First Northwest Bancorp Q3 net loss $2.0M; restates Q2, cites material weakness; FDIC order terminated

First Northwest Bancorp

2024-Q3 EPS reported -$0.43

Net loss $2.0M ($0.23 ps) vs net income $2.5M ($0.28) in Q3 2023; revenue $15.8M vs $17.9M.
Provision for credit losses $3.1M in Q3 vs $0.4M a year ago; YTD total provision $12.8M.
Restated Q2 2024 10-Q for $8.7M provision; identified material weakness in loan internal controls.
FDIC consent order terminated less than one year after issuance; CEO praises staff and board.
Nonperforming assets to total assets 1.35% vs 0.11% a year ago; Water Station equipment lender litigation ongoing.

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