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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Financial Northwest Inc | NASDAQ:FFNW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 0.14% | 20.94 | 20.57 | 21.40 | 21.13 | 20.81 | 20.81 | 17,441 | 01:00:00 |
|
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|
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State or other jurisdiction of
Incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
||
|
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on
which registered
|
||
|
|
|
|
FIRST FINANCIAL NORTHWEST, INC.
|
|
|
|
|
DATE: July 27, 2023
|
By: /s/Richard P. Jacobson
|
|
Richard P. Jacobson
|
|
Executive Vice President and
Chief Financial Officer
|
|
For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
(425) 255-4400
|
•
|
The Company paid a regular quarterly cash dividend to shareholders of $0.13 per share.
|
•
|
The Bank’s Tier 1 leverage and total capital ratios were 10.0% and 15.8% at June 30, 2023, compared to 10.2% and 15.6% at March 31, 2023, and
10.5% and 15.5% at June 30, 2022, respectively.
|
•
|
Credit quality remained strong with nonperforming assets of $201,000, or 0.01% of total assets.
|
•
|
Based on management’s evaluation of the adequacy of the Allowance for Credit Losses (“ACL”) at June 30, 2023, the Company recognized a $400,000
recapture of provision for credit losses during the quarter.
|
Jun 30,
2023 |
Mar 31,
2023 |
Jun 30,
2022 |
Three
Month Change |
One
Year Change |
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Noninterest-bearing demand
|
$
|
111,768
|
$
|
110,780
|
$
|
127,808
|
$
|
988
|
$
|
(16,040
|
)
|
|||||||||
Interest-bearing demand
|
89,080
|
86,183
|
107,478
|
2,897
|
(18,398
|
)
|
||||||||||||||
Savings
|
20,364
|
21,871
|
23,525
|
(1,507
|
)
|
(3,161
|
)
|
|||||||||||||
Money market
|
467,411
|
483,945
|
596,515
|
(16,534
|
)
|
(129,104
|
)
|
|||||||||||||
Certificates of deposit, retail
|
359,919
|
332,935
|
270,866
|
26,984
|
89,053
|
|||||||||||||||
Brokered deposits
|
176,422
|
191,414
|
53,277
|
(14,992
|
)
|
123,145
|
||||||||||||||
Total deposits
|
$
|
1,224,964
|
$
|
1,227,128
|
$
|
1,179,469
|
$
|
(2,164
|
)
|
$
|
45,495
|
June 30, 2023
|
|||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Brokered
deposits
|
Total
|
|
(Dollars in thousands)
|
|||||||
King County
|
|||||||
Renton
|
$ 31,802
|
$ 41,857
|
$ 12,952
|
$ 237,814
|
$ 254,016
|
$ -
|
$ 578,441
|
Landing
|
2,773
|
1,831
|
137
|
15,120
|
8,657
|
-
|
28,518
|
Woodinville
|
2,440
|
2,653
|
1,032
|
10,077
|
14,647
|
-
|
30,849
|
Bothell
|
4,047
|
765
|
39
|
4,917
|
2,187
|
-
|
11,955
|
Crossroads
|
17,108
|
4,619
|
87
|
27,370
|
13,599
|
-
|
62,783
|
Kent
|
11,237
|
9,841
|
4
|
15,500
|
7,097
|
-
|
43,679
|
Kirkland
|
7,656
|
1,356
|
149
|
11,137
|
1,160
|
-
|
21,458
|
Issaquah
|
2,116
|
1,681
|
102
|
3,070
|
5,594
|
-
|
12,563
|
Total King County
|
79,179
|
64,603
|
14,502
|
325,005
|
306,957
|
-
|
790,246
|
Snohomish County
|
|||||||
Mill Creek
|
5,797
|
2,638
|
591
|
15,209
|
7,140
|
-
|
31,375
|
Edmonds
|
12,384
|
7,659
|
895
|
28,177
|
12,871
|
-
|
61,986
|
Clearview
|
4,888
|
4,490
|
1,576
|
19,928
|
7,872
|
-
|
38,754
|
Lake Stevens
|
3,465
|
4,038
|
1,071
|
30,899
|
10,802
|
-
|
50,275
|
Smokey Point
|
2,953
|
4,619
|
1,715
|
42,192
|
11,846
|
-
|
63,325
|
Total Snohomish County
|
29,487
|
23,444
|
5,848
|
136,405
|
50,531
|
-
|
245,715
|
Pierce County
|
|||||||
University Place
|
2,428
|
83
|
3
|
3,817
|
926
|
-
|
7,257
|
Gig Harbor
|
674
|
950
|
11
|
2,184
|
1,505
|
-
|
5,324
|
Total Pierce County
|
3,102
|
1,033
|
14
|
6,001
|
2,431
|
-
|
12,581
|
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
176,422
|
176,422
|
Total deposits
|
$ 111,768
|
$ 89,080
|
$ 20,364
|
$ 467,411
|
$ 359,919
|
$ 176,422
|
$ 1,224,964
|
March 31, 2023
|
|||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Brokered
deposits
|
Total
|
|
(Dollars in thousands)
|
|||||||
King County
|
|||||||
Renton
|
$ 33,227
|
$ 44,884
|
$ 14,033
|
$ 238,966
|
$ 244,560
|
$ -
|
$ 575,670
|
Landing
|
2,721
|
1,407
|
184
|
15,056
|
6,411
|
-
|
25,779
|
Woodinville
|
3,084
|
2,438
|
1,116
|
10,971
|
14,101
|
-
|
31,710
|
Bothell
|
4,066
|
659
|
60
|
5,263
|
2,067
|
-
|
12,115
|
Crossroads
|
11,766
|
2,956
|
95
|
35,242
|
11,956
|
-
|
62,015
|
Kent
|
9,505
|
9,305
|
4
|
18,415
|
3,449
|
-
|
40,678
|
Kirkland
|
7,318
|
1,282
|
99
|
10,643
|
627
|
-
|
19,969
|
Issaquah
|
2,128
|
1,189
|
27
|
3,825
|
4,627
|
-
|
11,796
|
Total King County
|
73,815
|
64,120
|
15,618
|
338,381
|
287,798
|
-
|
779,732
|
Snohomish County
|
|||||||
Mill Creek
|
7,001
|
3,089
|
617
|
12,487
|
6,190
|
-
|
29,384
|
Edmonds
|
15,282
|
6,247
|
884
|
26,726
|
13,183
|
-
|
62,322
|
Clearview
|
4,933
|
4,485
|
1,640
|
19,490
|
6,999
|
-
|
37,547
|
Lake Stevens
|
4,177
|
3,577
|
1,355
|
33,824
|
9,197
|
-
|
52,130
|
Smokey Point
|
2,836
|
4,287
|
1,745
|
46,825
|
7,782
|
-
|
63,475
|
Total Snohomish County
|
34,229
|
21,685
|
6,241
|
139,352
|
43,351
|
-
|
244,858
|
Pierce County
|
|||||||
University Place
|
2,189
|
82
|
3
|
3,999
|
946
|
-
|
7,219
|
Gig Harbor
|
547
|
296
|
9
|
2,213
|
840
|
-
|
3,905
|
Total Pierce County
|
2,736
|
378
|
12
|
6,212
|
1,786
|
-
|
11,124
|
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
191,414
|
191,414
|
Total deposits
|
$ 110,780
|
$ 86,183
|
$ 21,871
|
$ 483,945
|
$ 332,935
|
$ 191,414
|
$ 1,227,128
|
Jun 30,
|
Mar 31,
|
Jun 30,
|
Three
Month |
One
Year |
|||||
2023
|
2023
|
2022
|
Change
|
Change
|
|||||
(Dollars in thousands)
|
|||||||||
Nonperforming loans:
|
|||||||||
Consumer
|
$ 201
|
$ 193
|
$ –
|
$ 8
|
$ 201
|
||||
Total nonperforming loans
|
201
|
193
|
–
|
||||||
OREO
|
–
|
–
|
–
|
–
|
–
|
||||
Total nonperforming assets
|
$ 201
|
$ 193
|
$ –
|
$ 8
|
$ 201
|
||||
Nonperforming assets as a percent
|
|||||||||
of total assets
|
0.01%
|
0.01%
|
0.00%
|
Assets
|
Jun 30,
2023 |
Mar 31,
2023 |
Jun 30,
2022 |
Three
Month Change |
One
Year Change |
|||||||||||||||
Cash on hand and in banks
|
$
|
10,621
|
$
|
9,618
|
$
|
9,458
|
10.4
|
%
|
12.3
|
%
|
||||||||||
Interest-earning deposits with banks
|
42,956
|
70,998
|
26,194
|
(39.5
|
)
|
64.0
|
||||||||||||||
Investments available-for-sale, at fair value
|
208,927
|
214,948
|
210,826
|
(2.8
|
)
|
(0.9
|
)
|
|||||||||||||
Investments held-to-maturity, at amortized cost
|
2,444
|
2,439
|
2,432
|
0.2
|
0.5
|
|||||||||||||||
Loans receivable, net of allowance of $15,606,
$16,028, and $15,125 respectively
|
1,171,916
|
1,184,750
|
1,119,795
|
(1.1
|
)
|
4.7
|
||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
6,603
|
8,203
|
5,512
|
(19.5
|
)
|
19.8
|
||||||||||||||
Accrued interest receivable
|
6,690
|
7,011
|
5,738
|
(4.6
|
)
|
16.6
|
||||||||||||||
Deferred tax assets, net
|
3,275
|
2,990
|
1,840
|
9.5
|
78.0
|
|||||||||||||||
Premises and equipment, net
|
20,283
|
20,732
|
21,855
|
(2.2
|
)
|
(7.2
|
)
|
|||||||||||||
Bank owned life insurance ("BOLI"), net
|
36,922
|
36,647
|
35,819
|
0.8
|
3.1
|
|||||||||||||||
Prepaid expenses and other assets
|
13,051
|
11,336
|
10,493
|
15.1
|
24.4
|
|||||||||||||||
Right of use asset ("ROU"), net
|
3,018
|
3,194
|
3,301
|
(5.5
|
)
|
(8.6
|
)
|
|||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
|
|||||||||||||||
Core deposit intangible, net
|
484
|
516
|
616
|
(6.2
|
)
|
(21.4
|
)
|
|||||||||||||
Total assets
|
$
|
1,528,079
|
$
|
1,574,271
|
$
|
1,454,768
|
(2.9
|
)%
|
5.0
|
%
|
||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
111,768
|
$
|
110,780
|
$
|
127,808
|
0.9
|
%
|
(12.6
|
)%
|
||||||||||
Interest-bearing deposits
|
1,113,196
|
1,116,348
|
1,051,661
|
(0.3
|
)
|
5.9
|
||||||||||||||
Total deposits
|
1,224,964
|
1,227,128
|
1,179,469
|
(0.2
|
)
|
3.9
|
||||||||||||||
Advances from the FHLB
|
120,000
|
160,000
|
95,000
|
(25.0
|
)
|
26.3
|
||||||||||||||
Advance payments from borrowers for taxes
and insurance |
2,524
|
5,447
|
2,670
|
(53.7
|
)
|
(5.5
|
)
|
|||||||||||||
Lease liability, net
|
3,213
|
3,374
|
3,482
|
(4.8
|
)
|
(7.7
|
)
|
|||||||||||||
Accrued interest payable
|
2,045
|
749
|
115
|
173.0
|
1678.3
|
|||||||||||||||
Other liabilities
|
16,618
|
17,928
|
17,136
|
(7.3
|
)
|
(3.0
|
)
|
|||||||||||||
Total liabilities
|
1,369,364
|
1,414,626
|
1,297,872
|
(3.2
|
)%
|
5.5
|
%
|
|||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||
Preferred stock, $0.01 par value; authorized
10,000,000 shares; no shares issued or
outstanding
|
-
|
-
|
-
|
n/a
|
n/a
|
|||||||||||||||
Common stock, $0.01 par value; authorized
90,000,000 shares; issued and outstanding
9,148,086 shares at June 30, 2023,
9,148,086 shares at March 31, 2023, and
9,091,533 shares at June 30, 2022
|
92
|
92
|
91
|
0.0
|
%
|
1.1
|
%
|
|||||||||||||
Additional paid-in capital
|
72,544
|
72,445
|
71,835
|
0.1
|
1.0
|
|||||||||||||||
Retained earnings
|
95,896
|
95,597
|
90,066
|
0.3
|
6.5
|
|||||||||||||||
Accumulated other comprehensive loss,
net of tax |
(9,817
|
)
|
(8,489
|
)
|
(4,814
|
)
|
15.6
|
103.9
|
||||||||||||
Unearned Employee Stock Ownership Plan
("ESOP") shares
|
-
|
-
|
(282
|
)
|
n/a
|
(100.0
|
)
|
|||||||||||||
Total stockholders' equity
|
158,715
|
159,645
|
156,896
|
(0.6
|
)
|
1.2
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,528,079
|
$
|
1,574,271
|
$
|
1,454,768
|
(2.9
|
)%
|
5.0
|
%
|
Quarter Ended |
||||||||||||||||||||
Jun 30, 2023 |
Mar 31, 2023 |
Jun 30, 2022 |
Three Month Change |
One Year Change |
||||||||||||||||
Interest income |
||||||||||||||||||||
Loans, including fees
|
$
|
16,849
|
$
|
16,029
|
$
|
12,273
|
5.1
|
%
|
37.3
|
%
|
||||||||||
Investments
|
2,108
|
2,105
|
1,156
|
0.1
|
82.4
|
|||||||||||||||
Interest-earning deposits with banks
|
620
|
236
|
37
|
162.7
|
1575.7
|
|||||||||||||||
Dividends on FHLB Stock
|
120
|
130
|
71
|
(7.7
|
)
|
69.0
|
||||||||||||||
Total interest income
|
19,697
|
18,500
|
13,537
|
6.5
|
45.5
|
|||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
8,590
|
6,332
|
1,398
|
35.7
|
514.4
|
|||||||||||||||
Other borrowings
|
798
|
912
|
315
|
(12.5
|
)
|
153.3
|
||||||||||||||
Total interest expense
|
9,388
|
7,244
|
1,713
|
29.6
|
448.0
|
|||||||||||||||
Net interest income
|
10,309
|
11,256
|
11,824
|
(8.4
|
)
|
(12.8
|
)
|
|||||||||||||
(Recapture of provision) provision for
credit losses
|
(400
|
)
|
300
|
-
|
(233.3
|
)
|
n/a
|
|||||||||||||
Net interest income after (recapture of
provision) provision for credit losses
|
10,709
|
10,956
|
11,824
|
(2.3
|
)
|
(9.4
|
)
|
|||||||||||||
Noninterest income
|
||||||||||||||||||||
BOLI income
|
274
|
308
|
251
|
(11.0
|
)
|
9.2
|
||||||||||||||
Wealth management revenue
|
95
|
45
|
104
|
111.1
|
(8.7
|
)
|
||||||||||||||
Deposit related fees
|
252
|
223
|
246
|
13.0
|
2.4
|
|||||||||||||||
Loan related fees
|
44
|
91
|
354
|
(51.6
|
)
|
(87.6
|
)
|
|||||||||||||
Other
|
133
|
(2
|
)
|
6
|
(6750.0
|
)
|
2116.7
|
|||||||||||||
Total noninterest income
|
798
|
665
|
961
|
20.0
|
(17.0
|
)
|
||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
5,064
|
5,461
|
5,478
|
(7.3
|
)
|
(7.6
|
)
|
|||||||||||||
Occupancy and equipment
|
1,160
|
1,165
|
1,205
|
(0.4
|
)
|
(3.7
|
)
|
|||||||||||||
Professional fees
|
887
|
417
|
731
|
112.7
|
21.3
|
|||||||||||||||
Data processing
|
711
|
686
|
692
|
3.6
|
2.7
|
|||||||||||||||
Regulatory assessments
|
267
|
101
|
90
|
164.4
|
196.7
|
|||||||||||||||
Insurance and bond premiums
|
115
|
130
|
113
|
(11.5
|
)
|
1.8
|
||||||||||||||
Marketing
|
98
|
77
|
96
|
27.3
|
2.1
|
|||||||||||||||
Other general and administrative
|
1,355
|
956
|
880
|
41.7
|
54.0
|
|||||||||||||||
Total noninterest expense
|
9,657
|
8,993
|
9,285
|
7.4
|
4.0
|
|||||||||||||||
Income before federal income tax
provision |
1,850
|
2,628
|
3,500
|
(29.6
|
)
|
(47.1
|
)
|
|||||||||||||
Federal income tax provision
|
362
|
506
|
692
|
(28.5
|
)
|
(47.7
|
)
|
|||||||||||||
Net income
|
$
|
1,488
|
$
|
2,122
|
$
|
2,808
|
(29.9
|
)%
|
(47.0
|
)%
|
||||||||||
Basic earnings per share
|
$
|
0.16
|
$
|
0.23
|
$
|
0.31
|
||||||||||||||
Diluted earnings per share
|
$
|
0.16
|
$
|
0.23
|
$
|
0.31
|
||||||||||||||
Weighted average number of common shares outstanding
|
9,120,468
|
9,104,371
|
8,982,969
|
|||||||||||||||||
Weighted average number of diluted shares outstanding
|
9,124,227
|
9,173,276
|
9,085,913
|
June 30, 2023
|
March 31, 2023
|
June 30, 2022
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Other multifamily
|
$
|
141,413
|
11.9
|
%
|
$
|
143,332
|
11.9
|
%
|
$
|
135,879
|
12.0
|
%
|
||||||||||||
Total multifamily residential
|
141,413
|
11.9
|
143,332
|
11.9
|
135,879
|
12.0
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Office
|
79,338
|
6.7
|
79,793
|
6.6
|
84,884
|
7.5
|
||||||||||||||||||
Retail
|
131,877
|
11.1
|
130,788
|
11.0
|
139,425
|
12.2
|
||||||||||||||||||
Mobile home park
|
22,798
|
1.9
|
21,992
|
1.8
|
22,264
|
2.0
|
||||||||||||||||||
Hotel / motel
|
64,297
|
5.4
|
67,165
|
5.6
|
57,224
|
5.0
|
||||||||||||||||||
Nursing home
|
11,739
|
1.0
|
12,260
|
1.0
|
12,527
|
1.1
|
||||||||||||||||||
Warehouse
|
19,557
|
1.6
|
19,780
|
1.6
|
19,056
|
1.7
|
||||||||||||||||||
Storage
|
33,418
|
2.8
|
33,604
|
2.8
|
34,167
|
3.0
|
||||||||||||||||||
Other non-residential
|
43,332
|
3.7
|
43,523
|
3.7
|
43,350
|
3.8
|
||||||||||||||||||
Total non-residential
|
406,356
|
34.2
|
408,905
|
34.1
|
412,897
|
36.3
|
||||||||||||||||||
Construction/land:
|
||||||||||||||||||||||||
One-to-four family residential
|
47,168
|
4.0
|
53,948
|
4.5
|
34,578
|
3.1
|
||||||||||||||||||
Multifamily
|
547
|
0.0
|
(131
|
)
|
0.0
|
4,805
|
1.4
|
|||||||||||||||||
Land development
|
10,113
|
0.9
|
9,786
|
0.8
|
24,483
|
1.2
|
||||||||||||||||||
Total construction/land
|
57,828
|
4.9
|
63,603
|
5.3
|
63,866
|
5.7
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
246,585
|
20.8
|
242,477
|
20.2
|
211,491
|
18.7
|
||||||||||||||||||
Permanent non-owner occupied
|
235,008
|
19.8
|
240,183
|
20.0
|
223,670
|
19.8
|
||||||||||||||||||
Total one-to-four family residential
|
481,593
|
40.6
|
482,660
|
40.2
|
435,161
|
38.5
|
||||||||||||||||||
Business:
|
||||||||||||||||||||||||
Aircraft
|
2,017
|
0.2
|
2,052
|
0.1
|
3,130
|
0.3
|
||||||||||||||||||
Small Business Administration ("SBA")
|
1,824
|
0.2
|
499
|
0.1
|
538
|
0.1
|
||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
629
|
0.1
|
707
|
0.1
|
1,511
|
0.1
|
||||||||||||||||||
Other business
|
22,957
|
1.8
|
28,401
|
2.3
|
28,489
|
2.5
|
||||||||||||||||||
Total business
|
27,427
|
2.3
|
31,659
|
2.6
|
33,668
|
3.0
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Classic, collectible and other auto
|
61,611
|
5.1
|
59,962
|
5.0
|
43,695
|
3.7
|
||||||||||||||||||
Other consumer
|
11,294
|
1.0
|
10,657
|
0.9
|
9,754
|
0.8
|
||||||||||||||||||
Total consumer
|
72,905
|
6.1
|
70,619
|
5.9
|
53,449
|
4.5
|
||||||||||||||||||
Total loans
|
1,187,522
|
100.0
|
%
|
1,200,778
|
100.0
|
%
|
1,134,920
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
ACL
|
15,606
|
16,028
|
15,125
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
1,171,916
|
$
|
1,184,750
|
$
|
1,119,795
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
40.0
|
%
|
44.9
|
%
|
45.2
|
%
|
||||||||||||||||||
Total non-owner occupied commercial
real estate as % of total capital |
336.8
|
%
|
347.7
|
%
|
360.0
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
||||||||||||||||
2023
|
2023
|
2022
|
2022
|
2022
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios: (1)
|
||||||||||||||||||||
Return on assets
|
0.39
|
%
|
0.57
|
%
|
0.86
|
%
|
1.06
|
%
|
0.79
|
%
|
||||||||||
Return on equity
|
3.74
|
5.31
|
8.04
|
9.88
|
7.11
|
|||||||||||||||
Dividend payout ratio
|
79.90
|
56.52
|
34.29
|
27.40
|
38.51
|
|||||||||||||||
Equity-to-assets ratio
|
10.39
|
10.14
|
10.67
|
10.64
|
10.78
|
|||||||||||||||
Tangible equity-to-assets ratio (2)
|
10.31
|
10.06
|
10.58
|
10.55
|
10.69
|
|||||||||||||||
Net interest margin
|
2.84
|
3.22
|
3.52
|
3.65
|
3.53
|
|||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
116.27
|
117.78
|
117.93
|
119.08
|
120.21
|
|||||||||||||||
Efficiency ratio
|
86.95
|
75.44
|
65.84
|
66.80
|
72.62
|
|||||||||||||||
Noninterest expense as a percent of
average total assets
|
2.50
|
2.42
|
2.30
|
2.43
|
2.60
|
|||||||||||||||
Book value per common share
|
$
|
17.35
|
$
|
17.45
|
$
|
17.57
|
$
|
17.30
|
$
|
17.26
|
||||||||||
Tangible book value per common share (2)
|
17.20
|
17.30
|
17.41
|
17.14
|
17.09
|
|||||||||||||||
Capital Ratios: (3)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.02
|
%
|
10.24
|
%
|
10.31
|
%
|
10.43
|
%
|
10.53
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.49
|
14.33
|
14.37
|
14.24
|
14.22
|
|||||||||||||||
Tier 1 capital ratio
|
14.49
|
14.33
|
14.37
|
14.24
|
14.22
|
|||||||||||||||
Total capital ratio
|
15.75
|
15.59
|
15.62
|
15.49
|
15.47
|
|||||||||||||||
Asset Quality Ratios: (4)
|
||||||||||||||||||||
Nonperforming loans as a percent of total
loans
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.00
|
%
|
||||||||||
Nonperforming assets as a percent of total
assets |
0.01
|
0.01
|
0.01
|
0.02
|
0.00
|
|||||||||||||||
ACL as a percent of total loans
|
1.31
|
1.33
|
1.29
|
1.27
|
1.33
|
|||||||||||||||
Net (recoveries) charge-offs to average
loans receivable, net
|
0.00
|
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
0.00
|
||||||||||||
Allowance for Credit Losses:
|
||||||||||||||||||||
ACL, beginning of the quarter
|
$
|
16,028
|
$
|
15,227
|
$
|
14,726
|
$
|
15,125
|
$
|
15,159
|
||||||||||
Beginning balance adjustment from
adoption of Topic 326
|
-
|
500
|
-
|
-
|
-
|
|||||||||||||||
(Recapture of provision) provision for
credit losses
|
(400
|
)
|
300
|
500
|
(400
|
)
|
-
|
|||||||||||||
Charge-offs
|
(22
|
)
|
-
|
-
|
-
|
(37
|
)
|
|||||||||||||
Recoveries
|
-
|
1
|
1
|
1
|
3
|
|||||||||||||||
ACL, end of the quarter
|
$
|
15,606
|
$
|
16,028
|
$
|
15,227
|
$
|
14,726
|
$
|
15,125
|
For the Quarter Ended
|
||||||||||||||||||||
Jun 30,
2023 |
Mar 31,
2023 |
Dec 31,
2022 |
Sep 30,
2022 |
Jun 30,
2022 |
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs: (1)
|
||||||||||||||||||||
Yield on loans
|
5.71
|
%
|
5.56
|
%
|
5.19
|
%
|
4.77
|
%
|
4.41
|
%
|
||||||||||
Yield on investments
|
3.93
|
3.88
|
3.60
|
2.90
|
2.33
|
|||||||||||||||
Yield on interest-earning deposits
|
4.91
|
4.40
|
3.31
|
2.02
|
0.67
|
|||||||||||||||
Yield on FHLB stock
|
7.06
|
7.30
|
4.58
|
5.56
|
4.82
|
|||||||||||||||
Yield on interest-earning assets
|
5.43
|
%
|
5.29
|
%
|
4.90
|
%
|
4.43
|
%
|
4.04
|
%
|
||||||||||
Cost of interest-bearing deposits
|
3.06
|
%
|
2.41
|
%
|
1.51
|
%
|
0.87
|
%
|
0.55
|
%
|
||||||||||
Cost of borrowings
|
2.55
|
2.69
|
2.46
|
1.48
|
1.21
|
|||||||||||||||
Cost of interest-bearing liabilities
|
3.01
|
%
|
2.44
|
%
|
1.63
|
%
|
0.93
|
%
|
0.61
|
%
|
||||||||||
Cost of total deposits
|
2.78
|
%
|
2.17
|
%
|
1.36
|
%
|
0.78
|
%
|
0.49
|
%
|
||||||||||
Cost of funds
|
2.76
|
2.23
|
1.48
|
0.84
|
0.55
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,182,939
|
$
|
1,168,539
|
$
|
1,150,181
|
$
|
1,132,233
|
$
|
1,117,079
|
||||||||||
Investments
|
215,113
|
219,969
|
221,113
|
220,244
|
198,819
|
|||||||||||||||
Interest-earning deposits
|
50,691
|
21,729
|
24,608
|
24,565
|
22,010
|
|||||||||||||||
FHLB stock
|
6,814
|
7,219
|
7,710
|
5,923
|
5,905
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,455,557
|
$
|
1,417,456
|
$
|
1,403,612
|
$
|
1,382,965
|
$
|
1,343,813
|
||||||||||
Interest-bearing deposits
|
$
|
1,126,598
|
$
|
1,065,827
|
$
|
1,040,357
|
$
|
1,056,079
|
$
|
1,013,080
|
||||||||||
Borrowings
|
125,275
|
137,600
|
149,946
|
105,272
|
104,835
|
|||||||||||||||
Total interest-bearing liabilities
|
$
|
1,251,873
|
$
|
1,203,427
|
$
|
1,190,303
|
$
|
1,161,351
|
$
|
1,117,915
|
||||||||||
Noninterest-bearing deposits
|
$
|
111,365
|
$
|
115,708
|
$
|
121,518
|
$
|
125,561
|
$
|
131,415
|
||||||||||
Total deposits and borrowings
|
$
|
1,363,238
|
$
|
1,319,135
|
$
|
1,311,821
|
$
|
1,286,912
|
$
|
1,249,330
|
||||||||||
Average assets
|
$
|
1,547,321
|
$
|
1,509,297
|
$
|
1,496,125
|
$
|
1,470,816
|
$
|
1,431,003
|
||||||||||
Average stockholders' equity
|
159,764
|
162,016
|
159,120
|
158,515
|
158,349
|
Quarter Ended
|
|||||||||
|
Jun 30,
2023 |
Mar 31,
2023 |
Dec 31,
2022
|
Sep 30,
2022
|
Jun 30,
2022
|
||||
(Dollars in thousands, except per share data)
|
Total stockholders' equity (GAAP)
|
$
|
158,715
|
$
|
159,645
|
$
|
160,360
|
$
|
157,890
|
$
|
156,896
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
484
|
516
|
548
|
582
|
616
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
157,342
|
$
|
158,240
|
$
|
158,923
|
$
|
156,419
|
$
|
155,391
|
||||||||||
|
||||||||||||||||||||
Total assets (GAAP)
|
$
|
1,528,079
|
$
|
1,574,271
|
$
|
1,502,916
|
$
|
1,484,311
|
$
|
1,454,768
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
484
|
516
|
548
|
582
|
616
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,526,706
|
$
|
1,572,866
|
$
|
1,501,479
|
$
|
1,482,840
|
$
|
1,453,263
|
||||||||||
|
||||||||||||||||||||
Common shares outstanding at period end
|
9,148,086
|
9,148,086
|
9,127,595
|
9,127,595
|
9,091,533
|
|||||||||||||||
|
||||||||||||||||||||
Equity-to-assets ratio (GAAP)
|
10.39
|
%
|
10.14
|
%
|
10.67
|
%
|
10.64
|
%
|
10.78
|
%
|
||||||||||
Tangible equity-to-tangible assets ratio (Non‑GAAP)
|
10.31
|
%
|
10.06
|
10.58
|
10.55
|
10.69
|
||||||||||||||
Book value per common share (GAAP)
|
$
|
17.35
|
$
|
17.45
|
$
|
17.57
|
$
|
17.30
|
$
|
17.26
|
||||||||||
Tangible book value per share (Non-GAAP)
|
17.20
|
17.30
|
17.41
|
17.14
|
17.09
|
Document and Entity Information |
Jul. 27, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 27, 2023 |
Entity File Number | 001-33652 |
Entity Registrant Name | First Financial Northwest, Inc. |
Entity Central Index Key | 0001401564 |
Entity Incorporation, State or Country Code | WA |
Entity Tax Identification Number | 26-0610707 |
Entity Address, Address Line One | 201 Wells Avenue South |
Entity Address, City or Town | Renton |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98057 |
City Area Code | 425 |
Local Phone Number | 255-4400 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | FFNW |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year First Financial Northwest Chart |
1 Month First Financial Northwest Chart |
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