank (FHLB) stock, at cost | 13,279 | 13,927 | 13,105 | 10,856 | 14,906 | |||||||||||||||
Accrued interest receivable | 7,181 | 7,051 | 6,498 | 8,160 | 8,305 | |||||||||||||||
Premises and equipment, net | 9,160 | 8,591 | 8,464 | 8,788 | 8,999 | |||||||||||||||
Servicing rights on sold loans, at fair value | 3,012 | 2,999 | 3,014 | 3,093 | 3,220 | |||||||||||||||
Bank-owned life insurance ("BOLI"), net | 43,305 | 42,850 | 42,382 | 41,889 | 41,380 | |||||||||||||||
Equity and partnership investments | 15,441 | 15,452 | 15,489 | 15,048 | 14,811 | |||||||||||||||
Goodwill and other intangible assets, net | 1,062 | 1,062 | 1,062 | 1,080 | 1,081 | |||||||||||||||
Deferred tax asset, net | 13,664 | 13,898 | 13,638 | 14,168 | 14,266 | |||||||||||||||
Right-of-use ("ROU") asset, net | 15,057 | 15,316 | 15,596 | 15,494 | 15,772 | |||||||||||||||
Prepaid expenses and other assets | 19,920 | 21,057 | 20,129 | 21,040 | 32,471 | |||||||||||||||
Total assets | $ | 2,124,835 | $ | 2,133,443 | $ | 2,107,895 | $ | 2,111,373 | $ | 2,195,363 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Deposits | $ | 1,607,392 | $ | 1,601,582 | $ | 1,599,101 | $ | 1,653,327 | $ | 1,654,636 | ||||||||||
Borrowings | 313,177 | 328,160 | 308,143 | 259,625 | 344,108 | |||||||||||||||
Accrued interest payable | 151 | 280 | 1,223 | 1,145 | 1,514 | |||||||||||||||
Lease liability, net | 16,039 | 16,250 | 16,439 | 16,071 | 16,257 | |||||||||||||||
Accrued expenses and other liabilities | 28,260 | 27,514 | 24,301 | 24,321 | 27,790 | |||||||||||||||
Advances from borrowers for taxes and insurance | 1,503 | 2,691 | 1,424 | 2,356 | 1,325 | |||||||||||||||
Total liabilities | 1,966,522 | 1,976,477 | 1,950,631 | 1,956,845 | 2,045,630 | |||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | — | — | — | — | — | |||||||||||||||
Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,504,441; 9,499,300; 9,467,925; 9,462,150; and 9,444,963 | 95 | 95 | 95 | 94 | 94 | |||||||||||||||
Additional paid-in capital | 93,986 | 93,854 | 93,803 | 93,646 | 93,595 | |||||||||||||||
Retained earnings | 92,015 | 91,707 | 91,699 | 91,317 | 90,506 | |||||||||||||||
Accumulated other comprehensive loss, net of tax | (22,177 | ) | (22,920 | ) | (22,398 | ) | (24,429 | ) | (28,198 | ) | ||||||||||
Unearned employee stock ownership plan (ESOP) shares | (5,606 | ) | (5,770 | ) | (5,935 | ) | (6,100 | ) | (6,264 | ) | ||||||||||
Total shareholders' equity | 158,313 | 156,966 | 157,264 | 154,528 | 149,733 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,124,835 | $ | 2,133,443 | $ | 2,107,895 | $ | 2,111,373 | $ | 2,195,363 |
FIRST NORTHWEST BANCORP AND SUBSIDIARY | ||||||||||||||||||||||||||||
For the Quarter Ended | For the Six Months Ended | |||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||
Interest and fees on loans receivable | $ | 21,997 | $ | 22,000 | $ | 22,431 | $ | 22,814 | $ | 22,814 | $ | 43,997 | $ | 45,045 | ||||||||||||||
Interest on investment securities | 2,723 | 2,585 | 2,971 | 3,244 | 3,466 | 5,308 | 7,269 | |||||||||||||||||||||
Interest on deposits in banks | 453 | 467 | 473 | 570 | 520 | 920 | 1,002 | |||||||||||||||||||||
FHLB dividends | 282 | 282 | 262 | 282 | 331 | 564 | 638 | |||||||||||||||||||||
Total interest income | 25,455 | 25,334 | 26,137 | 26,910 | 27,131 | 50,789 | 53,954 | |||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||
Deposits | 8,033 | 7,930 | 8,648 | 9,083 | 9,552 | 15,963 | 19,289 | |||||||||||||||||||||
Borrowings | 3,249 | 2,964 | 2,799 | 3,258 | 3,386 | 6,213 | 6,625 | |||||||||||||||||||||
Total interest expense | 11,282 | 10,894 | 11,447 | 12,341 | 12,938 | 22,176 | 25,914 | |||||||||||||||||||||
Net interest income | 14,173 | 14,440 | 14,690 | 14,569 | 14,193 | 28,613 | 28,040 | |||||||||||||||||||||
PROVISION FOR CREDIT LOSSES | ... |