FNWB Q2 net income $1.4M, EPS $0.16; credit provision spikes on two borrowing relationships; dividend $0.07

First Northwest Bancorp

2024-Q2 EPS reported $0.21

Net income $1.4M (EPS $0.16) vs $1.8M ($0.20) in Q2 2023; pre-provision net interest income fell to $14.3M from $16.0M.
Provision for credit losses increased substantially due to two borrowing relationships placed in receivership; nonperforming assets to total assets rose to 1.36% from 0.12% a year ago.
Board declared $0.07 per share quarterly dividend, payable Aug 23, 2024 to holders of record Aug 9.
Balance sheet restructure completed including sale-leaseback of six branches, securities loss sales, and balance sheet hedges; CEO cites NIM inflection point after five quarters of decline.

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