PORT ANGELES, Wash., Sept. 27, 2016 (GLOBE NEWSWIRE) -- First Northwest Bancorp (NASDAQ:FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank”), today announced that its Board of Directors authorized the repurchase of up to 10% of the Company’s common stock, or approximately 1,300,756 shares. The Company will purchase the shares from time to time in the open market or through privately negotiated transactions over a one-year period 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.
About the Company
First Northwest Bancorp, Inc., a Washington corporation, is the 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 through eleven full-service banking offices, eight of which are located within Clallam and Jefferson counties, Washington, one that is located in Kitsap County, and two in Whatcom County.
Forward-Looking Statements:
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, 2016.