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FNWB ALERT: Bragar Eagel & Squire, P.C. is Investigating First Northwest Bancorp on Behalf of FNWB Stockholders and Encourages Investors to Contact the Firm
First Northwest BancorpFirst Northwest Bancorp(US:FNWB) GlobeNewswire News Room·2024-11-12 02:00

Core Viewpoint - First Northwest Bancorp (FNWB) is under investigation for potential violations of federal securities laws and unlawful business practices following the disclosure of significant financial discrepancies [1][2]. Financial Performance - On October 25, 2024, FNWB announced that its second quarter 2024 financial results should no longer be relied upon due to an additional $6.6 million in charge-offs and an increased provision for credit losses, totaling a restated provision of $8.7 million [2]. - A material weakness in the Company's internal control over financial reporting was identified as of June 30, 2024 [2]. Stock Market Reaction - Following the announcement of the financial issues, FNWB's stock price decreased by $0.23 per share, or 2.2%, closing at $10.13 per share on October 28, 2024 [3].