First Northwest Bancorp

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Investigation Details

On October 25, 2024, FNWB announced that its previously reported financial results for the second quarter of 2024 could no longer be relied upon due to an additional $6.6 million in charge-offs and a higher provision for consumer loans. As a result, the company restated its total provision for credit losses on loans to $8.7 million. FNWB also revealed that a material weakness existed in its internal controls over financial reporting as of June 30, 2024.

Following this news, FNWB’s stock price dropped over 2% on October 28, 2024.