First Northwest Bancorp Reports Q4 2024 Financial Performance

First Northwest Bancorp ( (FNWB) ) has released its Q4 earnings. Here is a breakdown of the information First Northwest Bancorp presented to its investors.

First Northwest Bancorp, a financial holding company headquartered in Port Angeles, Washington, operates through its subsidiary First Fed Bank, providing a range of financial products and services to individuals, businesses, and non-profits in the Pacific Northwest. In its latest earnings report, First Northwest Bancorp announced a net loss of $2.8 million for the fourth quarter of 2024, marking an increase in losses from the previous quarter but an improvement from the same period last year. Despite the losses, the company reported a positive adjusted pre-tax, pre-provision net revenue of $1.2 million, signaling some operational improvements. The company’s financial performance was significantly impacted by a $3.8 million provision for credit losses, primarily due to charge-offs on commercial business loans. Positively, First Northwest’s balance sheet restructuring efforts, including the implementation of a fair value hedge and reinvestment in higher-yielding bank-owned life insurance policies, have improved interest income and reduced liability sensitivity. The company declared a quarterly cash dividend of $0.07 per share, reflecting its commitment to returning value to shareholders. Looking ahead, First Northwest is focusing on improving asset quality, growing customer relationships, and enhancing profitability, underpinned by a strong capital position. The management’s outlook remains optimistic, with expectations for continued improvements in 2025.