First Northwest Bancorp Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2015
January 28, 2016 at 04:48 pm EST
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First Northwest Bancorp announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2015. For the quarter, the company reported total interest income of $7,941,000 compared with $6,717,000 a year ago. Net interest income was $6,760,000 compared with $6,297,000 a year ago. Income before provision for income taxes was $955,000 compared with $1,138,000 a year ago. Net income was $713,000 or $0.06 per basic and diluted share compared to $882,000 a year ago. Net income decreased $515,000, or 41.9%, compared to the prior quarter primarily due to an increase in noninterest expense related to compensation and benefits and approximately $307,000 decline in net gain on sale of real estate owned and repossessed assets compared to the prior quarter. Return on average assets was 0.30% compared with 0.43% a year ago. Return on average equity was $1.49 compared with $4.25 a year ago. Net income decreased $515,000, or 41.9%, compared to the prior quarter primarily due to an increase in noninterest expense related to compensation and benefits and approximately $307,000 decline in net gain on sale of real estate owned and repossessed assets compared to the prior quarter.
For the six months, the company reported total interest income of $15,465,000 compared with $13,347,000 a year ago. Net interest income was $13,057,000 compared with $11,124,000 a year ago. Income before provision for income taxes was $2,600,000 compared with $2,286,000 a year ago. Net income was $1,941,000 or $0.16 per basic and diluted share compared to $1,731,000 a year ago.
First Northwest Bancorp is a bank holding company and a financial holding company. The Company is engaged in banking activities through its wholly owned subsidiary, First Fed Bank (the Bank), as well as certain non-banking financial activities. Its non-financial investments include several limited partnership investments, including a 33% interest in The Meriwether Group, LLC (MWG), a boutique investment bank focusing on providing entrepreneurs with resources to help them, including equity and debt-raising services along with strategic positioning of business, throughout the United States. First Fed Bank is a community-oriented financial institution. The Bank operates in 18 locations, including twelve full-service branches, three business centers, and three administration centers located in Clallam, Jefferson, King, Kitsap, and Whatcom counties. It is focused on delivering a full array of financial products and services for individuals, small businesses, and commercial customers.