First Northwest Bancorp and First Fed Bank Announce Consent Order Termination and Quarterly Shareholder Dividend

PORT ANGELES, Wash., Oct. 28, 2024 (GLOBE NEWSWIRE) -- First Fed Bank, which is a wholly owned subsidiary of First Northwest Bancorp, has announced that the Federal Deposit Insurance Corporation (FDIC) has officially terminated the Consent Order that was issued to the Bank. This order was in effect since November 21, 2023.

The termination of the Consent Order marks a significant milestone as it comes after the successful resolution of certain compliance program deficiencies that were the focus of the Order. Matthew P. Deines, the Chief Executive Officer, expressed his excitement about this development, stating, "We are thrilled to announce the termination of the Consent Order. The Board and I want to convey our sincere thanks and appreciation to our entire compliance team who worked so diligently to strengthen our compliance programs. I also want to recognize our Board for their contributions and efforts regarding this process. The fact that we were able to achieve this in 11 months is a testament to the work the entire bank made over the past two plus years to put this chapter behind us. We appreciate the FDIC's assessment of our compliance management system and the recognition of our satisfaction of all of the items related to the Order."

In addition to the termination, the Board of Directors of First Northwest Bancorp has also declared a quarterly cash dividend of $0.07 per common share. This dividend is set to be payable on November 22, 2024, to shareholders who are on record as of the close of business on November 8, 2024.

Deines further stated, "We believe quarterly cash dividends are an important component of building shareholder value, and our capital position enables us to continue to pay a dividend at consistent levels."

About First Northwest Bancorp

First Northwest Bancorp is a financial holding company that is involved in various investment activities, including its primary subsidiary, First Fed Bank. First Fed is a well-established financial institution located in the Pacific Northwest, serving the community since 1923. Currently, First Fed has 16 locations across Washington state, including 12 full-service branches. The Bank's business strategy focuses on building sustainable earnings by offering a comprehensive range of financial products and services to individuals, small businesses, non-profit organizations, and commercial customers.

In 2022, First Northwest Bancorp made a strategic investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. The Company also targets strategic partnerships to provide modern financial services, such as digital payments and marketplace lending. 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

Some statements made in this announcement may reflect forward-looking thoughts as described under the Private Securities Litigation Reform Act of 1995. These may contribute to expectations about the business environment that the company operates in, future performance forecasts, perceived market opportunities, and various statements regarding our objectives and intentions that are non-historical. Such statements are often identified with terms like "believes," "expects," "anticipates," "estimates," and similar expressions. These forward-looking statements are based on current management strategies and anticipations, which may involve uncertainties and risks beyond our control. Therefore, actual results may significantly differ from those indicated by these forward-looking statements due to multiple factors, including competitive pressures, interest rate changes, credit risks from lending activities, and other economic conditions. These matters should be considered when evaluating the forward-looking statements made in this release, and caution should be exercised not to over-rely on any such statements. We do not promise to revise forward-looking statements in light of unforeseen events or circumstances.

Contact Information

Matthew P. Deines, President and Chief Executive Officer

Email: [email protected]

Phone: 360-457-0461

bank, dividend, compliance