First Northwest Bancorp

Listed Company

FNWBCIK 0001556727NasdaqAcceleratedSmaller ReportingSavings Institutions, Not Federally CharteredWashingtonFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-4.19M

Total Assets

$2.11B

Equity

$157.26M

Shares Out

9.45M

Op. Cash Flow

$-2.76M

Business

First Northwest Bancorp is a bank holding company and financial holding company that conducts banking activities primarily through its wholly owned subsidiary, First Fed Bank, and holds strategic non-banking investments. It offers deposit products, consumer and commercial lending (including residential mortgages, commercial and multi-family real estate, construction, home equity, auto and manufactured home loans), loan origination, servicing and investment activities, and fintech-related partnership investments. Key business segments include the bank operations (First Fed), limited partnership fintech and venture investments, and loan purchasing/servicing activities. The company operates through branch and business center locations across Washington State—focused on the North Olympic Peninsula and Puget Sound region—while also using digital channels and secondary market relationships and purchasing loan pools nationally.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans receivable	90	94	85	69	55
Interest on investment securities	13	15	13	11	8
Interest-bearing deposits and other	2	2	2	375,000	83,000
FHLB dividends	1	1	880,000	502,000	190,000
Total interest income	107	112	101	80	64
Deposits	37	42	27	5	3
Borrowings	13	14	12	—	—
Total interest expense	50	56	39	—	—
Net interest income	57	56	61	70	58
Provision for credit losses on loans	7	17	2	—	—
Recapture of provision for credit losses on unfunded commitments	−5,000	−218,000	−1	—	—
Provision for credit losses	7	16	1	2	—
Net interest income after provision for credit losses	50	40	60	68	57
Loan and deposit fees	4	4	4	5	4
Sold loan servicing fees and servicing rights mark-to-market	429,000	188,000	676,000	867,000	946,000
Net gain on sale of loans	112,000	312,000	438,000	824,000	5
Net loss on sale of investment securities	0	−2	−5	118,000	2
Net gain on sale of premises and equipment	0	8	0	—	—
Increase in BOLI cash surrender value, net	2	1	928,000	916,000	965,000
Income from BOLI death benefit, net	1	2	0	1	0
Other income (loss)	4	−694,000	3	1	2
Total noninterest income	12	13	4	10	16
Compensation and benefits	29	33	31	36	34
Data processing	8	8	8	8	6
Occupancy and equipment	6	6	5	5	4
Supplies, postage, and telephone	1	1	1	1	1
Regulatory assessments and state taxes	2	2	2	2	1
Advertising	1	1	3	3	2
Professional fees	7	3	4	3	2
FDIC insurance premium	2	2	1	888,000	752,000
Legal settlement paid	6	0	—	—	—
Other expense	5	3	6	4	3
Total noninterest expense	67	60	61	62	54
Loss before benefit from provision for income taxes	−5	−8	3	16	18
Income Tax Expense (Benefit)	−1	−944,000	549,000	3	3
Net loss	−4	−7	2	16	15
Basic and diluted loss per common share (in dollars per share)	−0.48	−0.75	0.26	1.71	1.63

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	16	17	20	17	14
Interest-bearing deposits in banks	70	56	103	28	112
Investment securities available for sale, at fair value (amortized cost of $295,849 and $376,265, respectively)	270	340	—	—	—
Loans held for sale	1	472,000	753,000	597,000	760,000
Loans receivable (net of allowance for credit losses on loans of $16,987 and $20,449)	1,612	1,675	—	—	—
"Federal Home Loan Bank (""FHLB"") stock, at cost"	13	14	14	12	5
Interest Receivable	6	8	8	7	5
Premises and equipment, net	8	10	18	18	20
Servicing rights on sold loans, at fair value	3	3	4	4	4
"Bank-owned life insurance (""BOLI""), net"	42	41	41	40	39
Equity Securities, FV-NI	15	13	15	14	4
Goodwill and other intangible assets	1	1	1	1	1
Deferred tax asset, net	14	14	13	14	2
"Right-of-use (""ROU"") asset, net"	16	17	6	—	—
Prepaid expenses and other assets	20	21	21	28	21
Total assets	2,108	2,232	2,202	2,042	1,921
Deposits	1,599	1,688	1,677	1,564	1,581
Borrowings, net	308	336	321	285	—
Accrued interest payable	1	3	3	455,000	393,000
Lease liability, net	16	18	6	—	—
Accrued expenses and other liabilities	24	32	30	32	29
Advances from borrowers for taxes and insurance	1	1	1	1	1
Total liabilities	1,951	2,078	2,038	1,884	1,731
Commitments and Contingencies (Note 14)	—	—	—	—	—
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding	0	0	0	0	0
Common stock, $0.01 par value; 75,000,000 shares authorized; 9,467,925 and 9,353,348 shares issued and outstanding at December 31, 2025 and 2024, respectively	95,000	93,000	96,000	97,000	100,000
Additional paid-in capital	94	93	96	96	96
Retained earnings	92	97	107	114	103
Accumulated other comprehensive loss, net of tax	−22	−30	−33	−41	288,000
Unearned employee stock ownership plan (ESOP) shares	−6	−7	−7	−8	−9
Total shareholders' equity	157	154	163	158	190
Total liabilities and shareholders' equity	2,108	2,232	2,202	2,042	1,921

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1	1	2	2	1
Amortization of core deposit intangible	20,000	3,000	3,000	94,000	5,000
Amortization and accretion of premiums and discounts on investments, net	−25,000	611,000	1	2	2
Accretion of deferred loan fees and purchased premiums, net	−2	−2	−653,000	981,000	1
Amortization of debt issuance costs	72,000	78,000	78,000	78,000	57,000
Change in fair value of sold loan servicing rights	280,000	550,000	243,000	−13,000	0
Additions to servicing rights on sold loans, net	−13,000	−38,000	−149,000	−54,000	−1
Recapture of provision for credit losses on unfunded commitments	−5,000	−218,000	−1	—	—
Deferred Income Tax Expense (Benefit)	−2	−1	134,000	−2	63,000
Allocation of ESOP shares	485,000	622,000	692,000	673,000	675,000
Share-based compensation expense	733,000	957,000	1	2	2
Loss on sale of securities available for sale, net	0	2	5	−118,000	−2
Gain on extinguishment of subordinated debt	−848,000	0	—	—	—
Income from death benefit on bank-owned life insurance, net	−1	−2	0	−1	0
Origination of loans held for sale	−25	−22	−26	−26	−138
Proceeds from loans held for sale	31	23	26	27	146
Legal settlement paid	−6	0	—	—	—
Insurance reimbursement	2	0	—	—	—
Decrease (increase) in accrued interest receivable	2	−265,000	−1	−1	2
Decrease (increase) in ROU asset	1	−11	639,000	—	—
Decrease in prepaid expenses and other assets	476,000	2	654,000	−4	−15
Decrease in accrued interest payable	−2	−101,000	3	62,000	340,000
(Decrease) increase in lease liabilities	−1	11	−596,000	—	—
(Decrease) increase in accrued expenses and other liabilities	−3	4	3	3	6
Net cash (used) provided by operating activities	−3	17	18	16	15
Purchase of securities available for sale	−6	−100	−20	−78	−153
Proceeds from maturities, calls, and principal repayments of securities available for sale	86	34	14	30	60
Proceeds from sales of securities available for sale	0	21	41	—	—
Redemption (purchase) of FHLB stock	1	−771,000	−2	−6	781,000
Early surrender of bank-owned life insurance policy	9	15	15,000	0	—
Purchase of bank-owned life insurance	−9	−15	0	—	0
Proceeds from bank-owned life insurance death benefit	2	2	0	—	—
Net decrease (increase) in loans receivable	50	−48	−115	−184	−211
Proceeds from sale of premises and equipment	417,000	7	—	—	—
Capital contributions to partnership investments	−990,000	−7	−608,000	−7	−584,000
Redemption of partnership investment	0	6	0	—	—
Capital disbursements from partnership agreements	794,000	1	759,000	0	—
Capital contributions to low-income housing tax credit partnerships	−1	−2	−259,000	−137,000	−248,000
Net cash provided (used) by investing activities	133	−87	−84	−238	−137
Net (decrease) increase in deposits	−89	11	113	−16	182
Proceeds from long-term FHLB advances	30	105	15	0	40
Repayment of long-term FHLB advances	−30	−25	−15	0	−10
Net decrease in short-term FHLB advances	−30	−65	41	154	−60
Redemption of subordinated debt, net	−4	0	—	—	—
Net increase in line of credit	7	0	−6	12	—
Net (decrease) increase in advances from borrowers for taxes and insurance	−60,000	224,000	−116,000	268,000	−8,000
Payment of dividends	−1	−3	−3	−3	−3
Restricted stock awards canceled	−113,000	−187,000	−280,000	−392,000	−352,000
Repurchase of common stock	0	−4	−1	−5	−6
Net cash (used) provided by financing activities	−118	19	144	141	183
Net increase (decrease) in cash and cash equivalents	13	−51	78	−80	61
Cash paid for interest on deposits and borrowings	52	56	37	10	5
Cash paid for income taxes	12,000	83,000	2	4	4
Change in unrealized loss on securities available for sale	10	2	10	−51	−4
Change in unrealized (loss) gain on fair value hedge	−760,000	834,000	−1	—	—
Change in unrealized gain (loss) on DB Plan	126,000	−252,000	—	—	—
Amortization of unrecognized DB plan prior service cost	150,000	150,000	—	—	—
Loan principal transferred from held-for-investment to held-for-sale	6	0	—	—	—
Loan principal transferred to real estate owned and repossessed assets, net	1	0	—	—	—
Lease liabilities arising from obtaining right-of-use assets	1	12	152,000	0	4
Series A equity investment acquired upon conversion of commercial business loan	1	0	—	—	—
Write-down of equity investment	0	−2	0	—	—

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