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First Northwest Bancorp (FNWB+1.73%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals total assets of $2.23 billion, with net loans amounting to $1.68 billion. Total deposits were reported at $1.69 billion, and total shareholders' equity was $153.9 million.
The company reported a net loss of $6.6 million for the year, a decrease from the previous year's net income. The loss was attributed to a decline in net interest income and an increase in the provision for credit losses.
Net interest income for the year was $56.3 million, down from $61.4 million in the prior year. The decrease was due to higher interest expenses outpacing the increase in interest income.
Interest income increased by $11.4 million, primarily due to higher yields on loans and an increase in average loan balances. However, interest expenses rose by $16.6 million due to higher costs on deposits and borrowings.
The provision for credit losses increased significantly to $16.5 million, driven by charge-offs on commercial loans and increased loss factors applied to certain loan segments.
Noninterest income rose to $12.6 million, aided by gains from the sale of branch properties and a bank-owned life insurance death benefit, despite a loss on the sale of securities.
Noninterest expenses decreased slightly to $60.0 million, with reductions in advertising and professional fees, offset by increased compensation expenses and lease costs.
The company's total capital ratios remained above regulatory requirements, with First Fed categorized as 'well-capitalized' under FDIC guidelines.
The filing also details the company's focus on expanding its market presence, enhancing digital infrastructure, and increasing noninterest income through various strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Northwest Bancorp annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.