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Contact : Exhibit 99.1 First Northwest Bancorp Matthew P. Deines , President and Chief Executive Officer Geri Bullard , EVP and Chief Financial Officer First Northwest Bancorp 360-457-0461 First Northwest Bancorp Earns $ 3.1 Million , or $ 0.34 Per Diluted Share , in First Quarter 2021 ; Highlighted by Net Interest Margin Expansion and Strong Asset Quality ; Declares Quarterly Cash Dividend of $ 0.06 Per Share Port Angeles , WA , ( April 28 , 2021 ) . -- First Northwest Bancorp ( Nasdaq : FNWB ) ( “ Company ” ) , the holding company for First Federal Savings and Loan Association of Port Angeles ( " Bank " or " First Fed " ) , today reported that net income increased 257.6 % to $ 3.1 million , or $ 0.34 per diluted share , for the first quarter of 2021 , compared to $ 873,000 , or $ 0.09 per diluted share , for the first quarter a year ago , and decreased compared to net income of $ 3.8 million , or $ 0.41 per diluted share , for the fourth quarter of 2020. First quarter results reflected strong year - over - year revenue growth , core deposit growth and net interest margin expansion . The decrease from the prior period was primarily due to lower gains on sale of one - to - four family mortgages and available for sale investments , partially offset by increased net interest income and a lower provision for loan losses . The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $ 0.06 per common share outstanding , payable on May 28 , 2021 to shareholders of record as of the close of business on May 14 , 2021 . " First Northwest Bancorp's first quarter operating results were highlighted by strong revenue generation fueled by solid net interest income and core deposit growth , " stated Matthew P. Deines , President and CEO . " Despite ongoing pressures on loan and investment yields , net interest income increased $ 4.1 million , or 43.3 % , over the first quarter of 2020 , boosted by growth in earning assets , $ 362,000 in Paycheck Protection Program ( “ PPP ” ) income and a significant decline in cost of funds . We continue to generate organic commercial and consumer activity as we support our communities through an emerging recovery . ” " We are actively participating in the SBA's current round of PPP funding that began in January 2021 and concludes at the end of May , " said Deines . " This round of SBA funding offers PPP loans for companies that did not receive a PPP loan in 2020 , and also " second draw " loans targeted at hard - hit businesses that have already used their initial PPP proceeds . We funded $ 32.4 million in second round PPP loans during the first quarter of 2021. " First Quarter 2021 Highlights ( at or for the quarter ended March 31 , 2021 ) • First quarter net income was $ 3.1 million , compared to $ 3.8 million in the preceding quarter and $ 873,000 in the year ago quarter . Diluted earnings per share was $ 0.34 , compared to $ 0.41 per share in the preceding quarter and $ 0.09 per share in the first quarter a year ago . Provision for loan losses was $ 500,000 in the first quarter , compared to $ 930,000 in the fourth quarter of 2020 and $ 1.3 million in the first quarter of 2020 .