First Northwest Bancorp reports Q1 EPS 4c vs 39c last year

Book value per common share was $17.00 at March 31, 2024, compared to $16.99 at December 31, 2023, and $16.57 at March 31, 2023. “The company returned to profitability in Q1 2024 following the first step of our balance sheet restructure in the fourth quarter of 2023,” said Matthew P. Deines, President and CEO. “We continue to execute on this strategy as we added over $90 million in current market rate loans and securities over the course of the first quarter. We will continue this strategy in the second quarter as we prepare to execute on a sale-leaseback transaction for six of our branches located on the Olympic Peninsula. We anticipate this transaction will enable additional securities sales, furthering our goal of increasing our net interest margin and overall profitability. We were able to manage operating expenses well during the quarter and we maintain our disciplined approach to improving earnings per share and return on average equity.”