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 12 branches in contiguous counties in Eastern Washington. First Fed is a Washington state-chartered savings bank, founded in 1923. Originally, the bank was classified as a mutual bank, though demutualized in 2015.
FNWB’s loan portfolio has been historically funded by its traditionally lower -cost core deposit base. A by-product of its suburban oriented markets, the loan portfolio is comprised of residential mortgages (29%), investor CRE including multifamily (20%), construction (8%), and consumer (15%) loans. The company has diversified into more commercially oriented loan categories while it reduced the residential mortgage concentration.
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