First Financial Northwest, Inc. Announces Adoption of New Share Repurchase Plan

Rhea-AI Summary

First Financial Northwest, Inc. (FFNW) announced a new stock repurchase plan, allowing the purchase of up to 5.0% of its outstanding common stock, approximately 486,000 shares. This plan will start on February 1, 2021, and conclude by August 13, 2021. The previous plan resulted in the repurchase of 329,781 shares at an average price of $9.98 each. Share repurchases aim to enhance shareholder value by reducing outstanding shares, although the actual number of shares repurchased will depend on market conditions.

Positive

• New repurchase plan for up to 486,000 shares enhancing shareholder value.
• Previous repurchase plan successfully bought back 329,781 shares.

Negative

• None.

RENTON, Wash., Dec. 21, 2020 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank today announced that its Board of Directors has authorized the repurchase of up to 5.0% of the Company’s outstanding common stock, or approximately 486,000 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 1, 2021 and will expire no later than August 13, 2021. 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.

As of December 21, 2020, the Company had repurchased 329,781 shares of its outstanding common stock at an average price of $9.98 per share under its most recent stock repurchase plan in effect from July 30, 2020 through January 29, 2021, which authorized the repurchase of up to 509,000 shares, or approximately 5.0% of its outstanding common stock.

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 14 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 COVID19 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 purpose of First Financial Northwest's stock repurchase plan?

The stock repurchase plan aims to enhance shareholder value by reducing the number of outstanding shares.

How many shares will First Financial Northwest repurchase in the new plan?

First Financial Northwest plans to repurchase up to 486,000 shares, or 5.0% of its outstanding stock.

When does the new stock repurchase plan for FFNW start?

The new stock repurchase plan will commence on February 1, 2021.

What was the average price of shares repurchased under the previous plan?

Under the previous repurchase plan, First Financial Northwest repurchased shares at an average price of $9.98 each.

When does the stock repurchase plan for FFNW expire?

The stock repurchase plan will expire no later than August 13, 2021.