First Northwest Bancorp (FNWB)

First Northwest Bancorp is a Washington corporation that operates as a bank holding company and a financial holding company. It conducts banking through its wholly owned subsidiary, First Fed Bank, and also engages in certain non-banking financial activities. The holding company's own activities are largely passive investment and oversight of First Fed. At December 31, 2023, it had total assets of $2.2 billion, net loans of $1.64 billion, total deposits of $1.68 billion and shareholders' equity of $163.3 million.

First Fed Bank was founded in 1923 in Port Angeles, Washington, and offers a full array of financial products to individuals, small businesses and commercial customers. Its lending includes first-lien one-to-four family mortgages, commercial and multi-family real estate loans, residential and commercial construction and land loans, commercial business loans, SBA loans, and consumer loans such as home equity loans and lines of credit. It also purchases loans from third-party lenders, focusing on unsecured small business and professional loans, manufactured home loans and high-end auto loans. Deposit products include transaction, savings and money market accounts and certificates of deposit, and deposits are the main funding source. The company has a fintech partnership with Splash Financial and holds limited partnership interests in Canapi Ventures Fund, BankTech Ventures and JAM FINTOP Blockchain. It owns a 33% interest in The Meriwether Group, a boutique investment bank and consulting firm, a 25% general partner interest in Meriwether Group Capital, and a limited partnership investment in the Hero Fund, a private commercial lender. The Quin Ventures joint venture and the related Quil investment were written off in 2023.

Customers are individuals, small and mid-size businesses, and real estate operators and investors, mainly in Washington State. The bank operates twelve full-service branches, three business centers and three administration centers in Clallam, Jefferson, King, Kitsap and Whatcom counties. It plans to extend its traditional and digital operations across the Puget Sound Region and beyond. Over 95% of its commercial and multi-family real estate loans are secured by Washington properties, and some loans are in California, Oregon and Florida. At year-end 2023, one-to-four family loans were 22.8% of the loan portfolio, commercial real estate 23.3% and multi-family 20.1%. The local economies it serves rely on government, healthcare, education, tourism, the military, technology and manufacturing.

First Northwest is regulated by the Federal Reserve. First Fed is examined by the Washington Department of Financial Institutions and the FDIC, and is a member of the Federal Home Loan Bank of Des Moines. The company's executive office is at 105 West 8th Street, Port Angeles, Washington.