First Northwest Bancorp in Port Angeles, Wash., lowered its previously reported results for its recently completed fiscal year because of an accounting error.
The $938 million-asset company said its net loss for the fiscal year ending June 30 was 42 cents per share, a wider loss than the 39 cents it reported on July 29. The downward adjustment did not apply to First Northwest's fiscal fourth quarter.
First Northwest also retroactively increased the size of its loss for its fiscal third quarter, which ended on March 31. That loss was widened to 62 cents per share, from 58 cents.
In both revisions, First Northwest said the miscalculation was due to an adjustment of unallocated shares held in its employee stock-ownership plan, which had been included in the denominator of shares outstanding in its calculation of earnings per share.
Additionally, First Northwest decreased its previously reported asset size by $744,000, due to a change in the estimate of net deferred tax assets.
First Northwest, the holding company for First Federal Savings & Loan Association of Port Angeles, in January completed its conversion from a mutual to a stock-owned bank.