PORT ANGELES, Wash., April 29, 2026 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”), the holding company for First Fed Bank (“First Fed” or the “Bank”), today reported net income of $6,000 for the first quarter of 2026, compared to net income of $382,000 for the fourth quarter of 2025 and a net loss of $9.0 million for the first quarter of 2025. Basic and diluted income per share were $0.00 for the first quarter of 2026, compared to basic and diluted income per share of $0.04 for the fourth quarter of 2025 and basic and diluted loss per share of $1.03 for the first quarter of 2025.
Management Outlook; President and Chief Executive Officer, Curt Queyrouze:
“As we move through 2026, we are executing a disciplined transformation to improve our operating efficiency and reposition the balance sheet for long-term performance. While near-term results will reflect this transition, we remain encouraged by the underlying momentum in our core banking franchise. We are focused on disciplined balance sheet management, strengthening our funding and liquidity profile, and maintaining a strong capital position as we work to improve profitability. We are confident that the actions we are taking today will drive improvement beginning in the second half of the year and position the company for stronger, more consistent performance in 2027 and beyond.”
First Quarter Insights:
| • | Core banking revenues remained steady. | |
| • | Net interest margin expanded for the sixth consecutive quarter to 3.03% for the current quarter compared to 3.00% in the fourth quarter of 2025, primarily as a result of a decrease in the rate paid on interest-bearing liabilities. | |
| • | Cost of total deposits dropped to 2.04% for the current quarter from 2.12% in the preceding quarter, as higher-cost brokered certificates of deposit (“CDs”) matured during the current quarter. | |
| • | First Fed total risk-based capital ratio remained relatively stable at 13.5% for the current quarter compared to 13.6% in the fourth quarter of 2025, and 13.4% for the first quarter of 2025. | |
| • | Net loans receivable, excluding loans held for sale, increased $951,000, or 0.1%, to $1.61 billion at March 31, 2026 from $1.61 billion at December 31, 2025, and decreased $24.6 million, or 1.5%, from $1.64 billion at March 31, 2025. | |
| • | Customer deposits increased $24.9 million, or 1.6%, to $1.54 billion at March 31, 2026 from $1.51 billion at December 31, 2025, and increased $9.3 million, or 0.6%, from $1.53 billion at March 31, 2025. | |
| • | Brokered deposits decreased $22.4 million, or 25.9%, to $64.1 million at March 31, 2026 from $86.5 million at December 31, 2025, and decreased $73.8 million, or 53.5%, from $137.9 million at March 31, 2025. | |
| • | FHLB advances increased $20.0 million, or 7.3%, to $293.5 million at March 31, 2026 from $273.5 million at December 31, 2025, partially offsetting the decrease in brokered deposits. | |
| • | A recapture of provision for credit losses on loans of $13,000 was recorded in the first quarter of 2026, compared to a provision of $466,000 for the preceding quarter and a provision of $7.8 million for the first quarter of 2025. |
Other Updates:
| • | The Bank continues to vigorously defend the previously disclosed legal proceedings. First Fed is entering into discovery in the Socotra REIT matter. The Bank is also preparing for a hearing on 3|5|2 Capital GP LLC’s and Leucadia Asset Management LLC’s Motion to Dismiss the Bank’s counter claims. |
Selected Quarterly Financial Ratios:
| As of or For the Quarter Ended | ||||||||||||||||||||
| March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 |
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| Performance ratios: (1) | ||||||||||||||||||||
| Return on average assets | 0.00 | % | 0.07 | % | 0.15 | % | 0.68 | % | -1.69 | % | ||||||||||
| Return on average equity | 0.02 | 0.96 | 2.10 | 10.00 | -23.42 | |||||||||||||||
| Net interest margin (2) | 3.03 | 3.00 | 2.91 | 2.83 | 2.76 | |||||||||||||||
| Efficiency ratio (3) | 101.4 | 92.0 | 104.9 | 78.0 | 113.5 | |||||||||||||||
| Equity to total assets | 7.36 | 7.46 | 7.32 | 6.82 | 6.75 | |||||||||||||||
| Book value per common share | $ | 16.52 | $ | 16.61 | $ | 16.33 | $ | 15.85 | $ | 15.52 | ||||||||||
| Tangible performance ratios: (1) | ||||||||||||||||||||
| Tangible common equity to tangible assets (4) | 7.30 | % | 7.40 | % | 7.26 | % | 6.76 | % | 6.68 | % | ||||||||||
| Return on average tangible common equity (4) | 0.02 | 0.97 | 2.12 | 10.10 | -23.65 | |||||||||||||||
| Tangible book value per common share (4) | $ | 16.38 | $ | 16.47 | $ | 16.18 | $ | 15.70 | $ | 15.36 | ||||||||||
| Capital ratios (First Fed): (5) | ||||||||||||||||||||
| Tier 1 leverage | 9.6 | % | 9.5 | % | 9.3 | % | 9.1 | % | 9.0 | % | ||||||||||
| Common equity Tier 1 capital | 12.4 | 12.5 | 12.7 | 12.0 | 12.1 | |||||||||||||||
| Total risk-based | 13.5 | 13.6 | 13.7 | 13.1 | 13.4 | |||||||||||||||
| (1 | ) | Performance ratios are annualized, where appropriate. |
| (2 | ) | Net interest income divided by average interest-earning assets. |
| (3 | ) | Total noninterest expense as a percentage of net interest income and total other noninterest income. |
| (4 | ) | See reconciliation of Non-GAAP Financial Measures later in this release. |
| (5 | ) | Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report. |
Net Interest Income and Margin
Total interest income decreased $803,000 to $25.3 million for the first quarter of 2026, compared to $26.1 million for the preceding quarter, and decreased $1.5 million compared to $26.8 million in the first quarter of 2025. Interest income decreased in the first quarter of 2026 primarily due to decreased average balances of interest-earning assets. Average real estate loan balances decreased while average consumer and commercial business loan balances increased over the preceding quarter. Average investment securities balances and yields also decreased compared to the preceding quarter as a result of maturities during the fourth quarter of 2025. The yield on interest-earning assets decreased by 2 basis points to 5.32% compared to the preceding quarter, primarily due to reduced average loan balances.
Total interest expense decreased $553,000 to $10.9 million for the first quarter of 2026, compared to $11.5 million for the preceding quarter, and decreased $2.1 million compared to $13.0 million in the first quarter of 2025. Interest expense decreased in the first quarter of 2026 primarily due to a reduced volume of higher-rate brokered CDs and decreases in interest paid on customer deposit accounts. The current quarter decreases were partially offset by an increase in the average balance of borrowings. As a result of these first quarter changes, the total cost of funds decreased 4 basis points to 2.37% compared to the preceding quarter.
The net interest margin increased to 3.03% for the first quarter of 2026, from 3.00% for the preceding quarter and 2.76% for the first quarter of 2025, marking six consecutive quarters of improvement for a total increase of 33 basis points over that period.
Noninterest Income and Expense
Noninterest income decreased $1.7 million to $2.0 million for the first quarter of 2026, from $3.7 million for the preceding quarter. The decrease is primarily due to the $1.7 million nonrecurring reimbursement received from the Bank’s insurance carrier to offset expenses related to previously disclosed legal matters, which was recorded in other income for the fourth quarter of 2025.
Noninterest expense decreased $218,000 to $16.7 million for the first quarter of 2026, compared to $16.9 million for the preceding quarter. The decline resulted from branch closure costs experienced in the fourth quarter of 2025, partially offset by increases in data processing expenses and compensation costs. Legal fees recorded in professional fees remain elevated due to the ongoing legal matters previously disclosed.
Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality
The ACLL decreased $164,000 to $16.8 million at March 31, 2026, from $17.0 million at December 31, 2025. The ACLL as a percentage of total loans was 1.03% at March 31, 2026, a decrease from 1.04% at December 31, 2025, and a decrease from 1.24% one year earlier. A $13,000 recapture of loan provision expense for the quarter ended March 31, 2026, was the result of a $256,000 decrease in the overall pooled loan reserve, partially offset by $151,000 in net charge-offs and a $92,000 increase in reserves on individually evaluated loans. The change in pooled loan reserve was driven by decreased loan balances in most categories combined with lower loss factors applied to one-to-four family and other consumer loans. Decreases to the pooled loan reserve balance were partially offset by higher purchased auto and Northpointe Mortgage Purchase Program (“Northpointe MPP”) balances and higher loss factors applied to commercial real estate, multi-family and construction loan balances at the end of the current quarter. The pooled loan reserve was impacted by a mild improvement in gross domestic product and unemployment forecasts, partially offset by a reduction in nonaccrual loans compared to the preceding quarter.
Nonperforming loans decreased $896,000 to $21.7 million at March 31, 2026, from $22.6 million at December 31, 2025. Current quarter activity included principal payments totaling $806,000, payoffs totaling $776,000 and net recoveries on nonperforming loans totaling $505,000. The decreases were partially offset by the transition into nonaccrual status of loans totaling $1.2 million across multiple loan categories. ACLL to nonperforming loans increased to 78% at March 31, 2026, from 75% at December 31, 2025, and decreased from 101% at March 31, 2025. This ratio increased compared to the preceding quarter primarily due to a reduction in nonperforming loan balances.
Classified loans decreased $685,000 to $34.6 million at March 31, 2026, from $35.3 million at December 31, 2025, primarily due to payoffs totaling $653,000, principal payments totaling $567,000, net recoveries on previously charged-off loans totaling $501,000 and upgrades totaling $156,000. The decreases were partially offset by $1.2 million of new downgrades across multiple loan categories. Four collateral-dependent loans totaling $26.5 million account for 77% of the classified loan balance at March 31, 2026.
| For the Quarter Ended | ||||||||||||||||||||
| ACLL ($ in thousands) | March 31, 2026 | December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 | |||||||||||||||
| Balance at beginning of period | $ | 16,987 | $ | 16,203 | $ | 18,345 | $ | 20,569 | $ | 20,449 | ||||||||||
| Charge-offs: | ||||||||||||||||||||
| Commercial real estate | (3 | ) | (329 | ) | (656 | ) | (15 | ) | (5,571 | ) | ||||||||||
| Construction and land | (171 | ) | (1,027 | ) | (483 | ) | — | (374 | ) | |||||||||||
| Auto and other consumer | (276 | ) | (123 | ) | (106 | ) | (273 | ) | (243 | ) | ||||||||||
| Commercial business | (133 | ) | (964 | ) | (1,005 | ) | (2,823 | ) | (1,513 | ) | ||||||||||
| Total charge-offs | (583 | ) | (2,443 | ) | (2,250 | ) | (3,111 | ) | (7,701 | ) | ||||||||||
| Recoveries: | ||||||||||||||||||||
| Commercial real estate | — | — | 6 | 20 | 6 | |||||||||||||||
| Construction and land | — | — | — | 5 | — | |||||||||||||||
| Auto and other consumer | 50 | 34 | 47 | 74 | 43 | |||||||||||||||
| Commercial business | 382 | 2,727 | 675 | 1,084 | 2 | |||||||||||||||
| Total recoveries | 432 | 2,761 | 728 | 1,183 | 51 | |||||||||||||||
| Net loan (charge-offs) recoveries | (151 | ) | 318 | (1,522 | ) | (1,928 | ) | (7,650 | ) | |||||||||||
| (Recapture of) provision for credit losses | (13 | ) | 466 | (620 | ) | (296 | ) | 7,770 | ||||||||||||
| Balance at end of period | $ | 16,823 | $ | 16,987 | $ | 16,203 | $ | 18,345 | $ | 20,569 | ||||||||||
| Average total loans | $ | 1,613,526 | $ | 1,622,476 | $ | 1,650,340 | $ | 1,658,723 | $ | 1,662,095 | ||||||||||
| Annualized net charge-offs (recoveries) to average outstanding loans | 0.04 | % | -0.08 | % | 0.37 | % | 0.47 | % | 1.87 | % | ||||||||||
| Asset Quality ($ in thousands) | March 31, 2026 | December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 | |||||||||||||||
| Nonaccrual loans: | ||||||||||||||||||||
| One-to-four family | $ | 2,521 | $ | 2,272 | $ | 2,345 | $ | 2,274 | $ | 1,404 | ||||||||||
| Commercial real estate | 9,619 | 9,745 | 3,439 | 4,095 | 4 | |||||||||||||||
| Construction and land | 4,164 | 5,146 | 6,037 | 13,063 | 15,280 | |||||||||||||||
| Home equity | 53 | 53 | 9 | 10 | 54 | |||||||||||||||
| Auto and other consumer | 1,280 | 1,086 | 1,072 | 410 | 710 | |||||||||||||||
| Commercial business | 4,062 | 4,293 | 470 | 514 | 2,903 | |||||||||||||||
| Total nonaccrual loans | 21,699 | 22,595 | 13,372 | 20,366 | 20,355 | |||||||||||||||
| Other real estate owned | 1,380 | 1,380 | 1,377 | 1,297 | — | |||||||||||||||
| Total nonperforming assets | $ | 23,079 | $ | 23,975 | $ | 14,749 | $ | 21,663 | $ | 20,355 | ||||||||||
| Nonaccrual loans as a % of total loans(1) | 1.33 | % | 1.39 | % | 0.82 | % | 1.22 | % | 1.23 | % | ||||||||||
| Nonperforming assets as a % of total assets(2) | 1.08 | 1.14 | 0.70 | 0.99 | 0.94 | |||||||||||||||
| ACLL as a % of total loans | 1.03 | 1.04 | 1.00 | 1.10 | 1.24 | |||||||||||||||
| ACLL as a % of nonaccrual loans | 77.53 | 75.18 | 121.17 | 90.08 | 101.05 | |||||||||||||||
| Total past due loans to total loans | 1.18 | 1.21 | 0.88 | 1.17 | 1.36 | |||||||||||||||
| (1 | ) | Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due. |
| (2 | ) | Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets. |
Financial Condition and Capital
Balance sheet growth was impacted by higher on-balance-sheet liquidity at March 31, 2026, compared to December 31, 2025. Capital levels remained stable despite the impact of the rate environment on the securities portfolio reflected in accumulated other comprehensive income.
Investment securities increased $2.7 million, or 1.0%, to $273.0 million at March 31, 2026, compared to $270.3 million three months earlier, and decreased $42.5 million compared to $315.4 million at March 31, 2025. Purchases totaling $11.1 million were partially offset by maturities totaling $3.3 million, regular principal payments totaling $3.9 million and a $1.2 million increase in net unrealized losses during the first quarter of 2026. The estimated average life of the securities portfolio was approximately 6.8 years at March 31, 2026, 6.5 years at the preceding quarter end and 6.9 years at the end of the first quarter of 2025. The effective duration of the portfolio was approximately 4.7 years at March 31, 2026, compared to 4.6 years at the preceding quarter end and 4.3 years at the end of the first quarter of 2025.
| Investment Securities ($ in thousands) | March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
Three Month % Change |
One Year % Change |
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| Available for Sale at Fair Value | ||||||||||||||||||||
| Municipal bonds | $ | 79,565 | $ | 80,252 | $ | 78,295 | -0.9 | % | 1.6 | % | ||||||||||
| U.S. government agency issued asset-backed securities (ABS agency) | 11,632 | 11,943 | 12,643 | -2.6 | -8.0 | |||||||||||||||
| Corporate issued asset-backed securities (ABS corporate) | 7,676 | 7,961 | 15,671 | -3.6 | -51.0 | |||||||||||||||
| Corporate issued debt securities (Corporate debt) | 37,392 | 38,801 | 55,067 | -3.6 | -32.1 | |||||||||||||||
| U.S. Small Business Administration securities (SBA) | 5,820 | 6,293 | 8,061 | -7.5 | -27.8 | |||||||||||||||
| Mortgage-backed securities: | ||||||||||||||||||||
| U.S. government agency issued mortgage-backed securities (MBS agency) | 97,968 | 91,656 | 96,642 | 6.9 | 1.4 | |||||||||||||||
| Non-agency issued mortgage-backed securities (MBS non-agency) | 32,932 | 33,404 | 49,054 | -1.4 | -32.9 | |||||||||||||||
| Total securities available for sale | $ | 272,985 | $ | 270,310 | $ | 315,433 | 1.0 | -13.5 |
Net loans receivable, excluding loans held for sale, increased $951,000, or 0.1%, to $1.61 billion at March 31, 2026, from $1.61 billion at December 31, 2025, and decreased $24.6 million, or 1.5%, from $1.64 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $2.0 million. Loan payoffs of $39.8 million, regular payments of $27.8 million and charge-offs totaling $1.5 million outpaced draws on existing loans totaling $22.7 million and new loan funding totaling $16.5 million. Participation in the Northpointe MPP increased $23.0 million and purchased auto loans increased $8.5 million during the current quarter.
| Loans ($ in thousands) | March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
Three Month % Change |
One Year % Change |
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| Real Estate: | ||||||||||||||||||||
| One-to-four family | $ | 362,984 | $ | 376,731 | $ | 394,428 | -3.6 | % | -8.0 | % | ||||||||||
| Multi-family | 270,979 | 288,529 | 338,147 | -6.1 | -19.9 | |||||||||||||||
| Commercial real estate | 403,243 | 402,683 | 387,312 | 0.1 | 4.1 | |||||||||||||||
| Construction and land | 62,347 | 61,268 | 64,877 | 1.8 | -3.9 | |||||||||||||||
| Total real estate loans | 1,099,553 | 1,129,211 | 1,184,764 | -2.6 | -7.2 | |||||||||||||||
| Consumer: | ||||||||||||||||||||
| Home equity | 86,292 | 85,088 | 79,151 | 1.4 | 9.0 | |||||||||||||||
| Auto and other consumer | 290,960 | 283,502 | 273,878 | 2.6 | 6.2 | |||||||||||||||
| Total consumer loans | 377,252 | 368,590 | 353,029 | 2.4 | 6.9 | |||||||||||||||
| Commercial business | 152,591 | 130,311 | 119,783 | 17.1 | 27.4 | |||||||||||||||
| Total loans receivable | 1,629,396 | 1,628,112 | 1,657,576 | 0.1 | -1.7 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Derivative basis adjustment | (406 | ) | (903 | ) | (566 | ) | 55.0 | 28.3 | ||||||||||||
| Allowance for credit losses on loans | 16,823 | 16,987 | 20,569 | -1.0 | -18.2 | |||||||||||||||
| Total loans receivable, net | $ | 1,612,979 | $ | 1,612,028 | $ | 1,637,573 | 0.1 | -1.5 |
Total deposits increased $2.5 million to $1.60 billion at March 31, 2026, compared to $1.60 billion at December 31, 2025, and decreased $64.5 million compared to $1.67 billion one year prior. During the first quarter of 2026, total customer deposit balances increased $24.9 million and brokered deposit balances decreased $22.4 million. The customer deposit mix reflects increased average savings account balances while average balances of all other customer accounts decreased compared to the preceding quarter. The rates paid on customer interest-bearing deposits decreased 8 basis points to 2.29% for the current quarter, compared to 2.37% for the fourth quarter of 2025. The deposit mix compared to March 31, 2025, reflects a continued shift in average balances of customer accounts to savings and money market accounts from demand deposit and CD accounts, with an overall $17.3 million increase to average customer balances. An $88.1 million decrease in the average balance of brokered CDs was the main driver for the year-over-year decrease in total deposits. Rates paid on interest-bearing deposit accounts decreased 40 basis points compared to the same quarter one year ago.
| Deposits ($ in thousands) | March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
Three Month % Change |
One Year % Change |
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| Noninterest-bearing demand deposits | $ | 238,901 | $ | 245,760 | $ | 247,890 | -2.8 | % | -3.6 | % | ||||||||||
| Interest-bearing demand deposits | 157,565 | 143,166 | 169,912 | 10.1 | -7.3 | |||||||||||||||
| Money market accounts | 449,353 | 451,143 | 424,469 | -0.4 | 5.9 | |||||||||||||||
| Savings accounts | 246,533 | 239,258 | 235,188 | 3.0 | 4.8 | |||||||||||||||
| Certificates of deposit, customer | 445,110 | 433,264 | 450,663 | 2.7 | -1.2 | |||||||||||||||
| Certificates of deposit, brokered | 64,120 | 86,510 | 137,946 | -25.9 | -53.5 | |||||||||||||||
| Total deposits | $ | 1,601,582 | $ | 1,599,101 | $ | 1,666,068 | 0.2 | -3.9 |
FHLB advances increased $20.0 million during the current quarter, supporting increased on balance sheet liquidity.
Total shareholders’ equity decreased to $157.0 million at March 31, 2026, compared to $157.3 million three months earlier, due to a decrease in the after-tax fair market values of the available-for-sale investment securities portfolio of $847,000, partially offset by an increase in the after-tax fair value of the investment portfolio hedge of $295,000 and net income of $6,000. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (the “Repurchase Plan”) during the quarter ended March 31, 2026. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.
Capital levels for both the Company and the Bank remain in excess of applicable requirements and the Bank was categorized as “well-capitalized” at March 31, 2026. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at March 31, 2026, for the Bank were 12.4% and 13.5%, respectively.
| 2025 Awards/Recognition | |||||||||
| Sound Publishing: | |||||||||
| Forbes Best-in-State Banks | Best Bank in Clallam County | ||||||||
| Bellingham Best of the Northwest – Best Bank Silver | Best Lender in Clallam County and West End | ||||||||
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About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 17 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. First Northwest has also strategically invested in partnerships focused on developing modern financial solutions and a boutique investment banking/accelerator firm. These investments underscore the Company’s commitment to innovation and growth in the financial services sector. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.
Forward-Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; risks related to overall economic conditions; geopolitical events; legislative, regulatory, and policy changes; legal proceedings, regulatory investigations and their resolutions; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”), which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.
Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.
For More Information Contact:
Curt Queyrouze, President and Chief Executive Officer
Phyllis Nomura, Chief Financial Officer and EVP
IRGroup@ourfirstfed.com
360-457-0461
| FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited) |
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| March 31, 2026 | December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 16,548 | $ | 15,530 | $ | 15,688 | $ | 18,487 | $ | 18,911 | ||||||||||
| Interest-earning deposits in banks | 87,588 | 69,587 | 63,482 | 69,376 | 51,412 | |||||||||||||||
| Investment securities available for sale, at fair value (amortized cost at each period end of $299,707, $295,849, $310,545, $336,206 and $348,249) | 272,985 | 270,310 | 282,608 | 303,515 | 315,433 | |||||||||||||||
| Loans held for sale | 1,140 | 1,063 | 2,154 | 1,557 | 2,940 | |||||||||||||||
| Loans receivable (net of allowance for credit losses on loans at each period end of $16,823, $16,987, $16,203, $18,345, and $20,569) | 1,612,979 | 1,612,028 | 1,607,825 | 1,647,217 | 1,637,573 | |||||||||||||||
| Federal Home Loan Bank (FHLB) stock, at cost | 13,927 | 13,105 | 10,856 | 14,906 | 13,106 | |||||||||||||||
| Accrued interest receivable | 7,051 | 6,498 | 8,160 | 8,305 | 8,319 | |||||||||||||||
| Premises and equipment, net | 8,591 | 8,464 | 8,788 | 8,999 | 9,870 | |||||||||||||||
| Servicing rights on sold loans, at fair value | 2,999 | 3,014 | 3,093 | 3,220 | 3,301 | |||||||||||||||
| Bank-owned life insurance (“BOLI”), net | 42,850 | 42,382 | 41,889 | 41,380 | 31,786 | |||||||||||||||
| Equity and partnership investments | 15,452 | 15,489 | 15,048 | 14,811 | 15,026 | |||||||||||||||
| Goodwill and other intangible assets, net | 1,062 | 1,062 | 1,080 | 1,081 | 1,082 | |||||||||||||||
| Deferred tax asset, net | 13,898 | 13,638 | 14,168 | 14,266 | 14,304 | |||||||||||||||
| Right-of-use (“ROU”) asset, net | 15,316 | 15,596 | 15,494 | 15,772 | 16,687 | |||||||||||||||
| Prepaid expenses and other assets | 21,057 | 20,129 | 21,040 | 32,471 | 31,680 | |||||||||||||||
| Total assets | $ | 2,133,443 | $ | 2,107,895 | $ | 2,111,373 | $ | 2,195,363 | $ | 2,171,430 | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Deposits | $ | 1,601,582 | $ | 1,599,101 | $ | 1,653,327 | $ | 1,654,636 | $ | 1,666,068 | ||||||||||
| Borrowings | 328,160 | 308,143 | 259,625 | 344,108 | 307,091 | |||||||||||||||
| Accrued interest payable | 280 | 1,223 | 1,145 | 1,514 | 2,163 | |||||||||||||||
| Lease liability, net | 16,250 | 16,439 | 16,071 | 16,257 | 17,266 | |||||||||||||||
| Accrued expenses and other liabilities | 27,514 | 24,301 | 24,321 | 27,790 | 29,767 | |||||||||||||||
| Advances from borrowers for taxes and insurance | 2,691 | 1,424 | 2,356 | 1,325 | 2,583 | |||||||||||||||
| Total liabilities | 1,976,477 | 1,950,631 | 1,956,845 | 2,045,630 | 2,024,938 | |||||||||||||||
| Shareholders’ Equity | ||||||||||||||||||||
| Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | — | — | — | — | — | |||||||||||||||
| Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,499,300; 9,467,925; 9,462,150; 9,444,963; and 9,440,618 | 95 | 95 | 94 | 94 | 94 | |||||||||||||||
| Additional paid-in capital | 93,854 | 93,803 | 93,646 | 93,595 | 93,450 | |||||||||||||||
| Retained earnings | 91,707 | 91,699 | 91,317 | 90,506 | 87,506 | |||||||||||||||
| Accumulated other comprehensive loss, net of tax | (22,920 | ) | (22,398 | ) | (24,429 | ) | (28,198 | ) | (28,129 | ) | ||||||||||
| Unearned employee stock ownership plan (ESOP) shares | (5,770 | ) | (5,935 | ) | (6,100 | ) | (6,264 | ) | (6,429 | ) | ||||||||||
| Total shareholders’ equity | 156,966 | 157,264 | 154,528 | 149,733 | 146,492 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 2,133,443 | $ | 2,107,895 | $ | 2,111,373 | $ | 2,195,363 | $ | 2,171,430 | ||||||||||
| FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited) |
||||||||||||||||||||
| For the Quarter Ended | ||||||||||||||||||||
| March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 |
||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Interest and fees on loans receivable | $ | 22,000 | $ | 22,431 | $ | 22,814 | $ | 22,814 | $ | 22,231 | ||||||||||
| Interest on investment securities | 2,585 | 2,971 | 3,244 | 3,466 | 3,803 | |||||||||||||||
| Interest on deposits in banks | 467 | 473 | 570 | 520 | 482 | |||||||||||||||
| FHLB dividends | 282 | 262 | 282 | 331 | 307 | |||||||||||||||
| Total interest income | 25,334 | 26,137 | 26,910 | 27,131 | 26,823 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 7,930 | 8,648 | 9,083 | 9,552 | 9,737 | |||||||||||||||
| Borrowings | 2,964 | 2,799 | 3,258 | 3,386 | 3,239 | |||||||||||||||
| Total interest expense | 10,894 | 11,447 | 12,341 | 12,938 | 12,976 | |||||||||||||||
| Net interest income | 14,440 | 14,690 | 14,569 | 14,193 | 13,847 | |||||||||||||||
| PROVISION FOR CREDIT LOSSES | ||||||||||||||||||||
| (Recapture of) provision for credit losses on loans | (13 | ) | 466 | (620 | ) | (296 | ) | 7,770 | ||||||||||||
| Provision for credit losses on unfunded commitments | 91 | 97 | (53 | ) | (64 | ) | 15 | |||||||||||||
| Provision for credit losses | 78 | 563 | (673 | ) | (360 | ) | 7,785 | |||||||||||||
| Net interest income after provision for credit losses | 14,362 | 14,127 | 15,242 | 14,553 | 6,062 | |||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Loan and deposit service fees | 1,122 | 1,044 | 1,114 | 1,095 | 1,106 | |||||||||||||||
| Sold loan servicing fees and servicing rights mark-to-market | 127 | 57 | 85 | 92 | 195 | |||||||||||||||
| Net gain on sale of loans | 76 | 96 | (39 | ) | 44 | 11 | ||||||||||||||
| Increase in BOLI cash surrender value | 468 | 493 | 539 | 485 | 372 | |||||||||||||||
| Income from BOLI death benefit, net | — | — | — | — | 1,059 | |||||||||||||||
| Other income | 215 | 2,000 | 303 | 454 | 1,034 | |||||||||||||||
| Total noninterest income | 2,008 | 3,690 | 2,002 | 2,170 | 3,777 | |||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Compensation and benefits | 8,232 | 8,042 | 8,353 | 4,698 | 7,715 | |||||||||||||||
| Data processing | 2,228 | 1,990 | 1,941 | 1,926 | 2,011 | |||||||||||||||
| Occupancy and equipment | 1,565 | 1,539 | 1,505 | 1,507 | 1,592 | |||||||||||||||
| Supplies, postage, and telephone | 298 | 332 | 344 | 346 | 298 | |||||||||||||||
| Regulatory assessments and state taxes | 534 | 688 | 558 | 501 | 479 | |||||||||||||||
| Advertising | 304 | 290 | 282 | 299 | 265 | |||||||||||||||
| Professional fees | 2,026 | 1,957 | 2,668 | 1,449 | 777 | |||||||||||||||
| FDIC insurance premium | 363 | 424 | 411 | 463 | 434 | |||||||||||||||
| Legal settlement | — | — | (10 | ) | — | 5,750 | ||||||||||||||
| Other expense | 1,134 | 1,640 | 1,338 | 1,576 | 679 | |||||||||||||||
| Total noninterest expense | 16,684 | 16,902 | 17,390 | 12,765 | 20,000 | |||||||||||||||
| (Loss) income before (benefit from) provision for income taxes | (314 | ) | 915 | (146 | ) | 3,958 | (10,161 | ) | ||||||||||||
| (Benefit from) provision for income taxes | (320 | ) | 533 | (948 | ) | 297 | (1,125 | ) | ||||||||||||
| Net income (loss) | $ | 6 | $ | 382 | $ | 802 | $ | 3,661 | $ | (9,036 | ) | |||||||||
| Basic and diluted earnings (loss) per common share | $ | – | $ | 0.04 | $ | 0.09 | $ | 0.42 | $ | (1.03 | ) | |||||||||
| Diluted weighted average common shares outstanding | 8,894,998 | 8,860,060 | 8,813,632 | 8,791,478 | 8,747,422 | |||||||||||||||
| FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited) |
||||||||||||||||||||
| Selected Loan Detail | March 31, 2026 | December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 | |||||||||||||||
| Construction and land loans breakout | ||||||||||||||||||||
| 1-4 Family construction | $ | 18,802 | $ | 21,954 | $ | 29,961 | $ | 39,040 | $ | 42,371 | ||||||||||
| Multifamily construction | 12,144 | 10,109 | 15,660 | 14,728 | 9,223 | |||||||||||||||
| Nonresidential construction | 25,758 | 23,005 | 16,484 | 12,832 | 7,229 | |||||||||||||||
| Land and development | 5,643 | 6,200 | 5,688 | 5,938 | 6,054 | |||||||||||||||
| Total construction and land loans | $ | 62,347 | $ | 61,268 | $ | 67,793 | $ | 72,538 | $ | 64,877 | ||||||||||
| Auto and other consumer loans breakout | ||||||||||||||||||||
| Triad Manufactured Home loans | $ | 131,406 | $ | 132,287 | $ | 133,425 | $ | 135,537 | $ | 134,740 | ||||||||||
| Woodside auto loans | 147,444 | 137,678 | 131,800 | 127,828 | 118,972 | |||||||||||||||
| First Help auto loans | 7,570 | 8,491 | 9,561 | 11,221 | 13,012 | |||||||||||||||
| Other auto loans | 468 | 586 | 767 | 1,016 | 1,313 | |||||||||||||||
| Other consumer loans | 4,072 | 4,460 | 4,671 | 5,275 | 5,841 | |||||||||||||||
| Total auto and other consumer loans | $ | 290,960 | $ | 283,502 | $ | 280,224 | $ | 280,877 | $ | 273,878 | ||||||||||
| Commercial business loans breakout | ||||||||||||||||||||
| Northpointe Bank MPP | $ | 41,951 | $ | 18,941 | $ | – | $ | – | $ | – | ||||||||||
| Secured lines of credit | 40,991 | 39,783 | 43,081 | 41,043 | 39,986 | |||||||||||||||
| Unsecured lines of credit | 3,351 | 2,901 | 2,580 | 2,551 | 2,030 | |||||||||||||||
| SBA loans | 5,505 | 5,645 | 6,347 | 6,618 | 6,889 | |||||||||||||||
| Other commercial business loans | 60,793 | 63,041 | 61,152 | 67,631 | 70,878 | |||||||||||||||
| Total commercial business loans | $ | 152,591 | $ | 130,311 | $ | 113,160 | $ | 117,843 | $ | 119,783 | ||||||||||
| Loans by Collateral and Unfunded Commitments | March 31, 2026 | December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 | |||||||||||||||
| One-to-four family construction | $ | 18,571 | $ | 23,815 | $ | 31,627 | $ | 40,509 | $ | 38,221 | ||||||||||
| All other construction and land | 44,000 | 37,334 | 36,161 | 36,129 | 30,947 | |||||||||||||||
| One-to-four family first mortgage | 440,576 | 431,222 | 415,670 | 420,847 | 428,081 | |||||||||||||||
| One-to-four family junior liens | 21,169 | 21,003 | 20,568 | 20,116 | 15,155 | |||||||||||||||
| One-to-four family revolving open-end | 57,027 | 56,365 | 58,486 | 57,502 | 51,832 | |||||||||||||||
| Commercial real estate, owner occupied: | ||||||||||||||||||||
| Health care | 28,177 | 28,488 | 28,794 | 29,091 | 29,386 | |||||||||||||||
| Office | 18,953 | 19,216 | 18,499 | 19,116 | 19,363 | |||||||||||||||
| Warehouse | 7,549 | 7,608 | 7,684 | 7,432 | 9,272 | |||||||||||||||
| Other | 72,556 | 71,313 | 73,562 | 74,364 | 74,915 | |||||||||||||||
| Commercial real estate, non-owner occupied: | ||||||||||||||||||||
| Office | 36,657 | 40,311 | 40,917 | 42,198 | 41,885 | |||||||||||||||
| Retail | 53,519 | 50,494 | 50,839 | 51,708 | 50,737 | |||||||||||||||
| Hospitality | 62,729 | 63,113 | 63,953 | 64,308 | 62,226 | |||||||||||||||
| Other | 115,367 | 112,307 | 106,991 | 93,505 | 93,549 | |||||||||||||||
| Multi-family residential | 272,025 | 289,581 | 297,379 | 330,784 | 339,217 | |||||||||||||||
| Commercial business loans | 61,247 | 66,264 | 68,062 | 73,403 | 75,628 | |||||||||||||||
| Commercial agriculture and fishing loans | 27,982 | 25,842 | 23,346 | 22,443 | 22,914 | |||||||||||||||
| State and political subdivision obligations | 333 | 333 | 369 | 369 | 369 | |||||||||||||||
| Consumer automobile loans | 155,443 | 146,708 | 142,064 | 139,992 | 133,209 | |||||||||||||||
| Consumer loans secured by other assets | 133,825 | 134,826 | 136,073 | 138,378 | 137,619 | |||||||||||||||
| Consumer loans unsecured | 1,691 | 1,969 | 2,088 | 2,508 | 3,051 | |||||||||||||||
| Total loans | $ | 1,629,396 | $ | 1,628,112 | $ | 1,623,132 | $ | 1,664,702 | $ | 1,657,576 | ||||||||||
| Unfunded commitments under lines of credit or existing loans | $ | 166,897 | $ | 167,489 | $ | 158,118 | $ | 166,589 | $ | 175,100 | ||||||||||
| FIRST NORTHWEST BANCORP AND SUBSIDIARY NET INTEREST MARGIN ANALYSIS (Dollars in thousands) (Unaudited) |
||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| Average | Interest | Average | Interest | |||||||||||||||||||||
| Balance | Earned/ | Yield/ | Balance | Earned/ | Yield/ | |||||||||||||||||||
| (dollars in thousands) | Outstanding | Paid | Rate | Outstanding | Paid | Rate | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable, net(1) (2) | $ | 1,597,287 | $ | 22,000 | 5.59 | % | $ | 1,641,937 | $ | 22,231 | 5.49 | % | ||||||||||||
| Total investment securities | 269,658 | 2,585 | 3.89 | 333,208 | 3,803 | 4.63 | ||||||||||||||||||
| FHLB dividends | 12,168 | 282 | 9.40 | 13,609 | 307 | 9.15 | ||||||||||||||||||
| Interest-earning deposits in banks | 51,046 | 467 | 3.71 | 42,917 | 482 | 4.55 | ||||||||||||||||||
| Total interest-earning assets(3) | 1,930,159 | 25,334 | 5.32 | 2,031,671 | 26,823 | 5.35 | ||||||||||||||||||
| Noninterest-earning assets | 140,292 | 143,077 | ||||||||||||||||||||||
| Total average assets | $ | 2,070,451 | $ | 2,174,748 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 140,578 | $ | 72 | 0.21 | $ | 168,414 | $ | 260 | 0.63 | ||||||||||||||
| Money market accounts | 446,467 | 2,343 | 2.13 | 414,425 | 2,345 | 2.29 | ||||||||||||||||||
| Savings accounts | 243,322 | 871 | 1.45 | 216,499 | 783 | 1.47 | ||||||||||||||||||
| Certificates of deposit, customer | 438,176 | 3,892 | 3.60 | 451,936 | 4,522 | 4.06 | ||||||||||||||||||
| Certificates of deposit, brokered | 70,123 | 752 | 4.35 | 158,269 | 1,827 | 4.68 | ||||||||||||||||||
| Total interest-bearing deposits(4) | 1,338,666 | 7,930 | 2.40 | 1,409,543 | 9,737 | 2.80 | ||||||||||||||||||
| Advances | 252,778 | 2,619 | 4.20 | 279,500 | 2,855 | 4.14 | ||||||||||||||||||
| Subordinated debt | 34,651 | 345 | 4.04 | 38,370 | 384 | 4.06 | ||||||||||||||||||
| Total interest-bearing liabilities | 1,626,095 | 10,894 | 2.72 | 1,727,413 | 12,976 | 3.05 | ||||||||||||||||||
| Noninterest-bearing deposits(4) | 240,633 | 243,569 | ||||||||||||||||||||||
| Other noninterest-bearing liabilities | 44,191 | 47,329 | ||||||||||||||||||||||
| Total average liabilities | 1,910,919 | 2,018,311 | ||||||||||||||||||||||
| Average equity | 159,532 | 156,437 | ||||||||||||||||||||||
| Total average liabilities and equity | $ | 2,070,451 | $ | 2,174,748 | ||||||||||||||||||||
| Net interest income | $ | 14,440 | $ | 13,847 | ||||||||||||||||||||
| Net interest rate spread | 2.60 | 2.30 | ||||||||||||||||||||||
| Net earning assets | $ | 304,064 | $ | 304,258 | ||||||||||||||||||||
| Net interest margin(5) | 3.03 | 2.76 | ||||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 118.7 | % | 117.6 | % | ||||||||||||||||||||
(1) The average loans receivable, net balances include nonaccrual loans.
(2) Interest earned on loans receivable includes net deferred costs of $633,000 and $338,000 for the three months ended March 31, 2026 and 2025, respectively.
(3) Includes interest-earning deposits (cash) at other financial institutions.
(4) Cost of all deposits, including noninterest-bearing demand deposits, was 2.04% and 2.39% for the three months ended March 31, 2026 and 2025, respectively.
(5) Net interest income divided by average interest-earning assets.
FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Dollars in thousands) (Unaudited)
Non-GAAP Financial Measures
This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.
Calculations Based on Tangible Common Equity:
| For the Quarter Ended | ||||||||||||||||||||
| ($ in thousands, except per share data) | March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 | March 31, 2025 |
|||||||||||||||
| Total shareholders’ equity | $ | 156,966 | $ | 157,264 | $ | 154,528 | $ | 149,733 | $ | 146,492 | ||||||||||
| Less: Goodwill and other intangible assets | 1,062 | 1,062 | 1,080 | 1,081 | 1,082 | |||||||||||||||
| Disallowed non-mortgage loan servicing rights | 312 | 302 | 317 | 372 | 415 | |||||||||||||||
| Total tangible common equity | $ | 155,592 | $ | 155,900 | $ | 153,131 | $ | 148,280 | $ | 144,995 | ||||||||||
| Total assets | $ | 2,133,443 | $ | 2,107,895 | $ | 2,111,373 | $ | 2,195,363 | $ | 2,171,430 | ||||||||||
| Less: Goodwill and other intangible assets | 1,062 | 1,062 | 1,080 | 1,081 | 1,082 | |||||||||||||||
| Disallowed non-mortgage loan servicing rights | 312 | 302 | 317 | 372 | 415 | |||||||||||||||
| Total tangible assets | $ | 2,132,069 | $ | 2,106,531 | $ | 2,109,976 | $ | 2,193,910 | $ | 2,169,933 | ||||||||||
| Average shareholders’ equity | $ | 159,532 | $ | 157,588 | $ | 151,376 | $ | 146,857 | $ | 156,437 | ||||||||||
| Less: Average goodwill and other intangible assets | 1,062 | 1,080 | 1,081 | 1,081 | 1,082 | |||||||||||||||
| Average disallowed non-mortgage loan servicing rights | 302 | 317 | 371 | 415 | 423 | |||||||||||||||
| Total average tangible common equity | $ | 158,168 | $ | 156,191 | $ | 149,924 | $ | 145,361 | $ | 154,932 | ||||||||||
| Net income (loss) | $ | 6 | $ | 382 | $ | 802 | $ | 3,661 | $ | (9,036 | ) | |||||||||
| Common shares outstanding | 9,499,300 | 9,467,925 | 9,462,150 | 9,444,963 | 9,440,618 | |||||||||||||||
| GAAP Ratios: | ||||||||||||||||||||
| Equity to total assets | 7.36 | % | 7.46 | % | 7.32 | % | 6.82 | % | 6.75 | % | ||||||||||
| Return on average equity | 0.02 | % | 0.96 | % | 2.10 | % | 10.00 | % | -23.42 | % | ||||||||||
| Book value per common share | $ | 16.52 | $ | 16.61 | $ | 16.33 | $ | 15.85 | $ | 15.52 | ||||||||||
| Non-GAAP Ratios: | ||||||||||||||||||||
| Tangible common equity to tangible assets(1) | 7.30 | % | 7.40 | % | 7.26 | % | 6.76 | % | 6.68 | % | ||||||||||
| Return on average tangible common equity(1) | 0.02 | % | 0.97 | % | 2.12 | % | 10.10 | % | -23.65 | % | ||||||||||
| Tangible book value per common share(1) | $ | 16.38 | $ | 16.47 | $ | 16.18 | $ | 15.70 | $ | 15.36 | ||||||||||
| (1 | ) | We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles. |
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1c76ada4-597c-45e8-b3b1-8bb0f196c0e2
https://www.globenewswire.com/NewsRoom/AttachmentNg/dfb214d6-3a5a-4095-82df-e786decdea72
https://www.globenewswire.com/NewsRoom/AttachmentNg/b2d7e84f-1d80-4387-b19b-8e734f449862
https://www.globenewswire.com/NewsRoom/AttachmentNg/ffc8f120-ce6f-4aca-9658-a93b9946741d
