First Northwest Bancorp (FNWB) 10-K Annual Report March 2023

Q4 2022 Net Income	Q4 2022 Diluted Earnings Per Share	YTD Loan Growth	Q4 2022 Net Interest Margin	Book Value per Share
$6.1 million	$0.66	13.1%	3.96%	$16.31
				$16.13^*, excluding goodwill and intangibles

CEO Commentary

“2022 was another good year for First Northwest with record performance by the Bank, including return on equity, earnings per share, and net interest margin expansion. We remain focused on banking, including deposits and loans, through strategic hires, partnerships such as Meriwether Group, and community investments,” said Matthew P. Deines, President and CEO of First Northwest Bancorp. “The strategic repositioning we began in 2020 continues in the commercial bank while we invest and build technology solutions and partnerships which will produce long-term shareholder value.”

The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on February 24, 2023, to shareholders of record as of the close of business on February 10, 2023.

Quarter Ended December 31, 2022 to September 30, 2022	Quarter Ended December 31, 2022 to December 31, 2021
Financial Highlights
Net income of $6.1 million and diluted earnings per share of $0.66, compared to $4.3 million and $0.47, respectively	Net income of $6.1 million and diluted earnings per share of $0.66, compared to $5.1 million and $0.55, respectively
Total revenue (net interest income before provision plus noninterest income) of $22.3 million, an increase of 8.6%, or $1.8 million, compared to $20.5 million	Total revenue of $22.3 million, an increase of 8.3%, or $1.7 million, compared to $20.6 million
Effective tax rate of 14.7%, compared to 18.5%	Effective tax rate of 14.7%, compared to 18.3%
Financial Position
Total assets of $2.04 billion, down $49.4 million, or 2.4%	Increase in total assets of $121.0 million, or 6.3%
Total gross loans, excluding loans held for sale, of $1.53 billion, up $9.2 million, or 0.6%	Increase in total gross loans, excluding loans held for sale, of $177.2 million, or 13.1%
Total deposits of $1.56 billion, a decrease of $41.0 million, or 2.6%	Decrease in total deposits of $16.3 million, or 1.0%
Asset Quality and Capital
Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.09%, compared to 0.17%	Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.09%, compared to 0.07%
Tangible common equity ratio* and equity to total assets of 7.67% and 7.75%, compared to 7.40% and 7.49%, respectively	Tangible common equity ratio* and equity to total assets of 7.67% and 7.75%, compared to 9.82% and 9.92%, respectively
Key Performance Metrics
Net interest margin of 3.96%, compared to 3.88%	Net interest margin of 3.96%, compared to 3.58%
Efficiency ratio of 67.9%, compared to 74.9%	Efficiency ratio of 67.9%, compared to 70.5%
Annualized returns on average assets, tangible common equity* and equity of 1.18%, 15.45% and 15.26%, compared to 0.85%, 10.23%, and 10.12%, respectively	Annualized returns on average assets, tangible common equity* and equity of 1.18%, 15.45%, and 15.26%, compared to 1.09%, 10.82% and 10.72%, respectively
Tangible book value per share* of $16.13, an increase of 4.07% from $15.50 Book value per common share of $16.31 compared to $15.69	Tangible book value per share* of $16.13, a decrease of 14.7% from $18.89 Book value per common share of $16.31 compared to $19.10

The following information was filed by First Northwest Bancorp (FNWB) on Thursday, January 26, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

ChatGPT says First Northwest Bancorp Focuses on Diversifying Loan Portfolio, Increasing Deposits, and Meeting Capital Requirements.

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Inside First Northwest Bancorp's 10-K Annual Report:

Other - Other Highlight
Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by bank regulators that, if undertaken, could have a direct material effect on the Companys financial statements.

Financial - Earnings Highlight
The following table compares average earning asset balances, associated yields, and resulting changes in interest income for the periods shown: The following table details activity and information related to the allowance for loan losses for the periods shown: The following table provides a detailed analysis of the changes in the components of noninterest income for the periods shown: Additional Quin expenses resulted in significant increases to advertising, compensation, depreciation and data processing expenses during the year ended December 31, 2022, totaling approximately $3.5 million.
Financial - Expense Highlight
The primary impact of inflation on our operations is reflected in increased operating costs and the effect that general inflation may have on both short-term and long-term interest rates.
Financial - Expense Highlight
The cost of interest-bearing liabilities increased to 0.73% for the year ended December 31, 2022 compared to 0.43% for the year ended December 31, 2021.
Financial - Income Highlight
An offset to net interest income is the provision for loan losses, which represents the periodic charge to operations required to adequately provide for probable losses inherent in our loan portfolio through our allowance for loan losses.
Financial - Income
As noted above, loans receivable...Read more
Financial - Income
A secondary source of income...Read more
Financial - Expense
The increase to the cost...Read more
Other - Other
The average balance of loans...Read more
Other - Other
The following represent our critical...Read more
Other - Other
Our focus will continue to...Read more
Revenue - Product
Deposit flows are influenced by...Read more
Revenue - Product
We believe that business developed...Read more
Other - Other
Construction and land loans decreased...Read more
Revenue - Product
We also took advantage of...Read more
Financial - Income
While we have a concentration...Read more
Financial - Income
Net interest income increased $11.6...Read more
Other - Other
Depending on market conditions, we...Read more
Other - Other
Management believes that maintaining a...Read more
Financial - Earnings
The combination of increased loan...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

First Northwest Bancorp provided additional information to their SEC Filing as exhibits

Exhibit 10.8: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: FNWB
CIK: 1556727
Form Type: 10-K Annual Report
Accession Number: 0001437749-23-007102
Submitted to the SEC: Fri Mar 17 2023 5:27:01 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, December 31, 2022
Industry: Savings Institutions Not Federally Chartered

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First Northwest Bancorp (FNWB) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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