First Northwest Bancorp operates as a bank holding company for First Fed Bank that provides commercial and consumer banking services to individuals, businesses, and nonprofit organizations in western Washington, the United States. It accepts various deposit instruments, including checking, money market deposit, savings, and transaction accounts, as well as certificates of deposit. The company also originates one- to four-family mortgage loans, commercial and multi-family real estate loans, construction and land loans, and commercial business loans, as well as consumer loans primarily consisting of automobile loans, and home-equity loans and lines of credit. It operates through 12 full-service branches and a lending center in Seattle. The company was founded in 1923 and is based in Port Angeles, Washington.
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- Think of it as the **Bank of America for Washington's Olympic Peninsula, but on a community bank scale.**
- It's a **traditional, local bank for the Pacific Northwest, like a highly localized version of Wells Fargo.**
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- Deposit Accounts: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds.
- Real Estate Loans: Provides financing for residential mortgages, commercial properties, and construction projects.
- Commercial & Industrial Loans: Extends credit to businesses for working capital, equipment purchases, and other operational needs.
- Consumer Loans: Offers personal loans, auto loans, and other forms of credit to individuals.
- Digital Banking Services: Provides online and mobile banking platforms for convenient account management, bill payments, and transfers.
- Treasury Management Services: Delivers cash management and payment solutions to businesses for efficient financial operations.
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First Northwest Bancorp (symbol: FNWB) operates as a bank holding company, with its primary subsidiary, First Northwest Bank, providing banking services primarily to individuals and businesses within its operating regions in Northwest Washington State. As such, its customers are best described by categories rather than specific companies.
The company serves the following categories of customers:
- Individuals and Households: This category includes consumers who utilize a wide range of personal banking services, such as checking and savings accounts, money market accounts, certificates of deposit, residential mortgages, home equity loans, and various personal loan products.
- Small and Medium-sized Businesses: This category encompasses local enterprises and organizations, including sole proprietorships, partnerships, and corporations, that require business banking services such as business checking and savings accounts, commercial real estate loans, lines of credit, equipment financing, and treasury management services.
- Commercial Real Estate Investors and Developers: This category focuses on clients involved in commercial property acquisition, development, and investment within its market area, including those seeking financing for multi-family properties, office buildings, retail spaces, and other income-producing real estate ventures.
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- Crowe LLP
- Visa Inc. (V)
- Mastercard Incorporated (MA)
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Here is the management team for First Northwest Bancorp (FNWB):
Curt Queyrouze Chief Executive Officer and President
Mr. Queyrouze was appointed Chief Executive Officer and President, effective September 17, 2025. He brings over 40 years of financial services experience, specializing in credit, risk management, and financial technology. Prior to joining First Northwest Bancorp, he served as President of Community Bank and Corporate Credit at Coastal Financial Corporation. He also held the position of President and Chief Executive Officer at TAB Bank and has experience in leadership roles across community banks, regional banks, and fintech companies.
Phyllis Nomura Executive Vice President, Chief Financial Officer, and Treasurer
Ms. Nomura was appointed Executive Vice President and Chief Financial Officer/Treasurer, effective March 27, 2025. She has more than 30 years of financial experience in Chief Financial Officer positions. Her prior roles include serving as CFO of the YWCA Seattle King Snohomish from May 2023 to November 2024, CFO of Kosmos Management from August 2016 to November 2022, and CFO of First Sound Bank from June 2013 to January 2016. She also served as an Auditor and Senior Audit Manager at Deloitte from January 1994 to September 2001.
Geraldine Bullard Chief Operating Officer
Ms. Bullard has served as Executive Vice President and Chief Operating Officer since October 2023. She previously held the role of Chief Financial Officer for the company from March 2020 to March 2025, and served as Interim CEO from July to September 2025. Before joining First Fed in January 2020, her experience included serving as Controller at Salal Credit Union, Chief Financial Officer of First Sound Bank, Controller at Sound Community Bank, and a Bank Examiner for the State of Idaho.
Sean Brennan Co-Vice Chair of the Board
Mr. Brennan is a financial industry leader with over 35 years of experience. He previously served as President and Chief Lending Officer of Puget Sound Bank, which he co-founded in 2005 and which was later acquired by Heritage Bank PNW in 2018. Following the merger, he served as Senior Vice President, Regional Commercial Banking Director, and then Corporate Banking Development Consultant for Heritage Bank NW. Prior to co-founding Puget Sound Bank, he held leadership roles at Washington Trust Bank and US Bancorp.
Cindy Finnie Board Chair
Ms. Finnie is the Board Chair of First Fed, a position she was promoted to in 2022 after serving 10 years on the board. She is also the President and Co-founder of Rainshadow Properties, Inc., a boutique hotel and property management company. Ms. Finnie has 38 years of sales and financial services experience with Allstate, where her responsibilities included property and casualty underwriting, sales management, business development, agency management, and financial management.
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The increasing market penetration and service offerings from digital-first financial institutions (fintechs and neobanks), combined with the expansion of financial services by major technology companies (Big Tech), represent a clear emerging threat. These entities often leverage superior digital user experiences, lower overhead costs, and vast customer bases to attract deposits and offer lending products, potentially eroding First Northwest Bancorp's traditional customer base and market share through disruption of its branch-centric community banking model.
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First Northwest Bancorp (symbol: FNWB) primarily operates in Washington state, U.S., through its subsidiary, First Fed Bank. The company offers a range of community banking services, including deposit, loan, and wealth management services. Their main products include various deposit accounts, mortgage loans (for one-to-four family, commercial, and multi-family real estate), commercial business loans, construction and land loans, and consumer loans.
The addressable markets for their main products and services in Washington state are as follows:
- Deposits: The total deposits for all FDIC-insured institutions in Washington state was approximately $23.54 billion USD as of around June 30, 2024.
- Mortgage Loans: The dollar volume of mortgage loans originated in Washington state was approximately $17.85 billion USD in the first quarter of 2025.
- Commercial Banking: The market size of the Commercial Banking industry in Washington state is estimated at $16.8 billion USD in 2025. This figure encompasses commercial deposits and commercial lending activities.
Information to specifically size the market for wealth management or consumer loans in Washington state was not available in the provided search results.
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First Northwest Bancorp (FNWB) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Loan and Customer Growth: The company has demonstrated core customer growth, with a 3% annualized increase in loans compared to the previous quarter. Analysts forecast an 11.3% annual revenue growth for First Northwest Bancorp.
- Net Interest Margin (NIM) Improvement: First Northwest Bancorp has seen an increase in its net interest margin, reaching 2.91% in Q3 2025, driven by lower rates on interest-bearing liabilities and a decline in deposit costs. The net interest margin also improved to 2.83% in Q2 2025 from prior quarters.
- Expansion of Small Business Lending and Digital Banking Platforms: The company is making progress on its small business lending program, developing operating accounts for small to medium-sized businesses, and enhancing its digital business banking platform. These initiatives are focused on driving non-interest income.
- Strategic Balance Sheet Restructuring: Ongoing efforts to restructure the balance sheet, including adding current market rate loans and securities and executing sale-leaseback transactions for some branches, are anticipated to increase the net interest margin and overall profitability.
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Share Repurchases
- Under an October 2020 stock repurchase plan, First Northwest Bancorp repurchased 224,671 shares for $3.3 million during the quarter ended December 31, 2022.
- The company completed the repurchase of 98,156 shares for $1 million under an April 2024 Stock Repurchase Plan.
- As of September 30, 2025, 846,123 shares remained available for repurchase under the April 2024 Stock Repurchase Plan.
Share Issuance
- In July 2025, Geraldine L. Bullard received a grant of 7,500 restricted shares under the First Northwest 2020 Equity Incentive Plan.
- Upon his departure in March 2025, Matthew P. Deines had 5,996 restricted shares immediately vest.
- The number of basic shares outstanding decreased from 10.12 million in 2020 to 9.44 million in 2023.
Outbound Investments
- In 2022, First Northwest Bancorp made an investment in Meriwether Group, a boutique investment banking and accelerator firm.
- In July 2021, the company acquired a Bellevue branch from Sterling Savings and Trust, which had over $65 million in deposits at closing.
Capital Expenditures
- In 2021, the company incurred costs for expanding its footprint with two new locations and for technology enhancements related to digital and mobile banking products.
