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First Northwest in Wash. restates 2Q results to report quarterly loss

First Northwest Bancorp in Port Angeles, Wash., is restating its second-quarter results after determining that it had another $6.6 million in chargeoffs during that period.

The company disclosed in a regulatory filing that its quarterly results swung from a $1.8 million profit to a $2.2 million net loss due to the adjustment.

The chargeoffs are tied to commercial construction loans, commercial business loans and the Splash unsecured consumer loan program. That increased the second-quarter loan-loss provision to $8.7 million.

The changes came as a result of “management’s ongoing credit evaluation in assessing the collectability of the loans” and conversations with the company’s regulators.

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