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Larry Hueth, President and Chief Executive Officer
Regina Wood, EVP and Chief Financial Officer
First Northwest Bancorp
FIRST NORTHWEST BANCORP
REPORTS RESULTS OF OPERATIONS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2018
PORT ANGELES, WA (February 1, 2019) - First Northwest Bancorp (NASDAQ - FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank”), announced its operating results for the quarter and year ended December 31, 2018. The Company reported net income of $2.1 million, or $0.21 earnings per basic and diluted share, for the quarter ended December 31, 2018, compared to net income of $1.9 million, or $0.19 earnings per basic and diluted share, for the quarter ended September 30, 2018, an increase of $204,000. The current quarter's net income increased $2.2 million compared to a net loss of $114,000 for the same quarter in 2017. The increase in net income compared to the same quarter last year was mainly due to an estimated revaluation adjustment of the net deferred tax asset ("DTA revaluation") through the provision for income taxes as a result of the passage of the U.S. Tax Cuts and Jobs Act ("Tax Act") on December 22, 2017. The estimated DTA revaluation resulted in a $1.2 million increase to the Company's income tax expense and an $0.11 reduction in earnings per basic and diluted share for the quarter ended December 31, 2017. The non-GAAP (Generally Accepted Accounting Principles) reconciliation of net income eliminating the non-recurring DTA revaluation, which the Company believes facilitates an assessment of its banking operations, is included at the end of this release.
Larry Hueth, President and CEO, commented, "We are very pleased with the 50% year over year increase in earnings per share. Loan and deposit growth were respectable for the year, although we did see some slowing during the most recent quarter attributable to uncertainty associated with where we are in the economic cycle and other market influences. Net interest income after provision for loan losses increased 8.2% year over year as we saw the positive impact of a higher loan to deposit ratio. We continue to focus on asset quality and interest rate risk mitigation efforts moving into 2019 and look forward to continued earnings improvement as we adjust our earning asset mix and focus on operating efficiencies. We also anticipate continuing our capital management strategies through share repurchase and dividends that we employed in 2018.
During the quarter, we declared and paid our first dividend to shareholders, and we are pleased to announce that the board of directors declared another dividend of $0.03 per common share outstanding at its regular meeting on January 22, 2019, which will be payable March 22, 2019, to shareholders of record at March 8, 2019."
Quarter highlights (at or for the quarter ended December 31, 2018)
Net income increased $204,000 compared to the quarter ended September 30, 2018 and increased $2.2 million compared to the quarter ended December 31, 2017;
Basic and diluted earnings (loss) per share increased to $0.21 compared to $0.19 for the quarter ended September 30, 2018, and $(0.01) for the quarter ended December 31, 2017;
The following information was filed by First Northwest Bancorp (FNWB) on Monday, February 4, 2019 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.