FNWBHIGH SIGNALFINANCIAL10-K

FNWB shows severe financial deterioration with interest expense surging 275% while operating cash flow turned deeply negative and losses widened.

The massive increase in interest expense combined with negative operating cash flow indicates significant funding pressures and potential margin compression in a rising rate environment. The company's ability to service its debt obligations and maintain profitability appears severely compromised, requiring immediate management attention and potential strategic restructuring.

Comparing 2026-03-12 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

FNWB experienced dramatic financial deterioration with interest expense exploding 275% to $39.5M while operating cash flow collapsed from positive $16.9M to negative $2.8M, indicating severe funding stress. Net losses widened despite some improvement from -$6.6M to -$4.2M, while cash reserves declined 28% to $26.3M and the company cut dividends by half and reduced capital expenditures significantly. The overall picture signals a company in financial distress facing unsustainable interest costs and liquidity pressures that threaten its viability.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+275.3%
$10.5M→$39.5M

Interest expense surged 275.3% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
-116.3%
$16.9M→-$2.8M

Operating cash flow fell 116.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Dividends Paid
Cash Flow
-50.2%
$2.6M→$1.3M

Dividends cut 50.2% — significant signal of cash flow stress or capital reallocation priorities.

Capital Expenditure
Cash Flow
-46.1%
$2.9M→$1.6M

Capex reduced 46.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
+36.6%
-$6.6M→-$4.2M

Net income grew 36.6% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
-28.5%
$36.8M→$26.3M

Cash decreased 28.5% — monitor burn rate and upcoming capital needs.

Revenue
P&L
-23.1%
$229K→$176K

Revenue softened 23.1% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-13
ADDED
fnwb20251231_10k.htm 0001556727 First Northwest Bancorp false --12-31 FY 2025 true true true The Board has oversight responsibility for enterprise-wide risks, including cybersecurity risks.
The Audit Committee, a designated committee of the Board, is responsible for overseeing the Company's cybersecurity risk management program and reviewing its effectiveness.
The Information Security Officer ("ISO") is responsible for assessing and managing material risks from cybersecurity threats, with a dedicated staff of internal and external information security professionals.
The ISO is a Systems Security Certified Practitioner and Certified Information Systems Security Professional with over 13 years of education, training and experience managing technology and cybersecurity risks, including nine years of experience in the banking industry specifically.
The ISO regularly updates executive and senior management, including the Bank's Enterprise Risk Management Committee, as well as the Board Audit Committee on cybersecurity risks and mitigation strategies.
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REMOVED
At September 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $56.8 million and $57.4 million, respectively; the cumulative basis adjustments associated with this hedging relationship was $1.4 million and $1.1 million, respectively; and the amount of the designated hedged items was $50.0 million for both periods.
Amounts presented for 2023 are limited to the fair value hedge on securities.
At September 30, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $283.2 million, the cumulative basis adjustments associated with this hedging relationship was $1.6 million, and the amount of the designated hedged items was $100.0 million.
The aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing price of such stock as quoted on The Nasdaq Stock Market, LLC as of June 30, 2024, was $ 86,154,236 .
Business 6 General 6 Market Area 7 Lending Activities 8 Asset Quality 24 Investment Activities 30 Deposit Activities and Other Sources of Funds 33 Subsidiary and Other Activities 37 Competition 38 Human Capital Resources 38 How We Are Regulated 40 Taxation 47 Item 1A.
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