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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.10% | 21.02 | 20.52 | 21.73 | 21.11 | 20.96 | 20.96 | 21,056 | 01:00:00 |
|
|
|
||
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
(17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4 (c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on
which registered
|
||
|
|
|
|
FIRST FINANCIAL NORTHWEST, INC.
|
|
|
|
|
DATE: October 26, 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 10.3% and 16.0% at September 30, 2023, compared to 10.0% and
15.8% at June 30, 2023, and 10.4% and 15.5% at September 30, 2022, respectively.
|
•
|
Credit quality remained strong with nonperforming assets of $201,000, or 0.01% of total assets at September 30, 2023.
|
•
|
Based on management’s evaluation of the adequacy of the Allowance for Credit Losses (“ACL”) at September 30, 2023, the
Company recognized a $300,000 recapture of provision for credit losses during the quarter.
|
Sep 30,
2023 |
Jun 30,
2023 |
Sep 30,
2022 |
Three
Month Change |
One
Year Change |
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Noninterest-bearing demand
|
$
|
104,164
|
$
|
111,768
|
$
|
118,842
|
$
|
(7,604
|
)
|
$
|
(14,678
|
)
|
||||||||
Interest-bearing demand
|
60,816
|
89,080
|
95,767
|
(28,264
|
)
|
(34,951
|
)
|
|||||||||||||
Savings
|
18,844
|
20,364
|
24,625
|
(1,520
|
)
|
(5,781
|
)
|
|||||||||||||
Money market
|
501,168
|
467,411
|
572,137
|
33,757
|
(70,969
|
)
|
||||||||||||||
Certificates of deposit, retail
|
349,446
|
359,919
|
268,528
|
(10,473
|
)
|
80,918
|
||||||||||||||
Brokered deposits
|
175,972
|
176,422
|
69,537
|
(450
|
)
|
106,435
|
||||||||||||||
Total deposits
|
$
|
1,210,410
|
$
|
1,224,964
|
$
|
1,149,436
|
$
|
(14,554
|
)
|
$
|
60,974
|
September 30, 2023
|
||||||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Brokered
deposits
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||||||
Renton
|
$
|
32,025
|
$
|
15,316
|
$
|
12,140
|
$
|
284,433
|
$
|
239,940
|
$
|
-
|
$
|
583,854
|
||||||||||||||
Landing
|
3,036
|
1,689
|
91
|
16,606
|
8,934
|
-
|
30,356
|
|||||||||||||||||||||
Woodinville
|
2,377
|
2,425
|
981
|
9,016
|
10,453
|
-
|
25,252
|
|||||||||||||||||||||
Bothell
|
3,798
|
751
|
35
|
4,363
|
2,365
|
-
|
11,312
|
|||||||||||||||||||||
Crossroads
|
10,589
|
4,067
|
77
|
28,773
|
14,460
|
-
|
57,966
|
|||||||||||||||||||||
Kent
|
6,665
|
7,397
|
4
|
13,310
|
7,839
|
-
|
35,215
|
|||||||||||||||||||||
Kirkland
|
10,385
|
1,765
|
148
|
12,277
|
1,174
|
-
|
25,749
|
|||||||||||||||||||||
Issaquah
|
1,476
|
1,966
|
30
|
3,719
|
6,170
|
-
|
13,361
|
|||||||||||||||||||||
Total King County
|
70,351
|
35,376
|
13,506
|
372,497
|
291,335
|
-
|
783,065
|
|||||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||||||
Mill Creek
|
5,126
|
3,474
|
639
|
14,069
|
7,910
|
-
|
31,218
|
|||||||||||||||||||||
Edmonds
|
11,817
|
6,735
|
950
|
24,681
|
14,848
|
-
|
59,031
|
|||||||||||||||||||||
Clearview
|
5,497
|
5,468
|
1,495
|
18,896
|
9,132
|
-
|
40,488
|
|||||||||||||||||||||
Lake Stevens
|
3,740
|
4,567
|
964
|
23,657
|
12,126
|
-
|
45,054
|
|||||||||||||||||||||
Smokey Point
|
3,568
|
3,877
|
1,272
|
42,544
|
11,835
|
-
|
63,096
|
|||||||||||||||||||||
Total Snohomish County
|
29,748
|
24,121
|
5,320
|
123,847
|
55,851
|
-
|
238,887
|
|||||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||||||
University Place
|
3,176
|
99
|
3
|
3,279
|
996
|
-
|
7,553
|
|||||||||||||||||||||
Gig Harbor
|
889
|
1,220
|
15
|
1,545
|
1,264
|
-
|
4,933
|
|||||||||||||||||||||
Total Pierce County
|
4,065
|
1,319
|
18
|
4,824
|
2,260
|
-
|
12,486
|
|||||||||||||||||||||
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
175,972
|
175,972
|
|||||||||||||||||||||
Total deposits
|
$
|
104,164
|
$
|
60,816
|
$
|
18,844
|
$
|
501,168
|
$
|
349,446
|
$
|
175,972
|
$
|
1,210,410
|
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
|
Sep 30,
|
Jun 30,
|
Sep 30,
|
Three
Month |
One
Year |
||||||||||||||||
2023
|
2023
|
2022
|
Change
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$
|
–
|
$
|
–
|
$
|
39
|
$ |
‒
|
$
|
(39
|
)
|
|||||||||
Consumer
|
201
|
201
|
193
|
‒
|
8
|
|||||||||||||||
Total nonperforming loans
|
201
|
201
|
232
|
(31
|
)
|
|||||||||||||||
OREO
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||
Total nonperforming assets
|
$
|
201
|
$
|
201
|
$
|
232
|
$ |
‒
|
$
|
(31
|
)
|
|||||||||
Nonperforming assets as a percent
|
||||||||||||||||||||
of total assets
|
0.01
|
%
|
0.01
|
%
|
0.02
|
%
|
Assets
|
Sep 30,
2023
|
Jun 30,
2023
|
Sep 30,
2022
|
Three
Month
Change
|
One
Year Change |
|||||||||||||||
Cash on hand and in banks
|
$
|
8,074
|
$
|
10,621
|
$
|
9,684
|
(24.0
|
)%
|
(16.6
|
)%
|
||||||||||
Interest-earning deposits with banks
|
49,618
|
42,956
|
15,227
|
15.5
|
225.9
|
|||||||||||||||
Investments available-for-sale, at fair value
|
204,975
|
208,927
|
221,278
|
(1.9
|
)
|
(7.4
|
)
|
|||||||||||||
Investments held-to-maturity, at amortized cost
|
2,450
|
2,444
|
2,438
|
0.2
|
0.5
|
|||||||||||||||
Loans receivable, net of allowance of $15,306,
$15,606, and $14,726, respectively |
1,168,079
|
1,171,916
|
1,143,348
|
(0.3
|
)
|
2.2
|
||||||||||||||
Federal Home Loan Bank ("FHLB") stock,
at cost |
6,803
|
6,603
|
7,712
|
3.0
|
(11.8
|
)
|
||||||||||||||
Accrued interest receivable
|
7,263
|
6,690
|
6,261
|
8.6
|
16.0
|
|||||||||||||||
Deferred tax assets, net
|
3,156
|
3,275
|
2,355
|
(3.6
|
)
|
34.0
|
||||||||||||||
Premises and equipment, net
|
19,921
|
20,283
|
21,608
|
(1.8
|
)
|
(7.8
|
)
|
|||||||||||||
Bank owned life insurance ("BOLI"), net
|
37,398
|
36,922
|
36,064
|
1.3
|
3.7
|
|||||||||||||||
Prepaid expenses and other assets
|
13,673
|
13,051
|
13,605
|
4.8
|
0.5
|
|||||||||||||||
Right of use asset ("ROU"), net
|
2,818
|
3,018
|
3,260
|
(6.6
|
)
|
(13.6
|
)
|
|||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
|
|||||||||||||||
Core deposit intangible, net
|
451
|
484
|
582
|
(6.8
|
)
|
(22.5
|
)
|
|||||||||||||
Total assets
|
$
|
1,525,568
|
$
|
1,528,079
|
$
|
1,484,311
|
(0.2
|
)
|
2.8
|
|||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
104,164
|
$
|
111,768
|
$
|
118,842
|
(6.8
|
)
|
(12.4
|
)
|
||||||||||
Interest-bearing deposits
|
1,106,246
|
1,113,196
|
1,030,594
|
(0.6
|
)
|
7.3
|
||||||||||||||
Total deposits
|
1,210,410
|
1,224,964
|
1,149,436
|
(1.2
|
)
|
5.3
|
||||||||||||||
Advances from the FHLB
|
125,000
|
120,000
|
150,000
|
4.2
|
(16.7
|
)
|
||||||||||||||
Advance payments from borrowers for taxes
and insurance
|
4,760
|
2,524
|
5,033
|
88.6
|
(5.4
|
)
|
||||||||||||||
Lease liability, net
|
3,011
|
3,213
|
3,441
|
(6.3
|
)
|
(12.5
|
)
|
|||||||||||||
Accrued interest payable
|
2,646
|
2,045
|
185
|
29.4
|
1330.3
|
|||||||||||||||
Other liabilities
|
20,506
|
16,618
|
18,326
|
23.4
|
11.9
|
|||||||||||||||
Total liabilities
|
1,366,333
|
1,369,364
|
1,326,421
|
(0.2
|
)
|
3.0
|
||||||||||||||
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
9,179,510 shares at September 30 2023,
9,148,086 shares at June 30 2023, and
9,127,595 shares at September 30, 2022
|
92
|
92
|
91
|
0.0
|
1.1
|
|||||||||||||||
Additional paid-in capital
|
72,926
|
72,544
|
72,295
|
0.5
|
0.9
|
|||||||||||||||
Retained earnings
|
96,206
|
95,896
|
92,928
|
0.3
|
3.5
|
|||||||||||||||
Accumulated other comprehensive loss,
net of tax |
(9,989
|
)
|
(9,817
|
)
|
(7,424
|
)
|
1.8
|
34.6
|
||||||||||||
Total stockholders' equity
|
159,235
|
158,715
|
157,890
|
0.3
|
0.9
|
|||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,525,568
|
$
|
1,528,079
|
$
|
1,484,311
|
(0.2
|
)%
|
2.8
|
%
|
Quarter Ended
|
||||||||||||||||||||
Sep 30,
2023 |
Jun 30,
2023 |
Sep 30,
2022 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
16,918
|
$
|
16,849
|
$
|
13,618
|
0.4
|
%
|
24.2
|
%
|
||||||||||
Investments
|
2,118
|
2,108
|
1,609
|
0.5
|
31.6
|
|||||||||||||||
Interest-earning deposits with banks
|
525
|
620
|
125
|
(15.3
|
)
|
320.0
|
||||||||||||||
Dividends on FHLB Stock
|
113
|
120
|
83
|
(5.8
|
)
|
36.1
|
||||||||||||||
Total interest income
|
19,674
|
19,697
|
15,435
|
(0.1
|
)
|
27.5
|
||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
9,205
|
8,590
|
2,326
|
7.2
|
295.7
|
|||||||||||||||
Other borrowings
|
766
|
798
|
392
|
(4.0
|
)
|
95.4
|
||||||||||||||
Total interest expense
|
9,971
|
9,388
|
2,718
|
6.2
|
266.9
|
|||||||||||||||
Net interest income
|
9,703
|
10,309
|
12,717
|
(5.9
|
)
|
(23.7
|
)
|
|||||||||||||
Recapture of provision for credit losses
|
(300
|
)
|
(247
|
)
|
(400
|
)
|
21.5
|
(25.0
|
)
|
|||||||||||
Net interest income after recapture of
provision for credit losses
|
10,003
|
10,556
|
13,117
|
(5.2
|
)
|
(23.7
|
)
|
|||||||||||||
Noninterest income
|
||||||||||||||||||||
BOLI income
|
244
|
274
|
243
|
(10.9
|
)
|
0.4
|
||||||||||||||
Wealth management revenue
|
53
|
95
|
89
|
(44.2
|
)
|
(40.4
|
)
|
|||||||||||||
Deposit related fees
|
247
|
252
|
245
|
(2.0
|
)
|
0.8
|
||||||||||||||
Loan related fees
|
79
|
44
|
195
|
79.5
|
(59.5
|
)
|
||||||||||||||
Other
|
54
|
133
|
6
|
(59.4
|
)
|
800.0
|
||||||||||||||
Total noninterest income
|
677
|
798
|
778
|
(15.2
|
)
|
(13.0
|
)
|
|||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
5,018
|
5,064
|
5,417
|
(0.9
|
)
|
(7.4
|
)
|
|||||||||||||
Occupancy and equipment
|
1,193
|
1,160
|
1,188
|
2.8
|
0.4
|
|||||||||||||||
Professional fees
|
553
|
887
|
549
|
(37.7
|
)
|
0.7
|
||||||||||||||
Data processing
|
742
|
711
|
675
|
4.4
|
9.9
|
|||||||||||||||
Regulatory assessments
|
200
|
267
|
105
|
(25.1
|
)
|
90.5
|
||||||||||||||
Insurance and bond premiums
|
111
|
115
|
112
|
(3.5
|
)
|
(0.9
|
)
|
|||||||||||||
Marketing
|
97
|
98
|
92
|
(1.0
|
)
|
5.4
|
||||||||||||||
Other general and administrative
|
856
|
1,202
|
876
|
(28.8
|
)
|
(2.3
|
)
|
|||||||||||||
Total noninterest expense
|
8,770
|
9,504
|
9,014
|
(7.7
|
)
|
(2.7
|
)
|
|||||||||||||
Income before federal income tax provision
|
1,910
|
1,850
|
4,881
|
3.2
|
(60.9
|
)
|
||||||||||||||
Federal income tax provision
|
409
|
362
|
935
|
13.0
|
(56.3
|
)
|
||||||||||||||
Net income
|
$
|
1,501
|
$
|
1,488
|
$
|
3,946
|
0.9
|
%
|
(62.0
|
)%
|
||||||||||
Basic earnings per share
|
$
|
0.16
|
$
|
0.16
|
$
|
0.44
|
||||||||||||||
Diluted earnings per share
|
$
|
0.16
|
$
|
0.16
|
$
|
0.43
|
||||||||||||||
Weighted average number of common
shares outstanding
|
9,127,568
|
9,120,468
|
8,981,037
|
|||||||||||||||||
Weighted average number of diluted
shares outstanding
|
9,150,059
|
9,124,227
|
9,068,541
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Multifamily
|
$
|
140,022
|
11.7
|
%
|
$
|
141,413
|
11.9
|
%
|
$
|
132,703
|
11.5
|
%
|
||||||||||||
Total multifamily residential
|
140,022
|
11.7
|
141,413
|
11.9
|
132,703
|
11.5
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Office
|
72,773
|
6.1
|
79,338
|
6.7
|
84,739
|
7.3
|
||||||||||||||||||
Retail
|
130,101
|
11.0
|
131,877
|
11.1
|
137,908
|
11.9
|
||||||||||||||||||
Mobile home park
|
21,285
|
1.8
|
22,798
|
1.9
|
23,411
|
2.1
|
||||||||||||||||||
Hotel / motel
|
63,954
|
5.4
|
64,297
|
5.4
|
56,655
|
4.9
|
||||||||||||||||||
Nursing Home
|
11,676
|
1.0
|
11,739
|
1.0
|
12,445
|
1.1
|
||||||||||||||||||
Warehouse
|
19,446
|
1.6
|
19,557
|
1.6
|
20,180
|
1.7
|
||||||||||||||||||
Storage
|
33,229
|
2.8
|
33,418
|
2.8
|
33,982
|
2.9
|
||||||||||||||||||
Other non-residential
|
42,227
|
3.7
|
43,332
|
3.7
|
44,368
|
3.9
|
||||||||||||||||||
Total non-residential
|
394,691
|
33.4
|
406,356
|
34.2
|
413,688
|
35.8
|
||||||||||||||||||
Construction/land:
|
||||||||||||||||||||||||
One-to-four family residential
|
43,532
|
3.7
|
47,168
|
4.0
|
41,208
|
3.6
|
||||||||||||||||||
Multifamily
|
2,043
|
0.2
|
547
|
0.0
|
15,405
|
1.3
|
||||||||||||||||||
Land development
|
9,766
|
0.8
|
10,113
|
0.9
|
15,496
|
1.4
|
||||||||||||||||||
Total construction/land
|
55,341
|
4.7
|
57,828
|
4.9
|
72,109
|
6.3
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
260,970
|
22.1
|
246,585
|
20.8
|
220,342
|
19.0
|
||||||||||||||||||
Permanent non-owner occupied
|
232,238
|
19.6
|
235,008
|
19.8
|
227,498
|
19.6
|
||||||||||||||||||
Total one-to-four family residential
|
493,208
|
41.7
|
481,593
|
40.6
|
447,840
|
38.6
|
||||||||||||||||||
Business:
|
||||||||||||||||||||||||
Aircraft
|
1,981
|
0.2
|
2,017
|
0.2
|
2,335
|
0.2
|
||||||||||||||||||
Small Business Administration ("SBA")
|
1,810
|
0.3
|
1,824
|
0.2
|
525
|
0.0
|
||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
551
|
0.0
|
629
|
0.1
|
1,201
|
0.1
|
||||||||||||||||||
Other business
|
23,633
|
1.9
|
22,957
|
1.8
|
27,978
|
2.4
|
||||||||||||||||||
Total business
|
27,975
|
2.4
|
27,427
|
2.3
|
32,039
|
2.7
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Classic, collectible and other auto
|
59,955
|
5.1
|
61,611
|
5.1
|
49,047
|
4.2
|
||||||||||||||||||
Other consumer
|
12,193
|
1.0
|
11,294
|
1.0
|
10,648
|
0.9
|
||||||||||||||||||
Total consumer
|
72,148
|
6.1
|
72,905
|
6.1
|
59,695
|
5.1
|
||||||||||||||||||
Total loans
|
1,183,385
|
100.0
|
%
|
1,187,522
|
100.0
|
%
|
1,158,074
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
ACL
|
15,306
|
15,606
|
14,726
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
1,168,079
|
$
|
1,171,916
|
$
|
1,143,348
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
37.8
|
%
|
40.0
|
%
|
49.1
|
%
|
||||||||||||||||||
Total non-owner occupied commercial
real estate as % of total capital |
328.1
|
%
|
336.8
|
%
|
354.6
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
||||||||||||||||
2023
|
2023
|
2023
|
2022
|
2022
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:
(1)
|
||||||||||||||||||||
Return on assets
|
0.39
|
%
|
0.39
|
%
|
0.57
|
%
|
0.86
|
%
|
1.06
|
%
|
||||||||||
Return on equity
|
3.71
|
3.74
|
5.31
|
8.04
|
9.88
|
|||||||||||||||
Dividend payout ratio
|
79.26
|
79.90
|
56.52
|
34.29
|
27.40
|
|||||||||||||||
Equity-to-assets ratio
|
10.44
|
10.39
|
10.14
|
10.67
|
10.64
|
|||||||||||||||
Tangible equity-to-assets ratio (2)
|
10.36
|
10.31
|
10.06
|
10.58
|
10.55
|
|||||||||||||||
Net interest margin
|
2.69
|
2.84
|
3.22
|
3.52
|
3.65
|
|||||||||||||||
Average interest-earning assets to
average interest-bearing liabilities
|
116.94
|
116.27
|
117.78
|
117.93
|
119.08
|
|||||||||||||||
Efficiency ratio
|
84.49
|
86.95
|
75.44
|
65.84
|
66.80
|
|||||||||||||||
Noninterest expense as a percent of
average total assets
|
2.29
|
2.50
|
2.42
|
2.30
|
2.43
|
|||||||||||||||
Book value per common share
|
$
|
17.35
|
$
|
17.35
|
$
|
17.45
|
$
|
17.57
|
$
|
17.30
|
||||||||||
Tangible book value per common share (2)
|
17.20
|
17.20
|
17.30
|
17.41
|
17.14
|
|||||||||||||||
Capital Ratios: (3)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.25
|
%
|
10.02
|
%
|
10.24
|
%
|
10.31
|
%
|
10.43
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.75
|
14.49
|
14.33
|
14.37
|
14.24
|
|||||||||||||||
Tier 1 capital ratio
|
14.75
|
14.49
|
14.33
|
14.37
|
14.24
|
|||||||||||||||
Total capital ratio
|
16.00
|
15.75
|
15.59
|
15.62
|
15.49
|
|||||||||||||||
Asset Quality Ratios:
(4)
|
||||||||||||||||||||
Nonperforming loans as a percent of total
loans
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
||||||||||
Nonperforming assets as a percent of
total assets
|
0.01
|
0.01
|
0.01
|
0.01
|
0.02
|
|||||||||||||||
ACL as a percent of total loans
|
1.29
|
1.31
|
1.33
|
1.29
|
1.27
|
|||||||||||||||
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
|
$
|
15,606
|
$
|
16,028
|
$
|
15,227
|
$
|
14,726
|
$
|
15,125
|
||||||||||
Beginning balance adjustment from
adoption of Topic 326
|
-
|
-
|
500
|
-
|
-
|
|||||||||||||||
(Recapture of provision) provision
|
(300
|
)
|
(400
|
)
|
300
|
500
|
(400
|
)
|
||||||||||||
Charge-offs
|
-
|
(22
|
)
|
-
|
-
|
-
|
||||||||||||||
Recoveries
|
-
|
-
|
1
|
1
|
1
|
|||||||||||||||
ACL, end of the quarter
|
$
|
15,306
|
$
|
15,606
|
$
|
16,028
|
$
|
15,227
|
$
|
14,726
|
At or For the Quarter Ended
|
||||||||||||||||||||
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
||||||||||||||||
2023
|
2023
|
2023
|
2022
|
2022
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs:
(1)
|
||||||||||||||||||||
Yield on loans
|
5.73
|
%
|
5.71
|
%
|
5.56
|
%
|
5.19
|
%
|
4.77
|
%
|
||||||||||
Yield on investments
|
3.98
|
3.93
|
3.88
|
3.60
|
2.90
|
|||||||||||||||
Yield on interest-earning deposits
|
5.18
|
4.91
|
4.40
|
3.31
|
2.02
|
|||||||||||||||
Yield on FHLB stock
|
6.57
|
7.06
|
7.30
|
4.58
|
5.56
|
|||||||||||||||
Yield on interest-earning assets
|
5.46
|
%
|
5.43
|
%
|
5.29
|
%
|
4.90
|
%
|
4.43
|
%
|
||||||||||
Cost of interest-bearing deposits
|
3.33
|
%
|
3.06
|
%
|
2.41
|
%
|
1.51
|
%
|
0.87
|
%
|
||||||||||
Cost of borrowings
|
2.42
|
2.55
|
2.69
|
2.46
|
1.48
|
|||||||||||||||
Cost of interest-bearing liabilities
|
3.24
|
%
|
3.01
|
%
|
2.44
|
%
|
1.63
|
%
|
0.93
|
%
|
||||||||||
Cost of total deposits
|
3.03
|
%
|
2.78
|
%
|
2.17
|
%
|
1.36
|
%
|
0.78
|
%
|
||||||||||
Cost of funds
|
2.97
|
2.76
|
2.23
|
1.48
|
0.84
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,171,483
|
$
|
1,182,939
|
$
|
1,168,539
|
$
|
1,150,181
|
$
|
1,132,233
|
||||||||||
Investments
|
211,291
|
215,113
|
219,969
|
221,113
|
220,244
|
|||||||||||||||
Interest-earning deposits
|
40,202
|
50,691
|
21,729
|
24,608
|
24,565
|
|||||||||||||||
FHLB stock
|
6,820
|
6,814
|
7,219
|
7,710
|
5,923
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,429,796
|
$
|
1,455,557
|
$
|
1,417,456
|
$
|
1,403,612
|
$
|
1,382,965
|
||||||||||
Interest-bearing deposits
|
$
|
1,097,324
|
$
|
1,126,598
|
$
|
1,065,827
|
$
|
1,040,357
|
$
|
1,056,079
|
||||||||||
Borrowings
|
125,402
|
125,275
|
137,600
|
149,946
|
105,272
|
|||||||||||||||
Total interest-bearing liabilities
|
$
|
1,222,726
|
$
|
1,251,873
|
$
|
1,203,427
|
$
|
1,190,303
|
$
|
1,161,351
|
||||||||||
Noninterest-bearing deposits
|
109,384
|
111,365
|
115,708
|
121,518
|
125,561
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,332,110
|
$
|
1,363,238
|
$
|
1,319,135
|
$
|
1,311,821
|
$
|
1,286,912
|
||||||||||
Average assets
|
$
|
1,522,224
|
$
|
1,547,321
|
$
|
1,509,297
|
$
|
1,496,125
|
$
|
1,470,816
|
||||||||||
Average stockholders' equity
|
160,299
|
159,764
|
162,016
|
159,120
|
158,515
|
Quarter Ended
|
|||||||||
|
Sep 30,
2023 |
Jun 30,
2023 |
Mar 31,
2023 |
Dec 31,
2022
|
Sep 30,
2022
|
||||
(Dollars in thousands, except per share data)
|
Total stockholders' equity (GAAP)
|
$
|
159,235
|
$
|
158,715
|
$
|
159,645
|
$
|
160,360
|
$
|
157,890
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
451
|
484
|
516
|
548
|
582
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
157,895
|
$
|
157,342
|
$
|
158,240
|
$
|
158,923
|
$
|
156,419
|
||||||||||
|
||||||||||||||||||||
Total assets (GAAP)
|
$
|
1,525,568
|
$
|
1,528,079
|
$
|
1,574,271
|
$
|
1,502,916
|
$
|
1,484,311
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
451
|
484
|
516
|
548
|
582
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,524,228
|
$
|
1,526,706
|
$
|
1,572,866
|
$
|
1,501,479
|
$
|
1,482,840
|
||||||||||
|
||||||||||||||||||||
Common shares outstanding at period end
|
9,179,510
|
9,148,086
|
9,148,086
|
9,127,595
|
9,127,595
|
|||||||||||||||
|
||||||||||||||||||||
Equity-to-assets ratio (GAAP)
|
10.44
|
%
|
10.39
|
%
|
10.14
|
%
|
10.67
|
%
|
10.64
|
%
|
||||||||||
Tangible equity-to-tangible assets ratio (Non‑GAAP)
|
10.36
|
|
10.31
|
|
10.06
|
10.58
|
10.55
|
|||||||||||||
Book value per common share (GAAP)
|
$
|
17.35
|
$
|
17.35
|
$
|
17.45
|
$
|
17.57
|
$
|
17.30
|
||||||||||
Tangible book value per share (Non-GAAP)
|
17.20
|
17.20
|
17.30
|
17.41
|
17.14
|
Document and Entity Information |
Oct. 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Oct. 26, 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, $0.01 par value 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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