{"id":483515,"date":"2021-04-28T16:03:15","date_gmt":"2021-04-28T20:03:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/first-northwest-bancorp-earns-3-1-million-or-0-34-per-diluted-share-in-first-quarter-2021-highlighted-by-net-interest-margin-expansion-and-strong-asset-quality-declares-quarterly-cash\/"},"modified":"2021-04-28T16:03:15","modified_gmt":"2021-04-28T20:03:15","slug":"first-northwest-bancorp-earns-3-1-million-or-0-34-per-diluted-share-in-first-quarter-2021-highlighted-by-net-interest-margin-expansion-and-strong-asset-quality-declares-quarterly-cash","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-northwest-bancorp-earns-3-1-million-or-0-34-per-diluted-share-in-first-quarter-2021-highlighted-by-net-interest-margin-expansion-and-strong-asset-quality-declares-quarterly-cash\/","title":{"rendered":"First Northwest Bancorp Earns $3.1 Million, or $0.34 Per Diluted Share, in First Quarter 2021;\u00a0Highlighted by Net Interest Margin Expansion and Strong Asset Quality;\u00a0Declares Quarterly Cash Dividend of $0.06 Per Share"},"content":{"rendered":"
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PORT ANGELES, Wash., April 28, 2021 (GLOBE NEWSWIRE) — First Northwest Bancorp<\/strong> (Nasdaq: FNWB) (\u201cCompany\u201d), the holding company for First Federal Savings and Loan Association of Port Angeles (\u201cBank\u201d or “First Fed”), today reported that net income increased 257.6% to $3.1 million, or $0.34 per diluted share, for the first quarter of 2021, compared to $873,000, or $0.09 per diluted share, for the first quarter a year ago, and decreased compared to net income of $3.8 million, or $0.41 per diluted share, for the fourth quarter of 2020. First quarter results reflected strong year-over-year revenue growth, core deposit growth and net interest margin expansion. The decrease from the prior period was primarily due to lower gains on sale of one-to-four family mortgages and available for sale investments, partially offset by increased net interest income and a lower provision for loan losses. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.06 per common share outstanding, payable on May 28, 2021 to shareholders of record as of the close of business on May 14, 2021.<\/p>\n

\u201cFirst Northwest Bancorp\u2019s first quarter operating results were highlighted by strong revenue generation fueled by solid net interest income and core deposit growth,\u201d stated Matthew P. Deines, President and CEO. \u201cDespite ongoing pressures on loan and investment yields, net interest income increased $4.1 million, or 43.3%, over the first quarter of 2020, boosted by growth in earning assets, $362,000 in Paycheck Protection Program (\u201cPPP\u201d) income and a significant decline in cost of funds. We continue to generate organic commercial and consumer activity as we support our communities through an emerging recovery.\u201d<\/p>\n

\u201cWe are actively participating in the SBA\u2019s current round of PPP funding that began in January 2021 and concludes at the end of May,\u201d said Deines. \u201cThis round of SBA funding offers PPP loans for companies that did not receive a PPP loan in 2020, and also \u201csecond draw\u201d loans targeted at hard-hit businesses that have already used their initial PPP proceeds. We funded $32.4 million in second round PPP loans during the first quarter of 2021.\u201d<\/p>\n

\n First Quarter 2021 Highlights (at or for the quarter ended March\u00a031, 2021)<\/strong>\n <\/p>\n