First Financial Northwest, Inc. Announces 9.1% Increase in its Quarterly Cash Dividend to $0.12 per Share; Announces Adoption of New Share Repurchase Plan

Rhea-AI Summary

First Financial Northwest (NASDAQ: FFNW) announced a quarterly cash dividend of $0.12 per share, marking a $0.01 increase from the previous quarter. This dividend will be paid on March 25, 2022, to shareholders of record by March 11, 2022.

The Board also approved a repurchase plan for up to 5.0% of its outstanding stock, totaling approximately 455,000 shares. This plan will begin on or about February 18, 2022, and is expected to last until August 17, 2022.

Positive

• Increased dividend from $0.11 to $0.12 per share enhances shareholder value.
• Share buyback plan indicates management confidence and may support share price.

Negative

• None.

RENTON, Wash., Feb. 15, 2022 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today announced that its Board of Directors has declared a quarterly cash dividend of $0.12 per share on the Company’s outstanding common stock, a $0.01 increase from the prior quarter. The cash dividend will be payable on March 25, 2022, to shareholders of record on March 11, 2022.

The Company also announced that the Board of Directors has authorized the repurchase of up to 5.0% of the Company’s outstanding common stock, or approximately 455,000 shares, on the open market or in privately negotiated transactions, in accordance with Rule 10b-18 of the Securities Exchange Act of 1934. The new stock repurchase plan will commence on or about February 18, 2022, and will expire no later than August 17, 2022. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. As a result, there can be no assurance as to the exact number of shares, if any, that will be repurchased under the plan.

The Company repurchased a total of 459,732 shares of its outstanding common stock at an average price of $16.83 per share under its most recent stock repurchase plan in effect from August 16, 2021, through February 15, 2022, which authorized the repurchase of up to 5% of its outstanding common stock, or approximately 476,000 shares.

First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; an FDIC insured Washington State-chartered commercial bank headquartered in Renton, Washington, serving the Puget Sound Region through 15 full-service banking offices. For additional information about us, please visit our website at ffnwb.com and click on the “Investor Relations” link at the bottom of the page.

Forward-looking statements:

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions and other uncertainties resulting from the COVID-19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, and consumer and corporate customers, including economic activity, employment levels and market liquidity; increased competitive pressures; changes in the interest rate environment; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission – that are available on our website at www.ffnwb.com and on the SEC's website at www.sec.gov.

Any of the forward-looking statements that we make in this press release and in the other public statements are based upon management's beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2021 and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance.

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

FAQ

What is the latest dividend per share announced by FFNW?

First Financial Northwest announced a quarterly cash dividend of $0.12 per share.

When will the FFNW dividend be paid?

The dividend will be payable on March 25, 2022, to shareholders of record by March 11, 2022.

What is the stock repurchase plan amount for FFNW?

The Board approved a stock repurchase plan for up to 5.0% of outstanding shares, approximately 455,000 shares.

When does the FFNW stock repurchase plan start and end?

The repurchase plan will commence on or about February 18, 2022, and will expire no later than August 17, 2022.

How many shares did FFNW repurchase under the previous plan?

Under the previous plan, FFNW repurchased a total of 459,732 shares at an average price of $16.83 per share.