Page 1

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 $ 3.0 Million , or $ 0.32 Per Diluted Share , in Second Quarter 2021 ; Highlighted by Strong Deposit and Loan Growth ; Declares Quarterly Cash Dividend of $ 0.06 Per Share Port Angeles , WA , ( July 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 net income of $ 3.0 million , or $ 0.32 per diluted share , for the second quarter of 2021 , an increase of 51.6 % compared to $ 2.0 million , or $ 0.21 per diluted share , for the second quarter a year ago , and a decrease of 4.0 % compared to $ 3.1 million , or $ 0.34 per diluted share , for the first quarter of 2021. Second quarter results reflect strong year - over - year revenue generation , solid core deposit and loan growth , and excellent credit quality . The decrease from the prior period was primarily due to lower gains on sale of one- to four - family mortgages and increased compensation expense , partially offset by increased net interest income and a lower provision for loan losses . For the first six months of 2021 , net income was $ 6.1 million , or $ 0.66 per diluted share , an increase of 114.7 % compared to $ 2.8 million , or $ 0.30 per diluted share , for the first six months of 2020 . The Board of Directors of First Northwest Bancorp declared a quarterly cash dividend of $ 0.06 per common share . The dividend will be payable on August 27 , 2021 , to shareholders of record as of the close of business on August 13 , 2021 . " We again delivered solid financial results for the second quarter , demonstrating the sustained strength of our franchise , " said Matthew P. Deines , President and CEO . “ Our second quarter profits were up over 50 % year - over - year fueled by strong revenue growth and steady loan growth , particularly in the commercial banking area . Gross loans increased over 26 % , while total deposits grew over 23 % , year - over - year , as we continue to foster new customer relationships . We remain focused on improving our earning asset mix and lowering our cost of funds , which is driving our net interest margin expansion compared to a year ago . " " We continue to look ‘ outside the box ' to generate organic commercial and consumer activity to benefit our customers , ” Deines continued . “ To meet the needs of our business customers , we initiated a Small Business Administration ( " SBA " ) program during the quarter and already are seeing good growth in this new portfolio . In April we started a joint venture and established Quin Ventures , Inc. ( " Quin ” or “ Quin Ventures " ) to develop a digital financial wellness platform offering personal financial services to the general public . In July we closed on the previously announced Bellevue branch purchase from Sterling Savings and Trust , and also relocated our Fairhaven branch to 1215 12th Street , Suite 105. Additionally , we are on schedule to open a new branch in Ferndale , Washington in August . " Second Quarter 2021 Highlights ( at or for the quarter ended June 30 , 2021 ) . Second quarter net income was $ 3.0 million , compared to $ 3.1 million in the preceding quarter and $ 2.0 million in the same quarter one year ago .