First Northwest Bancorp (Nasdaq: FNWB)
Q3 2022 Net Income |
Q3 2022 DilutedEarnings Per Share |
YTD Loan Growth |
Q3 2022Net Interest Margin |
Book Value per Share |
$4.3 million |
$0.47 |
12.4% |
3.88% |
$15.69 |
$15.50*,excluding goodwill andintangibles |
CEO Commentary
“Our commercial bank delivered once again this quarter as we
achieved record net interest income, thanks to prudent loan growth
and increasing yields,” said Matthew P. Deines, President and CEO
of First Northwest Bancorp. “We took action to reduce ongoing
expenses by trimming headcount by approximately 5% and
significantly reducing expenses related to Quin Ventures.
Increasing revenue and decreasing expenses helped us deliver
improved net interest margins and profitability ratios. We are
seeing increasing competition for deposits, which could lead to
additional funding cost pressure in future quarters, but to this
point assets have repriced more quickly than liabilities.”
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 November 25, 2022, to shareholders of
record as of the close of business on November 10, 2022.
Quarter Ended September 30, 2022 to June 30,
2022 |
Quarter Ended September 30, 2022 to September 30,
2021 |
Financial Highlights |
Net income of $4.3 million and diluted earnings per share
of $0.47, compared to $2.5 million and $0.27,
respectively |
Net income of $4.3 million and diluted earnings per share
of $0.47, compared to $4.2 million and $0.44,
respectively |
Total revenue (net interest income before provision plus
noninterest income) of $20.5 million, an increase of 5.5%,
or $1.1 million, compared to $19.5 million |
Total revenue of $20.5 million, an increase of 4.6%,
or $900,000, compared to $19.6 million |
Effective tax rate of 18.5%, compared to 23.3% |
Effective tax rate of 18.5%, compared to 18.9% |
Financial Position |
|
Total assets of $2.09 billion, up $59.8 million, or 2.9% |
Increase in total assets of $246.3 million, or 13.3% |
Total gross loans, excluding loans held for sale, of $1.53
billion, up $59.9 million, or 4.1% |
Increase in total gross loans, excluding loans held for
sale, of $172.3 million, or 12.7% |
Total deposits of $1.61 billion, an increase of $24.5 million,
or 1.6% |
Increase in total deposits of $82.3 million, or 5.4% |
Asset Quality and Capital |
|
Nonperforming assets (nonaccrual loans and repossessed assets) to
total assets of 0.16%, compared to 0.06% |
Nonperforming assets (nonaccrual loans and repossessed assets) to
total assets of 0.16%, compared to 0.06% |
Tangible common equity ratio* of 7.40%, compared
to 8.04% |
Tangible common equity ratio* of 7.40%, compared
to 10.07% |
Key Performance Metrics |
|
Net interest margin of 3.88%, compared to 3.77% |
Net interest margin of 3.88%, compared to 3.58% |
Efficiency ratio of 74.9%, compared to 87.2% |
Efficiency ratio of 74.9%, compared to 70.3% |
Return on average assets and return on tangible common
equity* of 0.85% and 10.23%, compared to 0.51% and
5.82%, respectively |
Return on average assets and return on tangible common
equity* of 0.85% and 10.23%, compared to 0.92%
and 8.74%, respectively |
Tangible book value per share* of $15.50, a decrease
of 5.54% from $16.40 |
Tangible book value per share* of $15.50, a decrease
of 16.1% from $18.48 |
________________________* See reconciliation of Non-GAAP
Financial Measures later in this release.
Balance Sheet Review
Total assets increased $59.8 million, or 2.9%, to $2.09
billion at September 30, 2022, compared to $2.03 billion at
June 30, 2022, and increased $246.3 million, or 13.3%, compared
to $1.85 billion at September 30, 2021.
Cash and cash equivalents increased by $15.9 million, or 18.1%,
to $103.7 million as of September 30, 2022, compared
to $87.8 million as of June 30, 2022, and increased $27.5
million, or 36.2%, compared to $76.1 million at September 30,
2021.
Investment securities decreased $23.7 million, or 6.7%,
to $329.4 million at September 30, 2022, compared
to $353.1 million three months earlier, and
increased $3.6 million compared to $325.9 million at
September 30, 2021. The market value of the portfolio declined
$16.0 million during the third quarter of 2022 as rates
continue to rise and demand for debt securities decreased due
to the Federal Reserve Bank's response to significant
inflation levels. Principal and interest payments received of
$10.2 million were used to fund loan growth. At September 30,
2022, municipal bonds totaled $96.1 million and comprised the
largest portion of the investment portfolio at 29.2%. Non-agency
issued mortgage-backed securities are the second largest segment,
totaling $94.9 million, or 28.8%, of the portfolio at
quarter end. The estimated average life of the securities
portfolio was approximately 8.4 years, compared to
8.2 years in the prior quarter and 5.8 years in the
third quarter of 2021. The effective duration of the portfolio was
approximately 5.1 years, compared to 5.2 years in the prior
quarter and 5.5 years in the third quarter of 2021.
Investment securities consisted of the following at the dates
indicated:
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
September 30,2021 |
|
|
Three MonthChange |
|
|
One YearChange |
|
|
|
(In thousands) |
|
Available for Sale at Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal bonds |
|
$ |
96,130 |
|
|
$ |
104,048 |
|
|
$ |
110,265 |
|
|
$ |
(7,918 |
) |
|
$ |
(14,135 |
) |
U.S. Treasury notes |
|
|
2,355 |
|
|
|
2,420 |
|
|
|
— |
|
|
|
(65 |
) |
|
|
2,355 |
|
International agency issued
bonds (Agency bonds) |
|
|
1,683 |
|
|
|
1,762 |
|
|
|
1,940 |
|
|
|
(79 |
) |
|
|
(257 |
) |
Corporate issued asset-backed
securities (ABS corporate) |
|
|
— |
|
|
|
— |
|
|
|
11,016 |
|
|
|
— |
|
|
|
(11,016 |
) |
Corporate issued debt
securities (Corporate debt) |
|
|
56,165 |
|
|
|
57,977 |
|
|
|
55,946 |
|
|
|
(1,812 |
) |
|
|
219 |
|
U.S. Small Business
Administration securities (SBA) |
|
|
— |
|
|
|
— |
|
|
|
15,842 |
|
|
|
— |
|
|
|
(15,842 |
) |
Mortgage-backed
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency issued mortgage-backed securities (MBS
agency) |
|
|
78,231 |
|
|
|
85,796 |
|
|
|
75,091 |
|
|
|
(7,565 |
) |
|
|
3,140 |
|
Non-agency issued mortgage-backed securities (MBS non-agency) |
|
|
94,872 |
|
|
|
101,141 |
|
|
|
55,790 |
|
|
|
(6,269 |
) |
|
|
39,082 |
|
Total securities available for
sale |
|
$ |
329,436 |
|
|
$ |
353,144 |
|
|
$ |
325,890 |
|
|
$ |
(23,708 |
) |
|
$ |
3,546 |
|
Net loans, excluding loans held for sale, increased $59.6
million, or 4.1%, to $1.52 billion at September 30, 2022,
from $1.46 billion at June 30, 2022, and increased $176.0
million, or 13.1%, from $1.35 billion one year ago. One-
to four-family loans increased $25.9 million during the
current quarter as a result of $19.4 million in new originations
and $18.7 million of residential construction loans which converted
to permanent amortizing loans, partially offset by sales and
payments received. Multi-family loans increased
$21.9 million during the current quarter. The increase was the
result of new originations totaling
$16.3 million and $9.3 million of construction loans
converting into permanent amortizing loans. Every reported loan
category increased during the current quarter compared to the
previous quarter as originations and draws on existing
commitments exceeded payoffs and scheduled payments.
The Company originated $19.4 million in residential
mortgages during the third quarter of 2022 and sold $6.2
million, with an average gross margin on sale of mortgage loans of
approximately 2.1%. This production compares to residential
mortgage originations of $18.4 million in the preceding
quarter with sales of $6.3 million, with an average gross margin of
2.3%. Higher market rates on mortgage loans and a lack of
single-family home inventory continue to hinder saleable mortgage
loan production. New single-family residence construction loan
commitments totaled $26.9 million in the third quarter,
compared to $30.7 million in the preceding quarter.
Loans receivable consisted of the following at the
dates indicated:
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
September 30,2021 |
|
|
Three MonthChange |
|
|
One YearChange |
|
|
|
(In thousands) |
|
Real Estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family |
|
$ |
335,067 |
|
|
$ |
309,191 |
|
|
$ |
294,432 |
|
|
$ |
25,876 |
|
|
$ |
40,635 |
|
Multi-family |
|
|
243,256 |
|
|
|
221,337 |
|
|
|
177,560 |
|
|
|
21,919 |
|
|
|
65,696 |
|
Commercial real estate |
|
|
385,272 |
|
|
|
381,279 |
|
|
|
353,356 |
|
|
|
3,993 |
|
|
|
31,916 |
|
Construction and land |
|
|
217,175 |
|
|
|
214,394 |
|
|
|
214,472 |
|
|
|
2,781 |
|
|
|
2,703 |
|
Total real estate loans |
|
|
1,180,770 |
|
|
|
1,126,201 |
|
|
|
1,039,820 |
|
|
|
54,569 |
|
|
|
140,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity |
|
|
50,066 |
|
|
|
46,993 |
|
|
|
38,881 |
|
|
|
3,073 |
|
|
|
11,185 |
|
Auto and other consumer |
|
|
223,100 |
|
|
|
220,865 |
|
|
|
182,238 |
|
|
|
2,235 |
|
|
|
40,862 |
|
Total consumer loans |
|
|
273,166 |
|
|
|
267,858 |
|
|
|
221,119 |
|
|
|
5,308 |
|
|
|
52,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
business |
|
|
71,269 |
|
|
|
71,218 |
|
|
|
91,939 |
|
|
|
51 |
|
|
|
(20,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
1,525,205 |
|
|
|
1,465,277 |
|
|
|
1,352,878 |
|
|
|
59,928 |
|
|
|
172,327 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred loan fees |
|
|
3,519 |
|
|
|
3,670 |
|
|
|
5,274 |
|
|
|
(151 |
) |
|
|
(1,755 |
) |
Premium on purchased loans, net |
|
|
(15,705 |
) |
|
|
(15,692 |
) |
|
|
(12,765 |
) |
|
|
(13 |
) |
|
|
(2,940 |
) |
Allowance for loan losses |
|
|
16,273 |
|
|
|
15,747 |
|
|
|
15,243 |
|
|
|
526 |
|
|
|
1,030 |
|
Total loans receivable, net |
|
$ |
1,521,118 |
|
|
$ |
1,461,552 |
|
|
$ |
1,345,126 |
|
|
$ |
59,566 |
|
|
$ |
175,992 |
|
Partnership investments increased $2.5 million
to $14.0 million at September 30, 2022, compared
to $11.5 million at June 30, 2022, as we provided
additional funding to existing relationships and
increased $11.6 million compared to $2.4
million one year ago, as we expanded partnership and
equity relationships to include Meriwether Group, JAM FINTOP and
Torpago. Prepaid expenses and other assets increased $3.8
million to $38.5 million at September 30, 2022,
compared to $34.7 million at June 30, 2022, and
increased $16.7 million compared to $21.8
million one year ago. The increase in the current quarter
is mainly due to increases in deferred tax assets of $3.4
million resulting from the fair market value decrease in the
investment portfolio. In addition to the changes recorded during
the current quarter, the increase from a year ago also reflects an
increase in other prepaid expenses of $3.1 million, which
includes long-term sponsorship agreements with local not-for-profit
organizations.
Total deposits increased $24.5 million, to $1.61 billion at
September 30, 2022, compared to $1.58 billion at June 30,
2022, and increased $82.3 million, or 5.4%, compared to $1.52
billion one year ago. Increases in consumer certificates
of deposits ("CDs") of $53.9 million, brokered CDs of $43.9
million, business demand account balances of $7.4 million, and
consumer savings account balances of $2.9 million, were offset
by decreases in consumer money market account balances of
$51.1 million, business money market account balances of
$17.6 million, public fund CDs of
$16.7 million, and business savings account balances of
$1.0 million during the third quarter. The current
rate environment has contributed to greater competition for
deposits with more rate specials offered to attract new funds. Some
public entities moved funding out of CDs into U.S. Treasury
securities.
Demand deposits increased 4.8% compared to a year ago to
$535.3 million at September 30, 2022, and represented 33.3% of
total deposits; money market accounts decreased 9.5% compared to a
year ago to $519.0 million, and represented 32.3% of total
deposits; savings accounts increased 1.7% compared to a year ago to
$196.8 million at September 30, 2022, and represented 12.3% of
total deposits; and certificates of deposit increased 44.5%
compared to a year ago to $354.1 million at quarter-end, and
represented 22.1% of total deposits. Included in the year-over-year
CD growth is $74.4 million of brokered CDs, or 68.3% of the
increase in CD balances.
The total cost of deposits increased to 0.32% for
the third quarter of 2022 compared to 0.20% for the
second quarter of 2022, and 0.23% for the third quarter of
2021.
Deposits consisted of the following at the dates indicated:
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
September 30,2021 |
|
|
Three MonthChange |
|
|
One YearChange |
|
|
|
(In thousands) |
|
Noninterest-bearing demand deposits |
|
$ |
342,808 |
|
|
$ |
336,311 |
|
|
$ |
328,463 |
|
|
$ |
6,497 |
|
|
$ |
14,345 |
|
Interest-bearing demand
deposits |
|
|
192,504 |
|
|
|
192,114 |
|
|
|
182,181 |
|
|
|
390 |
|
|
|
10,323 |
|
Money market accounts |
|
|
519,018 |
|
|
|
587,747 |
|
|
|
573,713 |
|
|
|
(68,729 |
) |
|
|
(54,695 |
) |
Savings accounts |
|
|
196,780 |
|
|
|
195,029 |
|
|
|
193,479 |
|
|
|
1,751 |
|
|
|
3,301 |
|
Certificates of deposit |
|
|
354,125 |
|
|
|
269,523 |
|
|
|
245,080 |
|
|
|
84,602 |
|
|
|
109,045 |
|
Total deposits |
|
$ |
1,605,235 |
|
|
$ |
1,580,724 |
|
|
$ |
1,522,916 |
|
|
$ |
24,511 |
|
|
$ |
82,319 |
|
Total shareholders’ equity decreased to $156.6 million at
September 30, 2022, compared to $165.2 million three months
earlier, and $187.4 million a year earlier, due to declines in
the fair market value of the investment securities portfolio, net
of taxes, of $12.6 million and $42.0 million,
respectively. Bond values decreased across the board as rates
and credit spreads increased in response to efforts by the
Federal Reserve to address sustained inflationary
pressures. Tangible book value per common
share* was $15.50 at September 30, 2022, compared
to $16.40 at June 30, 2022, and $18.48 at
September 30, 2021. Book value per common
share was $15.69 at September 30, 2022, compared
to $16.60 at June 30, 2022, and $18.65 at
September 30, 2021. The current quarter decline in investment
securities fair market value had an 8.2% negative impact on
tangible book value. We repurchased 79,054 shares of
common stock under the October 2020 Plan at an average price
of $16.19 per share for a total of $1.3 million during
the quarter ended September 30, 2022, leaving 526,698 shares
remaining in the share repurchase program. Year-to-date, we have
repurchased 131,672 shares of common stock at an average
price of $16.21 per share for a total of $2.1 million.
Income Statement Results
In the third quarter of 2022, the Company generated a return on
average assets ("ROAA") of 0.85%, and a return on average equity
("ROAE") of 10.12%, compared to 0.51% and 5.75%,
respectively, in the second quarter of 2022, and 0.92%
and 8.69%, respectively, in the third quarter of 2021. Net
income increased $1.8 million to $4.3 million over the
prior quarter and $113,000 over the comparable quarter in
2021. Net interest income continues to increase with the
growth in the loan portfolio and higher yields. Noninterest income
improved slightly over the prior quarter, but remains significantly
down from the same quarter one year ago as loan sales, sold loan
servicing fee income, and investment security sales are down.
Noninterest expense decreased from the prior quarter, but continues
to be higher than the same quarter one year ago due in large part
to Quin Ventures expenses.
Year-to-date, the Company generated a ROAA of 0.66%, and an
ROAE of 7.24%, compared to 0.79% and 7.33%, respectively, for
the nine months ended September 30, 2021. Net income
decreased 6.9% compared to the same period in 2021,
resulting in a lower year-over-year annualized net income. Net
income decreased $709,000 year-over-year. An increase in net
interest income was offset by a decrease in noninterest income
and increase in noninterest expense. Noninterest income was down
due to significant declines in loan and investment security sales.
Noninterest expense is higher due to increased compensation,
advertising, data processing, and occupancy expenses related to
Quin Ventures and expansion of the Bank's staffing levels and
locations.
Total interest income increased $1.9 million to $20.9
million for the third quarter of 2022, compared to $19.0
million in the previous quarter, and increased $4.1 million
from $16.8 million in the third quarter of 2021. Interest and
fees on loans increased during the quarter as the
Bank grew the loan portfolio through new originations in
multi-family and construction loans, and purchased higher
yielding manufactured home and auto loans. Loan yields increased
due to higher rates on new originations as well as the repricing of
variable rate loans tied to the Prime Rate or variable
indices. Total interest expense was $2.7 million for
the third quarter of 2022, compared to $1.7 million in
the second quarter of 2022 and $1.4 million in
the third quarter a year ago. The increase was the result of a
higher volume of short-term interest-costing liabilities,
primarily from FHLB borrowings that are more sensitive to Federal
Reserve Bank and other market rate increases.
Total interest income for the nine months ended September 30,
2022, increased $10.3 million to $56.7 million, compared
to $46.5 million for the nine months ended September 30,
2021.Total interest expense increased $1.8 million for the nine
months ended September 30, 2022, to $5.8 million, compared to $4.0
million for the nine months ended September 30, 2021.
Net interest income, before provision for loan losses, for
the third quarter of 2022 increased 5.6% to
$18.2 million, compared to $17.2 million for the preceding
quarter, and increased 18.6% from the third quarter
one year ago. Net interest income, before provision for loan
losses, for the nine months ended September 30, 2022,
increased $8.5 million to $50.9 million, compared
to $42.5 million for the nine months ended September 30,
2021.
The Company recorded a $750,000 provision for loan loss
during the third quarter of 2022. This compares to loan loss
provisions of $500,000 for the preceding quarter
and $700,000 for the third quarter of 2021. The
provision reflects loan growth and changing economic
conditions, offset by stable credit quality metrics. The loan loss
provision for the nine months ended September 30, 2022,
was $1.3 million, compared to $1.5 million for the nine
months ended September 30, 2021.
The net interest margin increased 11 basis points
to 3.88% for the third quarter of 2022, from 3.77% the
prior quarter, and increased 30 basis points over the
third quarter of 2021 of 3.58%. Increases over both the
prior quarter and the prior year are primarily due to an
improvement in our earning asset mix, as well as higher market and
coupon rates for both fixed and variable rate assets. The net
interest margin increased 25 basis points to 3.73% for
the nine months ended September 30, 2022, and from 3.48%
for the nine months ended September 30, 2021.
________________________* See reconciliation of Non-GAAP
Financial Measures later in this release.
The yield on average earning assets increased 31 basis
points to 4.45% for the third quarter of 2022, compared
to 4.14% for the second quarter of 2022, and
increased 54 basis points from 3.91% for the
third quarter of 2021. The increase over the prior quarter was due
to higher yields on the investment portfolio along with higher
average loan balances and an increase in the loan portfolio yield
to 4.75% for the third quarter of 2022, compared
to 4.48% for the second quarter of 2022, reflective of the
rising rate environment. The year-over-year increase was primarily
due to higher average loan balances augmented by increases in
yields, which were positively impacted by the rising rate
environment and overall improvements in the mix of interest-earning
assets.
The yield on average earning assets increased 35 basis
points to 4.16% for the nine months ended September 30,
2022, from 3.81% for the nine months ended September
30, 2021.
The cost of average interest-bearing liabilities
increased 24 basis points to 0.73% for the
third quarter of 2022, compared to 0.49% for the second
quarter of 2022, and increased 28 basis points
from 0.45% for the third quarter of 2021. Total cost
of funds increased 20 basis points to 0.59% for
the third quarter of 2022 from 0.39% in the prior
quarter and increased 23 basis points
from 0.36% for the third quarter of 2021. Current quarter
increases were due to higher costs on interest-bearing deposits and
advances in addition to an increase in average FHLB advance
balances. The increase over the same quarter last year was driven
by the same factors.
The cost of average interest-bearing liabilities
increased 11 basis points to 0.55% for the
nine months ended September 30, 2022, from 0.44% for
the nine months ended September 30, 2021. The total cost of
funds increased 9 basis points to 0.44% for the
nine months ended September 30, 2022, from 0.35% for
the nine months ended September 30, 2021.
Noninterest income increased 5.0% to $2.3 million for
the third quarter of 2022 from $2.2 million for
the second quarter of 2022, and decreased 45.5% compared
to $4.3 million for the third quarter a year ago.
Increases during the third quarter of 2022 compared to the second
quarter were mainly the result of additional service fee income, an
increase in the value of the loan servicing rights asset, and an
increase in the value of our limited partnership fintech
investments, partially offset by a decrease in swap contract
fee income. Decreases compared to the third quarter of 2021
were primarily due to lower gains on investment security sales,
lower gain on sale of mortgage loans, and a decline in the value of
the loan servicing rights asset, partially offset by additional
service fee income, an increase in gain on sale of SBA loans, and
an increase in the value of our limited partnership fintech
investments.
Noninterest income decreased 35.9% to $7.0 million for
the nine months ended September 30, 2022, from $10.9 million
for the nine months ended September 30, 2021. Decreases
compared to the prior year were primarily due to lower gain on sale
of mortgage loans, lower gains on investment security sales,
a decrease in the value of our limited partnership fintech
investments, and a decline in the value of the loan servicing
rights asset, partially offset by additional service fee income, an
increase in gain on sale of SBA loans, and swap contract fee
income.
Noninterest expense totaled $15.4 million for the third
quarter of 2022, compared to $17.0 million for the preceding
quarter and $13.9 million for the third quarter a year ago.
The decrease from the prior quarter is mainly related to a
significant reduction in Quin Ventures' compensation and customer
acquisition expenses, as well as a decrease in commissions and
incentives paid by the Bank. The increase over the third
quarter of 2021 was impacted by higher Quin Ventures expenses, and
reflects increases in Bank compensation expense and other costs
associated with expanding our footprint with two branch
locations, technology enhancements for core and digital
banking products and higher FDIC insurance premiums.
Noninterest expense increased 18.7% to $47.2 million
for the nine months ended September 30, 2022, from $39.7
million for the nine months ended September 30,
2021. Quin Ventures launched an additional product in the
second quarter of 2022 and, as a result, costs that were previously
capitalized during the development phase due to software
capitalization rules were expensed to compensation. Additional Quin
Ventures expenses resulted in significant increases to advertising,
compensation, depreciation and data processing expenses during
the nine months ended September 30, 2022. We expect expenses
related to Quin Ventures to decline in future quarters.
The provision for income tax increased to $818,000 for the
third quarter of 2022, compared to $467,000 for
the second quarter of 2022 and $946,000 for the third quarter
of 2021, reflecting differences in pre-tax income. The
provision for income tax decreased to $1.8 million for the
nine months ended September 30, 2022, compared to $2.1 million
for the nine months ended September 30, 2021. The effective
tax rate increased over prior periods as we started accruing
for state income tax in the second quarter of 2022 for states where
we have nexus, mainly due out-of-state loans and employees.
Capital Ratios and Credit Quality
Capital levels for both the Company and its operating bank,
First Fed, remain in excess of applicable regulatory requirements
and the Bank was categorized as "well-capitalized" at September 30,
2022. Common Equity Tier 1 and Total Risk-Based Capital Ratios at
September 30, 2022, were 12.6% and 13.6%,
respectively.
Nonperforming loans were $3.4 million at September 30,
2022, an increase of $2.1 million from June 30, 2022,
which was related to one speculative single-family home
construction project and one mortgage loan, offset by
decreases in nonperforming consumer loans. The percentage of the
allowance for loan losses to nonperforming loans decreased
to 484% at September 30, 2022, from 1269% at
June 30, 2022, and decreased from 1289% at September 30,
2021. Classified loans decreased $8.7 million during the third
quarter to $5.2 million at September 30, 2022, due to
one $6.8 million commercial real estate loan and one $1.8
million residential construction loan that were upgraded
during the quarter, along with a $424,000 residential construction
loan that was paid off. The allowance for loan losses as a
percentage of total loans was 1.07% at both September 30,
2022 and the prior quarter end, and decreased
from 1.13% reported one year earlier.
Awards/Recognition
The Company has received several accolades as a leader in the
community.
In April 2022, First Fed was recognized as a Top Corporate
Citizen by the Puget Sound Business Journal. The Corporate
Citizenship Awards honors local corporate philanthropists and
companies making significant contributions in the region. The top
25 small, medium and large-sized companies were recognized in
addition to nine other honorees last year. First Fed was ranked
#3 in the medium-sized company category in 2022 and was ranked
#4 in the same category in 2021.
In June 2022, First Fed was named to the Middle Market Fast 50
List by the Puget Sound Business Journal. First Fed also made the
Fast 50 list for 2020 and 2021, which recognizes the region's
fastest-growing middle market companies.
Additionally, in June 2022 First Fed was named on the Puget
Sound Business Journal’s Best Workplaces list. First Fed has been
recognized as one the top 100 workplaces in Washington, as
voted for two years in row by each company’s own
employees.
In September 2022, the First Fed team was honored to bring home
the Gold for Best Bank in the Best of the Northwest survey hosted
by Bellingham Alive.
In October 2022, First Fed was also recognized in the Best of
the Peninsula surveys, winning Best Bank for both Clallam and
Jefferson counties. The Bank was a finalist for Best Bank on
Bainbridge Island and Central Kitsap. Also, First Fed received
Best Financial Advisor in Jefferson.
About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding
company engaged in investment activities including the business
activity of its subsidiary, First Fed Bank, along with other
fintech partnerships. First Fed is a small business-focused
financial institution which has served its customers and
communities since 1923. Currently First Fed has 16 locations in
Washington state including 12 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 business, and commercial customers.
Additionally, First Fed focuses on strategic partnerships with
financial technology (“fintech”) companies to develop and deploy
digitally focused financial solutions to meet customers’ needs on a
broader scale. FNWB also invests in fintech companies directly as
well as through select venture capital partners. In 2022, the
Company made a minority investment in Meriwether Group, a boutique
investment banking and accelerator firm. In 2021, the Company
entered a joint venture to found Quin Ventures, Inc., a fintech
focused on financial wellness and lifestyle protection for
consumers nationwide. Other fintech partnership initiatives include
banking-as-a-service, digital payments and marketplace lending.
First Northwest Bancorp was incorporated in 2012. The Company
completed its initial public offering in 2015 under the ticker
symbol FNWB and is headquartered in Port Angeles,
Washington.
Forward-Looking Statements
Certain matters discussed in this press release may contain
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, perceived opportunities in the market, potential
future credit experience, and statements regarding our mission and
vision. These forward-looking statements are based upon current
management expectations and may, therefore, involve risks and
uncertainties. 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; changes in general economic conditions and
conditions within the securities markets; legislative and
regulatory changes; and other factors described in the Company’s
latest Annual Report on Form 10-K 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. These risks could
cause our actual results for 2022 and beyond to differ
materially from those expressed in any forward-looking statements
by, or on behalf of, us and could negatively affect the Company’s
operations and stock price performance.
FIRST NORTHWEST BANCORP AND
SUBSIDIARYCONSOLIDATED BALANCE SHEETS(Dollars in
thousands, except share data) (Unaudited)
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
September 30,2021 |
|
|
Three MonthChange |
|
|
One YearChange |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
22,784 |
|
|
$ |
19,006 |
|
|
$ |
17,012 |
|
|
|
19.9 |
% |
|
|
33.9 |
% |
Interest-earning deposits in
banks |
|
|
80,879 |
|
|
|
68,789 |
|
|
|
59,108 |
|
|
|
17.6 |
|
|
|
36.8 |
|
Investment securities
available for sale, at fair value |
|
|
329,436 |
|
|
|
353,144 |
|
|
|
325,890 |
|
|
|
-6.7 |
|
|
|
1.1 |
|
Loans held for sale |
|
|
263 |
|
|
|
696 |
|
|
|
2,231 |
|
|
|
-62.2 |
|
|
|
-88.2 |
|
Loans receivable (net of
allowance for loan losses of $16,273, $15,747, and $15,243) |
|
|
1,521,118 |
|
|
|
1,461,552 |
|
|
|
1,345,126 |
|
|
|
4.1 |
|
|
|
13.1 |
|
Federal Home Loan Bank (FHLB)
stock, at cost |
|
|
11,961 |
|
|
|
10,402 |
|
|
|
4,397 |
|
|
|
15.0 |
|
|
|
172.0 |
|
Accrued interest
receivable |
|
|
6,655 |
|
|
|
5,802 |
|
|
|
5,775 |
|
|
|
14.7 |
|
|
|
15.2 |
|
Premises and equipment,
net |
|
|
20,841 |
|
|
|
21,291 |
|
|
|
18,188 |
|
|
|
-2.1 |
|
|
|
14.6 |
|
Servicing rights on sold
loans, net |
|
|
— |
|
|
|
— |
|
|
|
2,934 |
|
|
|
n/a |
|
|
|
-100.0 |
|
Servicing rights on sold
loans, at fair value |
|
|
3,872 |
|
|
|
3,865 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
100.0 |
|
Bank-owned life insurance,
net |
|
|
40,003 |
|
|
|
39,783 |
|
|
|
39,080 |
|
|
|
0.6 |
|
|
|
2.4 |
|
Equity and partnership
investments |
|
|
13,990 |
|
|
|
11,452 |
|
|
|
2,442 |
|
|
|
22.2 |
|
|
|
472.9 |
|
Goodwill and other intangible
assets, net |
|
|
1,173 |
|
|
|
1,176 |
|
|
|
1,186 |
|
|
|
-0.3 |
|
|
|
-1.1 |
|
Prepaid expenses and other
assets |
|
|
38,466 |
|
|
|
34,674 |
|
|
|
21,768 |
|
|
|
10.9 |
|
|
|
76.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,091,441 |
|
|
$ |
2,031,632 |
|
|
$ |
1,845,137 |
|
|
|
2.9 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
1,605,235 |
|
|
$ |
1,580,724 |
|
|
$ |
1,522,916 |
|
|
|
1.6 |
% |
|
|
5.4 |
% |
Borrowings |
|
|
292,338 |
|
|
|
249,319 |
|
|
|
99,261 |
|
|
|
17.3 |
|
|
|
194.5 |
|
Accrued interest payable |
|
|
105 |
|
|
|
461 |
|
|
|
29 |
|
|
|
-77.2 |
|
|
|
262.1 |
|
Accrued expenses and other
liabilities |
|
|
34,940 |
|
|
|
35,040 |
|
|
|
33,369 |
|
|
|
-0.3 |
|
|
|
4.7 |
|
Advances from borrowers for
taxes and insurance |
|
|
2,224 |
|
|
|
934 |
|
|
|
2,118 |
|
|
|
138.1 |
|
|
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,934,842 |
|
|
|
1,866,478 |
|
|
|
1,657,693 |
|
|
|
3.7 |
|
|
|
16.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no
shares issued or outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
n/a |
|
|
|
n/a |
|
Common stock, $0.01 par value, authorized 75,000,000 shares; issued
and outstanding 9,978,041 at September 30, 2022; issued and
outstanding 9,950,172 at June 30, 2022; and issued and outstanding
10,050,877 at September 30, 2021 |
|
|
100 |
|
|
|
100 |
|
|
|
102 |
|
|
|
0.0 |
|
|
|
-2.0 |
|
Additional paid-in capital |
|
|
97,924 |
|
|
|
96,479 |
|
|
|
96,396 |
|
|
|
1.5 |
|
|
|
1.6 |
|
Retained earnings |
|
|
110,107 |
|
|
|
107,000 |
|
|
|
99,058 |
|
|
|
2.9 |
|
|
|
11.2 |
|
Accumulated other comprehensive (loss) income, net of tax |
|
|
(41,023 |
) |
|
|
(28,447 |
) |
|
|
934 |
|
|
|
-44.2 |
|
|
|
-4,492.2 |
|
Unearned employee stock ownership plan (ESOP) shares |
|
|
(8,077 |
) |
|
|
(8,242 |
) |
|
|
(8,736 |
) |
|
|
2.0 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total parent's shareholders' equity |
|
|
159,031 |
|
|
|
166,890 |
|
|
|
187,754 |
|
|
|
-4.7 |
|
|
|
-15.3 |
|
Noncontrolling interest in Quin Ventures, Inc. |
|
|
(2,432 |
) |
|
|
(1,736 |
) |
|
|
(310 |
) |
|
|
-40.1 |
|
|
|
-684.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
156,599 |
|
|
|
165,154 |
|
|
|
187,444 |
|
|
|
-5.2 |
|
|
|
-16.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,091,441 |
|
|
$ |
2,031,632 |
|
|
$ |
1,845,137 |
|
|
|
2.9 |
% |
|
|
13.3 |
% |
FIRST NORTHWEST BANCORP AND
SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Dollars in
thousands, except per share data) (Unaudited)
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
September 30,2021 |
|
|
Three MonthChange |
|
|
One YearChange |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans receivable |
|
$ |
17,778 |
|
|
$ |
16,081 |
|
|
$ |
14,581 |
|
|
|
10.6 |
% |
|
|
21.9 |
% |
Interest on investment securities |
|
|
2,817 |
|
|
|
2,715 |
|
|
|
2,138 |
|
|
|
3.8 |
|
|
|
31.8 |
|
Interest on deposits in banks |
|
|
118 |
|
|
|
46 |
|
|
|
18 |
|
|
|
156.5 |
|
|
|
555.6 |
|
FHLB dividends |
|
|
142 |
|
|
|
119 |
|
|
|
41 |
|
|
|
19.3 |
|
|
|
246.3 |
|
Total interest income |
|
|
20,855 |
|
|
|
18,961 |
|
|
|
16,778 |
|
|
|
10.0 |
|
|
|
24.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,251 |
|
|
|
796 |
|
|
|
850 |
|
|
|
57.2 |
|
|
|
47.2 |
|
Borrowings |
|
|
1,400 |
|
|
|
922 |
|
|
|
576 |
|
|
|
51.8 |
|
|
|
143.1 |
|
Total interest expense |
|
|
2,651 |
|
|
|
1,718 |
|
|
|
1,426 |
|
|
|
54.3 |
|
|
|
85.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
18,204 |
|
|
|
17,243 |
|
|
|
15,352 |
|
|
|
5.6 |
|
|
|
18.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
750 |
|
|
|
500 |
|
|
|
700 |
|
|
|
50.0 |
|
|
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses |
|
|
17,454 |
|
|
|
16,743 |
|
|
|
14,652 |
|
|
|
4.2 |
|
|
|
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and deposit service fees |
|
|
1,302 |
|
|
|
1,091 |
|
|
|
1,015 |
|
|
|
19.3 |
|
|
|
28.3 |
|
Sold loan servicing fees |
|
|
206 |
|
|
|
27 |
|
|
|
815 |
|
|
|
663.0 |
|
|
|
-74.7 |
|
Net gain on sale of loans |
|
|
285 |
|
|
|
231 |
|
|
|
660 |
|
|
|
23.4 |
|
|
|
-56.8 |
|
Net (loss) gain on sale of investment securities |
|
|
— |
|
|
|
(8 |
) |
|
|
1,286 |
|
|
|
100.0 |
|
|
|
-100.0 |
|
Increase in cash surrender value of bank-owned life insurance |
|
|
221 |
|
|
|
213 |
|
|
|
241 |
|
|
|
3.8 |
|
|
|
-8.3 |
|
Other income |
|
|
320 |
|
|
|
668 |
|
|
|
269 |
|
|
|
-52.1 |
|
|
|
19.0 |
|
Total noninterest income |
|
|
2,334 |
|
|
|
2,222 |
|
|
|
4,286 |
|
|
|
5.0 |
|
|
|
-45.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
9,045 |
|
|
|
9,735 |
|
|
|
8,713 |
|
|
|
-7.1 |
|
|
|
3.8 |
|
Data processing |
|
|
1,778 |
|
|
|
1,870 |
|
|
|
1,568 |
|
|
|
-4.9 |
|
|
|
13.4 |
|
Occupancy and equipment |
|
|
1,499 |
|
|
|
1,432 |
|
|
|
1,106 |
|
|
|
4.7 |
|
|
|
35.5 |
|
Supplies, postage, and telephone |
|
|
322 |
|
|
|
408 |
|
|
|
279 |
|
|
|
-21.1 |
|
|
|
15.4 |
|
Regulatory assessments and state taxes |
|
|
365 |
|
|
|
441 |
|
|
|
335 |
|
|
|
-17.2 |
|
|
|
9.0 |
|
Advertising |
|
|
645 |
|
|
|
1,370 |
|
|
|
547 |
|
|
|
-52.9 |
|
|
|
17.9 |
|
Professional fees |
|
|
695 |
|
|
|
629 |
|
|
|
422 |
|
|
|
10.5 |
|
|
|
64.7 |
|
FDIC insurance premium |
|
|
219 |
|
|
|
211 |
|
|
|
134 |
|
|
|
3.8 |
|
|
|
63.4 |
|
Other |
|
|
807 |
|
|
|
867 |
|
|
|
830 |
|
|
|
-6.9 |
|
|
|
-2.8 |
|
Total noninterest expense |
|
|
15,375 |
|
|
|
16,963 |
|
|
|
13,934 |
|
|
|
-9.4 |
|
|
|
10.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
4,413 |
|
|
|
2,002 |
|
|
|
5,004 |
|
|
|
120.4 |
|
|
|
-11.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES |
|
|
818 |
|
|
|
467 |
|
|
|
946 |
|
|
|
75.2 |
|
|
|
-13.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
3,595 |
|
|
|
1,535 |
|
|
|
4,058 |
|
|
|
134.2 |
|
|
|
-11.4 |
|
Net loss attributable to noncontrolling interest in Quin Ventures,
Inc. |
|
|
696 |
|
|
|
953 |
|
|
|
120 |
|
|
|
-27.0 |
|
|
|
480.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO
PARENT |
|
$ |
4,291 |
|
|
$ |
2,488 |
|
|
$ |
4,178 |
|
|
|
72.5 |
% |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per
common share |
|
$ |
0.47 |
|
|
$ |
0.27 |
|
|
$ |
0.44 |
|
|
|
74.1 |
% |
|
|
6.8 |
% |
FIRST NORTHWEST BANCORP AND
SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Dollars in
thousands, except per share data) (Unaudited)
|
|
Nine Months Ended September 30, |
|
|
Percent |
|
|
|
2022 |
|
|
2021 |
|
|
Change |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans receivable |
|
$ |
48,395 |
|
|
$ |
39,988 |
|
|
|
21.0 |
% |
Interest on investment securities |
|
|
7,807 |
|
|
|
6,296 |
|
|
|
24.0 |
|
Interest on deposits in banks |
|
|
202 |
|
|
|
46 |
|
|
|
339.1 |
|
FHLB dividends |
|
|
313 |
|
|
|
132 |
|
|
|
137.1 |
|
Total interest income |
|
|
56,717 |
|
|
|
46,462 |
|
|
|
22.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,764 |
|
|
|
2,609 |
|
|
|
5.9 |
|
Borrowings |
|
|
3,020 |
|
|
|
1,369 |
|
|
|
120.6 |
|
Total interest expense |
|
|
5,784 |
|
|
|
3,978 |
|
|
|
45.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
50,933 |
|
|
|
42,484 |
|
|
|
19.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
1,250 |
|
|
|
1,500 |
|
|
|
-16.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses |
|
|
49,683 |
|
|
|
40,984 |
|
|
|
21.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Loan and deposit service fees |
|
|
3,566 |
|
|
|
2,853 |
|
|
|
25.0 |
|
Sold loan servicing fees |
|
|
665 |
|
|
|
858 |
|
|
|
-22.5 |
|
Net gain on sale of loans |
|
|
769 |
|
|
|
3,014 |
|
|
|
-74.5 |
|
Net gain on sale of investment securities |
|
|
118 |
|
|
|
2,410 |
|
|
|
-95.1 |
|
Increase in cash surrender value of bank-owned life insurance |
|
|
686 |
|
|
|
727 |
|
|
|
-5.6 |
|
Other income |
|
|
1,155 |
|
|
|
1,000 |
|
|
|
15.5 |
|
Total noninterest income |
|
|
6,959 |
|
|
|
10,862 |
|
|
|
-35.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
27,583 |
|
|
|
24,567 |
|
|
|
12.3 |
|
Data processing |
|
|
5,420 |
|
|
|
4,426 |
|
|
|
22.5 |
|
Occupancy and equipment |
|
|
4,098 |
|
|
|
3,139 |
|
|
|
30.6 |
|
Supplies, postage, and telephone |
|
|
1,043 |
|
|
|
876 |
|
|
|
19.1 |
|
Regulatory assessments and state taxes |
|
|
1,167 |
|
|
|
897 |
|
|
|
30.1 |
|
Advertising |
|
|
2,802 |
|
|
|
1,484 |
|
|
|
88.8 |
|
Professional fees |
|
|
1,883 |
|
|
|
1,588 |
|
|
|
18.6 |
|
FDIC insurance premium |
|
|
653 |
|
|
|
450 |
|
|
|
45.1 |
|
Other |
|
|
2,520 |
|
|
|
2,308 |
|
|
|
9.2 |
|
Total noninterest expense |
|
|
47,169 |
|
|
|
39,735 |
|
|
|
18.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR
INCOME TAXES |
|
|
9,473 |
|
|
|
12,111 |
|
|
|
-21.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES |
|
|
1,839 |
|
|
|
2,082 |
|
|
|
-11.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
7,634 |
|
|
|
10,029 |
|
|
|
-23.9 |
|
Net loss attributable to
noncontrolling interest in Quin Ventures, Inc. |
|
|
1,951 |
|
|
|
265 |
|
|
|
636.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO
PARENT |
|
$ |
9,585 |
|
|
$ |
10,294 |
|
|
|
-6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per
common share |
|
$ |
1.04 |
|
|
$ |
1.09 |
|
|
|
-4.6 |
% |
FIRST NORTHWEST BANCORP AND
SUBSIDIARYSelected Financial Ratios and Other Data(Dollars
in thousands, except per share data) (Unaudited)
|
|
As of or For the Quarter Ended |
|
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
March 31,2022 |
|
|
December 31,2021 |
|
|
September 30,2021 |
|
Performance ratios: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.85 |
% |
|
|
0.51 |
% |
|
|
0.60 |
% |
|
|
1.09 |
% |
|
|
0.92 |
% |
Return on average equity |
|
|
10.12 |
|
|
|
5.75 |
|
|
|
6.01 |
|
|
|
10.72 |
|
|
|
8.69 |
|
Average interest rate
spread |
|
|
3.72 |
|
|
|
3.65 |
|
|
|
3.43 |
|
|
|
3.48 |
|
|
|
3.46 |
|
Net interest margin (2) |
|
|
3.88 |
|
|
|
3.77 |
|
|
|
3.53 |
|
|
|
3.58 |
|
|
|
3.58 |
|
Efficiency ratio (3) |
|
|
74.9 |
|
|
|
87.2 |
|
|
|
82.9 |
|
|
|
70.5 |
|
|
|
70.3 |
|
Equity to total assets |
|
|
7.49 |
|
|
|
8.13 |
|
|
|
9.14 |
|
|
|
9.92 |
|
|
|
10.16 |
|
Average interest-earning
assets to average interest-bearing liabilities |
|
|
128.6 |
|
|
|
130.0 |
|
|
|
132.3 |
|
|
|
133.8 |
|
|
|
134.1 |
|
Book value per common
share |
|
$ |
15.69 |
|
|
$ |
16.60 |
|
|
$ |
17.77 |
|
|
$ |
19.10 |
|
|
$ |
18.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible performance
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets (4) |
|
$ |
2,089,454 |
|
|
$ |
2,029,702 |
|
|
$ |
1,942,151 |
|
|
$ |
1,919,028 |
|
|
$ |
1,843,395 |
|
Tangible common equity
(4) |
|
|
154,612 |
|
|
|
163,224 |
|
|
|
175,645 |
|
|
|
188,427 |
|
|
|
185,702 |
|
Tangible common equity ratio
(4) |
|
|
7.40 |
% |
|
|
8.04 |
% |
|
|
9.04 |
% |
|
|
9.82 |
% |
|
|
10.07 |
% |
Return on tangible common
equity (4) |
|
|
10.23 |
|
|
|
5.82 |
|
|
|
6.09 |
|
|
|
10.82 |
|
|
|
8.74 |
|
Tangible book value per common
share (4) |
|
$ |
15.50 |
|
|
$ |
16.40 |
|
|
$ |
17.56 |
|
|
$ |
18.89 |
|
|
$ |
18.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets at end of period (5) |
|
|
0.16 |
% |
|
|
0.06 |
% |
|
|
0.06 |
% |
|
|
0.07 |
% |
|
|
0.06 |
% |
Nonperforming loans to total
loans (6) |
|
|
0.22 |
|
|
|
0.08 |
|
|
|
0.09 |
|
|
|
0.10 |
|
|
|
0.09 |
|
Allowance for loan losses to
nonperforming loans (6) |
|
|
483.88 |
|
|
|
1268.90 |
|
|
|
1226.85 |
|
|
|
1095.15 |
|
|
|
1288.50 |
|
Allowance for loan losses to
total loans |
|
|
1.07 |
|
|
|
1.07 |
|
|
|
1.10 |
|
|
|
1.11 |
|
|
|
1.13 |
|
Annualized net charge-offs
(recoveries) to average outstanding loans |
|
|
0.06 |
|
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital ratios (First
Fed Bank): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage |
|
|
10.5 |
% |
|
|
10.4 |
% |
|
|
10.6 |
% |
|
|
10.6 |
% |
|
|
10.6 |
% |
Common equity Tier 1
capital |
|
|
12.6 |
|
|
|
12.7 |
|
|
|
13.1 |
|
|
|
13.8 |
|
|
|
13.4 |
|
Tier 1 risk-based |
|
|
12.6 |
|
|
|
12.7 |
|
|
|
13.1 |
|
|
|
13.8 |
|
|
|
13.4 |
|
Total risk-based |
|
|
13.6 |
|
|
|
13.7 |
|
|
|
14.1 |
|
|
|
14.9 |
|
|
|
14.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
1,996,765 |
|
|
$ |
1,963,665 |
|
|
$ |
1,899,717 |
|
|
$ |
1,864,309 |
|
|
$ |
1,810,543 |
|
Average total loans |
|
|
1,488,194 |
|
|
|
1,443,760 |
|
|
|
1,336,175 |
|
|
|
1,336,937 |
|
|
|
1,303,199 |
|
Average interest-earning
assets |
|
|
1,859,396 |
|
|
|
1,836,202 |
|
|
|
1,777,704 |
|
|
|
1,750,355 |
|
|
|
1,702,762 |
|
Average noninterest-bearing
deposits |
|
|
342,944 |
|
|
|
344,827 |
|
|
|
328,304 |
|
|
|
330,913 |
|
|
|
314,677 |
|
Average interest-bearing
deposits |
|
|
1,224,548 |
|
|
|
1,223,888 |
|
|
|
1,221,323 |
|
|
|
1,211,453 |
|
|
|
1,179,096 |
|
Average interest-bearing
liabilities |
|
|
1,446,428 |
|
|
|
1,412,327 |
|
|
|
1,343,216 |
|
|
|
1,307,895 |
|
|
|
1,269,958 |
|
Average equity |
|
|
168,264 |
|
|
|
173,584 |
|
|
|
189,455 |
|
|
|
189,706 |
|
|
|
190,764 |
|
Average shares -- basic |
|
|
9,093,821 |
|
|
|
9,094,894 |
|
|
|
9,130,168 |
|
|
|
9,103,640 |
|
|
|
9,184,568 |
|
Average shares -- diluted |
|
|
9,138,123 |
|
|
|
9,166,131 |
|
|
|
9,225,368 |
|
|
|
9,189,252 |
|
|
|
9,268,076 |
|
(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 |
) |
See reconciliation of Non-GAAP
Financial Measures later in this release. |
(5 |
) |
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. |
(6 |
) |
Nonperforming loans consists
of nonaccruing loans and accruing loans more than 90 days past
due. |
FIRST NORTHWEST BANCORP AND
SUBSIDIARYSelected Financial Ratios and Other Data(Dollars
in thousands, except per share data) (Unaudited)
|
|
As of or For the Nine Months EndedSeptember 30, |
|
|
|
2022 |
|
|
2021 |
|
Performance ratios: (1) |
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.66 |
% |
|
|
0.79 |
% |
Return on average equity |
|
|
7.24 |
|
|
|
7.33 |
|
Average interest rate
spread |
|
|
3.60 |
|
|
|
3.37 |
|
Net interest margin (2) |
|
|
3.73 |
|
|
|
3.48 |
|
Efficiency ratio (3) |
|
|
81.5 |
|
|
|
74.5 |
|
Equity to total assets |
|
|
7.49 |
|
|
|
10.16 |
|
Average interest-earning
assets to average interest-bearing liabilities |
|
|
130.2 |
|
|
|
134.2 |
|
Book value per common
share |
|
$ |
15.69 |
|
|
$ |
18.65 |
|
|
|
|
|
|
|
|
|
|
Tangible performance
ratios: |
|
|
|
|
|
|
|
|
Tangible assets (4) |
|
$ |
2,089,454 |
|
|
$ |
1,843,395 |
|
Tangible common equity
(4) |
|
|
154,612 |
|
|
|
185,702 |
|
Tangible common equity ratio
(4) |
|
|
7.40 |
% |
|
|
10.07 |
% |
Return on tangible common
equity (4) |
|
|
7.33 |
|
|
|
7.35 |
|
Tangible book value per common
share (4) |
|
$ |
15.50 |
|
|
$ |
18.48 |
|
|
|
|
|
|
|
|
|
|
Asset quality
ratios: |
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets at end of period (5) |
|
|
0.16 |
% |
|
|
0.06 |
% |
Nonperforming loans to total
loans (6) |
|
|
0.22 |
|
|
|
0.09 |
|
Allowance for loan losses to
nonperforming loans (6) |
|
|
483.88 |
|
|
|
1288.50 |
|
Allowance for loan losses to
total loans |
|
|
1.07 |
|
|
|
1.13 |
|
Annualized net charge-offs to
average outstanding loans |
|
|
0.01 |
|
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
Capital ratios (First
Fed Bank): |
|
|
|
|
|
|
|
|
Tier 1 leverage |
|
|
10.5 |
% |
|
|
10.6 |
% |
Common equity Tier 1
capital |
|
|
12.6 |
|
|
|
13.4 |
|
Tier 1 risk-based |
|
|
12.6 |
|
|
|
13.4 |
|
Total risk-based |
|
|
13.6 |
|
|
|
14.4 |
|
|
|
|
|
|
|
|
|
|
Other
Information: |
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
1,953,738 |
|
|
$ |
1,731,841 |
|
Average total loans |
|
|
1,423,267 |
|
|
|
1,220,175 |
|
Average interest-earning
assets |
|
|
1,824,734 |
|
|
|
1,631,179 |
|
Average noninterest-bearing
deposits |
|
|
338,745 |
|
|
|
300,903 |
|
Average interest-bearing
deposits |
|
|
1,223,265 |
|
|
|
1,135,213 |
|
Average interest-bearing
liabilities |
|
|
1,401,036 |
|
|
|
1,215,559 |
|
Average equity |
|
|
177,023 |
|
|
|
187,713 |
|
Average shares -- basic |
|
|
9,086,229 |
|
|
|
9,154,753 |
|
Average shares -- diluted |
|
|
9,155,813 |
|
|
|
9,252,280 |
|
(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 |
) |
See reconciliation of Non-GAAP
Financial Measures later in this release. |
(5 |
) |
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. |
(6 |
) |
Nonperforming loans consists
of nonaccruing loans and accruing loans more than 90 days past
due. |
FIRST NORTHWEST BANCORP AND
SUBSIDIARYADDITIONAL INFORMATION(Dollars in thousands)
(Unaudited)
Selected loan detail:
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
September 30,2021 |
|
|
Three MonthChange |
|
|
One YearChange |
|
|
|
(In thousands) |
|
Commercial business loans breakout |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans |
|
$ |
130 |
|
|
$ |
1,751 |
|
|
$ |
26,858 |
|
|
$ |
(1,621 |
) |
|
$ |
(26,728 |
) |
Northpointe Bank MPP |
|
|
— |
|
|
|
— |
|
|
|
27,504 |
|
|
|
— |
|
|
|
(27,504 |
) |
Secured lines of credit |
|
|
14,982 |
|
|
|
12,989 |
|
|
|
8,279 |
|
|
|
1,993 |
|
|
|
6,703 |
|
Unsecured lines of credit |
|
|
1,479 |
|
|
|
981 |
|
|
|
2,708 |
|
|
|
498 |
|
|
|
(1,229 |
) |
SBA loans |
|
|
6,975 |
|
|
|
10,432 |
|
|
|
— |
|
|
|
(3,457 |
) |
|
|
6,975 |
|
Other commercial business
loans |
|
|
47,703 |
|
|
|
45,065 |
|
|
|
26,590 |
|
|
|
2,638 |
|
|
|
21,113 |
|
Total commercial business
loans |
|
$ |
71,269 |
|
|
$ |
71,218 |
|
|
$ |
91,939 |
|
|
$ |
51 |
|
|
$ |
(20,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto and other
consumer loans breakout |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Triad Manufactured Home
loans |
|
$ |
79,353 |
|
|
$ |
79,659 |
|
|
$ |
58,823 |
|
|
$ |
(306 |
) |
|
$ |
20,530 |
|
Woodside auto loans |
|
|
112,944 |
|
|
|
110,499 |
|
|
|
99,335 |
|
|
|
2,445 |
|
|
|
13,609 |
|
First Help auto loans |
|
|
5,912 |
|
|
|
6,724 |
|
|
|
4,164 |
|
|
|
(812 |
) |
|
|
1,748 |
|
Other auto loans |
|
|
10,229 |
|
|
|
11,097 |
|
|
|
15,715 |
|
|
|
(868 |
) |
|
|
(5,486 |
) |
Other consumer loans |
|
|
14,662 |
|
|
|
12,886 |
|
|
|
4,201 |
|
|
|
1,776 |
|
|
|
10,461 |
|
Total auto and other consumer
loans |
|
$ |
223,100 |
|
|
$ |
220,865 |
|
|
$ |
182,238 |
|
|
$ |
2,235 |
|
|
$ |
40,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
loans breakout |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 Family construction |
|
$ |
71,758 |
|
|
$ |
74,520 |
|
|
$ |
66,287 |
|
|
$ |
(2,762 |
) |
|
$ |
5,471 |
|
Multifamily construction |
|
|
99,153 |
|
|
|
88,922 |
|
|
|
80,146 |
|
|
|
10,231 |
|
|
|
19,007 |
|
Acquisition-renovation |
|
|
18,761 |
|
|
|
27,103 |
|
|
|
53,670 |
|
|
|
(8,342 |
) |
|
|
(34,909 |
) |
Nonresidential
construction |
|
|
16,034 |
|
|
|
12,651 |
|
|
|
4,520 |
|
|
|
3,383 |
|
|
|
11,514 |
|
Land and development |
|
|
11,469 |
|
|
|
11,198 |
|
|
|
9,849 |
|
|
|
271 |
|
|
|
1,620 |
|
Total construction and land
loans |
|
$ |
217,175 |
|
|
$ |
214,394 |
|
|
$ |
214,472 |
|
|
$ |
2,781 |
|
|
$ |
2,703 |
|
FIRST NORTHWEST BANCORP AND
SUBSIDIARYADDITIONAL INFORMATION(Dollars in thousands)
(Unaudited)
Non-GAAP Financial MeasuresThis press release
contains financial measures that are not defined in generally
accepted accounting principles ("GAAP"). Non-GAAP measures are
presented where management believes the information will help
investors understand the Company’s results of operations or
financial position and assess trends. Where non-GAAP financial
measures are used, the comparable GAAP financial measure is also
provided. These disclosures should not be viewed as a substitute
for operating results determined in accordance with GAAP, and are
not necessarily comparable to non-GAAP performance measures that
may be presented by other companies. Reconciliations of the
GAAP and non-GAAP measures are presented below.
Calculations Based on Tangible Common
Equity:
|
|
September 30,2022 |
|
|
June 30,2022 |
|
|
March 31,2022 |
|
|
December 31,2021 |
|
|
September 30,2021 |
|
|
|
(Dollars in thousands, except per share data) |
|
Total shareholders' equity |
|
$ |
156,599 |
|
|
$ |
165,154 |
|
|
$ |
177,776 |
|
|
$ |
190,480 |
|
|
$ |
187,444 |
|
Less: Goodwill and other
intangible assets |
|
|
1,173 |
|
|
|
1,176 |
|
|
|
1,180 |
|
|
|
1,183 |
|
|
|
1,186 |
|
Disallowed non-mortgage loan servicing rights |
|
|
814 |
|
|
|
754 |
|
|
|
951 |
|
|
|
870 |
|
|
|
556 |
|
Total tangible common
equity |
|
$ |
154,612 |
|
|
$ |
163,224 |
|
|
$ |
175,645 |
|
|
$ |
188,427 |
|
|
$ |
185,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,091,441 |
|
|
$ |
2,031,632 |
|
|
$ |
1,944,282 |
|
|
$ |
1,921,081 |
|
|
$ |
1,845,137 |
|
Less: Goodwill and other
intangible assets |
|
|
1,173 |
|
|
|
1,176 |
|
|
|
1,180 |
|
|
|
1,183 |
|
|
|
1,186 |
|
Disallowed non-mortgage loan servicing rights |
|
|
814 |
|
|
|
754 |
|
|
|
951 |
|
|
|
870 |
|
|
|
556 |
|
Total tangible assets |
|
$ |
2,089,454 |
|
|
$ |
2,029,702 |
|
|
$ |
1,942,151 |
|
|
$ |
1,919,028 |
|
|
$ |
1,843,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
|
$ |
168,264 |
|
|
$ |
173,584 |
|
|
$ |
189,455 |
|
|
$ |
189,706 |
|
|
$ |
190,764 |
|
Less: Average goodwill and
other intangible assets |
|
|
1,175 |
|
|
|
1,179 |
|
|
|
1,182 |
|
|
|
1,185 |
|
|
|
880 |
|
Average disallowed non-mortgage loan servicing rights |
|
|
755 |
|
|
|
949 |
|
|
|
1,381 |
|
|
|
643 |
|
|
|
187 |
|
Total average tangible common
equity |
|
$ |
166,334 |
|
|
$ |
171,456 |
|
|
$ |
186,892 |
|
|
$ |
187,878 |
|
|
$ |
189,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio
(1) |
|
|
7.40 |
% |
|
|
8.04 |
% |
|
|
9.04 |
% |
|
|
9.82 |
% |
|
|
10.07 |
% |
Net income |
|
$ |
4,291 |
|
|
$ |
2,488 |
|
|
$ |
2,806 |
|
|
$ |
5,124 |
|
|
$ |
4,178 |
|
Return on tangible common
equity (1) |
|
|
10.23 |
% |
|
|
5.82 |
% |
|
|
6.09 |
% |
|
|
10.82 |
% |
|
|
8.74 |
% |
Common shares outstanding |
|
|
9,978,041 |
|
|
|
9,950,172 |
|
|
|
10,003,622 |
|
|
|
9,972,698 |
|
|
|
10,050,877 |
|
Tangible book value per common
share (1) |
|
$ |
15.50 |
|
|
$ |
16.40 |
|
|
$ |
17.56 |
|
|
$ |
18.89 |
|
|
$ |
18.48 |
|
GAAP Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets |
|
|
7.49 |
% |
|
|
8.13 |
% |
|
|
9.14 |
% |
|
|
9.92 |
% |
|
|
10.16 |
% |
Return on average equity |
|
|
10.12 |
% |
|
|
5.75 |
% |
|
|
6.01 |
% |
|
|
10.72 |
% |
|
|
8.69 |
% |
Book value per common share |
|
$ |
15.69 |
|
|
$ |
16.60 |
|
|
$ |
17.77 |
|
|
$ |
19.10 |
|
|
$ |
18.65 |
|
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
|
(Dollars in thousands, except per share data) |
|
Total shareholders' equity |
|
$ |
156,599 |
|
|
$ |
187,444 |
|
Less: Goodwill and other
intangible assets |
|
|
1,173 |
|
|
|
1,186 |
|
Disallowed non-mortgage loan servicing rights |
|
|
814 |
|
|
|
556 |
|
Total tangible common
equity |
|
$ |
154,612 |
|
|
$ |
185,702 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,091,441 |
|
|
$ |
1,845,137 |
|
Less: Goodwill and other
intangible assets |
|
|
1,173 |
|
|
|
1,186 |
|
Disallowed non-mortgage loan servicing rights |
|
|
814 |
|
|
|
556 |
|
Total tangible assets |
|
$ |
2,089,454 |
|
|
$ |
1,843,395 |
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
|
$ |
177,023 |
|
|
$ |
187,713 |
|
Less: Average goodwill and
other intangible assets |
|
|
1,179 |
|
|
|
297 |
|
Average disallowed non-mortgage loan servicing rights |
|
|
1,026 |
|
|
|
63 |
|
Total average tangible common
equity |
|
$ |
174,818 |
|
|
$ |
187,353 |
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio
(1) |
|
|
7.40 |
% |
|
|
10.07 |
% |
Net income |
|
$ |
9,585 |
|
|
$ |
10,294 |
|
Return on tangible common
equity (1) |
|
|
7.33 |
% |
|
|
7.35 |
% |
Common shares outstanding |
|
|
9,978,041 |
|
|
|
10,050,877 |
|
Tangible book value per common
share (1) |
|
$ |
15.50 |
|
|
$ |
18.48 |
|
GAAP Ratios: |
|
|
|
|
|
|
|
|
Equity to total assets |
|
|
7.49 |
% |
|
|
10.16 |
% |
Return on average equity |
|
|
7.24 |
% |
|
|
7.33 |
% |
Book value per common share |
|
$ |
15.69 |
|
|
$ |
18.65 |
|
Non-GAAP Financial Measures Footnote |
(1 |
) |
We believe these non-GAAP metrics provide an important measure with
which to analyze and evaluate financial condition and capital
strength. In addition, we believe that use of tangible equity and
tangible assets improves the comparability to other institutions
that have not engaged in acquisitions that resulted in recorded
goodwill and other intangibles. |
Contact:Matthew P. Deines, President and Chief Executive
OfficerGeri Bullard, EVP and Chief Financial OfficerFirst Northwest
Bancorp360-457-0461
First Northwest Bancorp (NASDAQ:FNWB)
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