First Financial Northwest, Inc. Declares Quarterly Cash Dividend of $0.12 per Share; Announces Extension of Share Repurchase Plan

Rhea-AI Summary

First Financial Northwest announced a quarterly cash dividend of $0.12 per share on common stock, payable on September 16, 2022. Additionally, the Board approved an extension to the existing stock repurchase plan, now set to expire on September 16, 2022, allowing for the repurchase of up to 5.0% of outstanding shares, equivalent to approximately 455,000 shares. As of June 30, 2022, 34,643 shares had been repurchased at an average price of $16.83 per share, with 420,357 shares remaining for repurchase.

Positive

• Declaration of $0.12 per share cash dividend enhances shareholder returns.
• Extension of stock repurchase plan may bolster stock price and improve shareholder value.

Negative

• Market conditions may affect the actual number of shares repurchased.
• Forward-looking statements indicate potential uncertainties affecting future performance.

RENTON, Wash., Aug. 08, 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. The cash dividend will be payable on September 16, 2022, to shareholders of record on September 2, 2022.

The Company also announced today that its Board of Directors approved an extension to the Company’s existing stock repurchase plan to change the expiration date to September 16, 2022. There were no further changes to the plan. The previously announced plan authorizes 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 plan commenced on February 18, 2022, and was originally set to expire no later than August 17, 2022. At June 30, 2022, the Company had repurchased 34,643 shares at an average price of $16.83 per share and 420,357 shares remained available for purchase under the plan. 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.

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 dividend amount declared by First Financial Northwest?

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

When is the dividend payable and who qualifies?

The dividend will be payable on September 16, 2022, to shareholders of record on September 2, 2022.

What is the purpose of the stock repurchase plan for FFNW?

The stock repurchase plan is intended to enhance shareholder value by reducing the outstanding shares.

How many shares are authorized for repurchase under the plan?

The plan authorizes the repurchase of up to 5.0% of the company's outstanding shares, about 455,000 shares.

What was the average price of shares repurchased as of June 30, 2022?

As of June 30, 2022, the average price of shares repurchased was $16.83 per share.