Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €9.55, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 12x in the Banks industry in Europe. Negligible returns to shareholders over past three years. New Risk • Jul 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€84.3m market cap, or US$95.9m). Duyuru • May 01
First Northwest Bancorp Reports Net Loan Charge Offs for the First Quarter Ended March 31, 2026 First Northwest Bancorp reported Net loan charge offs for the first quarter ended March 31, 2026. For the period, the company reported Net loan charge-offs of $151,000 compared to $7,650,000 a year ago. Duyuru • Mar 30
First Northwest Bancorp, Annual General Meeting, May 19, 2026 First Northwest Bancorp, Annual General Meeting, May 19, 2026. Location: field arts and events hall, 201 w. front street, washington 98362, port angeles United States Duyuru • Jan 08
First Northwest Bancorp and First Fed Bank Announce Resignation of Geraldine L. Bullard as Executive Vice President and Chief Operating Officer Effective February 4, 2026 First Northwest Bancorp announced that Geraldine L. Bullard, Executive Vice President and Chief Operating Officer of First Fed, has informed the Company of her decision to resign effective February 4, 2026, to pursue other opportunities. Ms. Bullard was a named executive officer in the Company's most recent proxy statement filed on April 8, 2025. She joined the Company on January 30, 2020, and during her tenure served as Interim Chief Executive Officer and Chief Financial Officer in addition to her current role. There are no arrangements or understandings between Ms. Bullard and any other person pursuant to which she resigned, and there are no compensatory or severance agreements entered into in connection with her resignation. Duyuru • Dec 11
First Fed Bank and First Northwest Bancorp, Announces Retirement of Norman J. Tonina, Jr. from Boards of Directors, Effective on December 9, 2025 First Fed Bank and its holding company, First Northwest Bancorp, announced the retirement of Norman J. Tonina, Jr. from the Company's Boards of Directors, effective at the regular Board meetings on December 9, 2025. Mr. Tonina joined the First Fed Board in 2012 and was an inaugural member of the FNWB Board starting in 2015. He served as Chair of the Nominating and Corporate Governance Committee for both Boards during his tenure on the Boards. Mr. Tonina began his career as a finance manager, rising to become Senior Director of Finance for Microsoft's Platforms and Applications business. In 1999, he transitioned to Human Resources at Microsoft, where he directed strategic global Human Resources initiatives in the areas of culture, leadership, and talent. He is an active non-profit board member and currently serves as President of the First Fed Foundation and has served as an adjunct faculty member in Seattle Pacific University's graduate program in Industrial and Organizational Psychology. Mr. Tonina earned his BA in Business Administration from Northeastern University, a certificate in Human Resources from the University of Michigan, and a Master's in Organizational Psychology from Antioch University. Duyuru • Sep 17
First Northwest Bancorp Announces CEO Changes First Northwest Bancorp and its subsidiary First Fed Bank reported that Curt Queyrouze will become the Company's new Chief Executive Officer and President, starting on September 17. Queyrouze will also be appointed as a member of the Board of Directors of both First Northwest and First Fed at that time. Queyrouze is a seasoned community bank leader with more than 40 years of financial services experience including expertise in credit, risk management, and financial technology. Queyrouze was most recently President, Community Bank and Corporate Credit, of Coastal Financial Corporation, the holding company for Coastal Community Bank in Everett, Washington. Prior to joining Coastal in 2022, he was President and Chief Executive Officer at TAB Bank in Ogden, Utah. Queyrouze's career also includes leadership roles at institutions from small community banks to regional banks as well as Chief Operating Officer of a fintech company. He holds a degree in Accounting from Louisiana State University and is active in his community and banking industry organizations. Queyrouze replaces Matthew P. Deines, who departed the Company in July 2025. Geraldine Bullard, the Company's Chief Operating Officer, will resume her role following her service as Interim CEO during the Board's executive search. Duyuru • Sep 12
First Northwest Bancorp and First Fed Bank Announces Board Changes, Effective September 17, 2025 On September 11, 2025, the Board of Directors of First Northwest Bancorp and the Board of Directors of First Fed Bank (together with First Northwest, the “Company”) appointed Curt Queyrouze to serve as President and Chief Executive Officer of the Company and as a member of both Boards, effective September 17, 2025. When Mr. Queyrouze assumes his role of Chief Executive Officer of the Company on September 17, 2025, Geraldine L. Bullard who was appointed as Interim Chief Executive Officer of the Company, effective as of July 13, 2025, will conclude her interim service and will continue to serve as Executive Vice President and Chief Operating Officer of the Company. Mr. Queyrouze, age 64, previously served as President, Community Bank and Corporate Credit, of Coastal Financial Corporation (“Coastal”), the holding company for Coastal Community Bank. Mr. Queyrouze joined Coastal in 2022 as President. Prior to that, Mr. Queyrouze was President and Chief Executive Officer of TAB Bank, UT, from 2016 to 2022 and Chief Credit Officer from 2014 to 2016, where he gained experience in managing a community bank and fintech partnerships through banking as a service (“BaaS”). Prior to TAB Bank, Mr. Queyrouze was Senior Vice President Loss Mitigation Manager for Hancock Whitney Bank, from 2009 to 2012. His career has included a variety of leadership roles at banks ranging from top-ten and regionals to community institutions, and as Chief Operating Officer of a fintech company. He holds a degree in Accounting from Louisiana State University and is active in his community and banking industry organizations. Duyuru • Jul 24
First Northwest Bancorp Announces Net Loan Charge-Offs for the Second Quarter Ended June 30, 2025 First Northwest Bancorp announced net loan charge-offs for the second quarter ended June 30, 2025. For the period, the company announced net loan charge-offs of $1,928,000 compared to $7,255,000 a year ago. Duyuru • Jul 23
First Northwest Bancorp and First Fed Bank Appoints Diane C. Davis as A Director First Northwest Bancorp and First Fed Bank announced approval of the election of Diane C. Davis as a Director. Ms. Davis’ term as a Director of the Company is effective immediately and will continue until the 2026 Annual Meeting of Shareholders, at which time it is anticipated that she will be nominated for re-election by the shareholders. The Company's Board has determined that Ms. Davis meets the requirements for director independence under the listing standards of The NASDAQ Stock Market LLC and applicable rules of the Securities and Exchange Commission. Ms. Davis was appointed to serve on the Nominating and Corporate Governance Committee for both the Company and First Fed. She was also appointed to serve on the Board Loan Committee for First Fed. Ms. Davis began her career at Farmers New World Life Insurance Company in 1992 and advanced through a variety of leadership roles, including Chief Risk Officer and ultimately President from 2016 until her retirement in 2019. She also served as Regional Chief Risk Officer for Global Life North America at Zurich Insurance Company Ltd., bringing broad actuarial and strategic planning experience to her board role. She holds a Bachelor of Science in Actuarial Science from the University of Illinois at Urbana-Champaign and a Master of Business Administration from the University of Washington. A Fellow of the Society of Actuaries, Ms. Davis currently serves as co-chair of 5050 Women on Boards of Greater Seattle and is a former member of the Board of Directors for Habitat for Humanity Seattle-King County. Duyuru • May 13
First Northwest Bancorp Reports Net Loan Charge-Offs for the First Quarter Ended March 31, 2025 First Northwest Bancorp reported Net loan charge-offs for the first quarter ended March 31, 2025. For the period, Net loan charge-offs to average outstanding loans was $7,650,000 against $791,000 a year ago. Duyuru • Apr 25
First Northwest Bancorp announces Quarterly dividend, payable on May 23, 2025 First Northwest Bancorp announced Quarterly dividend of USD 0.0700 per share payable on May 23, 2025, ex-date on May 09, 2025 and record date on May 09, 2025. Duyuru • Apr 02
First Northwest Bancorp, Annual General Meeting, May 20, 2025 First Northwest Bancorp, Annual General Meeting, May 20, 2025. Location: at field arts and events hall, 201 w. front street, washington 98362., port angeles United States Duyuru • Jan 30
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on February 28, 2025 The Board of Directors of First Northwest declared a quarterly cash dividend of $0.07 per common share, payable on February 28, 2025, to shareholders of record as of the close of business on February 14, 2025. Duyuru • Dec 31
First Northwest Bancorp and First Fed Bank Announce the Resignation of Craig Curtis from Boards of Directors, Effective December 31, 2024 First Northwest Bancorp and First Fed Bank announced the resignation of Craig Curtis from the Company’s Boards of Directors, effective December 31, 2024. Curtis is a Partner and Director of Emerging Building Technologies with Mithun, a multi-disciplinary design firm with offices in Seattle, San Francisco, and Los Angeles. Prior to joining Mithun in 2020, Mr. Curtis served as Chief Architect with Katerra Inc., starting in January 2016, where he was responsible for the development of Katerra’s building platforms and led the launch of the company’s mass timber design division, including North America’s largest cross-laminated timber factory. Prior to joining Katerra, Mr. Curtis was employed by The Miller Hull Partnership, an architecture and planning firm, for 30 years and served as a partner from 1994 until 2016. The Boards, through the Nominating and Corporate Governance Committee, are actively engaged in ongoing recruiting efforts and have identified several potential candidates that offer the diversity, skills, and experience appropriate for Board membership. The Committee will also determine whether adding a new Board member is in the best interest of the Bank at this time. Declared Dividend • Nov 04
Third quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 8th November 2024 Payment date: 22nd November 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is expected to be well covered in 3 years' time (24% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 6 years and payments have been stable during that time. Reported Earnings • Oct 28
Second quarter 2024 earnings released: US$0.25 loss per share (vs US$0.20 profit in 2Q 2023) Second quarter 2024 results: US$0.25 loss per share (down from US$0.20 profit in 2Q 2023). Revenue: US$12.8m (down 26% from 2Q 2023). Net loss: US$2.22m (down 226% from profit in 2Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Duyuru • Oct 28
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on November 22, 2024 The Board of Directors of First Northwest Bancorp has declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on November 22, 2024, to shareholders of record as of the close of business on November 8, 2024. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings have declined by 3.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.8% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (€82.9m market cap, or US$89.8m). Declared Dividend • Jul 29
Second quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 9th August 2024 Payment date: 23rd August 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 6 years and payments have been stable during that time. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$0.16 (vs US$0.20 in 2Q 2023) Second quarter 2024 results: EPS: US$0.16 (down from US$0.20 in 2Q 2023). Revenue: US$17.4m (flat on 2Q 2023). Net income: US$1.42m (down 20% from 2Q 2023). Profit margin: 8.2% (down from 10% in 2Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Duyuru • Jul 26
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on August 23, 2024 The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on August 23, 2024, to shareholders of record as of the close of business on August 9, 2024. Duyuru • Jul 10
First Northwest Bancorp and First Fed Announce the Retirement of Jennifer Zaccardo from Boards of Directors First Fed Bank and its holding company, First Northwest Bancorp (collectively the Company) announced the retirement of Jennifer Zaccardo from the Company’s Boards of Directors, effective July 02, 2024. Zaccardo served on the First Fed Board for 13 years and the FNWB Board for 9 years, bringing a wealth of knowledge and dedication to the Company’s growth and success. She also recently served as Vice Chair of both boards from June 2022 to June 2023. Previously, Zaccardo served as the President and Treasurer at Baker, Overby & Moore Inc., a public accounting firm with which she has been affiliated since 1983. Zaccardo is also a past President and Treasurer of the Peninsula College Foundation Board of Governors and served on the Quillayute Valley School Board of Directors for 10 years. She is a member of both The American Institute of Certified Public Accountants and the Washington Society of Certified Public Accountants. Recent Insider Transactions • May 16
Independent Director recently bought €780k worth of stock On the 10th of May, Dana Behar bought around 80k shares on-market at roughly €9.75 per share. This transaction increased Dana's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €917k more in shares than they have sold in the last 12 months. Declared Dividend • Apr 29
First quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. Duyuru • Apr 27
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on May 24, 2024 The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on May 24, 2024, to shareholders of record as of the close of business on May 10, 2024. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$0.04 (vs US$0.39 in 1Q 2023) First quarter 2024 results: EPS: US$0.04 (down from US$0.39 in 1Q 2023). Revenue: US$15.1m (down 21% from 1Q 2023). Net income: US$396.0k (down 89% from 1Q 2023). Profit margin: 2.6% (down from 18% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Duyuru • Apr 21
First Northwest Bancorp, Annual General Meeting, May 30, 2024 First Northwest Bancorp, Annual General Meeting, May 30, 2024, at 16:00 Pacific Standard Time. Location: 201 W. Front Street Port Angeles United States Agenda: To consider election of ten directors to serve a one-year term; to consider approval of the Second Amended and Restated Articles of Incorporation of First Northwest Bancorp to remove supermajority voting provisions and permit removal of directors by the shareholders with or without cause; and to consider other matters. New Risk • Apr 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.6m (US$91.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (110% payout ratio). Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (€85.6m market cap, or US$91.4m). Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €11.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 8x in the Banks industry in Europe. Total loss to shareholders of 16% over the past three years. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: US$0.26 (vs US$1.71 in FY 2022) Full year 2023 results: EPS: US$0.26 (down from US$1.71 in FY 2022). Revenue: US$64.1m (down 17% from FY 2022). Net income: US$2.28m (down 85% from FY 2022). Profit margin: 3.5% (down from 20% in FY 2022). Net interest margin (NIM): 3.13% (down from 3.79% in FY 2022). Non-performing loans: 1.12% (up from 0.12% in FY 2022). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Feb 01
Upcoming dividend of US$0.07 per share at 1.9% yield Eligible shareholders must have bought the stock before 08 February 2024. Payment date: 23 February 2024. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.1%). Declared Dividend • Jan 29
Fourth quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 8th February 2024 Payment date: 23rd February 2024 Dividend yield will be 2.0%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio). However, the dividend is expected to be well covered in 3 years' time (24% forecast payout ratio). The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 21% to bring the payout ratio under control. EPS is expected to grow by 139% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$0.26 (vs US$1.71 in FY 2022) Full year 2023 results: EPS: US$0.26 (down from US$1.71 in FY 2022). Revenue: US$64.1m (down 19% from FY 2022). Net income: US$2.29m (down 85% from FY 2022). Profit margin: 3.6% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Jan 25
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on February 23, 2024 First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on February 23, 2024, to shareholders of record as of the close of business on February 9, 2024. Recent Insider Transactions • Dec 17
Chief Digital Officer & General Counsel recently sold €71k worth of stock On the 15th of December, Christopher Riffle sold around 5k shares on-market at roughly €14.19 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €166k more than they sold in the last 12 months. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.07 per share at 2.2% yield Eligible shareholders must have bought the stock before 09 November 2023. Payment date: 24 November 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.4%). Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: US$0.28 (vs US$0.47 in 3Q 2022) Third quarter 2023 results: EPS: US$0.28 (down from US$0.47 in 3Q 2022). Revenue: US$17.5m (down 12% from 3Q 2022). Net income: US$2.50m (down 41% from 3Q 2022). Profit margin: 14% (down from 22% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 03
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be €14.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to decline by 2.8% in a year. Earnings is forecast to decline by 32% in the next year. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.07 per share at 2.1% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.0%). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$0.20 (vs US$0.27 in 2Q 2022) Second quarter 2023 results: EPS: US$0.20 (down from US$0.27 in 2Q 2022). Revenue: US$17.4m (down 8.3% from 2Q 2022). Net income: US$1.78m (down 28% from 2Q 2022). Profit margin: 10% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 2 years compared to a 4.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.1%. The fair value is estimated to be €12.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to decline by 4.0% in a year. Earnings is forecast to decline by 26% in the next year. Recent Insider Transactions • May 25
Independent Director recently bought €194k worth of stock On the 22nd of May, Dana Behar bought around 20k shares on-market at roughly €9.72 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €326k more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €9.25, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Banks industry in Europe. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.14 per share. Upcoming Dividend • May 04
Upcoming dividend of US$0.07 per share at 2.6% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.1%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: US$1.71 (vs US$1.63 in FY 2021) Full year 2022 results: EPS: US$1.71 (up from US$1.63 in FY 2021). Revenue: US$78.7m (up 8.4% from FY 2021). Net income: US$15.5m (up 4.0% from FY 2021). Profit margin: 20% (in line with FY 2021). Net interest margin (NIM): 3.79% (up from 3.51% in FY 2021). Non-performing loans: 0.12% (up from 0.10% in FY 2021). Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €11.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.54 per share. Upcoming Dividend • Feb 02
Upcoming dividend of US$0.07 per share at 1.9% yield Eligible shareholders must have bought the stock before 09 February 2023. Payment date: 24 February 2023. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (5.3%). Duyuru • Jan 28
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on February 24, 2023 The board of directors of First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on February 24, 2023, to shareholders of record as of the close of business on February 10, 2023. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$1.71 (vs US$1.63 in FY 2021) Full year 2022 results: EPS: US$1.71 (up from US$1.63 in FY 2021). Revenue: US$78.7m (up 8.4% from FY 2021). Net income: US$15.6m (up 4.9% from FY 2021). Profit margin: 20% (in line with FY 2021). Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Duyuru • Jan 26
First Fed Bank Appoints Lynn Terwoerds to Board of Directors First Fed Bank announced that Lynn Terwoerds has been appointed to the Board of Directors. Lynn Terwoerds has over 24 years of experience as a technology thought leader and cybersecurity strategist for global companies including Microsoft, Barclays PLC, and Oracle. Her experience ranges from running global security incident response to developing long-term security strategy for critical infrastructure, which required top secret clearance. She has held leadership positions in multiple industries including healthcare and financial services. Ms. Terwoerds is a member of the National Association of Corporate Directors and holds NACD Directorship Certification™. Additionally, Ms. Terwoerds is Board President of the Northwest Maritime Center and on the Advisory Board of the Executive Women’s Forum. She previously served on the Board of Directors for the National Women’s Sailing Foundation which is dedicated to enriching the lives of women and girls through education and access to sailing. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 09 November 2022. Payment date: 25 November 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.6%). Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$0.47 (vs US$0.46 in 3Q 2021) Third quarter 2022 results: EPS: US$0.47 (up from US$0.46 in 3Q 2021). Revenue: US$19.8m (up 4.5% from 3Q 2021). Net income: US$4.29m (up 2.7% from 3Q 2021). Profit margin: 22% (in line with 3Q 2021). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Duyuru • Oct 27
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on November 25, 2022 The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on November 25, 2022, to shareholders of record as of the close of business on November 10, 2022. Upcoming Dividend • Aug 04
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (7.1%). Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$0.27 (vs US$0.33 in 2Q 2021) Second quarter 2022 results: EPS: US$0.27 (down from US$0.33 in 2Q 2021). Revenue: US$19.0m (up 10% from 2Q 2021). Net income: US$2.49m (down 17% from 2Q 2021). Profit margin: 13% (down from 17% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 12%, compared to a 20% growth forecast for the industry in Germany. Duyuru • Jul 28
First Northwest Bancorp Declares Quarterly Cash Dividend, Payable on August 26, 2022 On July 27, 2022, First Northwest Bancorp declared a quarterly cash dividend of $0.07 per share of common stock, payable on August 26, 2022, to shareholders of record as of the close of business on August 12, 2022. Duyuru • Jun 11
First Northwest Bancorp Announces the Resignation of Kelly A. Liske, Chief Banking Officer, Effective June 30, 2022 On June 3, 2022, First Northwest Bancorp (the "Company"), and Kelly A. Liske, Executive Vice President and Chief Banking Officer of the Company, agreed that Ms. Liske will leave the Company effective June 30, 2022, to pursue other business opportunities. Ms. Liske has held various management roles with the Company and First Fed Bank since 2006. Buying Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €19.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 10% in a year. Earnings is forecast to grow by 8.6% in the next year. Duyuru • May 02
First Northwest Bancorp Declares Quarterly Dividend, Payable on May 27, 2022 The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on May 27, 2022, to shareholders of record as of the close of business on May 13, 2022. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: US$0.30 (vs US$0.34 in 1Q 2021) First quarter 2022 results: EPS: US$0.30 (down from US$0.34 in 1Q 2021). Revenue: US$17.9m (up 14% from 1Q 2021). Net income: US$2.81m (down 10% from 1Q 2021). Profit margin: 16% (down from 20% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 9.8%, compared to a 9.0% growth forecast for the industry in Germany. Duyuru • Apr 15
First Northwest Bancorp, Annual General Meeting, May 24, 2022 First Northwest Bancorp, Annual General Meeting, May 24, 2022, at 16:00 Pacific Standard Time. Location: 7 Cedars Hotel, 270756 Highway 101 Sequim Washington United States Agenda: To consider election of one director to serve a two-year term and three directors to each serve a three-year term; to consider approval of the amended and restated articles of incorporation of First Northwest Bancorp, including providing for the annual re-election of all directors by deleting the classified board provision; to consider approval of the amended and restated articles of incorporation of First Northwest Bancorp, including changing the 80% supermajority voting requirement to instead require approval by a majority of the outstanding shares for amendments to the articles of incorporation; to consider an advisory (non-binding) vote to approve the compensation of named executive officers, as disclosed in this proxy statement; and to consider ratification of the appointment of Moss Adams LLP as independent registered public accounting firm for the year ending December 31, 2022. Upcoming Dividend • Feb 03
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 10 February 2022. Payment date: 25 February 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (3.4%). Lower than average of industry peers (3.3%). Reported Earnings • Jan 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$1.67 (up from US$1.11 in FY 2020). Revenue: US$72.6m (up 33% from FY 2020). Net income: US$15.4m (up 49% from FY 2020). Profit margin: 21% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.2%. Over the next year, revenue is forecast to grow 10%, compared to a 11% growth forecast for the banks industry in Germany. Upcoming Dividend • Nov 03
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 10 November 2021. Payment date: 26 November 2021. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.9%). Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS US$0.46 (vs US$0.40 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: US$18.9m (up 25% from 3Q 2020). Net income: US$4.18m (up 14% from 3Q 2020). Profit margin: 22% (down from 24% in 3Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 05
Upcoming dividend of US$0.06 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 27 August 2021. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.1%). Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$0.33 (vs US$0.21 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$17.2m (up 35% from 2Q 2020). Net income: US$3.00m (up 52% from 2Q 2020). Profit margin: 17% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 16
First quarter 2021 earnings released: EPS US$0.34 (vs US$0.091 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$15.7m (up 50% from 1Q 2020). Net income: US$3.12m (up 257% from 1Q 2020). Profit margin: 20% (up from 8.3% in 1Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • May 06
Upcoming dividend of US$0.06 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 28 May 2021. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (2.7%). Reported Earnings • May 01
First quarter 2021 earnings released: EPS US$0.34 (vs US$0.091 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$15.7m (up 50% from 1Q 2020). Net income: US$3.12m (up 257% from 1Q 2020). Profit margin: 20% (up from 8.3% in 1Q 2020). The increase in margin was driven by higher revenue. Duyuru • Apr 29
First Northwest Bancorp Declares Quarterly Dividend, Payable on May 28, 2021 First Northwest Bancorp announced that its Board of Directors declared a regular quarterly cash dividend of $0.06 per common share outstanding, payable on May 28, 2021 to shareholders of record as of the close of business on May 14, 2021. Duyuru • Mar 27
First Northwest Bancorp announced that it has received $40 million in funding First Northwest Bancorp (NasdaqGM:FNWB) announced that it has entered into subordinated note purchase agreements with certain qualified institutional buyers and accredited investors for a private placement of 3.75% Fixed-to-Floating Rate Subordinated Notes due 2031 for gross proceeds of $40,000,000 on March 25, 2021. The Notes bear a fixed interest rate of 3.75% per annum, from and including the closing date to but excluding March 30, 2026, payable semi-annually in arrears. From and including March 30, 2026, to but excluding the maturity date or early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 300 basis points. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after March 30, 2026, or at any time, in whole but not in part, upon certain other specified events prior to the Notes maturity on March 30, 2031. The company has issued securities pursuant to exemption provided under Regulation D. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS US$1.11 (vs US$0.92 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: US$54.8m (up 24% from FY 2019). Net income: US$10.3m (up 15% from FY 2019). Profit margin: 19% (down from 20% in FY 2019). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.27% (up from 3.20% in FY 2019). Non-performing loans: 0.20% (no change from 0.20% in FY 2019). Is New 90 Day High Low • Mar 06
New 90-day high: €14.28 The company is up 19% from its price of €11.96 on 04 December 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 8.0% over the same period. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS US$1.11 (vs US$0.92 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: US$54.8m (up 24% from FY 2019). Net income: US$10.3m (up 15% from FY 2019). Profit margin: 19% (down from 20% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Jan 07
New 90-day high: €13.87 The company is up 39% from its price of €10.00 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 16% over the same period. Duyuru • Jan 05
First Northwest Bancorp Appoints Jennifer Bolton as Senior Vice President, Sr. Director – Digital Marketing First Northwest Bancorp announced that Jennifer Bolton has joined First Federal’s management team as Senior Vice President, Sr. Director – Digital Marketing. Bolton has over 25 years of experience in marketing and digital product management. Prior to joining First Federal, she was the Sr. Director of Marketing for Koverse. Is New 90 Day High Low • Nov 11
New 90-day high: €11.74 The company is up 22% from its price of €9.65 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is down 1.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS US$0.40 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$15.2m (up 32% from 3Q 2019). Net income: US$3.68m (up 46% from 3Q 2019). Profit margin: 24% (up from 22% in 3Q 2019). The increase in margin was driven by higher revenue. Upcoming Dividend • Nov 05
Upcoming Dividend of US$0.06 Per Share Will be paid on the 27th of November to those who are registered shareholders by the 12th of November. The trailing yield of 1.8% is below the top quartile of German dividend payers (3.9%), and is lower than industry peers (6.8%). 
