first financial northwest bank woodinville

Kemcor Inc in Woodinville, WA received a Paycheck Protection Loan of $280,528 through First Financial Northwest Bank, which was approved in February, 2021. Get reviews, hours, directions, coupons and more for First Financial Northwest Bank - Woodinville Branch. Search for other Banks on The Real Yellow Pages®. Union Bank® offers personal and business banking, investments, commercial banking, corporate accounts and private banking services - Open a bank account. first financial northwest bank woodinville

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First Financial Northwest Bank Woodinville, Washington

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First Financial Northwest Bank
Established1923-01-01
Branches15
Total Assets$1,430,753K
Deposits$1,153,830K
US Deposits$1,153,830K
Net Income$6,986,000
More Information...
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Источник: https://www.usbanklocations.com/first-financial-northwest-bank-woodinville-wa.htm

First Financial Northwest, Inc. Reports Second Quarter Net Income of $3.8 Million or $0.40 per Diluted Share

RENTON, Wash., July 27, 2021 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported net income for the quarter ended June 30, 2021, of $3.8 million, or $0.40 per diluted share, compared to net income of $2.5 million, or $0.26 per diluted share, for the quarter ended March 31, 2021, and $2.1 million, or $0.22 per diluted share, for the quarter ended June 30, 2020. For the six months ended June 30, 2021, net income was $6.3 million, or $0.66 per diluted share, compared to net income of $3.8 million, or $0.39 per diluted share, for the comparable six-month period in 2020.

“I am pleased to report that we have no nonperforming loans and no loans over 30 days delinquent at June 30, 2021. During the quarter, a $2.0 million nonperforming loan paid off and our credit team continues to work diligently to maintain our excellent credit quality,” stated Joseph W. Kiley III, President and CEO. “In addition, we saw a further reduction in our cost of funds, with the average cost of deposits decreasing to 0.68% in the quarter ended June 30, 2021, compared to 0.85% in the quarter ended March 31, 2021, and 1.38% in the quarter ended June 30, 2020,” continued Kiley. “If market interest rates remain low, we expect this decline to continue as we have approximately $172.1 million in certificates of deposit maturing in the next 12 months and an additional $84.5 million of certificates of deposit maturing in the subsequent 12 months, all at a weighted average rate of 1.46%,” continued Kiley.

“As a result of our quarterly analysis of our loan portfolio, we downgraded to special mention $6.5 million of loans where we are a participating lender. These loans are secured by medical rehabilitation facilities and we expect improvement as elective medical procedures are currently being undertaken that were not available during the pandemic. In addition, we further downgraded $10.5 million in loans made to a single lending relationship to substandard. These substandard loans were analyzed for impairment and the analysis showed that no losses are anticipated from these loans. We also upgraded loans totaling $2.9 million in the quarter. As a result, we recorded a recapture of provision for loan losses of $700,000 during the quarter, compared to a provision for loan losses of $300,000 in the quarter ended March 31, 2021,” concluded Kiley.

Highlights for the quarter ended June 30, 2021:

  • Nonperforming loans reduced to none following resolution of a $2.0 million previously nonperforming multifamily loan.
  • The Company’s book value per share was $16.75, compared to $16.35 at March 31, 2021, and $15.32 at June 30, 2020.
  • The Company repurchased 43,430 shares at an average price of $14.21 per share during the quarter ended June 30, 2021, bringing the total to 132,449 shares repurchased at an average price of $13.42 per share under its most recent stock repurchase plan which went into effect February 1, 2021, and will expire no later than August 13, 2021.
  • The Company paid a regular quarterly cash dividend of $0.11 to shareholders.
  • The Bank’s Tier 1 leverage and total capital ratios were 10.2% and 15.7%, respectively, at June 30, 2021, compared to 10.2% and 15.6%, respectively, at March 31, 2021, and 10.0% and 15.0% at June 30, 2020.
  • The Bank recorded a $700,000 recapture of provision for loan losses based on management’s evaluation of the adequacy of the Allowance for Loan and Lease Losses (“ALLL”) including the estimated impact of the COVID-19 pandemic.

Deposits totaled $1.13 billion at June 30, 2021, March 31, 2021, and June 30, 2020. The $52.3 million increase in money market deposits in the quarter ended June 30, 2021, more than offset the reduction in retail certificates of deposit based on strategic deposit pricing from the quarter ended March 31, 2021.

The following table presents a breakdown of our total deposits (unaudited):

 Jun 30,
2021
 Mar 31,
2021
 Jun 30,
2020
 Three
Month
Change
 One
Year
Change
Deposits:(Dollars in thousands) 
Noninterest-bearing demand$111,240 $114,437 $91,593 $(3,197) $19,647 
Interest-bearing demand 110,338  114,098  102,707  (3,760)  7,631 
Statement savings 21,281  20,470  18,946  811   2,335 
Money market 552,964  500,619  429,987  52,345   122,977 
Certificates of deposit, retail 338,479  384,031  450,487  (45,552)  (112,008)
Certificates of deposit, brokered     32,448     (32,448)
Total deposits$1,134,302 $1,133,655 $1,126,168 $647  $8,134 

The following tables present an analysis of total deposits by branch office (unaudited):

June 30, 2021
 Noninterest-bearing demand Interest-bearing demandStatement savings Money market Certificates of deposit, retailTotal
(Dollars in thousands)
King County      
Renton$41,247$46,092$14,611$296,292$285,563$683,805
Landing 6,324 3,827 177 22,677 5,905 38,910
Woodinville 4,546 7,115 729 18,631 5,230 36,251
Bothell 2,565 2,314 110 7,450 1,481 13,920
Crossroads 10,952 9,504 85 53,510 4,911 78,962
Kent 6,311 8,131 1 23,699 296 38,438
Kirkland 6,577 354 2 5,199 25 12,157
Issaquah (1) 480 18 3 1,299 100 1,900
Total King County 79,002 77,355 15,718 428,757 303,511 904,343
       
Snohomish County      
Mill Creek 5,275 3,343 1,288 16,616 7,954 34,476
Edmonds 12,962 9,983 688 38,773 13,439 75,845
Clearview 5,662 5,676 1,456 21,899 1,796 36,489
Lake Stevens 3,106 9,613 937 19,874 4,561 38,091
Smokey Point 3,834 3,874 1,135 24,999 7,216 41,058
Total Snohomish County 30,839 32,489 5,504 122,161 34,966 225,959
       
Pierce County      
University Place 1,007 164 28 484 2 1,685
Gig Harbor 392 330 31 1,562  2,315
Total Pierce County 1,399 494 59 2,046 2 4,000
       
Total retail deposits 111,240 110,338 21,281 552,964 338,479 1,134,302
Total deposits$111,240$110,338$21,281$552,964$338,479$1,134,302

(1) Issaquah opened March 1, 2021.

March 31, 2021
 Noninterest-bearing demand Interest-bearing demandStatement savings Money market Certificates of deposit, retailTotal
(Dollars in thousands)
King County      
Renton$41,934$48,476$14,070$255,917$318,113$678,510
Landing 8,425 2,904 133 16,165 6,912 34,539
Woodinville 4,351
 7,350 757 18,530 6,076 37,064
Bothell 3,056 1,160 55 6,286 2,646 13,203
Crossroads 10,515 13,881 72 59,995 6,023 90,486
Kent 6,752 7,508 1 22,924 346 37,531
Kirkland 8,144 157 18 4,400  12,719
Issaquah (1) 361  1 325  687
Total King County 83,538 81,436 15,107 384,542 340,116 904,739
       
Snohomish County      
Mill Creek 4,811 4,258 1,414 14,553 8,286 33,322
Edmonds 13,210 8,672 615 37,765 17,910 78,172
Clearview 4,814 5,615 1,217 20,309 3,257 35,212
Lake Stevens 3,352 9,974 922 18,005 4,726 36,979
Smokey Point 3,418 3,690 1,098 22,330 9,736 40,272
Total Snohomish County 29,605 32,209 5,266 112,962 43,915 223,957
       
Pierce County      
University Place 940 174 24 670  1,808
Gig Harbor 354 279 73 2,445  3,151
Total Pierce County 1,294 453 97 3,115  4,959
       
Total retail deposits 114,437 114,098 20,470 500,619 384,031 1,133,655
Total deposits$114,437$114,098$20,470$500,619$384,031$1,133,655

(1) Issaquah opened March 1, 2021.

Net loans receivable declined to $1.08 billion at June 30, 2021, from $1.10 billion at March 31, 2021, and $1.14 billion at June 30, 2020. Loan repayments and loan forgiveness of Paycheck Protection Program (“PPP”) loans totaling $16.4 million contributed to this reduction. The average balance of net loans receivable totaled $1.09 billion for the quarter ended June 30, 2021, compared to $1.10 billion for the quarter ended March 31, 2021, and $1.12 billion for the quarter ended June 30, 2020.

The Company recorded a $700,000 recapture of provision for loan losses in the quarter ended June 30, 2021, compared to a $300,000 provision for loan losses in both the quarters ended March 31, 2021, and June 30, 2020. During the quarter ended June 30, 2021, management evaluated the adequacy of the ALLL and concluded that a $700,000 recapture of provision for loan losses was appropriate. This recapture of provision was primarily attributed to the downgrade to substandard of $10.5 million of loans made to a single lending relationship secured by a facility housing bowling, roller skating and restaurant operations, and a separate hostel business, as these properties continue to be adversely impacted by government-imposed restrictions due to the pandemic. The impairment analysis on these properties showed no anticipated loss on these loans, resulting in a recapture of provision. In addition, upgrades to $2.9 million of loans and a reduction in loan balances contributed to the recapture of provision for the quarter ended June 30, 2021. Partially offsetting this recapture of provision, $6.5 million of loans secured by medical rehabilitation facilities were downgraded to special mention during the quarter.

The ALLL represented 1.35% of total loans receivable at June 30, 2021, compared to 1.39% of total loans receivable at March 31, 2021, and 1.20% of total loans receivable at June 30, 2020. Excluding Paycheck Protection Program (“PPP”) loan balances, which are 100% guaranteed by the Small Business Administration (“SBA”), the ALLL represented 1.39% of total loans receivable at June 30, 2021, compared to 1.45% of total loans receivable at March 31, 2021, and 1.25% of total loans receivable at June 30, 2020. The ALLL as a percent of total loans excluding PPP loans is a non-GAAP financial measure. See Non-GAAP Financial Measures at the end of this press release for a reconciliation to its nearest GAAP equivalent.

There were no nonperforming loans at June 30, 2021, compared to $2.0 million at March 31, 2021, and $2.2 million at June 30, 2020. The prior quarter’s nonperforming loan balance consisted of a single multifamily loan in foreclosure that was sold and repaid in full in the second quarter. OREO remained unchanged at $454,000 at June 30, 2021, March 31, 2021, and June 30, 2020.

The following table presents a breakdown of our nonperforming assets (unaudited):

 Jun 30, Mar 31, Jun 30, Three
Month
 One
Year
  2021   2021   2020  Change Change
 (Dollars in thousands)
Nonperforming loans:         
One-to-four family residential$  $  $87  $  $(87)
Multifamily   2,036   2,104   (2,036)  (2,104)
Total nonperforming loans   2,036   2,191   (2,036)  (2,191)
          
Other real estate owned (“OREO”) 454   454   454      
          
Total nonperforming assets (1)$454  $2,490  $2,645  $(2,036) $(2,191)
          
Nonperforming assets as a percent         
of total assets 0.03%  0.17%  0.19%    

(1) The difference between nonperforming assets reported above, and the totals reported by other industry sources, is due to their inclusion of all Troubled Debt Restructured Loans ("TDRs") as nonperforming loans, although 100% of the Bank’s TDRs were performing in accordance with their restructured terms at June 30, 2021.

The Company accounts for certain loan modifications or restructurings as TDRs. In general, the modification or restructuring of a debt is considered a TDR if, for economic or legal reasons related to the borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. At June 30, 2021, TDRs totaled $3.6 million, compared to $3.8 million at March 31, 2021, and $4.3 million at June 30, 2020. All TDRs were performing according to their modified repayment terms for the periods presented. As discussed below, The Coronavirus Aid, Relief, and Economic Security Act of 2020 (“CARES Act”), signed into law on March 27, 2020, provided guidance on the modification of loans due to the COVID-19 pandemic, and outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. The Consolidated Appropriations Act, 2021 (“CAA”), signed into law on December 27, 2020, provided additional COVID relief and extended TDR relief to the earlier of 60 days after the national emergency termination date or January 1, 2022.

Net interest income totaled $11.3 million for the quarter ended June 30, 2021, compared to $10.7 million for the quarter ended March 31, 2021, and $10.1 million for the quarter ended June 30, 2020. The improvement was due to lower deposit-related interest expense and additional interest income from the payoff of the $2.0 million nonperforming loan in the quarter, as discussed below.

Total interest income was $13.6 million for the quarter ended June 30, 2021, compared to $13.5 million for the quarter ended March 31, 2021, and $14.1 million for the quarter ended June 30, 2020. The decrease in the current quarter compared to the quarter ended June 30, 2020, was primarily due to lower interest income on loans, including fees, as yields on loans continue to decline as loans either adjust downward or are refinanced in this low interest rate environment. In addition, rates on new loans and investments are lower than the average yield on existing interest-earning assets, which further adversely impacts interest income. The average balance of loans receivable declined by $6.7 million in the quarter ended June 30, 2021, compared to the quarter ended March 31, 2021, negatively impacting interest income. However, the quarter ended June 30, 2021, was positively impacted by the receipt of $394,000 in interest and late charges from the payoff of the $2.0 million nonperforming loan, resulting in a modest increase in total interest income from the quarter ended March 31, 2021.

Total interest expense was $2.3 million for the quarter ended June 30, 2021, compared to $2.7 million for the quarter ended March 31, 2021, and $4.0 million for the quarter ended June 30, 2020. The average cost of interest-bearing deposits declined to 0.75% for the quarter ended June 30, 2021, compared to 0.94% for the quarter ended March 31, 2021, and 1.49% for the quarter ended June 30, 2020. The decline from the quarter ended March 31, 2021, was due primarily to the repricing of maturing certificates of deposits to a lower interest rate and a reduction in the average balance of higher cost certificates of deposit. Advances from the FHLB remained unchanged at $120.0 million for the quarters ended June 30, 2021, March 31, 2021, and June 30, 2020. The FHLB advances are tied to cash flow hedge agreements where the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. The average cost of borrowings was 1.37% for the quarter ended June 30, 2021, compared to 1.41% for the quarter ended March 31, 2021, and 1.08% for the quarter ended June 30, 2020.

The net interest margin was 3.36% for the quarter ended June 30, 2021, compared to 3.31% for the quarter ended March 31, 2021, and 3.12% for the quarter ended June 30, 2020. The expansion in the net interest margin is due to a number of factors, including the 17 basis point reduction in the Company’s average cost of interest-bearing liabilities during the quarter to 0.82% from 0.99% for the quarter ended March 31, 2021, and a 62 basis point reduction from 1.44% for the quarter ended June 30, 2020. Offsetting this improvement was a nine basis point reduction in the average yield on interest-earning assets to 4.06% for the quarter ended June 30, 2021, from 4.15% for the quarter ended March 31, 2021, and a 31 basis point reduction from 4.37% for the quarter ended June 30, 2020. These asset yields were impacted by net deferred fee recognition on PPP loans, with the recognition of previously unamortized deferred fees and costs on forgiven PPP loans totaling $512,000 in the quarter ended June 30, 2021, compared to $718,000 in the quarter ended March 31, 2021. At June 30, 2021, the balance of net deferred fees relating to PPP loans totaled $1.1 million, which will be recognized in future periods. In addition, the payoff of the $2.0 million nonperforming loan resulted in recognition of $394,000 in interest and late charge income during the quarter, further contributing to the improvement in the net interest margin for the quarter ended June 30, 2021.

Noninterest income for the quarter ended June 30, 2021, totaled $972,000, compared to $764,000 for the quarter ended March 31, 2021, and $789,000 for the quarter ended June 30, 2020. The increase in noninterest income for the quarter ended June 30, 2021, compared to the quarter ended March 31, 2021, was primarily due to higher loan related fees in the current quarter, including an increase of $162,000 in prepayment penalty income.

Noninterest expense totaled $8.2 million for the quarter ended June 30, 2021, compared to $8.1 million for the quarter ended March 31, 2021, and $7.9 million for the quarter ended June 30, 2020. Salaries and employee benefits for the quarter ended June 30, 2021, increased $117,000 compared to the quarter ended March 31, 2021, while occupancy and equipment increased $87,000 between the same periods, due to various maintenance items. In addition, the aforementioned payoff of a nonperforming loan resulted in an $84,000 reimbursement of legal fees, contributing to the reduction in professional fees during the quarter ended June 30, 2021.

COVID-19 Related Information

The Bank is committed to assisting its customers and communities in response to the COVID-19 pandemic, including providing certain short-term loan modifications and participating in the PPP as an SBA lender. The Bank continues to work with its loan customers and manage its portfolio through the ongoing uncertainty surrounding the impact, duration and government response to the crisis.

Paycheck Protection Program
The SBA provided assistance to small businesses impacted by COVID-19 through the PPP, which was designed to provide near-term relief to help small businesses sustain operations. The SBA deadline for the final round of PPP loan applications was May 31, 2021. As of June 30, 2021, there were 275 PPP loans outstanding totaling $30.8 million, compared to 324 PPP loans outstanding totaling $45.2 million as of March 31, 2021, and 372 PPP loans totaling $41.3 million as of December 31, 2020. As of June 30, 2021, 211 PPP loans have an outstanding balance of $150,000 or less, totaling $10.0 million, or 32.4% of total PPP loans outstanding, including 135 loans representing $3.1 million with an outstanding balance of $50,000 or less. As of June 30, 2021, 457 PPP loans totaling $46.7 million were approved for forgiveness under the PPP loan program.

Modifications
The primary method of relief is to allow borrowers to defer their loan payments for three to six months, while certain borrowers are allowed to pay interest only or were granted payment deferrals for periods longer than six months depending upon their specific circumstances. The CARES Act and regulatory guidelines suspend the determination of certain loan modifications related to the COVID-19 pandemic from being treated as TDRs. Recent legislation extended this accounting treatment through the earlier of 60 days after the national emergency termination date or January 1, 2022. The following table provides detail on the balance of loans remaining on deferral status as of June 30, 2021:

 As of June 30, 2021
 Balance of loans with modifications of 4-6 months Balance of loans with modifications of greater than 6 months Total balance of loans with modifications granted Total loans
 Modifications as % of total loans in each category
 (Dollars in thousands)  
One-to-four family residential$- $1,063 $1,063 $370,935 0.3%
Multifamily -  -  -  142,881 - 
          
Commercial real estate:         
Office -  7,153  7,153  83,120 8.6 
Retail -  3,972  3,972  103,175 3.8 
Mobile home park -  -  -  26,894 - 
Hotel/motel -  16,613  16,613  65,446 25.4 
Nursing home -  6,368  6,368  12,818 49.7 
Warehouse -  -  -  17,217 - 
Storage -  -  -  33,332 - 
Other non-residential -  -  -  28,704 - 
Total commercial real estate -  34,106  34,106  370,706 9.2 
          
Construction/land -  -  -  104,922 - 
          
Business:         
Aircraft -  -  -  9,315 - 
SBA -  -  -  884 - 
PPP -  -  -  30,823 - 
Other business -  -  -  26,409 - 
Total business -  -  -  67,431 - 
          
Consumer:         
Classic/collectible auto -  -  -  30,593 - 
Other consumer -  -  -  10,752 - 
Total consumer -  -  -  41,345 - 
          
Total loans with COVID-19 pandemic modifications$- $35,169 $35,169 $1,098,220 3.2%

Total loans with modifications granted were $35.2 million, or 3.2% of total loans outstanding at June 30, 2021, a decrease from $56.7 million, or 5.1% of total loans outstanding at March 31, 2021, and $132.1 million, or 11.4% of total loans outstanding at June 30, 2020. The decline in the current quarter is due to the improvement in economic conditions in our market areas, and the return to regular payments for many of our loan customers. As of June 30, 2021, all of these loans had been granted modifications of greater than six months.

Additional Loan Portfolio Details
The Bank is monitoring its loan portfolio for potentially delinquent loans that have not requested a loan modification qualifying under the CARES Act or regulatory guidance. The following table presents the loan to value (“LTV”) ratios of select segments of its loan portfolio at June 30, 2021, that may be more likely to be impacted by COVID-19 pandemic considerations. The LTV ratio is derived by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate or other collateral:

 As of June 30, 2021
 LTV 0-60% LTV 61-75% LTV 76%+ Total Average LTV
Category: (1)(Dollars in thousands)
One-to-four family$241,997 $144,389 $20,672 $407,058 46.89%
Church 1,351  -  -  1,351 45.61 
Classic/collectible auto 5,781  12,454  12,358  30,593 77.24 
Gas station 3,463  -  499  3,962 50.31 
Hotel/motel 54,160  11,286  -  65,446 59.70 
Marina 7,754  -  -  7,754 37.72 
Mobile home park 18,854  7,665  375  26,894 45.64 
Nursing home 12,818  -  -  12,818 24.58 
Office
Источник: https://ceo.ca/@nasdaq/first-financial-northwest-inc-reports-second-quarter

RENTON, Wash., Jan. 23, 2020 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported net income for the quarter ended December 31, 2019, of $2.6 million, or $0.26 per diluted share, compared to net income of $2.5 million, or $0.25 per diluted share, for the quarter ended September 30, 2019, and $2.2 million, or $0.21 per diluted share, for the quarter ended December 31, 2018. For the year ended December 31, 2019, net income was $10.4 million, or $1.03 per diluted share, compared to net income of $14.9 million, or $1.43 per diluted share, for the year ended December 31, 2018.

“I am pleased with the growth in both deposit and loan balances during the quarter,” stated Joseph W. Kiley III, President and Chief Executive Officer. “I am also encouraged by the slight improvement in our net interest margin this quarter, after experiencing declines in each of the preceding six quarters,” continued Kiley. “The modest increase in net interest margin was primarily the result of a 10 basis point reduction in our cost of funds, an area receiving significant attention throughout the Bank. To this end, we continue to expand into new markets to attract lower cost deposits and enhance our growth prospects. During the fourth quarter, we entered the vibrant Kirkland, Washington market and we intend to expand into the University Place market, opening our first office in Pierce County in the first quarter of 2020. Different from traditional branch models, our expansion strategy starts with identifying a team of bankers with extensive experience and relationships in a particular market. Subsequently, we locate them in a small, efficient office space in that market, equipped with current technology to allow our bankers to demonstrate digital banking to their customers,” continued Kiley. “Offices in each of our markets include a conference room equipped with leading edge technologies that is made available to the local community,” concluded Kiley.

Net loans receivable totaled $1.11 billion at December 31, 2019, compared to $1.08 billion at September 30, 2019, and $1.02 billion at December 31, 2018. The average balance of net loans receivable totaled $1.09 billion for the quarter ended December 31, 2019, compared to $1.07 billion for the quarter ended September 30, 2019, and $1.01 billion for the quarter ended December 31, 2018. For the year ended December 31, 2019, the average balance of net loans receivable was $1.06 billion, compared to $995.8 million for the year ended December 31, 2018.

The Company did not record a provision for loan losses in the quarter ended December 31, 2019, compared to a $100,000 provision for loan losses in the quarter ended September 30, 2019, and a $200,000 provision for loan losses in the quarter ended December 31, 2018. There was no provision for loan losses in the most recent quarter despite our loan growth primarily due to credit upgrades for certain loan relationships reducing the amounts required to be allocated for loan losses for those credits and the continued strength in our loan portfolio quality metrics. In addition, the Bank realized recoveries of $57,000 on loans previously charged off and balances declined in loan categories typically associated with higher allowances due to loan payoffs, further reducing the need for additions to the allowance for loan and lease losses. The provision in the quarter ended September 30, 2019, was primarily due to growth in loans receivable. The provision for loan losses in the quarter ended December 31, 2018, was primarily due to a combination of growth in net loans receivable and a change in loan mix. For the year ended December 31, 2019, the recapture of provision for loan losses totaled $300,000, compared to a recapture of provision for loan losses of $4.0 million, which included $4.5 million in recoveries, recorded for the year ended December 31, 2018.

The Bank continued to expand its geographic footprint during the year opening its twelfth new office in Kirkland, King County, Washington, in the fourth quarter of 2019. The Bank has received regulatory approval to open its thirteenth office location in University Place, Pierce County, Washington, in the first quarter of 2020.

Highlights for the quarter and year ended December 31, 2019:

-- Net loans increased to $1.11 billion at December 31, 2019, from $1.08 billion at September 30, 2019, and $1.02 billion at December 31, 2018. -- Total deposits increased to $1.03 billion at December 31, 2019, from $1.02 billion at September 30, 2019, and $939.0 million at December 31, 2018. -- The Company increased the regular quarterly cash dividend to shareholders to $0.09 per share in the quarter ended June 30, 2019, from $0.08 per share previously. -- The Company’s book value per share was $15.25 at December 31, 2019, compared to $15.06 at September 30, 2019, and $14.35 at December 31, 2018. -- The Company repurchased 45,100 shares at an average price of $14.52 per share in the quarter ended December 31, 2019. For the year ended December 31, 2019, the Company repurchased a total of 479,052 shares at an average price of $15.42 per share pursuant to two separate stock repurchase plans approved by its Board of Directors. -- The Bank’s Tier 1 leverage and total capital ratios at December 31, 2019, were 10.3% and 14.4%, respectively, compared to 10.1% and 14.4% at September 30, 2019, and 10.4% and 14.7% at December 31, 2018. -- Based on management’s evaluation of the adequacy of the Allowance for Loan and Lease Losses (“ALLL”), there was no provision for loan losses required for the quarter ended December 31, 2019.

The ALLL represented 1.18% of total loans receivable, net of undisbursed funds, at December 31, 2019, compared to 1.20% at September 30, 2019, and 1.29% at December 31, 2018. Nonperforming assets totaled $549,000 at December 31, 2019, compared to $591,000 at September 30, 2019, and $1.2 million at December 31, 2018.

The following table presents a breakdown of nonperforming assets (unaudited):

Dec 31, Sep 30, Dec 31, Three One Month Year 2019 2019 2018 Change Change - ---- - - ---- - - ----- - ------- -------- (Dollars in thousands) Nonperforming loans: One-to-four family residential $ 95 $ 98 $ 382 $ (3 ) $ (287 ) Commercial real estate ─ ─ 326 ─ (326 ) Consumer ─ 39 44 (39 ) (44 ) - ---- - Total nonperforming loans 95 137 752 (42 ) (657 ) Other real estate owned (“OREO”) 454 454 483 ─ (29 ) - ---- - - ---- - - ----- - - --- - - ---- - Total nonperforming assets (1) $ 549 $ 591 $ 1,235 $ (42 ) $ (686 ) - ---- - - ---- - - ----- - - --- - - ---- - Nonperforming assets as a percent of total assets 0.04 % 0.05 % 0.10 % - ---- - - ---- - - ----- -

(1) The difference between nonperforming assets reported above, and the totals reported by other industry sources, is due to their inclusion of all Troubled Debt Restructured Loans (“TDRs”) as nonperforming loans, although 100% of our TDRs were performing in accordance with their restructured terms at December 31, 2019.

OREO remained at $454,000 for both December 31, 2019, and September 30, 2019, but declined from $483,000 at December 31, 2018, as a result of a write down in value of the two remaining OREO properties during the quarter ended March 31, 2019.

In circumstances where a customer is experiencing significant financial difficulties, the Company may elect to restructure the loan so the customer can continue to make payments while minimizing the potential loss to the Company. Such restructures must be classified as TDRs. At December 31, 2019, TDRs totaled $5.2 million following $1.4 million in payoffs and payments in the quarter, compared to $6.6 million at September 30, 2019, and $9.4 million at December 31, 2018.

Net interest income totaled $9.7 million for both the quarters ended December 31 and September 30, 2019, compared to $10.0 million for the quarter ended December 31, 2018. The change in net interest income compared to the prior year period was due primarily to a reduction in the Company’s net interest margin between periods. For the year ended December 31, 2019, net interest income totaled $38.9 million, compared to $41.2 million for the year ended December 31, 2018. The reduction in 2019 was due to the net interest margin reduction noted above, as the cost of interest-bearing liabilities increased significantly in 2019.

Total interest income was $15.0 million during the quarter ended December 31, 2019, compared to $15.2 million during the quarter ended September 30, 2019, and $14.3 million in the quarter ended December 31, 2018. The decline from the quarter ended September 30, 2019, was due primarily to a decline in the average yield on interest-earning assets, while the increase over the quarter ended December 31, 2018, was due to growth in the average balance of total interest-earning assets outpacing the reduction in average yield on interest-earnings assets between the periods.

Total interest expense declined to $5.3 million for the quarter ended December 31, 2019, from $5.6 million in the quarter ended September 30, 2019, and increased from $4.3 million for the quarter ended December 31, 2018. The decline from the quarter ended September 30, 2019, was due primarily to lower wholesale funding liabilities. Specifically, we redeemed higher rate brokered certificates of deposit and replaced them with lower cost alternatives during the quarter, as discussed in detail below. In addition, interest on FHLB advances declined as we replaced higher cost advances using interest rate swaps to secure lower interest rate advances. An overall higher cost of interest-bearing liabilities contributed to increased interest expense in the quarter ended December 31, 2019, compared to the quarter ended December 31, 2018. For the year ended December 31, 2019, the cost of interest-bearing liabilities increased to 1.92% compared to 1.46% for the year ended December 31, 2018. This higher interest rate environment, along with an increase in the average balance of total interest-bearing liabilities, resulted in the significant increase in total interest expense for the year. The balance of brokered certificates of deposits were reduced to $94.5 million at December 31, 2019, from $138.6 million at September 30, 2019, and $97.8 million at December 31, 2018. For the second quarter in a row, the Bank replaced a portion of its callable brokered certificates of deposit portfolio with lower rate alternatives. Specifically, in addition to replacing certain maturing brokered deposits with short term FHLB advances, the Bank redeemed $10.2 million in callable brokered deposits with a weighted average rate of 3.33% and weighted average remaining term of 2.4 years. These funds were replaced with lower rate three-month FHLB advances and a concurrent 4-year, $10.0 million notional pay fixed interest rate swap for which the Bank will pay 1.59% and in exchange will receive variable rate amounts from the interest rate swap counter party based on three-month LIBOR. This redemption accelerated approximately $33,000 in unamortized fees relating to the original acquisition of the callable brokered deposits, increasing interest expense by this amount in the quarter ended December 31, 2019. Advances from the FHLB totaled $137.7 million at December 31, 2019, compared to $121.0 million at September 30, 2019, and $146.5 million at December 31, 2018. The average cost of FHLB advances was 1.66% for the quarter ended December 31, 2019, compared to 2.02% for the quarter ended September 30, 2019, and 2.12% for the quarter ended December 31, 2018. For the year ended December 31, 2019, the average cost of FHLB advances was 2.09%, compared to 1.92% for the prior year.

The following table presents a breakdown of our total deposits at the dates indicated (unaudited):

Dec 31, Sep 30, Dec 31, Three One Year 2019 2019 2018 Month Change Change ----------- ----------- --------- ----------- ---------- Deposits: (Dollars in thousands) Noninterest-bearing $ 52,849 $ 49,398 $ 46,108 $ 3,451 $ 6,741 Interest-bearing demand 65,897 53,197 40,079 12,700 25,818 Statement savings 17,447 21,647 24,799 (4,200 ) (7,352 ) Money market 377,766 332,722 339,047 45,044 38,719 Certificates of deposit, retail (1) 425,103 421,274 391,174 3,829 33,929 Certificates of deposit, brokered 94,472 138,590 97,825 (44,118 ) (3,353 ) - --------- Total deposits $ 1,033,534 $ 1,016,828 $ 939,032 $ 16,706 $ 94,502 - --------- - --------- - ------- - ------- - - ------ -

(1) Balance of retail certificates of deposit for acquired branches are net of an unamortized aggregate fair value adjustment of $28,000 at December 31, 2019, $34,000 at September 30, 2019, and $58,000 at December 31, 2018.

The following tables present an analysis of total deposits by office at the dates indicated (unaudited):

(1) Balance of retail certificates of deposit for acquired branches are net of an unamortized aggregate fair value adjustment of $28,000.(2) Kent office opened January 31, 2019.(3) Kirkland office opened November 12, 2019.

(1) Balance of retail certificates of deposit for acquired branches are net of an unamortized aggregate fair value adjustment of $34,000.(2) Kent office opened January 31, 2019.

The net interest margin was 3.09% for the quarter ended December 31, 2019, compared to 3.07% for the quarter ended September 30, 2019, and 3.41% for the quarter ended December 31, 2018. The modest improvement in the quarter ended December 31, 2019, compared to the quarter ended September 30, 2019, relates primarily to the reduction in rates paid on brokered deposits and FHLB advances. The resulting improvement in the Company’s cost of funds more than outpaced the reduction in yields on interest-earning assets. The decline in net interest margin for the quarter ended December 31, 2019, compared to the quarter ended December 31, 2018, was due to an increase in the average cost of funds to 1.82% from 1.61%, along with a reduction in yield on average interest-earning assets yields, which declined to 4.78% from 4.88%, between periods. Net interest margin for the year ended December 31, 2019, was 3.19%, compared to 3.56% for the year ended December 31, 2018, primarily due to an increase in the average cost of funds to 1.84% from 1.39%, partially offset by a five basis point increase in the average yield on interest-earning assets between periods.

Noninterest income for the quarter ended December 31, 2019, totaled $1.5 million, compared to $1.0 million in the quarter ended September 30, 2019, and $728,000 in the quarter ended December 31, 2018. The increase in noninterest income for the quarter ended December 31, 2019, compared to the quarters ended September 30, 2019 and December 31, 2018, was due almost entirely to increases in loan related fees during a strong quarter for loan activity, including an increase of $175,000 in swap related fees and an increase in prepayment penalties received of $218,000. For the year ended December 31, 2019, noninterest income increased to $4.1 million, from $2.9 million in 2018, due primarily to increases in loan related fees, wealth management revenue, BOLI income recognition and net gain on sale of investments.

Noninterest expense totaled $8.0 million for the quarter ended December 31, 2019, compared to $7.5 million for the quarter ended September 30, 2019, and $7.7 million in the quarter ended December 31, 2018. Salaries and employee benefits for the quarter ended December 31, 2019, increased from the quarter ended September 30, 2019, primarily due to $271,000 in severance related expenses due to the termination of the Bank’s Chief Credit Officer during the quarter. In the quarter ended December 31, 2019, the Company significantly enhanced its online banking capabilities, resulting in higher data processing expense for the quarter. Regulatory assessments varied in the quarters ended December 31, 2019, and September 30, 2019, due to regulatory assessment credits received during those two quarters, with no such credit during the quarter ended December 31, 2018. Noninterest expense totaled $30.4 million for the year ended December 31, 2019, compared to $29.5 million in 2018. The increase in noninterest expense was due primarily to higher data processing, occupancy and equipment expenses and a modest increase in salaries and employee benefits.

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 12 full-service banking offices. We are a part of the ABA NASDAQ Community Bank Index and the Russell 2000 Index. 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: increased competitive pressures; changes in the interest rate environment; changes in general economic conditions and conditions within the securities markets; 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 2020 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.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIESConsolidated Balance Sheets(Dollars in thousands, except share data)(Unaudited)

Dec 31, Sep 30, Dec 31, Three One Assets 2019 2019 2018 Month Year Change Change ------------- ------------- ------------- ------- -------- Cash on hand and in banks $ 10,094 $ 7,615 $ 8,122 32.6 % 24.3 % Interest-earning deposits 12,896 6,103 8,888 111.3 45.1 Investments available-for-sale, at fair value 136,601 138,224 142,170 (1.2 ) (3.9 ) Loans receivable, net of allowance of $13,218, 1,108,462 1,083,850 1,022,904 2.3 8.4 $13,161, and $13,347, respectively Federal Home Loan Bank (“FHLB”) stock, at cost 7,009 6,341 7,310 10.5 (4.1 ) Accrued interest receivable 4,138 4,407 4,068 (6.1 ) 1.7 Deferred tax assets, net 1,501 1,202 1,844 24.9 (18.6 ) Other real estate owned (“OREO”) 454 454 483 0.0 (6.0 ) Premises and equipment, net 22,466 22,346 21,331 0.5 5.3 Bank owned life insurance (“BOLI”) 31,982 31,681 29,841 1.0 7.2 Prepaid expenses and other assets 4,425 4,242 3,458 4.3 28.0 Goodwill 889 889 889 0.0 0.0 Core deposit intangible 968 1,005 1,116 (3.7 ) (13.3 ) Total assets $ 1,341,885 $ 1,308,359 $ 1,252,424 2.6 % 7.1 % - --------- - - --------- - - --------- - Liabilities and Stockholders’ Equity Deposits Noninterest-bearing deposits $ 52,849 $ 49,398 $ 46,108 7.0 % 14.6 % Interest-bearing deposits 980,685 967,430 892,924 1.4 9.8 - --------- - - --------- - - --------- - Total Deposits 1,033,534 1,016,828 939,032 1.6 10.1 Advances from the FHLB 137,700 121,000 146,500 13.8 (6.0 ) Advance payments from borrowers for taxes and 2,921 5,043 2,933 (42.1 ) (0.4 ) insurance Accrued interest payable 285 382 478 (25.4 ) (40.4 ) Other liabilities 11,126 10,004 9,743 11.2 14.2 - --------- - - --------- - - --------- - Total liabilities 1,185,566 1,153,257 1,098,686 2.8 % 7.9 % Commitments and contingencies Stockholders’ Equity Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or $ - $ - $ - n/a n/a outstanding Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 10,252,953 shares at December 31, 2019, 103 103 107 0.0 % (3.7 )% 10,296,053 shares at September 30, 2019, and 10,710,656 shares at December 31, 2018 Additional paid-in capital 87,370 87,835 93,773 (0.5 ) (6.8 ) Retained earnings, substantially restricted 73,321 71,592 66,343 2.4 10.5 Accumulated other comprehensive loss, net of (1,371 ) (1,042 ) (2,253 ) 31.6 (39.1 ) tax Unearned Employee Stock Ownership Plan (“ESOP”) (3,104 ) (3,386 ) (4,232 ) (8.3 ) (26.7 ) shares - --------- - - --------- - Total stockholders’ equity 156,319 155,102 153,738 0.8 1.7 - --------- - Total liabilities and stockholders’ equity $ 1,341,885 $ 1,308,359 $ 1,252,424 2.6 % 7.1 % - --------- - - --------- - - --------- -

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIESConsolidated Income Statements(Dollars in thousands, except share data)(Unaudited)

Quarter Ended --------------------------------------- Dec 31, Sep 30, Dec 31, Three One 2019 2019 2018 Month Year Change Change ------------ ----------- ------------ --------- -------- Interest and dividend income Loans, including fees $ 13,852 $ 13,897 $ 13,024 (0.3 )% 6.4 % Investments available-for-sale 995 1,066 1,124 (6.7 ) (11.5 ) Interest-earning deposits with banks 47 158 61 (70.3 ) (23.0 ) Dividends on FHLB Stock 72 97 115 (25.8 ) (37.4 ) Total interest and dividend income 14,966 15,218 14,324 (1.7 ) 4.5 - ---------- - --------- - ---------- Interest expense Deposits 4,807 5,037 3,595 (4.6 ) 33.7 FHLB advances and other borrowings 461 529 726 (12.9 ) (36.5 ) Total interest expense 5,268 5,566 4,321 (5.4 ) 21.9 - ---------- - --------- - ---------- Net interest income 9,698 9,652 10,003 0.5 (3.0 ) Provision for loan losses - 100 200 (100.0 ) (100.0 ) Net interest income after provision for loan 9,698 9,552 9,803 1.5 (1.1 ) losses - ---------- - --------- - ---------- Noninterest income Net gain on sale of investments 71 88 - (19.3 ) n/a BOLI income 301 235 96 28.1 213.5 Wealth management revenue 177 245 211 (27.8 ) (16.1 ) Deposit related fees 178 179 178 (0.6 ) 0.0 Loan related fees 782 290 235 169.7 232.8 Other 14 2 8 600.0 75.0 Total noninterest income 1,523 1,039 728 46.6 109.2 - ---------- - --------- - ---------- Noninterest expense Salaries and employee benefits 5,048 4,813 4,977 4.9 1.4 Occupancy and equipment 1,024 924 871 10.8 17.6 Professional fees 428 440 415 (2.7 ) 3.1 Data processing 638 478 361 33.5 76.7 OREO related expenses, net 1 1 3 0.0 (66.7 ) Regulatory assessments 21 13 111 61.5 (81.1 ) Insurance and bond premiums 87 95 88 (8.4 ) (1.1 ) Marketing 59 118 75 (50.0 ) (21.3 ) Other general and administrative 665 573 845 16.1 (21.3 ) Total noninterest expense 7,971 7,455 7,746 6.9 2.9 - ---------- - --------- - ---------- Income before federal income tax provision 3,250 3,136 2,785 3.6 16.7 Federal income tax provision 635 631 622 0.6 2.1 - --------- - ---------- Net income $ 2,615 $ 2,505 $ 2,163 4.4 % 20.9 % - ---------- - --------- - ---------- Basic earnings per share $ 0.26 $ 0.25 $ 0.21 Diluted earnings per share $ 0.26 $ 0.25 $ 0.21 Weighted average number of common shares 9,934,768 9,901,586 10,385,612 outstanding Weighted average number of diluted shares 10,032,979 9,991,011 10,484,350 outstanding

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIESConsolidated Income Statements(Dollars in thousands, except share data)(Unaudited)

Year Ended December 31 ---------------------------------------------- One Two 2019 2018 2017 Year Year Change Change - ---------- - - ---------- - - ---------- - --------- -------- Interest and dividend income Loans, including fees $ 54,636 $ 51,127 $ 43,607 6.9 % 25.3 % Investments available-for-sale 4,329 4,126 3,504 4.9 23.5 Interest-earning deposits with banks 293 202 237 45.0 23.6 Dividends on FHLB Stock 362 458 296 (21.0 ) 22.3 Total interest and dividend income 59,620 55,913 47,644 6.6 25.1 - ---------- - - ---------- - - ---------- - Interest expense Deposits 17,996 11,218 7,517 60.4 139.4 FHLB advances 2,716 3,520 2,505 (22.8 ) 8.4 Total interest expense 20,712 14,738 10,022 40.5 106.7 - ---------- - - ---------- - - ---------- - Net interest income 38,908 41,175 37,622 (5.5 ) 3.4 Recapture of provision for loan losses (300 ) (4,000 ) (400 ) (92.5 ) (25.0 ) Net interest income after recapture of 39,208 45,175 38,022 (13.2 ) 3.1 provision for loan losses - ---------- - - ---------- - - ---------- - Noninterest income Net gain (loss) on sale of investments 151 (20 ) (567 ) (855.0 ) (126.6 ) BOLI income 994 814 623 22.1 59.6 Wealth management revenue 879 611 919 43.9 (4.4 ) Deposit accounts related fees 733 681 446 7.6 64.3 Loan related fees 1,344 768 776 75.0 73.2 Other 40 24 11 66.7 263.6 Total noninterest income 4,141 2,878 2,208 43.9 87.5 - ---------- - - ---------- - - ---------- - Noninterest expense Salaries and employee benefits 19,595 19,302 17,773 1.5 10.3 Occupancy and equipment 3,712 3,283 2,506 13.1 48.1 Professional fees 1,690 1,538 1,809 9.9 (6.6 ) Data processing 2,031 1,392 1,457 45.9 39.4 OREO related expenses (reimbursements), 34 7 (67 ) 385.7 (150.7 ) net Regulatory assessments 307 502 491 (38.8 ) (37.5 ) Insurance and bond premiums 375 443 399 (15.3 ) (6.0 ) Marketing 339 344 270 (1.5 ) 25.6 Other general and administrative 2,335 2,650 2,171 (11.9 ) 7.6 Total noninterest expense 30,418 29,461 26,809 3.2 13.5 - ---------- - - ---------- - - ---------- - Income before federal income tax provision 12,931 18,592 13,421 (30.4 ) (3.7 ) Federal income tax provision 2,562 3,693 4,942 (30.6 ) (48.2 ) - ---------- - - ---------- - Net income $ 10,369 $ 14,899 $ 8,479 (30.4 )% 22.3 % - ---------- - - ---------- - - ---------- - Basic earnings per share $ 1.04 $ 1.44 $ 0.82 Diluted earnings per share $ 1.03 $ 1.43 $ 0.81 Weighted average number of common shares 9,976,056 10,306,835 10,289,049 outstanding Weighted average number of diluted shares 10,075,906 10,424,187 10,437,449 outstanding

The following table presents a breakdown of the loan portfolio, net of undisbursed funds (unaudited):

December 31, 2019 September 30, 2019 December 31, 2018 ----------------------- ----------------------- ----------------------- Amount Percent Amount Percent Amount Percent ------------- ------- ------------- ------- ------------- ------- (Dollars in thousands) Commercial real estate: Residential: Micro-unit apartments $ 13,809 1.2 % $ 13,877 1.3 % $ 14,076 1.3 % Other multifamily 159,106 14.2 157,275 14.3 155,279 15.0 - --------- - - --------- - - --------- - ----- - Total multifamily residential 172,915 15.4 171,152 15.6 169,355 16.3 Non-residential: Office 100,744 9.0 98,738 9.0 100,495 9.7 Retail 133,094 11.8 142,639 12.9 131,222 12.7 Mobile home park 26,099 2.3 23,070 2.1 16,003 1.5 Hotel 42,971 3.8 27,572 2.5 28,035 2.7 Nursing Home 11,831 1.1 16,104 1.5 16,315 1.6 Warehouse 17,595 1.6 18,200 1.7 25,398 2.4 Storage 37,190 3.3 35,908 3.3 32,462 3.1 Other non-residential 25,628 2.3 19,659 1.8 23,868 2.3 - --------- - ----- - - --------- - ----- - - --------- - ----- - Total non-residential 395,152 35.2 381,890 34.8 373,798 36.0 Construction/land: One-to-four family residential 44,491 4.0 47,524 4.3 51,747 5.0 Multifamily 40,954 3.6 40,078 3.7 40,502 3.9 Commercial 19,550 1.7 15,913 1.5 9,976 1.0 Land development 8,670 0.8 6,400 0.6 6,629 0.6 - --------- - ----- - - --------- - ----- - - --------- - ----- - Total construction/land 113,665 10.1 109,915 10.1 108,854 10.5 One-to-four family residential: Permanent owner occupied 210,898 18.8 205,679 18.7 194,141 18.7 Permanent non-owner occupied 161,630 14.4 164,707 15.0 147,825 14.3 - --------- - - --------- - ----- - - --------- - ----- - Total one-to-four family residential 372,528 33.2 370,386 33.7 341,966 33.0 Business Aircraft 14,012 1.3 14,186 1.3 11,058 1.1 Small Business Administration (“SBA”) 362 0.0 - 0.0 - 0.0 Other business 23,405 2.1 23,321 2.1 19,428 1.9 Total business 37,779 3.4 37,507 3.4 30,486 3.0 Consumer Classic Auto 18,454 1.7 14,636 1.3 - 0.0 Other consumer 11,745 1.0 11,815 1.1 12,970 1.2 Total consumer 30,199 2.7 26,451 2.4 12,970 1.2 Total loans 1,122,238 100.0 % 1,097,301 100.0 % 1,037,429 100.0 % Less: Deferred loan fees, net 558 290 1,178 ALLL 13,218 13,161 13,347 - --------- - Loans receivable, net $ 1,108,462 $ 1,083,850 $ 1,022,904 - --------- - - --------- - - --------- - Concentrations of credit: (1) Construction loans as % of total 82.6 % 81.9 % capital 81.9 % Total non-owner occupied commercial 444.9 % 451.8 % real estate as % of total capital 449.7 %

(1) Concentrations of credit percentages are for First Financial Northwest Bank only using classifications in accordance with FDIC regulatory guidelines.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIESKey Financial Measures(Dollars in thousands, except per share data)(Unaudited)

At or For the Quarter Ended ---------------------------------------------------------- Dec 31 Sep 30 Jun 30 Mar 31, Dec 31, 2019 2019 2019 2019 2018 - ------ - - ------ - - ------ - - ------ - - ------ - Performance Ratios: Return on assets 0.79 % 0.75 % 1.04 % 0.63 % 0.69 % Return on equity 6.64 6.41 8.70 5.16 5.54 Dividend payout ratio 34.62 36.00 27.27 42.11 38.10 Equity-to-assets ratio 11.65 11.85 11.86 11.78 12.28 Tangible equity ratio (1) 11.53 11.73 11.72 11.64 12.13 Net interest margin 3.09 3.07 3.23 3.37 3.41 Average interest-earning assets to average 113.50 113.17 113.23 113.87 114.27 interest-bearing liabilities Efficiency ratio 71.04 69.73 68.80 73.06 72.18 Noninterest expense as a percent of average total 2.40 2.24 2.28 2.48 2.49 assets Book value per share $ 15.25 $ 15.06 $ 14.83 $ 14.50 $ 14.35 Tangible book value per share (1) 15.07 14.88 14.64 14.32 14.17 Capital Ratios:(2) Tier 1 leverage ratio 10.27 % 10.13 % 10.34 % 10.28 % 10.37 % Common equity tier 1 capital ratio 13.13 13.14 13.46 13.13 13.43 Tier 1 capital ratio 13.13 13.14 13.46 13.13 13.43 Total capital ratio 14.38 14.39 14.71 14.38 14.68 Asset Quality Ratios: Nonperforming loans as a percent of total loans, 0.01 % 0.01 % 0.01 % 0.01 % 0.07 % net of undisbursed funds Nonperforming assets as a percent of total assets 0.04 0.05 0.05 0.05 0.10 ALLL as a percent of total loans, net of 1.18 1.20 1.22 1.30 1.29 undisbursed funds Net recoveries to average loans receivable, net (0.01 ) (0.00 ) (0.00 ) (0.01 ) (0.00 ) Allowance for Loan Losses: ALLL, beginning of the quarter $ 13,161 $ 13,057 $ 13,808 $ 13,347 $ 13,116 Provision (Recapture of provision) - 100 (800 ) 400 200 Charge-offs - - - - - Recoveries 57 4 49 61 31 ALLL, end of the quarter $ 13,218 $ 13,161 $ 13,057 $ 13,808 $ 13,347 - ------ - - ------ - - ------ - - ------ - - ------ -

(1) Tangible equity ratio and tangible book value per share are non-GAAP financial measures. Refer to page 16 for reconciliation between the GAAP and non‑GAAP financial measures.(2) Capital ratios are for First Financial Northwest Bank only.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIESKey Financial Measures (continued)(Dollars in thousands, except per share data)(Unaudited)

At or For the Quarter Ended ------------------------------------------------------------------------- Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, 2019 2019 2019 2019 2018 - --------- - - --------- - - --------- - - --------- - - --------- - Yields and Costs: Yield on loans 5.05 % 5.14 % 5.19 % 5.22 % 5.13 % Yield on investments 2.85 3.02 3.21 3.35 3.17 available-for-sale Yield on interest-earning deposits 1.61 2.24 2.33 2.50 2.27 Yield on FHLB stock 4.84 6.81 5.58 4.68 6.63 - --------- - - --------- - - --------- - - --------- - - --------- - Yield on interest-earning assets 4.78 % 4.84 % 4.94 % 4.98 % 4.88 % Cost of interest-bearing deposits 1.94 % 2.00 % 1.89 % 1.76 % 1.61 % Cost of FHLB advances 1.66 2.02 2.28 2.26 2.12 - --------- - - --------- - - --------- - - --------- - - --------- - Cost of interest-bearing liabilities 1.91 % 2.00 % 1.94 % 1.84 % 1.68 % Cost of total deposits 1.84 % 1.91 % 1.80 % 1.67 % 1.53 % Cost of funds 1.82 1.92 1.86 1.76 1.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIESKey Financial Measures(Dollars in thousands, except per share data)(Unaudited)

At or For the Year Ended December 31, ---------------------------------------------------------- 2019 2018 2017 2016 2015 - ------ - - ------ - - ------ - - ------ - - ------ - Performance Ratios: Return on assets 0.80 % 1.21 % 0.76 % 0.88 % 0.96 % Return on equity 6.73 9.86 5.94 5.55 5.15 Dividend payout ratio 33.65 21.53 32.93 32.02 35.57 Equity-to-assets 11.65 12.28 11.79 13.31 17.42 Tangible equity ratio (1) 11.53 12.13 11.63 13.31 17.42 Net interest margin 3.19 3.56 3.60 3.60 3.38 Average interest-earning assets to average 113.44 114.28 114.07 117.11 120.45 interest-bearing liabilities Efficiency ratio 70.66 66.88 67.31 62.27 62.66 Noninterest expense as a percent of average total 2.35 2.40 2.42 2.27 2.07 assets Book value per common share $ 15.25 $ 14.35 $ 13.27 $ 12.63 $ 12.40 Tangible book value per share (1) $ 15.07 $ 14.17 $ 13.07 $ 12.63 $ 12.40 Capital Ratios:(2) Tier 1 leverage ratio 10.27 % 10.37 % 10.20 % 11.17 % 11.61 % Common equity tier 1 capital ratio 13.13 13.43 12.52 14.38 16.36 Tier 1 capital ratio 13.13 13.43 12.52 14.38 16.36 Total capital ratio 14.38 14.68 13.77 15.63 17.62 Asset Quality Ratios: Nonperforming loans as a percent of total loans, 0.01 % 0.07 % 0.02 % 0.10 % 0.16 % net of undisbursed funds Nonperforming assets as a percent of total assets 0.04 0.10 0.05 0.31 0.48 ALLL as a percent of total loans, net of 1.18 1.29 1.28 1.32 1.36 undisbursed funds Net recoveries to average loans receivable, net (0.02 ) (0.45 ) (0.27 ) (0.02 ) (0.18 ) Allowance for Loan Losses: ALLL, beginning of the year $ 13,347 $ 12,882 $ 10,951 $ 9,463 $ 10,491 Provision (Recapture of provision) $ (300 ) (4,000 ) (400 ) 1,300 (2,200 ) Charge-offs - - - (83 ) (362 ) Recoveries $ 171 4,465 2,331 271 1,534 - ------ - - ------ - - ------ - - ------ - - ------ - ALLL, end of the year $ 13,218 $ 13,347 $ 12,882 $ 10,951 $ 9,463 - ------ - - ------ - - ------ - - ------ - - ------ -

(1) Tangible equity ratio and tangible book value per share are non-GAAP financial measures. Refer to page 16 for reconciliation between the GAAP and non‑GAAP financial measures.(2) Capital ratios are for First Financial Northwest Bank only.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIESKey Financial Measures (continued)(Dollars in thousands, except per share data)(Unaudited)

At or For the Year Ended December 31, ----------------------------------------------------------------------- 2019 2018 2017 2016 2015 - --------- - - --------- - - --------- - - --------- - - ------- - Yields and Costs: Yield on loans 5.15 % 5.13 % 4.96 % 4.99 % 5.18 % Yield on investments 3.11 2.92 2.61 2.31 1.84 available-for-sale Yield on interest-earning deposits 2.15 1.74 1.07 0.52 0.26 Yield on FHLB stock 5.42 5.24 3.32 2.62 1.06 - --------- - - --------- - - --------- - - --------- - - ------- - Yield on interest-earning assets 4.88 % 4.83 % 4.57 % 4.39 % 4.13 % Cost of interest-bearing deposits 1.90 % 1.35 % 1.04 % 0.94 % 0.89 % Cost of FHLB advances 2.09 1.92 1.30 0.86 0.95 - --------- - - --------- - - --------- - - --------- - - ------- - Cost of interest-bearing liabilities 1.92 % 1.46 % 1.10 % 0.92 % 0.90 % Cost of total deposits 1.81 % 1.28 % 0.99 % 0.90 % 0.86 % Cost of funds 1.84 1.39 1.05 0.89 0.

Non-GAAP Financial Measures

In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains non-GAAP financial measures of the tangible equity ratio and tangible book value per share. The Company’s intangible assets consist of goodwill and core deposit intangible. Tangible equity is calculated by subtracting intangible assets from total stockholders’ equity. Tangible assets are calculated by subtracting intangible assets from total assets. The tangible equity ratio is tangible equity divided by tangible assets. Tangible book value per share is calculated by dividing tangible equity by the number of common shares outstanding. The Company believes that these non-GAAP measures provide a more consistent presentation of its capital and facilitate peer comparison that is desired by investors.

Non-GAAP financial measures have limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation and are not a substitute for other measures in this earnings release that are presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation between the GAAP and non-GAAP measures:

65 % 11.85 % 11.86 % 11.78 % 12.28 % 11.79 % assets ratio Tangible equity 11.53 11.73 11.72 11.64 12.13 11.63 ratio Book value per $ 15.25 $ 15.06 $ 14.83 $ 14.50 $ 14.35 $ 13.27 share Tangible book 15.07 14.88 14.64 14.32 14.17 13.07 value per share

For more information, contact:Joseph W. Kiley III, President and Chief Executive OfficerRich Jacobson, Executive Vice President and Chief Financial Officer(425) 255-4400

Источник: https://apnews.com/Globe%20Newswire/eeca85f734babce84afedfc345de0dd7

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REDMOND, WA

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16 June 29, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to FJURI, LLC FJURI, LLC

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22 April 13, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to SETTLING FOR MEDIOCRITY, INC. SETTLING FOR MEDIOCRITY, INC.

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Corporation Drinking Places (Alcoholic Beverages)

Accommodation and Food Services

26 April 13, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to ORCA PACIFIC, INC. ORCA PACIFIC, INC.

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Corporation All Other Miscellaneous Store Retailers (except Tobacco Stores)

Retail Trade

19 April 16, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to PACIFIC INDUSTRIAL SUPPLY CO., INC. PACIFIC INDUSTRIAL SUPPLY CO., INC.

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Corporation Other Commercial Equipment Merchant Wholesalers

Wholesale Trade

10 April 7, 2020 $150K–$350K First Financial Northwest Bank $350K–$1M loan to BLUE SKY CLEANERS LLC BLUE SKY CLEANERS LLC

SEATTLE, WA

LLC Drycleaning and Laundry Services (except Coin-Operated)

Other Services (except Public Administration)

52 April 13, 2020 $350K–$1M First Financial Northwest Bank $150K–$350K loan to STUDIO EAST, TRAINING FOR THE PERFORMING ARTS STUDIO EAST, TRAINING FOR THE PERFORMING ARTS

KIRKLAND, WA

Non-profit Grantmaking Foundations

Other Services (except Public Administration)

21 April 28, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to WORLDREADER.ORG WORLDREADER.ORG

SEATTLE, WA

Non-profit Grantmaking Foundations

Other Services (except Public Administration)

14 April 29, 2020 $150K–$350K First Financial Northwest Bank $1M–$2M loan to EVERGREEN ERECTORS, INC. EVERGREEN ERECTORS, INC.

LYNNWOOD, WA

Corporation Structural Steel and Precast Concrete Contractors

Construction

47 April 15, 2020 $1M–$2M First Financial Northwest Bank $150K–$350K loan to VILLAGE WINES, LLC VILLAGE WINES, LLC

WOODINVILLE, WA

Corporation Beer, Wine, and Liquor Stores

Retail Trade

37 April 28, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to CLASSICAL 98.1 CLASSICAL 98.1

SEATTLE, WA

Non-profit Radio Stations

Information

28 April 29, 2020 $150K–$350K First Financial Northwest Bank $1M–$2M loan to LIFELONG AIDS ALLIANCE LIFELONG AIDS ALLIANCE

SEATTLE, WA

Non-profit Voluntary Health Organizations

Other Services (except Public Administration)

133 April 9, 2020 $1M–$2M First Financial Northwest Bank $150K–$350K loan to IMAGINEMARK, LLC IMAGINEMARK, LLC

BELLEVUE, WA

LLC Wholesale Trade Agents and Brokers

Wholesale Trade

11 April 29, 2020 $150K–$350K First Financial Northwest Bank $350K–$1M loan to 3V PRECISION MACHINING INC. 3V PRECISION MACHINING INC.

TACOMA, WA

Corporation Machine Shops

Manufacturing

51 May 5, 2020 $350K–$1M First Financial Northwest Bank $150K–$350K loan to NORTH PACIFIC PROPERTIES, LLC NORTH PACIFIC PROPERTIES, LLC

SEATTLE, WA

LLC Residential Property Managers

Real Estate and Rental and Leasing

12 May 21, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to KEMCOR, INC. KEMCOR, INC.

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Corporation Capacitor, Resistor, Coil, Transformer, and Other Inductor Manufacturing

Manufacturing

18 April 28, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to C&C PACKAGING SERVICES, INC. C&C PACKAGING SERVICES, INC.

MONROE, WA

Corporation Packaging and Labeling Services

Administrative and Support and Waste Management and Remediation Services

19 April 28, 2020 $150K–$350K First Financial Northwest Bank $150K–$350K loan to SEASONINGS.NET, LLC SEASONINGS.NET, LLC

KENT, WA

LLC All Other Miscellaneous Food Manufacturing

Manufacturing

37 April 28, 2020 $150K–$350K First Financial Northwest Bank $350K–$1M loan to LO, INC LO, INC

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Corporation Real Estate Credit

Finance and Insurance

35 April 30, 2020 $350K–$1M First Financial Northwest Bank $150K–$350K loan to LEVEL CAPITAL LLC LEVEL CAPITAL LLC

KIRKLAND, WA

LLC Real Estate Credit

Finance and Insurance

22 April 14, 2020 $150K–$350K First Financial Northwest Bank $350K–$1M loan to COINME, INC. COINME, INC.

SEATTLE, WA

Corporation Financial Transactions Processing, Reserve, and Clearinghouse Activities

Finance and Insurance

27 April 15, 2020 $350K–$1M First Financial Northwest Bank $350K–$1M loan to MIDNITE SOLAR INC. MIDNITE SOLAR INC.

ARLINGTON, WA

Corporation Power, Distribution, and Specialty Transformer Manufacturing

Manufacturing

76 April 15, 2020 $350K–$1M First Financial Northwest Bank $150K–$350K loan to PERFECT GAME ENTERPRISES, LLC PERFECT GAME ENTERPRISES, LLC

LYNNWOOD, WA

LLC Bowling Centers

Arts, Entertainment, and Recreation

43 April 12, 2020 $150K–$350K First Financial Northwest Bank $1M–$2M loan to LAVISH ROOTS, INC. LAVISH ROOTS, INC.

NORMANDY PARK, WA

S-Corp Caterers

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205 April 28, 2020 $1M–$2M First Financial Northwest Bank $150K–$350K loan to LADY YUM, LLC LADY YUM, LLC

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LLC Frozen Cakes, Pies, and Other Pastries Manufacturing

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39 April 29, 2020 $150K–$350K First Financial Northwest Bank
Источник: https://www.cnn.com/projects/ppp-business-loans/search?lender=First%20Financial%20Northwest%20Bank&page=2&limit=50

First Financial Northwest Bank

First Financial Northwest Bank; more than a name. We are about providing personalized service that drives us to deliver Unique. Innovative. Solutions.

For 98 years we have built our reputation as a provider of financial solutions, a concierge of professional connections, and a partner in community service.

Relationships – We are friendly, professional and responsive. We truly care about each customer and are dedicated to providing personalized service.
Knowledgeable – We are experienced, and current in our knowledge, which supports our ability to offer unique solutions for our customer’s financial needs.
Efficient – We know that banking isn’t the most important part of a person’s life, so we serve our customers in the most productive way possible. We focus on our customers and are accountable for our actions.
Innovative – Taking the time to listen to your needs along with using the most progressive technology, we save you time, money and stress. Intuitive to our customers’ needs, we will create unique and distinctive solutions to meet their individual needs and goals.
We're always looking for talented people to join our team.

Источник: https://www.gigharborchamber.net/list/member/first-financial-northwest-bank-2479

First Financial Northwest Bank, Woodinville

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Name:First Financial Northwest Bank, Woodinville
Full Service Retail Office
Location:17641 Garden Way, Ne
Woodinville, WA98072
King County
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Phone:425-481-0820
Branch Deposit:$36,254,000
FDIC Cert:#29058
Established:1999-09-14

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The Bank

Name:First Financial Northwest Bank
Concentration:Commercial Lending Specialization
Established:1923-01-01
FDIC Insurance:1935-05-06
Holden By:First Financial Northwest Inc
Charter Class:Commercial bank, state charter and Fed nonmember, supervised by the FDIC
# of Branches:15, view all, view on map
Website:http://www.ffnwb.com
Total Assets:$1,430,753,000
Total Deposits:$1,153,830,000
Total Equity Capital:$145,922,000
Total Domestic Office Deposits:$1,153,830,000
Net Income:$6,986,000
Quarterly Net Income:$4,164,000
Return on Assets:1%
Quarterly Return on Assets:1%
Return on Equity:10%
Quarterly Return on Equity:12%
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First financial northwest bank woodinville

First Financial Northwest, Inc. Reports Second Quarter Net Income of $3.8 Million or $0.40 per Diluted Share

RENTON, Wash., July 27, 2021 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank first financial northwest bank woodinville “Bank”), today reported net income for the quarter ended June 30, 2021, of $3.8 million, or $0.40 per diluted share, compared to net income of $2.5 million, or $0.26 per diluted share, for the quarter ended March 31, 2021, and $2.1 million, or $0.22 per diluted share, for the quarter ended June 30, 2020. For the six months ended June 30, 2021, net income was $6.3 million, or $0.66 per diluted share, compared to net income of $3.8 million, or $0.39 per diluted share, for the comparable six-month period in 2020.

“I am pleased to report that we have no nonperforming loans and no loans over 30 days delinquent at June 30, 2021. During the quarter, a $2.0 million nonperforming loan paid off and our credit team continues to work diligently to maintain our excellent credit quality,” stated Joseph W. Kiley III, President and CEO. “In addition, we saw a further reduction in our cost of funds, with the average cost of deposits decreasing to 0.68% in the quarter ended June 30, 2021, compared to 0.85% in the quarter ended March 31, 2021, and 1.38% in the quarter ended June 30, 2020,” continued Kiley. “If market interest rates remain low, we expect this decline to continue as we have approximately $172.1 million in certificates of deposit maturing in the next 12 months and an additional $84.5 million of certificates of deposit maturing in the subsequent 12 months, all at a weighted average rate of 1.46%,” continued Kiley.

“As a result of our quarterly analysis of our loan portfolio, we downgraded to special mention $6.5 million of loans where we are a participating lender. These loans are secured by medical rehabilitation facilities and we expect improvement as elective medical procedures are currently being undertaken that were not available during the pandemic. In addition, we further downgraded $10.5 million in loans made to a single lending relationship to substandard. These substandard loans were analyzed for impairment and the analysis showed that no losses are anticipated from these loans. We also upgraded loans totaling $2.9 million in the quarter. As a result, we recorded a recapture of provision for loan losses of $700,000 during the quarter, compared to a provision for loan losses of $300,000 in the quarter ended March 31, 2021,” concluded Kiley.

Highlights for the quarter ended June 30, 2021:

  • Nonperforming loans reduced to none following resolution of a $2.0 million previously nonperforming multifamily loan.
  • The Company’s book value per share was $16.75, compared to $16.35 at March 31, 2021, and $15.32 at June 30, 2020.
  • The Company repurchased 43,430 shares at an average price of $14.21 per share during the quarter ended June 30, 2021, bringing the total to 132,449 shares repurchased at an average price of $13.42 per share under its most recent stock repurchase plan which went into effect February 1, 2021, and will expire no later than August 13, 2021.
  • The Company paid a regular quarterly cash dividend of $0.11 to shareholders.
  • The Bank’s Tier 1 leverage and total capital ratios were 10.2% and 15.7%, respectively, at June 30, 2021, compared to 10.2% and 15.6%, respectively, at March 31, 2021, and 10.0% and 15.0% at June 30, 2020.
  • The Bank recorded a $700,000 recapture of provision for loan losses based on management’s evaluation of the adequacy of the Allowance for Loan and Lease Losses (“ALLL”) including the estimated impact of the COVID-19 pandemic.

Deposits totaled $1.13 billion at June 30, 2021, March 31, 2021, and June 30, 2020. The $52.3 million increase in money market deposits in the quarter ended June 30, 2021, more than offset the reduction in retail certificates of deposit based on strategic deposit pricing from the quarter ended March 31, 2021.

The following table presents a breakdown of our total deposits (unaudited):

 Jun 30,
2021
 Mar 31,
2021
 Jun 30,
2020
 first financial northwest bank woodinville colspan="3">One
Year
Change
Deposits:(Dollars in thousands) 
Noninterest-bearing demand$111,240 $114,437 $91,593 $(3,197) $19,647 
Interest-bearing demand 110,338  114,098  102,707  (3,760)  7,631 
Statement savings 21,281  20,470  18,946  811   2,335 
Money market 552,964  500,619  429,987  52,345   122,977 
Certificates of deposit, retail 338,479  384,031  450,487  (45,552)  (112,008)
Certificates of deposit, brokered     32,448     (32,448)
Total deposits$1,134,302 $1,133,655 $1,126,168 $647  $8,134 

The following tables present an analysis of total deposits by branch first financial northwest bank woodinville (unaudited):

June 30, 2021
 Noninterest-bearing demand td bank of america customer service colspan="2">Interest-bearing demandStatement savings Money market Certificates of deposit, retailTotal
(Dollars in thousands)
King County      
Renton$41,247$46,092$14,611$296,292$285,563$683,805
Landing 6,324 3,827 177 22,677 5,905 38,910
Woodinville 4,546 7,115 729 18,631 5,230 36,251
Bothell 2,565 2,314 110 7,450 1,481 13,920
Crossroads 10,952 9,504 85 53,510 4,911 78,962
Kent 6,311 8,131 1 23,699 296 38,438
Kirkland 6,577 354 2 5,199 25 12,157
Issaquah (1) 480 18 3 1,299 100 1,900
Total King County 79,002 77,355 15,718 428,757 303,511 904,343
       
Snohomish County      
Mill Creek 5,275 3,343 1,288 16,616 7,954 34,476
Edmonds 12,962 9,983 688 38,773 13,439 75,845
Clearview 5,662 5,676 1,456 21,899 1,796 36,489
Lake Stevens 3,106 9,613 937 19,874 4,561 38,091
Smokey Point 3,834 3,874 1,135 24,999 7,216 41,058
Total Snohomish County 30,839 32,489 5,504 122,161 34,966 225,959
       
Pierce County      
University Place 1,007 164 28 484 2 1,685
Gig Harbor 392 330 31 1,562  2,315
Total Pierce County 1,399 494 59 2,046 2 4,000
       
Total retail deposits 111,240 110,338 21,281 552,964 338,479 1,134,302
Total deposits$111,240$110,338$21,281$552,964$338,479$1,134,302

(1) Issaquah opened March 1, 2021.

March 31, 2021
 Noninterest-bearing demand Interest-bearing demandStatement savings Money market Certificates of deposit, retailTotal
(Dollars in thousands)
King County      
Renton$41,934$48,476$14,070$255,917$318,113$678,510
Landing 8,425 2,904 133 16,165 6,912 34,539
Woodinville 4,351
 7,350 757 18,530 6,076 37,064
Bothell 3,056 1,160 55 6,286 2,646 13,203
Crossroads 10,515 13,881 72 59,995 6,023 90,486
Kent 6,752 7,508 1 22,924 346 37,531
Kirkland 8,144 157 18 4,400  12,719
Issaquah (1) 361  1 325  687
Total King County 83,538 81,436 15,107 384,542 340,116 904,739
       
Snohomish County      
Mill Creek 4,811 4,258 1,414 14,553 8,286 33,322
Edmonds 13,210 8,672 615 37,765 17,910 78,172
Clearview 4,814 5,615 1,217 20,309 3,257 35,212
Lake Stevens 3,352 9,974 922 18,005 4,726 36,979
Smokey Point 3,418 3,690 1,098 22,330 9,736 40,272
Total Snohomish County 29,605 32,209 5,266 112,962 43,915 223,957
       
Pierce County      
University Place 940 174 24 670  1,808
Gig Harbor 354 279 73 2,445  3,151
Total Pierce County 1,294 453 97 3,115  4,959
       
Total retail deposits 114,437 114,098 20,470 500,619 384,031 1,133,655
Total deposits$114,437$114,098$20,470$500,619$384,031$1,133,655

(1) Issaquah opened March 1, 2021.

Net loans receivable declined to $1.08 billion at June 30, 2021, from $1.10 billion at March 31, 2021, and $1.14 billion at June 30, 2020. Loan repayments and loan forgiveness of Paycheck Protection Program (“PPP”) loans totaling $16.4 million contributed to this reduction. The average balance of net loans receivable totaled $1.09 billion for the quarter ended June 30, 2021, compared to $1.10 billion for the quarter ended March 31, 2021, and $1.12 billion for the quarter ended June 30, 2020.

The Company recorded a $700,000 recapture of provision for loan losses in the quarter ended June 30, 2021, compared to a $300,000 provision for loan losses in both the quarters ended March 31, 2021, and June 30, 2020. During the quarter ended June 30, 2021, management evaluated the adequacy of the ALLL and concluded that a $700,000 recapture of provision for loan losses was appropriate. This recapture of provision was primarily attributed to the downgrade to substandard of $10.5 million of loans made to a single lending relationship secured by a facility housing bowling, roller skating and restaurant operations, and a separate hostel business, as these properties continue to be adversely impacted by government-imposed restrictions due to the pandemic. The impairment analysis on these properties showed no anticipated loss on these loans, resulting in a recapture of provision. In addition, upgrades to $2.9 million of loans and a reduction in loan balances contributed to the recapture of provision for the quarter ended June 30, 2021. Partially offsetting this recapture of provision, $6.5 million of loans secured by medical rehabilitation facilities were downgraded to special mention during the quarter.

The ALLL represented 1.35% of total loans receivable at June 30, 2021, compared to 1.39% of total loans receivable at March 31, 2021, and 1.20% of total loans receivable at June 30, 2020. Excluding Paycheck Protection Program (“PPP”) loan balances, which are 100% guaranteed by the Small Business Administration (“SBA”), the ALLL represented 1.39% of total loans jose diaz balart biography at June 30, 2021, compared to 1.45% alaska airlines customer service ratings total loans receivable at March 31, 2021, and 1.25% of total loans receivable at June 30, 2020. The ALLL as a percent of total loans excluding PPP loans is a non-GAAP financial measure. See Non-GAAP Financial Measures at the end of this press release for a reconciliation to its nearest GAAP equivalent.

There were no nonperforming loans at June 30, 2021, compared to $2.0 million at March 31, 2021, and $2.2 million at June 30, 2020. The prior quarter’s nonperforming loan balance consisted of a single multifamily loan in foreclosure that was sold and repaid in full in the second quarter. OREO remained unchanged at $454,000 at June 30, 2021, March 31, 2021, and June 30, 2020.

The following table presents a breakdown of our nonperforming assets (unaudited):

 Jun 30, Mar 31, Jun 30, Three
Month
 One
Year
  2021   2021   2020  Change Change
 (Dollars in thousands)
Nonperforming loans:         
One-to-four family residential$  $  $87  $  $(87)
Multifamily   2,036   2,104   (2,036)  (2,104)
Total nonperforming loans   2,036   2,191   (2,036)  (2,191)
          
Other real estate owned (“OREO”) 454   454   454      
          
Total nonperforming assets (1)$454  $2,490  $2,645  $(2,036) $(2,191)
          
Nonperforming assets as a percent         
of total assets 0.03%  0.17%  0.19%    

(1) The difference between nonperforming assets reported above, and the totals reported by other industry sources, is due to their inclusion of all Troubled Debt Restructured Loans ("TDRs") as nonperforming loans, although 100% of the Bank’s TDRs were performing in accordance with their restructured terms at June 30, 2021.

The Company accounts for certain loan modifications or restructurings as TDRs. In general, the modification or restructuring of a debt is considered a TDR if, for economic or legal reasons related to the borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. At June 30, 2021, TDRs totaled $3.6 million, compared to $3.8 million at March 31, 2021, and $4.3 million at June 30, 2020. All TDRs were performing according to their modified repayment terms for the periods presented. As discussed below, The Coronavirus Aid, Relief, and Economic Security Act of 2020 (“CARES Act”), signed into law on March 27, 2020, provided guidance on the modification of loans due to the COVID-19 pandemic, and outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. The Consolidated Appropriations Act, 2021 (“CAA”), signed into law on December 27, 2020, provided additional COVID relief and extended TDR relief to the earlier of 60 days after the national emergency termination date or January 1, 2022.

Net interest income totaled $11.3 million for the quarter ended June 30, 2021, compared to $10.7 million for the quarter ended March 31, 2021, and $10.1 million for the quarter ended June 30, 2020. The improvement was due to lower deposit-related interest expense and additional interest income from the payoff of the $2.0 million nonperforming loan in the quarter, as discussed below.

Total interest income was $13.6 million for the quarter ended June 30, 2021, compared to $13.5 million for the quarter ended March 31, 2021, and $14.1 million for the quarter ended June 30, 2020. The decrease in the current quarter compared to the quarter ended June 30, 2020, was primarily due to lower first financial northwest bank woodinville income on loans, including fees, first financial northwest bank woodinville yields on loans continue to decline as loans either adjust downward or are refinanced in this low interest rate environment. In addition, rates on new loans and investments are lower than the average yield on existing interest-earning assets, which further adversely impacts interest income. The average balance of loans receivable declined by $6.7 million in the quarter ended June 30, 2021, compared to the quarter ended March 31, 2021, negatively impacting interest income. However, the quarter ended June 30, 2021, was positively impacted by the receipt of $394,000 in interest and late charges from the payoff of the $2.0 million nonperforming loan, resulting in a modest increase in total interest income from the quarter ended March 31, 2021.

Total interest expense was $2.3 million for the quarter ended June 30, 2021, compared to $2.7 million for the quarter ended March 31, 2021, and $4.0 million for the quarter ended June 30, 2020. The average cost of interest-bearing deposits declined to 0.75% for the quarter ended June 30, 2021, compared to 0.94% for the quarter ended March 31, 2021, and 1.49% for the quarter ended June 30, 2020. The decline from the quarter ended March 31, 2021, was due primarily to the repricing of maturing certificates of deposits to a lower interest rate and a reduction in the average balance of higher cost certificates of deposit. Advances from the FHLB remained unchanged at $120.0 million for the quarters ended June 30, tiny homes for sale san antonio, March 31, 2021, and June 30, 2020. The FHLB advances are tied to cash flow hedge agreements where the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. The average cost of borrowings was 1.37% for the quarter ended June 30, 2021, compared to 1.41% for the quarter ended March 31, 2021, and 1.08% for the quarter ended June 30, 2020.

The net interest margin was 3.36% for the quarter ended June 30, 2021, compared to 3.31% for the quarter ended March 31, 2021, and 3.12% for the quarter ended June 30, 2020. The expansion in the net interest margin is due to a number of factors, including the 17 basis point reduction in the Company’s average cost of interest-bearing liabilities during the quarter to 0.82% from 0.99% for the quarter ended March 31, 2021, and a 62 basis point reduction from 1.44% for the quarter ended June 30, 2020. Offsetting this improvement was a nine basis point reduction in the average yield on interest-earning assets to 4.06% for the quarter ended June 30, 2021, from 4.15% for first financial northwest bank woodinville quarter ended March 31, 2021, and a 31 basis point reduction from 4.37% alaska air customer service telephone number the quarter ended June 30, 2020. These asset yields were impacted by net deferred fee recognition on PPP loans, with the recognition of previously unamortized deferred fees and costs on forgiven PPP loans totaling $512,000 in the quarter ended June 30, 2021, compared to $718,000 in the quarter ended March 31, 2021. At June 30, 2021, the balance of net deferred fees relating to PPP loans totaled $1.1 million, which will be recognized in future periods. In addition, the payoff of the $2.0 million nonperforming loan resulted in recognition of $394,000 in interest and late charge income during the quarter, further contributing to the improvement in the net interest margin for the quarter ended June 30, 2021.

Noninterest income for the quarter ended June 30, 2021, totaled $972,000, compared to $764,000 for the quarter ended March 31, 2021, and $789,000 for the quarter ended June 30, 2020. The increase in noninterest income for the quarter ended June 30, 2021, compared to the quarter ended March 31, 2021, was primarily due to higher loan related fees in the current quarter, including an increase of $162,000 in prepayment penalty income.

Noninterest expense totaled $8.2 million for the quarter ended June 30, 2021, compared to $8.1 million for the quarter ended March 31, 2021, and $7.9 million for the quarter ended June 30, 2020. Salaries and employee benefits for the quarter ended June 30, 2021, increased $117,000 compared to the quarter ended March 31, 2021, while occupancy and equipment increased $87,000 between the same periods, due to various maintenance items. In addition, the aforementioned payoff of a nonperforming loan resulted in an $84,000 reimbursement of legal fees, contributing to the reduction in professional fees during the quarter ended June 30, 2021.

COVID-19 Related Information

The Bank is committed to assisting its customers and communities in response to the COVID-19 pandemic, including providing certain short-term loan modifications and participating in the PPP as an SBA lender. The Bank continues to work with its loan customers and manage its portfolio through the ongoing uncertainty surrounding the impact, duration and government response to the crisis.

Paycheck Protection Program
The SBA provided assistance to small businesses impacted by COVID-19 through the PPP, which was designed to provide near-term relief to help small businesses sustain pnc financial services group ceo. The SBA deadline for the final round of PPP loan applications was May 31, 2021. As of June 30, 2021, there were 275 PPP loans outstanding totaling $30.8 million, compared to 324 PPP loans outstanding totaling $45.2 million as of March 31, 2021, and 372 PPP loans totaling $41.3 million as of December 31, 2020. As of June 30, 2021, 211 PPP loans have an outstanding balance of $150,000 or less, totaling $10.0 million, or 32.4% of total PPP loans outstanding, including 135 loans representing $3.1 million with an outstanding balance of $50,000 or less. As of June 30, 2021, 457 PPP loans totaling $46.7 million were approved for forgiveness under the PPP loan program.

Modifications
The primary method of relief is to allow borrowers to defer their loan payments for three to six months, while certain borrowers are allowed to pay interest only or were granted payment deferrals for periods longer than six months depending upon their specific circumstances. The CARES Act and regulatory guidelines suspend the determination of certain loan modifications related to the COVID-19 pandemic from being treated as TDRs. Recent legislation extended this accounting treatment through the earlier of 60 days after the national emergency termination date or January 1, 2022. The following table provides detail on the balance of loans remaining on deferral status as of June 30, 2021:

 As of June 30, 2021
 Balance of loans with modifications of 4-6 months Balance of loans with modifications of greater than 6 months Total balance of loans with modifications granted Total loans
 Modifications as % of total loans in each category
 (Dollars in thousands)  
One-to-four family residential$- $1,063 $1,063 $370,935 0.3%
Multifamily -  -  -  142,881 - 
          
Commercial real estate:         
Office -  7,153  7,153  83,120 8.6 
Retail -  3,972  3,972  103,175 3.8 
Mobile home park -  -  -  26,894 - 
Hotel/motel -  16,613  16,613  65,446 25.4 
Nursing home -  6,368  6,368  12,818 49.7 
Warehouse -  -  -  17,217 - 
Storage -  -  -  33,332 - 
Other non-residential -  -  -  28,704 - 
Total commercial real estate -  34,106  34,106  370,706 9.2 
          
Construction/land -  -  -  104,922 - 
          
Business:         
Aircraft -  -  -  9,315 - 
SBA -  -  -  884 - 
PPP -  -  -  30,823 - 
Other business -  -  -  26,409 - 
Total business -  -  -  67,431 - 
          
Consumer:         
Classic/collectible auto -  -  -  30,593 - 
Other consumer -  -  -  10,752 - 
Total consumer -  -  -  41,345 - 
          
Total loans with COVID-19 pandemic modifications$- $35,169 $35,169 $1,098,220 3.2%

Total loans with modifications granted were $35.2 million, or 3.2% of total loans outstanding at June 30, 2021, a decrease from $56.7 million, or 5.1% of total loans outstanding at March 31, 2021, and $132.1 million, or 11.4% of total loans outstanding at June 30, 2020. The decline in the current quarter is due to the improvement in economic conditions in our market areas, and the return to regular payments for many of our loan customers. As of June 30, 2021, all of these loans had been granted modifications of greater than six months.

Additional Loan Portfolio Details
The Bank is monitoring its loan portfolio for potentially delinquent loans that have not requested a loan modification qualifying under the CARES Act or regulatory united automobile insurance customer service phone number. The following table presents the loan to value (“LTV”) ratios of select segments of its loan portfolio at June 30, 2021, that may be more likely to be impacted by COVID-19 pandemic considerations. The LTV ratio is derived by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate or other collateral:

 As of June 30, 2021
 LTV 0-60% LTV 61-75% LTV 76%+ Total Average LTV
Category: (1)(Dollars in thousands)
One-to-four family$241,997 $144,389 $20,672 $407,058 46.89%
Church 1,351  -  -  1,351 45.61 
Classic/collectible auto 5,781  12,454  12,358  30,593 77.24 
Gas station 3,463  -  499  3,962 50.31 
Hotel/motel 54,160  11,286  -  65,446 59.70 
Marina 7,754  -  -  7,754 37.72 
Mobile home park 18,854  7,665  375  26,894 45.64 
Nursing home 12,818  -  -  12,818 24.58 
Office
Источник: https://ceo.ca/@nasdaq/first-financial-northwest-inc-reports-second-quarter

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First Financial Northwest Bank Woodinville, Washington

1-6 of 6 bank branches. Page 1 of 1.




First Financial Northwest Bank
Established1923-01-01
Branches15
Total Assets$1,430,753K
Deposits$1,153,830K
US Deposits$1,153,830K
Net Income$6,986,000
More Information.
Bank of America, 65
JPMorgan Chase Bank, 62
Wells Fargo Bank, 52
KeyBank, 43
U.S. Bank, 31
Washington Federal Bank, 24
HomeStreet Bank, 15
Banner Td atm near me now, 13
Umpqua Bank, 13
MUFG Union Bank, 11
Columbia State Bank, 8
Heritage Bank, 8
HSBC Bank USA, 7
First Financial Northwest Bank, 6
Pacific Premier Bank, 5
Coastal Community Bank, 5
1st Security Bank of Washington, 5
East West Bank, 4
Sound Community Bank, 4
Cathay Bank, 3
All Banks .
Источник: https://www.usbanklocations.com/first-financial-northwest-bank-woodinville-wa.htm

WOODINVILLE

OFFICE DETAILS

First Financial Northwest Bank Woodinville branch is one of the 11 offices of the bank and has been serving the financial needs of their customers in Woodinville, King county, Washington for over 22 years. Woodinville office is located at 17641 Garden Way, Ne, Woodinville. You can also contact the bank by calling the branch phone number at 425-481-0820

First Financial Northwest Bank Woodinville branch operates as a full service retail office. For lobby hours, drive-up hours and online banking services please visit the official website of the bank at www.ffnwb.com. You can edit branch details by clicking here if you believe the information is incomplete, incorrect, out of date or misleading.

BRANCH HOURS

  • ■ Monday:9:00am - 6:00pm

  • ■ Tuesday:9:00am - 6:00pm

  • ■ Wednesday:9:00am - 6:00pm

  • ■ Thursday:9:00am - 6:00pm

  • ■ Friday:9:00am - 6:00pm

  • ■ Saturday:9:00am - 2:00pm

  • ■ Sunday:Closed

First Financial Northwest Bank Woodinville is open Monday to Saturday and closed on Sundays. The branch opens at 9:00am in the morning. Working hours for Woodinville branch are listed on the table above. Note that this data is based on regular opening and closing hours of First Financial Northwest Bank and may also be subject to changes. Please call the branch at 425-481-0820 to verify hours before visiting.

BANK INFORMATION

  • Bank Name:First Financial Northwest Bank

  • Bank Type:Federal Reserve Non-member Bank

  • FDIC Insurance:Certificate #29058

  • Routing Number:N/A

  • Online Banking:ffnwb.com

  • Branch Count:11 Offices in Washington

Источник: https://www.bankbranchlocator.com/first-financial-northwest-bank-woodinville-branch.html

First Financial Northwest Bank Branches

11 branches found. Showing 1 - 11

Bank Routing Number

A routing number is a 9 digit code for identifying a financial institution for the purpose of routing of checks (cheques), fund transfers, direct deposits, e-payments, online payments, and other payments to the correct bank branch.

Routing numbers are also known as banking routing numbers, routing transit numbers, RTNs, ABA numbers, and sometimes SWIFT codes (although these are quite different from routing numbers first financial northwest bank woodinville SWIFT codes are solely used for international wire first financial northwest bank woodinville while routing numbers are used for domestic transfers).

Routing numbers differ for checking and savings accounts, prepaid cards, IRAs, lines of credit, and wire transfers. All banks usually have separate routing numbers for each of the states in the US.

You can look for the routing number on the check (cheque book) issued by your bank or can search this website for free.

Источник: https://banks-america.com/routing/first-financial-northwest-bank/

5 Replies to “First financial northwest bank woodinville”

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