PORT ANGELES, Wash. - First Northwest Bancorp (NASDAQ: FNWB), the holding company of First Fed Bank, with a current market capitalization of $89.55 million, announced the resignation of Craig Curtis from its Boards of Directors, effective December 31, 2024. Curtis has served on the First Fed Board for a decade and on the FNWB Board for nine years. According to InvestingPro data, the company's stock has experienced a significant decline of 34% year-to-date, trading at $10.20 per share.
During his tenure, Curtis contributed to the governance of both boards, including as Chair of the Nominating and Corporate Governance Committee, and was involved with the First Fed Board Loan Committee. His decision to step down was based on the belief that new, more qualified candidates could offer more meaningful contributions to the evolving company. InvestingPro analysis indicates the company faces several challenges, with financial health metrics showing room for improvement. Subscribers can access over 30 additional financial metrics and insights about FNWB's performance.
Cindy Finnie, Board Chair of FNWB and First Fed, expressed gratitude for Curtis's years of service and wished him well in future endeavors. Curtis, a partner and director at Mithun, a design firm, has a background in architecture and was previously involved with Katerra, Inc. and The Miller Hull Partnership.
The Nominating and Corporate Governance Committee is actively seeking potential candidates to fill the vacancy on the board. The committee is considering the skills and experience necessary for the role and assessing whether a new appointment aligns with the bank's best interests.
First Northwest Bancorp, the parent company of First Fed Bank, is a financial holding company that has been serving Washington state since 1923. It operates 17 locations, including 12 full-service branches, and focuses on small business and commercial customers. Trading at 0.55 times book value and offering a 2.75% dividend yield, the company also engages in fintech partnerships and investments, including a minority investment in Meriwether Group. InvestingPro subscribers can access detailed analysis of the company's valuation metrics and growth potential.
First Fed Bank has received multiple accolades, including recognition as a Best Workplace and top Corporate Philanthropist by Puget Sound Business Journal in 2023. It has also been awarded for its banking services by various publications and received a best-in-state bank award from Forbes in 2021.
This news is based on a press release statement from First Northwest Bancorp. The company's forward-looking statements involve risks and uncertainties, as detailed in its SEC filings.
In other recent news, First Northwest Bancorp has seen significant developments. The Federal Deposit Insurance Corporation (FDIC) lifted a Consent Order against the company, recognizing its efforts in rectifying compliance deficiencies. In addition, the Board of Directors declared a quarterly cash dividend of $0.07 per common share, showing a solid capital position to sustain such payouts.
Yet, the company had to revise its second-quarter 2024 financial results due to a material weakness, leading to an additional $6.6 million in net charge-offs. This led to an increase in its provisioning by an additional $4.5 million and resulted in a net loss of $6.4 million. Piper Sandler, an analyst firm, adjusted its price target for the company down to $11.00 in response to these developments.
Piper Sandler also revised its earnings estimates for First Northwest Bancorp. The firm decreased the 2024 estimate to $0.00, a reduction of $0.50, but increased the 2025 earnings estimate to $1.20. These changes reflect the company's improved net interest margin and operating expense outlooks.
In response to these challenges, First Northwest Bancorp has implemented measures to boost profitability, such as a branch sale-leaseback, a partial securities restructuring, and a recently announced 9% Reduction in Force. Furthermore, the company promoted Kyle Henderson to the role of Chief Credit Officer, marking another significant development in the company's strategic adjustments.
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