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.