First Financial Northwest, Inc - FFNW STOCK NEWS

First Financial Northwest, Inc. (NASDAQ GS: FFNW) has announced that it received FDIC approval for Global Federal Credit Union to acquire substantially all assets and assume liabilities of First Financial Northwest Bank. This approval is a important step in the Asset Sale agreement dated January 10, 2024. The company has already obtained approval from the Washington State Department of Financial Institutions and shareholder approval on July 19, 2024.

However, the transaction still requires regulatory approval from the NCUA, which has not yet been obtained. The company cannot guarantee when or if this final approval will be received, or if there will be any burdensome conditions attached. First Financial Northwest Bank currently operates 15 full-service banking offices in the Puget Sound Region.

First Financial Northwest (NASDAQ: FFNW) reported net income of $1.6 million, or $0.17 per diluted share, for Q2 2024. This marks a significant improvement from a net loss of $1.1 million in Q1 2024. The company's financial results were positively impacted by the successful modification of over $130 million in loans related to the pending sale of the Bank to Global Federal Credit Union. Despite a $4.5 million increase in nonaccrual loans, overall credit quality remained strong. The company maintained a strong capital position with the Bank's Tier 1 leverage and total capital ratios at 10.9% and 16.6%, respectively. Total deposits decreased to $1.09 billion, down from $1.17 billion in the previous quarter, primarily due to a strategic reduction in higher-cost deposits.

First Financial Northwest, Inc. (NASDAQ GS: FFNW) announced that its shareholders have approved the Purchase and Assumption Agreement with Global Federal Credit Union for the acquisition of substantially all assets and liabilities of First Financial Northwest Bank. Shareholders also approved the voluntary dissolution of the company and the distribution of net assets following the asset sale. The transaction has received approval from the Washington State Department of Financial Institutions but still requires regulatory approvals from the FDIC and NCUA.

The company cautioned that there is no assurance of obtaining these final approvals or whether there will be unacceptably burdensome conditions attached. First Financial Northwest Bank currently operates 15 full-service banking offices in the Puget Sound Region.

First Financial Northwest, the holding company for First Financial Northwest Bank, has declared a quarterly cash dividend of $0.13 per share on its outstanding common stock.

The dividend will be payable on June 21, 2024, to shareholders recorded by June 7, 2024.

First Financial Northwest Bank operates 15 full-service offices in the Puget Sound Region and is headquartered in Renton, Washington.

First Financial Northwest, Inc. reported a net loss of $1.1 million for the first quarter of 2024 due to a strategic move to extinguish a legacy defined benefit plan at a cost of $1.2 million. The company also recognized pretax expenses related to a sale to Global Federal Credit Union. Credit quality remained strong, with nonaccrual loans low at $201,000. Despite pressures on deposit rates, net interest margin saw a slight increase. Total deposits decreased due to a managed reduction in higher cost deposits.

First Financial Northwest, Inc. (NASDAQ: FFNW) declares a quarterly cash dividend of $0.13 per share on its common stock, payable on March 28, 2024. The company operates First Financial Northwest Bank, a Washington State-chartered commercial bank with 15 full-service banking offices in the Puget Sound Region.

First Financial Northwest, Inc. reported net income of $1.2 million for the quarter ended December 31, 2023. Year-end net income was $6.3 million, compared to $13.2 million in 2022. Credit quality remained strong with nonperforming assets of $220,000 on a $1.2 billion total loan portfolio. The Bank’s Tier 1 leverage and total capital ratios were 10.2% and 16.2% at December 31, 2023.

First Financial Northwest, Inc. reported net income of $1.2 million for Q4 2023, down from $3.2 million in Q4 2022. The company did not record a provision for credit losses during the quarter, resulting in a net recapture of provision for credit losses of $208,000 for the year. Net loans receivable increased to $1.18 billion, and the bank's Tier 1 leverage and total capital ratios were 10.2% and 16.2% at December 31, 2023. Credit quality remained strong with nonperforming assets totaling $220,000, or 0.01% of total assets. The bank has entered into a Purchase and Assumption Agreement with Global Federal Credit Union.

Global Credit Union has announced the acquisition of First Financial Northwest Bank for $231.2 million, expected to close in 4Q24 pending regulatory approval. The acquisition is seen as strategically favorable, potentially adding $20-30 million to Global's net income annually. The combined institution is expected to have $13 billion in total assets at close, with minimal integration risks for this in-market deal.