First Northwest Bancorp (FNWB): auditor change — First Northwest restates Q2 2024 results; adds $6.6M charge-offs, identifies material weakness

First Northwest Bancorp

Restatement adds $6.6M in charge-offs across commercial and consumer loans; total restated provision $8.7M.
Net loss of $2.2M ($0.25 diluted EPS) for Q2 2024 versus prior net income of $1.8M in Q2 2023.
Material weakness in internal control over financial reporting identified as of June 30, 2024.
CEO announces reduction in force expected to positively impact earnings in H2 2024 and 2025.
Dividend maintained at $0.07 per share, payable Aug 23, 2024 to record holders Aug 9, 2024.

item 2.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.4

First Northwest Bancorp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

issued a revised earnings release for the quarter ended June 30, 2024., in light of the restatement discussed in Item 4.02 of this Current Report on Form 8-K

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First Northwest Bancorp filing history →

Source: SEC EDGAR

accession 0001437749-24-032157

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