First Northwest Bancorp, incorporated on August 14, 2012, is the bank holding company for First Federal Savings and Loan Association of Port Angeles (the Bank). The Bank is a community-oriented financial institution primarily serving the North Olympic Peninsula region of Washington. The Bank offers a range of products and services focused on the lending and depository needs of the communities it serves. The Bank provides commercial and consumer banking services to individuals and businesses located primarily on the Olympic Peninsula in the State of Washington. These services include deposit and lending transactions that are supplemented with borrowing and investing activities.
Lending Activities
The Bank's principal lending activities are focused on first lien one- to four-family mortgage loans, and commercial and multi-family real estate loans. The Bank also makes construction and land loans (including lot loans), commercial business loans, and consumer loans. A portion of its loan portfolio is secured by real estate, either as primary or secondary collateral. It originates both fixed and adjustable-rate loans. Fixed-rate residential mortgages are offered with repayment terms between 10 and 30 years. It offers both fixed- and adjustable-rate loans on commercial and multi-family real estate, which may include balloon loans. It also originates construction loans for certain commercial real estate projects. These projects include, but are not limited to, subdivisions, multi-family, retail, office/warehouse, hotel and office buildings. The Bank offers a range of consumer loans, including home equity loans and lines of credit, new and used automobile loans, loans on other miscellaneous vehicles, including recreational vehicles, travel trailers and motorcycles, and personal lines of credit. It offers commercial business loans to business borrowers, which include lines of credit, term loans and letters of credit. These loans are secured by business assets and are used for general business purposes, including seasonal and permanent working capital, equipment financing, capital and general investments. As of June 30, 2016, the Bank's total loans were $625.9 million.
Investment Activities
The Bank's investment securities are classified as securities available-for-sale and securities held-to-maturity. The Bank's securities available-for-sale consist of municipal bonds, the United States Treasury and Government agency issued bonds (Agency bonds), the United States Government agency issued asset-backed securities (ABS Agency), Corporate issued asset-backed securities (ABS corporate) and the United States Small Business Administration securities (SBA), and mortgage-backed securities, which include the United States Government agency issued mortgage-backed securities (MBS agency) and Corporate issued mortgage-backed securities (MBS corporate). The Bank's securities held-to-maturity consist of municipal bonds, SBA and Mortgage-Backed Securities, which include MBS agency. As of June 30, 2016, the Bank's total securities were $331.2 million.
Sources of Funds
The Bank's deposits are its primary source of funds for its lending and investing activities. The Bank offers a selection of deposit instruments, including checking accounts, money market deposit accounts, savings accounts and certificates of deposit with a range of rates. As of June 30, 2016, the Bank's total deposits were $723.3 million. The Bank uses advances from the Federal Home Loan Bank of Des Moines (FHLB), including short-term overnight advances and longer term advances, to supplement its supply of lendable funds, to meet short-term deposit withdrawal requirements, and to provide longer-term funding to match the duration of selected loan and investment maturities.
105 W 8th St
The company trades on NASDAQ exchange. The company headquarter is located in Washington, WA. The company was established in the 1923.| Ticker | FNWB |
| Long Name | First Northwest Bancorp |
| Short Name | First Northwest Bancorp |