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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 declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is set to be paid on December 16, 2022, to shareholders on record by December 2, 2022. The company operates as a holding entity for First Financial Northwest Bank, which is FDIC insured and headquartered in Renton, Washington, serving the Puget Sound Region with 15 full-service banking offices.
First Financial Northwest reported a net income of $3.9 million, or $0.43 per diluted share, for Q3 2022, up from $2.8 million in Q2 2022. Year-to-date net income reached $10.0 million, reflecting growth over the previous year. The net interest margin expanded to 3.65%, influenced by rising interest rates. Total deposits decreased by $30 million to $1.15 billion, while net loans rose by $23.6 million to $1.14 billion. The company repurchased 27,270 shares and declared a quarterly cash dividend of $0.12. Credit quality remained strong with low nonperforming assets.
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.
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.
First Financial Northwest reported a net income of $2.8 million for Q2 2022, down from $3.3 million in Q1 2022 and $3.8 million in Q2 2021. Year-to-date net income is $6.1 million, consistent with last year's $6.3 million. The company did not record a provision for loan losses this quarter, contrasting with a $500,000 recapture in the previous quarter. One-to-four family residential loans grew by $24.5 million, while total deposits rose by $39.4 million to $1.18 billion. The book value per share decreased slightly to $17.26.
First Financial Northwest, Inc. (NASDAQ: FFNW) has announced a quarterly cash dividend of $0.12 per share, payable on June 17, 2022, to shareholders on record by June 3, 2022. The company operates First Financial Northwest Bank, headquartered in Renton, Washington, providing banking services to the Puget Sound Region through 15 full-service offices. This dividend reflects the company’s ongoing commitment to return value to its shareholders while maintaining a stable financial position amidst the current economic environment.
First Financial Northwest reported a net income of $3.3 million, or $0.36 per diluted share, for Q1 2022, up from $2.7 million in Q4 2021 and $2.5 million in Q1 2021. The average cost of funds improved to 0.51%. Net loans receivable rose by $17.9 million, totaling $1.12 billion, despite $5.7 million in PPP loan repayments. Deposits fell by $17.4 million, though noninterest-bearing deposits increased by $12.8 million. The bank recorded a $500,000 recapture of loan loss provision. The regular quarterly dividend was raised to $0.12 per share from $0.11.
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.
First Financial Northwest reported net income of $2.7 million ($0.29 per diluted share) for Q4 2021, down from $3.2 million ($0.34) in Q3 2021. For the full year, net income increased to $12.2 million ($1.29 per share) from $8.6 million ($0.88) in 2020. The average cost of funds decreased to 0.55%. Total deposits rose by $15.7 million, and net loans receivable increased to $1.1 billion. The provision for loan losses was $600,000, primarily due to loan growth. The Company repurchased 392,322 shares, raising book value to $17.30. Regular dividends totaled $0.44 per share, a 10% increase year-over-year.
First Financial Northwest has declared a quarterly cash dividend of $0.11 per share on its common stock, payable on December 17, 2021, to shareholders of record as of December 3, 2021. This decision reflects the Company's ongoing commitment to returning value to its shareholders. The bank, based in Renton, Washington, operates 15 full-service banking offices throughout the Puget Sound Region, serving the local community with various banking services.
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