First Northwest Bancorp Posts $743,000 Third-Quarter Net Loss as Customer Deposits Grow $27 Million
First Northwest Bancorp (Nasdaq: FNWB), the holding company for First Fed Bank, reported third-quarter 2026 results on October 29 in Port Angeles, Washington. The company posted a net loss of $743,000, compared with net income of $308,000 in the second quarter of 2026 and net income of $802,000 in the third quarter of 2025. Basic and diluted loss per share were $0.08.
Net interest income was $14.3 million, close to $14.6 million a year earlier, and the net interest margin improved to 2.96%, from 2.95% in the second quarter and 2.91% a year earlier. The company recorded a $700,000 provision for credit losses, against a benefit a year earlier. Noninterest income was $2.2 million, while noninterest expense rose to $17.3 million, driven mainly by a nonrecurring $1.3 million expense for the settlement of a previously disclosed legal matter.
Total assets were $2.143 billion at quarter-end and total loans were $1.594 billion. Customer deposits grew $27 million in the quarter to $1.576 billion, improving the funding mix, while brokered deposits held at $59 million. Total shareholders' equity was $149 million.
Nonperforming loans declined to $19.9 million from $20.7 million at the end of the second quarter. The allowance for credit losses was 1.03% of total loans, and coverage of nonperforming loans rose to 82.41%. First Fed's total risk-based capital ratio was 13.3%, and the bank remains well capitalized.
President and CEO Curt Queyrouze said the core banking franchise kept its momentum in the quarter, with stable net interest income, modest margin expansion and growth in customer deposits reflecting progress in improving the funding mix and strengthening the balance sheet. He said that although results were affected by a higher credit-loss provision and the legal settlement, nonperforming loans declined and allowance coverage improved, and that with a stable capital position the company is building a stronger foundation for improved profitability and long-term shareholder value.
Source: GSM · USA (original Chinese edition)
Photo: 图：Washington 州 Port Angeles 全景，First Northwest Bancorp 与 First Fed Bank 总部所在地。照片：Gordon Leggett 摄，CC BY 4.0，经 Wikimedia Commons。 / A wide view of Port Angeles, Washington, home of First Northwest Bancorp and First Fed Bank. Photo: Gordon Leggett, CC BY 4.0, via Wikimedia Commons.
