Welcome to our dedicated page for First Financial Northwest news (Ticker: FFNW), a resource for investors and traders seeking the latest updates and insights on First Financial Northwest stock.
First Financial Northwest, Inc. (NASDAQ: FFNW) is a reputable holding company that operates First Financial Northwest Bank. For over 90 years, the bank has been a cornerstone of the communities it serves, offering personalized financial solutions that meet the unique needs of every customer. The bank prides itself on delivering exceptional service by being friendly, professional, and responsive, making every customer interaction meaningful and productive.
The bank’s primary business involves attracting deposits from the public and leveraging these funds, along with borrowing from the Federal Home Loan Bank of Des Moines and raising capital in the wholesale market, to originate a diverse range of loans. These include one-to-four family residential, multifamily, commercial real estate, construction/land, business, and consumer loans.
First Financial Northwest Bank's strategic initiatives focus on diversifying its loan portfolio and expanding growth opportunities while adhering to its risk tolerance levels and asset/liability objectives. The bank strives to be efficient, ensuring banking processes are seamless and time-efficient for customers. By staying current with financial trends and utilizing the most advanced technologies, the bank offers innovative solutions that save customers time, money, and stress.
Additionally, First Financial Northwest Bank is committed to community service, acting as a concierge of professional connections and a partner in community development. The institution's dedication to customer care, backed by its experienced and knowledgeable staff, helps create distinctive, intuitive financial solutions tailored to the needs of each customer.
For more information or inquiries, you can contact Joseph W. Kiley III, President and Chief Executive Officer, or Rich Jacobson, Executive Vice President and Chief Financial Officer, at (425) 255-4400.
First Financial Northwest has announced a quarterly cash dividend of $0.13 per share, reflecting a $0.01 increase from the previous quarter. This dividend is payable on March 24, 2023, to shareholders who are on record by March 14, 2023. The company is the parent of First Financial Northwest Bank, which operates in the Puget Sound Region with 15 full-service banking offices. This increase in dividend indicates confidence in financial stability and aims to provide returns to shareholders.
First Financial Northwest reported Q4 2022 net income of $3.2 million, or $0.35 per diluted share, down from $3.9 million in Q3 2022. For the full year, net income rose to $13.2 million, or $1.45 per diluted share, compared to $12.2 million in 2021. A $500,000 provision for loan losses impacted Q4 results, driven by loan growth. Residential lending saw growth of $26.4 million in Q4, totaling $90.7 million for 2022. The book value per share increased to $17.57. Deposits totaled $1.17 billion, with a reliance on brokered deposits rising significantly.
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