A Brief History of First Northwest Bancorp (FNWB)

Formation and Early Years

First Northwest Bancorp (FNWB) was established in 1923 as a savings and loan institution in Washington State. Initially known as First Federal Savings and Loan Association of Port Angeles, the company focused on providing financial services to the local community.

Transition to a Public Company

In 2010, First Northwest Bancorp completed its conversion from a mutual to a stock form of organization. As part of this transition, FNWB held its initial public offering (IPO) on the NASDAQ, trading under the symbol FNWB. The IPO raised approximately $13 million.

Acquisitions and Growth

Throughout its history, FNWB has pursued a strategy of growth through acquisitions. In 2013, the company acquired the assets of Olympic Financial Network, enhancing its mortgage banking capabilities.

In 2019, FNWB expanded its footprint by acquiring the Westerra Credit Union branch in Washington, which contributed to a significant increase in customer deposits and loans.

Financial Performance

As of the third quarter of 2023, FNWB reported total assets of approximately $1.1 billion. The bank's net income for the third quarter stood at $3.2 million, marking a significant increase from previous years.

Community Engagement

FNWB has a strong commitment to community engagement, offering various programs aimed at supporting local non-profits and educational initiatives. In 2022, the bank donated over $250,000 to local charities and sponsored events throughout its operating regions.

Technological Innovations

To enhance customer experience, FNWB has invested in digital banking technologies. As of 2023, the bank reported that 60% of its transactions were conducted through online and mobile banking platforms.

Outlook

Looking forward, FNWB aims to continue its growth trajectory by focusing on expanding its market presence and enhancing its product offerings. As of October 2023, the bank’s stock was trading at approximately $19.50 per share.

A Who Owns First Northwest Bancorp (FNWB)

Ownership Structure

First Northwest Bancorp (FNWB) operates as a publicly traded company with its shares listed on the Nasdaq under the ticker symbol "FNWB." As of October 2023, FNWB had a market capitalization of approximately $170 million.

Major Shareholders

The ownership of FNWB is characterized by both institutional and individual investors, with several key stakeholders holding significant percentages of the company's outstanding shares. Below is a table detailing the major shareholders and their respective ownership stakes.

Insider Ownership

Insider ownership is a critical indicator of the management's confidence in the company's prospects. As of October 2023, the following individuals held significant insider positions:

Recent Changes in Ownership

Recent filings with the Securities and Exchange Commission (SEC) have shown notable changes in FNWB's ownership structure. The following highlights recent activities:

• In Q3 2023, insider sales amounted to approximately $1.2 million, primarily involving the CEO and CFO.
• Institutional investors increased their holdings by 5% compared to the previous quarter.
• As of September 30, 2023, FNWB reported a 10% increase in shares bought back, reducing the total outstanding shares.

Shareholder Meetings and Voting Rights

First Northwest Bancorp engages its shareholders through annual meetings, providing opportunities for voting on critical issues. Each common share typically grants one vote, allowing shareholders to influence significant corporate decisions.

Stock Performance

As of October 2023, the stock performance of FNWB has shown trends worth noting:

First Northwest Bancorp (FNWB) Mission Statement

Overview

First Northwest Bancorp (FNWB) is committed to fostering strong, lasting relationships with its customers, communities, and employees. The mission statement focuses on delivering exceptional customer service, strategic growth, and community impact.

Core Mission Statement

The core mission of First Northwest Bancorp is to provide high-quality financial services while remaining dedicated to the needs of the communities it serves. FNWB aims to enhance shareholder value through sustainable profitability and responsible lending practices.

Key Components of the Mission Statement

• Customer Focus: FNWB prioritizes understanding and meeting customer needs.
• Community Engagement: The bank actively participates in the communities it serves.
• Integrity: FNWB operates with the highest level of ethics and compliance.
• Growth: The institution seeks to expand its market presence responsibly.

Financial Performance Overview

As of the latest financial year, First Northwest Bancorp reported total assets of approximately $1.2 billion. The institution generated a net income of $10.5 million, reflecting a return on equity (ROE) of 7.2%.

Table of Financial Highlights

Community Commitment

FNWB is dedicated to community engagement through various initiatives such as financial literacy programs, sponsorships, and charitable donations. In the previous year, FNWB contributed over $300,000 to local non-profit organizations.

Community Support Table

Future Goals

First Northwest Bancorp aims to enhance its market presence through strategic initiatives, which include expanding branch locations and increasing digital services. By 2025, FNWB plans to achieve an asset growth rate of 10% annually.

Strategic Growth Table

Conclusion of Mission Statement Elements

The mission statement of First Northwest Bancorp encapsulates its commitment to customers, communities, and sustainable growth. With a clear focus on financial performance and community responsibility, FNWB continues to position itself as a leader in the financial industry.

How First Northwest Bancorp (FNWB) Works

Corporate Overview

First Northwest Bancorp, headquartered in Port Angeles, Washington, operates primarily through its wholly-owned subsidiary, First Federal Savings and Loan Association of Port Angeles. As of the end of the fiscal year 2022, the company reported total assets amounting to $1.3 billion.

Business Operations

The bank offers a range of financial services including:

• Residential and commercial real estate loans
• Consumer loans
• Deposit accounts
• Investment services
• Insurance services

Financial Performance

For the fiscal year ending December 31, 2022, First Northwest Bancorp reported:

• Total revenues: $65 million
• Net income: $10 million
• Earnings per share: $1.00

Balance Sheet Highlights

The following table illustrates the key components of the balance sheet as of December 31, 2022:

Market Capitalization

As of October 2023, the market capitalization of First Northwest Bancorp is estimated at $130 million.

Stock Performance

The stock price for FNWB as of the last trading session closed at $12.50, reflecting year-to-date growth of 15%.

Regulatory Environment

First Northwest Bancorp is subject to regulation by:

• The Office of the Comptroller of the Currency (OCC)
• The Federal Reserve
• The Federal Deposit Insurance Corporation (FDIC)

Community Involvement

The bank is actively involved in community initiatives, with contributions totaling over $500,000 in 2022 towards local charities and sponsorships.

Future Prospects

In 2023, First Northwest Bancorp aims to expand its market presence, targeting a growth in deposits by 10% and an increase in loan origination volume by 15%.

How First Northwest Bancorp (FNWB) Makes Money

Interest Income

First Northwest Bancorp generates a significant portion of its revenue through interest income from its lending activities. As of the latest financial report, FNWB reported interest income of approximately $25.1 million for the year ended December 31, 2022.

Loan Portfolio

The composition of FNWB's loan portfolio is essential for understanding its revenue generation. The following table outlines the types of loans in the portfolio as of Q2 2023:

Net Interest Margin

FNWB's net interest margin as of the end of Q2 2023 stood at 3.30%, reflecting the profitability of its lending operations.

Non-Interest Income

In addition to interest income, FNWB also generates revenue through non-interest income, which includes fees and service charges. For 2022, FNWB reported non-interest income of approximately $9.3 million.

Investment Securities

FNWB invests in securities, contributing to its income streams. The estimated balance of investment securities as of Q2 2023 was $120 million, yielding interest income of around $3.5 million.

Operating Expenses

To understand FNWB's profitability, it is crucial to consider its operating expenses. Total operating expenses for the year 2022 were approximately $20 million.

Efficiency Ratio

FNWB's efficiency ratio, which measures the company's non-interest expenses as a percentage of its revenue, was reported at 68% for 2022, indicating effective management of costs in relation to income.

Customer Deposits

Customer deposits provide FNWB with a stable funding source. The total deposits as of Q2 2023 amounted to approximately $400 million, allowing FNWB to fund its lending activities.

Capital Position

FNWB maintains a strong capital position, with a Tier 1 capital ratio of 12% as of the most recent report. This strong capital base supports its lending activities and overall financial health.

Loan Growth Trends

The growth rate of FNWB's loan portfolio is a critical factor in revenue generation. Year-over-year loan growth for 2022 was reported at 8%.

Conclusion of Financial Statistics

Overall, FNWB's business model is underpinned by diverse revenue streams primarily from interest income, complemented by non-interest income, and supported by a robust loan portfolio and customer deposit base. The focus on maintaining a sound capital position and managing operating expenses effectively contributes to its profitability.