Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Statements

Parent Company Only Financial Statements

Presented below are the condensed balance sheet, statement of operations, and statement of cash flows for First Northwest Bancorp.

FIRST NORTHWEST BANCORP

Condensed Balance Sheets

(In thousands)

	December 31, 2019		December 31, 2018
ASSETS
Cash and due from banks	$	5,989	$	8,508
Investment securities available for sale, at fair value	11,684		14,189
Investment in bank	147,744		137,657
ESOP loan receivable	10,740		11,300
Accrued interest receivable	190		212
Prepaid expenses and other assets	704		534
Total assets	$	177,051	$	172,400
LIABILITIES AND SHAREHOLDERS' EQUITY
Payable to subsidiary	$	177	$	96
Other liabilities	23		40
Total liabilities	200		136
Shareholders' equity	176,851		172,264
Total liabilities and shareholders' equity	$	177,051	$	172,400

FIRST NORTHWEST BANCORP

Condensed Statements of Income

(In thousands)

	For the Year Ended December 31,
	2019			2018
Operating income:
Interest and fees on loans receivable	$	268		$	282
Interest on mortgage-backed and related securities	134			209
Interest on investment securities	130			163
Gain (loss) on sale of securities	—			(59		)
Total operating income	532			595
Operating expenses:
Other expenses	892			922
Total operating expenses	892			922
Loss before benefit for income taxes and equity in undistributed earnings of subsidiary	(360		)	(327		)
Benefit for income taxes	(104		)	(89		)
Loss before equity in undistributed earnings of subsidiary	(256		)	(238		)
Equity in undistributed earnings of subsidiary	13,270			17,343
Net income	$	13,014		$	17,105

FIRST NORTHWEST BANCORP

Condensed Statement of Cash Flows

(In thousands)

	For the Year Ended December 31,
	2019			2018
Cash flows from operating activities:
Net income	$	13,014		$	17,105
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed earnings of subsidiary	(13,270		)	(17,343		)
Dividend received from subsidiary	4,000			10,000
Amortization of premiums and accretion of discounts on investments, net	81			89
Gain (loss) on sale of securities available for sale	—			59
Change in payable to subsidiary	81			39
Change in other assets	(227		)	(48		)
Change in other liabilities	(17		)	2
Net cash from operating activities	3,662			9,903
Cash flows from investing activities:
Proceeds from maturities, calls, and principal repayments of securities available for sale	2,808			3,191
Proceeds from sales of securities available for sale	—			1,979
ESOP loan repayment	560			546
Net cash from investing activities	3,368			5,716
Cash flows from financing activities:
Repurchase of common stock	(8,135		)	(10,317		)
Dividends paid	(1,414		)	(335		)
Net cash from financing activities	(9,549		)	(10,652		)
Net (decrease) increase in cash	(2,519		)	4,967
Cash and cash equivalents at beginning of period	8,508			3,541
Cash and cash equivalents at end of period	$	5,989		$	8,508
NONCASH INVESTING ACTIVITIES
Unrealized gain (loss) on securities available for sale	$	384		$	(104	)