First Northwest Bancorp makes significant real estate deal.

First Northwest Bancorp (FNWB) has entered into a material definitive agreement to sell up to six branch properties in Washington to Mountainseed Real Estate Services, LLC for $14.67 million. The agreement can be terminated under certain conditions. The Bank will lease back the properties for 15 years with a renewal option, at an annual rent of $1.35 million. The transaction is expected to close in early 2024 and result in a pre-tax gain of $7.5 million for the Bank. The gain may be offset by the sale of a portion of the Bank’s securities portfolio currently at a loss.