First Northwest Bancorp Announces Adoption of a Stock Repurchase Plan
Source: Nasdaq GlobeNewswire / 29 Sep 2017 16:05:17 Eastern Standard Time
PORT ANGELES, Wash., Sept. 29, 2017 (GLOBE NEWSWIRE) -- First Northwest Bancorp (NASDAQ:FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles, today announced that its Board of Directors authorized the repurchase of up to 10% of the Company’s common stock, or approximately 1,166,659 shares. The Company will purchase the shares from time to time in the open market or through privately negotiated transactions depending on market conditions, the capital requirements of the Company, and available cash that can be allocated to the stock repurchase program, among other considerations.
The Company recently repurchased 1,162,100 shares, or approximately 8.9%, of its common stock through a repurchase program, which ended on September 27, 2017.
President and CEO Larry Hueth stated, “We are pleased that the Board of Directors has approved this stock repurchase program as it demonstrates our ongoing commitment to providing value for our shareholders.”
About the Company
First Northwest Bancorp, Inc., a Washington corporation, is the bank holding company for First Federal Savings and Loan Association of Port Angeles. First Federal is a Washington-chartered, community-based savings bank primarily serving western Washington State, with twelve banking locations - eight located within Clallam and Jefferson counties, one in Kitsap County, two in Whatcom County, and a home lending center in King County.
Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2017.
Larry Hueth, President and Chief Executive Officer
Regina Wood, EVP and Chief Financial Officer
First Northwest Bancorp