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 reported a net income of $3.2 million for Q3 2021, a decrease from $3.8 million in Q2 2021 but an increase from $2.1 million in Q3 2020. Net loans rose by $20 million to $1.10 billion, largely driven by a $24.4 million commercial real estate loan purchase. Total deposits increased by $7.4 million to $1.14 billion. The average cost of deposits saw a decline to 0.56%. The company also reported a cash dividend of $0.11 and no nonperforming assets at quarter end.
First Financial Northwest, Inc. (FFNW) announced the appointment of Cindy L. Runger to its Board of Directors, effective August 13, 2021. Runger brings over 18 years of experience in business development and finance, having held senior roles at major financial institutions. The Board is now composed of 38% women, reflecting the company's commitment to diversity. Runger's expertise includes corporate strategy and risk management, positioning her to provide valuable insights to the company. This move is seen as a strategic step toward enhancing governance and operational efficiency.
First Financial Northwest, Inc. (NASDAQ: FFNW) has declared a quarterly cash dividend of $0.11 per share, payable on September 17, 2021, to shareholders of record by September 3, 2021. Additionally, the Board authorized a stock buyback plan for up to 5.0% of outstanding shares, approximately 476,000 shares, starting on August 16, 2021, expiring no later than February 15, 2022. Previous buybacks included 268,286 shares at an average price of $14.97.
First Financial Northwest reported a net income of $3.8 million for Q2 2021, equating to $0.40 per diluted share, showing growth from $2.5 million in Q1 2021 and $2.1 million in Q2 2020. For the first half of 2021, net income reached $6.3 million, up from $3.8 million in the same period last year. The company noted no nonperforming loans and a reduction in the average cost of deposits to 0.68%. Additionally, the book value per share increased to $16.75. Share repurchases totaled 132,449 shares at an average price of $13.42, with a regular dividend of $0.11 per share.
First Financial Northwest has declared a quarterly cash dividend of $0.11 per share for its outstanding common stock. The dividend is scheduled for payment on June 18, 2021, to shareholders of record by June 4, 2021. As the holding company for First Financial Northwest Bank, an FDIC insured commercial bank, the company serves the Puget Sound Region through 15 branches, reinforcing its commitment to customer service and community engagement.
First Financial Northwest reported a net income of $2.5 million, or $0.26 per diluted share, for Q1 2021, a decrease from $2.6 million in Q4 2020 but an improvement from $1.7 million in Q1 2020. Total deposits increased by $40 million to $1.13 billion, driven by a rise in noninterest-bearing demand deposits. The average cost of deposits fell to 0.85%. The company downgraded $10.5 million in loans to special mention status, leading to a provision for loan losses of $300,000. The quarterly cash dividend was raised to $0.11 per share from $0.10. The tier 1 capital ratio was maintained at 10.2%.
First Financial Northwest, Inc. (NASDAQ: FFNW) has declared a quarterly cash dividend of $0.11 per share, marking a $0.01 increase from the previous quarter. The dividend will be payable on March 26, 2021, to shareholders of record on March 12, 2021. This decision reflects the company’s commitment to returning value to its shareholders amid ongoing economic uncertainties.
First Financial Northwest reported a net income of $2.6 million for Q4 2020, an increase from $2.1 million in Q3 2020 and steady compared to Q4 2019. For the full year, net income was $8.6 million, down from $10.4 million in 2019. The bank's checking account balances rose by $80.7 million, boosting total deposits to $1.09 billion. The cost of funds decreased to 1.07%. However, 16 loans totaling $34.2 million were downgraded due to COVID-19 impacts, resulting in a $600,000 loan loss provision. Book value per share grew to $16.05 from $15.62.
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.
First Financial Northwest, Inc. (NASDAQ: FFNW) announced a quarterly cash dividend of $0.10 per share, payable on December 18, 2020, to shareholders on record as of December 4, 2020. Headquartered in Renton, Washington, FFNW operates 14 banking offices in the Puget Sound region. This dividend reflects the company's commitment to returning value to its shareholders amid ongoing economic challenges.
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