First Northwest Bancorp ( (FNWB) ) has released its Q1 earnings. Here is a breakdown of the information First Northwest Bancorp presented to its investors.
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First Northwest Bancorp, a financial holding company based in Port Angeles, Washington, operates through its subsidiary First Fed Bank, offering a range of financial products and services to individuals, small businesses, and commercial customers in the Pacific Northwest.
In its first quarter of 2025 earnings report, First Northwest Bancorp announced a significant turnaround in profitability, reporting a net income of $1.5 million compared to a net loss in the previous quarter. The company also declared a quarterly cash dividend of $0.07 per common share.
Key financial highlights include a stable loan-to-deposit ratio, improved asset quality with a reduction in nonperforming loans by 14%, and a favorable shift in deposit mix with a decrease in brokered deposits and an increase in core customer deposits. The company also recorded gains from a bank-owned life insurance policy and debt extinguishment, contributing to its improved financial performance.
Looking ahead, First Northwest Bancorp’s management remains optimistic about future profitability, focusing on core growth, asset quality improvement, expense discipline, and potential stock buybacks as part of its strategic initiatives for the remainder of 2025.