Piper Sandler Reiterates Neutral Rating on First Northwest Bancorp (FNWB) Amid CEO Transition

Piper Sandler analyst Nathan Race reiterated a Neutral rating and $8.00 price target on First Northwest Bancorp (NASDAQ: FNWB).

The analyst commented: "Announces CEO Transition & Unfolding Search Process; No Change to N-T Outlook; After today's close, FNWB announced the mutually agreed upon resignation of Matt Deines as President & CEO and from the BoD, effective July 12. The 8-K indicates this resignation was not a result of any disagreements at the bank and BoD levels. Current EVP & COO Geri Bullard has been appointed interim CEO as FNWB recently engaged an executive search firm to identify a replacement CEO. While undoubtedly a difficult decision, we can understand the BoD reasoning behind seeking new leadership given FNWB's challenging last few years, noting Mr. Deines' contract was scheduled to expire in December. On a personal level, we have enjoyed working with Mr. Deines over the past several years and wish him all the best going forward. We expect a relatively smooth transition and do not anticipate any N-T strategy impacts as hopefully positive progress unfolds resolving certain ongoing matters."

For an analyst ratings summary and ratings history on First Northwest Bancorp click here. For more ratings news on First Northwest Bancorp click here.

Shares of First Northwest Bancorp closed at $7.81 yesterday.

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