First Northwest Bancorp posts Q3 net loss on higher credit costs
FNWB•First Northwest Bancorp reported a third-quarter net loss, reversing profit from the prior quarter and year-earlier period. Loss per share was $0.08, compared with earnings per share of $0.09 a year earlier; the company cited higher credit loss provisions and a legal settlement.
1. Quarterly results
First Northwest Bancorp reported a third-quarter net loss, reversing profit from the prior quarter and year-earlier period. Loss per basic share was $0.08, compared with earnings per share of $0.09 a year earlier. The company cited a higher credit loss provision and a legal settlement as drivers.
2. Company outlook
The company said strategic and operational initiatives are underway to improve profitability. It expects stable net interest income and modest net interest margin expansion, and aims to enhance its funding mix and strengthen its balance sheet. Customer deposits increased by $27 million, while securities purchases increased assets and partially offset a decline in loans.
