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Investing.com - First Northwest Bancorp (NASDAQ:FNWB), a small-cap bank with a market capitalization of $69 million, received a reiterated Neutral rating and $8.00 price target from Piper Sandler following the announcement of a CEO transition. InvestingPro data shows the stock appears undervalued at current levels, though it faces significant challenges.
The bank announced after market close that President and CEO Matt Deines will resign effective July 12, in what was described as a mutually agreed upon departure. According to regulatory filings, the resignation was not the result of any disagreements at the bank or board level. The leadership change comes as the bank faces headwinds, with InvestingPro analysis indicating weak financial health scores and a substantial 22% decline in share price year-to-date.
Executive Vice President and Chief Operating Officer Geri Bullard has been appointed interim CEO while the company conducts an executive search. First Northwest has already engaged a search firm to identify a permanent replacement.
Piper Sandler noted that while this was "undoubtedly a difficult decision," the timing aligns with Deines’ contract expiration in December, and the analyst firm understands "the BoD reasoning behind seeking new leadership given FNWB’s challenging last few years."
The research firm expects a "relatively smooth transition" with no near-term strategy impacts, maintaining its Neutral stance on the stock as the bank works through "certain ongoing matters."
In other recent news, First Northwest Bancorp announced significant leadership changes with the resignation of CEO Matthew P. Deines, effective July 12, 2025. Geraldine L. Bullard, currently the Chief Operating Officer, will step in as Interim CEO while continuing her COO duties. The company is actively searching for a permanent CEO. In legal matters, First Northwest Bancorp is facing a $106 million lawsuit filed by 3|5|2 Capital GP LLC. The lawsuit alleges that the bank’s subsidiary, First Fed Bank, was involved in a fraudulent scheme linked to Water Station Management, LLC. The company has denied these allegations and plans to defend itself vigorously.
Additionally, First Northwest Bancorp has changed its independent registered public accounting firm due to a merger involving its previous auditor, Moss Adams LLP. Baker Tilly US, LLP, will now serve as the new auditor, effective June 3, 2025. This change was approved by the company’s Audit Committee, and no disagreements or reportable events were noted during the transition. These developments were disclosed in recent SEC filings, keeping investors informed of the ongoing changes and challenges faced by the company.
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