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

Rhea-AI Summary

First Financial Northwest has authorized the buyback of up to 5% of its outstanding common stock, approximately 456,000 shares, starting on October 31, 2022, and ending by March 17, 2023. This follows the repurchase of 61,913 shares at an average price of $16.22 under a previous plan. The buyback aims to enhance shareholder value and reflects the company's confidence in its financial stability and future growth, although actual repurchase numbers will depend on market conditions.

Positive

• Authorization of a $7.4 million stock buyback program to enhance shareholder value.
• Previous successful repurchase of 61,913 shares indicates confidence in stock value.

Negative

• None.

RENTON, Wash., Oct. 03, 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 authorized the repurchase of up to 5.0% of the Company’s outstanding common stock, or approximately 456,000 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 October 31, 2022, and will expire no later than March 17, 2023. 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 61,913 shares of its outstanding common stock at an average price of $16.22 per share under its most recent stock repurchase plan in effect from February 18, 2022, through September 16, 2022, which authorized the repurchase of up to 5% of its outstanding common stock, or approximately 455,000 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 2022 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 stock buyback amount authorized by First Financial Northwest?

First Financial Northwest has authorized a stock buyback of up to 5% of its outstanding common stock, approximately 456,000 shares.

When will the stock buyback for FFNW commence?

The stock buyback will commence on or about October 31, 2022.

What is the expected duration of the stock repurchase plan for FFNW?

The stock repurchase plan will expire no later than March 17, 2023.

How many shares did First Financial Northwest repurchase in its last plan?

In its last plan, First Financial Northwest repurchased a total of 61,913 shares.

What was the average price at which FFNW repurchased shares in its last buyback?

The company repurchased shares at an average price of $16.22.