First Northwest Bancorp (FNWB) has reported an 141.25 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.16 million, or $0.20 a share in the quarter, compared with $0.90 million, or $0.07 a share for the same period last year.
Revenue during the quarter grew 25.25 percent to $10.09 million from $8.06 million in the previous year period. Net interest income for the quarter rose 15.69 percent over the prior year period to $8.10 million. Non-interest income for the quarter rose 109.42 percent over the last year period to $2.20 million.
Net interest margin improved 12 basis points to 3.18 percent in the quarter from 3.06 percent in the last year period. Efficiency ratio for the quarter improved to 72.80 percent from 85.20 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased with the significant improvement in performance over the past three quarters. Earnings for the quarter ended March 31, 2017, excluding the income received from a death benefit on bank-owned life insurance, were the highest the Company has recorded," stated Larry Hueth,president and chief executive officer. "We continue to reserve for loan losses to cover loan growth and anticipate continuing to reserve at a level commensurate with future loan growth. Consumer and business loans and deposit growth in our historic market area and the expansion into new markets in Whatcom and Kitsap counties continue to exceed our expectations," continued Hueth.
Liabilities outpace assets growth
Total assets stood at $1,081.30 million as on Mar. 31, 2017, up 8.63 percent compared with $995.37 million on Mar. 31, 2016. On the other hand, total liabilities stood at $902.76 million as on Mar. 31, 2017, up 12.27 percent from $804.11 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $706.23 million as on Mar. 31, 2017, up 22.96 percent compared with $574.38 million on Mar. 31, 2016. Deposits stood at $807.72 million as on Mar. 31, 2017, up 13.80 percent compared with $709.74 million on Mar. 31, 2016.
Investments stood at $295.53 million as on Mar. 31, 2017, down 17.32 percent or $61.90 million from year-ago. Shareholders equity stood at $178.54 million as on Mar. 31, 2017, down 6.65 percent or $12.73 million from year-ago.
Return on average assets moved up 43 basis points to 0.80 percent in the quarter from 0.37 percent in the last year period. At the same time, return on average equity increased 297 basis points to 4.85 percent in the quarter from 1.88 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.20 percent in the quarter, down from 0.40 percent in the last year period.
Equity to assets ratio was 16.50 percent for the quarter, down from 19.20 percent for the previous year quarter. Average equity to average assets ratio was 16.50 percent for the quarter, down from 19.80 percent for the previous year quarter.
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