Company Profile
- Headquartered in Port Angeles, Washington, First Northwest Bancorp (NASDAQ: FNWB) (“First Federal”, or “the company”) is a community-oriented bank holding company with ~$2.2 billion in total assets. Commercially focused, the bank subsidiary, First Fed Bank (“First Fed” or “the bank”), operates via a network of 16 branches in contiguous counties in Eastern Washington. First Fed is a Washington state-chartered savings bank, founded in 1923 that originated as a mutual bank, though demutualized in 2015.
- FNWB’s loan portfolio had historically been concentrated in residential mortgages, funded by its traditionally lower-cost core deposit base, however, the company evolved into more commercially oriented loan categories. As such investor CRE, including multifamily, comprises the majority of the loan portfolio at 34%, followed by residential mortgages (30%), consumer loans (16%), C&I (12%), and construction loans (5%).
- The company entered into…