First Northwest Bancorp
Company Name | First Northwest Bancorp |
Stock Symbol | FNWB |
On October 25, 2024, FNWB disclosed that its second quarter 2024 financial results should no longer be relied upon due to an additional $6.6 million in charge-offs and increased provision on consumer loans, resulting in a total restated provision for credit losses on loans of $8.7 million. Additionally, the Company stated that a material weakness in the Company’s internal control over financial reporting existed as of June 30, 2024.
On this news, FNWB’s stock price fell $0.23, or 2.2%, to close at $10.13 per share on October 28, 2024, thereby injuring investors.
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