Headquartered in Port Angeles, Washington, First Northwest Bancorp (NASDAQ: FNWB) (“the company”) is a community-oriented bank holding company with ~$2.1 billion in total assets. Commercially focused, the bank subsidiary, First Fed Bank (“First Fed” or “the bank”), operates via a network of 11 branches and one LPO in contiguous counties in Eastern Washington. First Fed is a Washington state-chartered commercial bank, founded in 1923. Originally, the bank was classified as a mutual bank, though it demutualized in 2015.
The company’s loan portfolio was historically concentrated in residential mortgages, funded by its traditionally lower-cost core deposit base; however, the company has evolved into more commercially oriented loan categories. As such, investor CRE and multifamily, comprises the largest exposure in the loan portfolio at 34%, followed by residential mortgages (30%), consumer loans (17%), C&I including owner-occupied loans (12%), and…
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