Washington
|
001-3365
|
26-0610707
|
||
State or other jurisdiction of
incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
||
201 Wells Avenue South, Renton, Washington
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98057
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
|
|
(17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
|
(17 CFR 240.13e-4 (c))
|
FIRST FINANCIAL NORTHWEST, INC. | |
DATE: July 23, 2012 |
By: /s/ Kari Stenslie
Kari Stenslie
Chief Financial Officer
|
For more information, contact:
Victor Karpiak, President and Chief Executive Officer
Kari Stenslie, Chief Financial Officer
(425) 255-4400
|
·
|
Continued profitability and positive projected future operating results allowed us to reduce our deferred tax asset valuation allowance by $1.0 million, resulting in a tax benefit and increased net income for the quarter;
|
·
|
Nonperforming assets decreased $4.0 million to $44.8 million at June 30, 2012, from March 31, 2012 and have decreased $19.1 million, or 29.9%, from June 30, 2011;
|
·
|
Sales of other real estate owned (“OREO”) totaled $6.2 million during the quarter, generating a net gain on sales of $128,000;
|
·
|
The Company’s book value per share increased to $9.79 at June 30, 2012, from $9.71 at March 31, 2012 and $9.53 at June 30, 2011;
|
·
|
Net gain on sales of investments during the quarter totaled $94,000;
|
·
|
Additional expenses associated with the proxy contest and related litigation were $604,000;
|
·
|
The Bank’s Tier 1 and total risk-based capital ratios at June 30, 2012 were 14.85% and 27.24%, respectively.
|
·
|
Delinquent loans as a percentage of total loans decreased to 2.7% at June 30, 2012, from 3.6% at March 31, 2012;
|
·
|
Nonperforming loans decreased $3.8 million to $22.6 million at June 30, 2012, from $26.4 million at March 31, 2012. The decline was primarily the result of the transfer of a $4.5 million commercial real estate loan to OREO during the second quarter;
|
·
|
The loan portfolio decreased $31.0 million during the second quarter to $667.0 million from $698.0 million at March 31, 2012. The decline was due to lower loan demand, loan payoffs, transfers to OREO and charge-offs.
|
Three Month
|
One Year
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase/
|
Increase/
|
||||||||||||||||
2012
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Nonperforming TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
$ | 3,697 | $ | 2,999 | $ | 4,041 | $ | 698 | $ | (344 | ) | |||||||||
Multifamily
|
1,076 | - | - | 1,076 | 1,076 | |||||||||||||||
Commercial real estate
|
- | 462 | 1,567 | (462 | ) | (1,567 | ) | |||||||||||||
Construction/land development
|
- | 183 | 489 | (183 | ) | (489 | ) | |||||||||||||
Total nonperforming TDRs
|
4,773 | 3,644 | 6,097 | 1,129 | (1,324 | ) | ||||||||||||||
Performing TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
49,695 | 51,643 | 52,961 | (1,948 | ) | (3,266 | ) | |||||||||||||
Multifamily
|
1,247 | 2,496 | 2,520 | (1,249 | ) | (1,273 | ) | |||||||||||||
Commercial real estate
|
11,750 | 11,347 | 10,417 | 403 | 1,333 | |||||||||||||||
Consumer
|
70 | 70 | 70 | - | - | |||||||||||||||
Total performing TDRs
|
62,762 | 65,556 | 65,968 | (2,794 | ) | (3,206 | ) | |||||||||||||
Total TDRs
|
$ | 67,535 | $ | 69,200 | $ | 72,065 | $ | (1,665 | ) | $ | (4,530 | ) |
Three Month
|
One Year
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase/
|
Increase/
|
||||||||||||||||
2012
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$ | 9,110 | $ | 8,691 | $ | 13,684 | $ | 419 | $ | (4,574 | ) | |||||||||
Multifamily
|
2,039 | 949 | 638 | 1,090 | 1,401 | |||||||||||||||
Commercial real estate
|
2,534 | 7,588 | 7,882 | (5,054 | ) | (5,348 | ) | |||||||||||||
Construction/land development
|
8,731 | 8,991 | 15,679 | (260 | ) | (6,948 | ) | |||||||||||||
Consumer
|
212 | 164 | 45 | 48 | 167 | |||||||||||||||
Total nonperforming loans
|
22,626 | 26,383 | 37,928 | (3,757 | ) | (15,302 | ) | |||||||||||||
OREO
|
22,206 | 22,448 | 25,979 | (242 | ) | (3,773 | ) | |||||||||||||
Total nonperforming assets (1)
|
$ | 44,832 | $ | 48,831 | $ | 63,907 | $ | (3,999 | ) | $ | (19,075 | ) | ||||||||
Nonperforming assets as a percent
|
||||||||||||||||||||
of total assets
|
4.49 | % | 4.71 | % | 5.55 | % |
______________ | |
(1) | The difference between the $44.8 million of nonperforming assets at June 30, 2012, reported above, and the amount reported by certain analysts as our nonperforming assets is due to the analysts' inclusion of all TDRs as nonperforming loans, although 92.9% of our TDRs are performing in accordance with their restructured terms. The remaining 7.1% of TDRs that are nonperforming at June 30, 2012 are reported above as nonperforming loans, in accordance with regulatory guidelines. |
County
|
Number of
|
Percent of
|
|||||||||||||||||||||||||||
King
|
Pierce
|
Kitsap
|
All Other
|
Total OREO
|
Properties
|
Total OREO
|
|||||||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||||||||
OREO:
|
|||||||||||||||||||||||||||||
One-to-four family residential
|
$ | 1,752 | $ | 1,805 | $ | - | $ | 645 | $ | 4,202 | 19 | 18.9 | % | ||||||||||||||||
Multifamily
|
560 | - | - | - | 560 | 1 | 2.5 | ||||||||||||||||||||||
Commercial real estate (1)
|
2,704 | 8,295 | 1,201 | 649 | 12,849 | 32 | 57.9 | ||||||||||||||||||||||
Construction/land development
|
482 | 3,201 | 203 | 709 | 4,595 | 11 | 20.7 | ||||||||||||||||||||||
Total OREO
|
$ | 5,498 | $ | 13,301 | $ | 1,404 | $ | 2,003 | $ | 22,206 | 63 | 100.0 | % |
(1)
|
Of the 32 properties classified as commercial real estate, 11 are office/retail buildings, 20 are developed lots and one is an undeveloped lot.
|
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Balance Sheets
|
||||||||||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Six Month
|
One Year
|
|||||||||||||||||||
June 30,
|
December 31,
|
June 30,
|
Increase/
|
Increase/
|
||||||||||||||||
Assets
|
2012
|
2011
|
2011
|
(Decrease)
|
(Decrease)
|
|||||||||||||||
Cash on hand and in banks
|
$ | 4,670 | $ | 4,620 | $ | 4,364 | 1.1 | % | 7.0 | % | ||||||||||
Interest-bearing deposits
|
155,327 | 160,141 | 184,448 | (3.0 | ) | (15.8 | ) | |||||||||||||
Investments available-for-sale, at fair value
|
130,483 | 129,002 | 141,832 | 1.1 | (8.0 | ) | ||||||||||||||
Loans receivable, net of allowance of $14,450,
|
||||||||||||||||||||
$16,559 and $16,989
|
649,965 | 703,288 | 752,634 | (7.6 | ) | (13.6 | ) | |||||||||||||
Premises and equipment, net
|
18,448 | 18,922 | 19,328 | (2.5 | ) | (4.6 | ) | |||||||||||||
Federal Home Loan Bank stock, at cost
|
7,413 | 7,413 | 7,413 | - | - | |||||||||||||||
Accrued interest receivable
|
3,665 | 3,856 | 4,132 | (5.0 | ) | (11.3 | ) | |||||||||||||
Federal income tax receivable
|
1,072 | 1,060 | 6,346 | 1.1 | (83.1 | ) | ||||||||||||||
Deferred tax assets
|
1,000 | - | - | 100.0 | 100.0 | |||||||||||||||
Other real estate owned ("OREO")
|
22,206 | 26,044 | 25,979 | (14.7 | ) | (14.5 | ) | |||||||||||||
Prepaid expenses and other assets
|
4,429 | 5,044 | 5,044 | (12.2 | ) | (12.2 | ) | |||||||||||||
Total assets
|
$ | 998,678 | $ | 1,059,390 | $ | 1,151,520 | (5.7 | ) | (13.3 | ) |
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Interest-bearing deposits
|
$ | 719,035 | $ | 782,652 | $ | 868,270 | (8.1 | ) | (17.2 | ) | ||||||||||
Noninterest-bearing deposits
|
5,828 | 6,013 | 5,427 | (3.1 | ) | 7.4 | ||||||||||||||
Advances from the Federal Home Loan Bank
|
83,066 | 83,066 | 93,066 | - | (10.7 | ) | ||||||||||||||
Advance payments from borrowers for taxes and insurance
|
2,459 | 2,093 | 1,948 | 17.5 | 26.2 | |||||||||||||||
Accrued interest payable
|
180 | 184 | 217 | (2.2 | ) | (17.1 | ) | |||||||||||||
Other liabilities
|
3,938 | 4,062 | 3,339 | (3.1 | ) | 17.9 | ||||||||||||||
Total liabilities
|
814,506 | 878,070 | 972,267 | (7.2 | ) | (16.2 | ) | |||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||
Preferred stock, $0.01 par value; authorized 10,000,000
|
||||||||||||||||||||
shares, no shares issued or outstanding
|
- | - | - | - | - | |||||||||||||||
Common stock, $0.01 par value; authorized 90,000,000
|
||||||||||||||||||||
shares; issued and outstanding 18,805,168 shares at
|
||||||||||||||||||||
June 30, 2012, December 31, 2011 and June 30,
|
||||||||||||||||||||
2011, respectively
|
188 | 188 | 188 | - | - | |||||||||||||||
Additional paid-in capital
|
189,602 | 188,816 | 188,064 | 0.4 | 0.8 | |||||||||||||||
Retained earnings, substantially restricted
|
5,930 | 3,937 | 2,387 | 50.6 | 148.4 | |||||||||||||||
Accumulated other comprehensive income, net of tax
|
20 | 511 | 1,310 | (96.1 | ) | (98.5 | ) | |||||||||||||
Unearned Employee Stock Ownership Plan ("ESOP")
|
||||||||||||||||||||
shares
|
(11,568 | ) | (12,132 | ) | (12,696 | ) | (4.6 | ) | (8.9 | ) | ||||||||||
Total stockholders' equity
|
184,172 | 181,320 | 179,253 | 1.6 | 2.7 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 998,678 | $ | 1,059,390 | $ | 1,151,520 | (5.7 | ) | (13.3 | ) |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Consolidated Income Statements
|
||||||||||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Quarter Ended
|
Three Month
|
One Year
|
||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase/
|
Increase/
|
||||||||||||||||
2012
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$ | 9,802 | $ | 10,472 | $ | 11,891 | (6.4 | )% | (17.6 | )% | ||||||||||
Investments available-for-sale
|
500 | 593 | 1,262 | (15.7 | ) | (60.4 | ) | |||||||||||||
Interest-bearing deposits with banks
|
97 | 97 | 94 | - | 3.2 | |||||||||||||||
Total interest income
|
$ | 10,399 | $ | 11,162 | $ | 13,247 | (6.8 | ) | (21.5 | ) | ||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
2,627 | 2,941 | 4,220 | (10.7 | ) | (37.7 | ) | |||||||||||||
Federal Home Loan Bank advances
|
511 | 511 | 583 | - | (12.3 | ) | ||||||||||||||
Total interest expense
|
$ | 3,138 | $ | 3,452 | $ | 4,803 | (9.1 | ) | (34.7 | ) | ||||||||||
Net interest income
|
7,261 | 7,710 | 8,444 | (5.8 | ) | (14.0 | ) | |||||||||||||
Provision for loan losses
|
650 | 1,700 | 1,600 | (61.8 | ) | (59.4 | ) | |||||||||||||
Net interest income after provision for loan losses
|
$ | 6,611 | $ | 6,010 | $ | 6,844 | 10.0 | (3.4 | ) | |||||||||||
Noninterest income
|
||||||||||||||||||||
Net gain on sale of investments
|
94 | 194 | 751 | (51.5 | ) | (87.5 | ) | |||||||||||||
Other
|
236 | 87 | 75 | 171.3 | 214.7 | |||||||||||||||
Total noninterest income
|
$ | 330 | $ | 281 | $ | 826 | 17.4 | (60.0 | ) | |||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
3,451 | 3,427 | 3,214 | 0.7 | 7.4 | |||||||||||||||
Occupancy and equipment
|
395 | 405 | 395 | (2.5 | ) | - | ||||||||||||||
Professional fees
|
468 | 473 | 502 | (1.1 | ) | (6.8 | ) | |||||||||||||
Data processing
|
185 | 181 | 183 | 2.2 | 1.1 | |||||||||||||||
Gain on sale of OREO property, net
|
(128 | ) | (221 | ) | (508 | ) | (42.1 | ) | (74.8 | ) | ||||||||||
OREO market value adjustments
|
235 | 310 | 289 | (24.2 | ) | (18.7 | ) | |||||||||||||
OREO related expenses, net
|
446 | 489 | 986 | (8.8 | ) | (54.8 | ) | |||||||||||||
Regulatory assessments
|
314 | 97 | 612 | 223.7 | (48.7 | ) | ||||||||||||||
Insurance and bond premiums
|
100 | 100 | 248 | - | (59.7 | ) | ||||||||||||||
Proxy contest and related litigation
|
604 | - | - | 100.0 | 100.0 | |||||||||||||||
Marketing
|
61 | 52 | 50 | 17.3 | 22.0 | |||||||||||||||
Other general and administrative
|
438 | 308 | 441 | 42.2 | (0.7 | ) | ||||||||||||||
Total noninterest expense
|
$ | 6,569 | $ | 5,621 | $ | 6,412 | 16.9 | 2.4 | ||||||||||||
Income before provision/(benefit) for federal income
taxes
|
372 | 670 | 1,258 | (44.5 | ) | (70.4 | ) | |||||||||||||
Provision/(benefit) for federal income taxes
|
(999 | ) | 48 | - | (2,181.3 | ) | (100.0 | ) | ||||||||||||
Net income
|
$ | 1,371 | $ | 622 | $ | 1,258 | 120.4 | 9.0 | ||||||||||||
Basic earnings per share | $ | 0.08 | $ | 0.04 | $ | 0.07 | 100.0 | 14.3 | ||||||||||||
Diluted earnings per share | $ | 0.08 | $ | 0.04 | $ | 0.07 | 100.0 | 14.3 |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||
Consolidated Income Statements
|
||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
Six Months Ended
|
||||||||||||
June 30,
|
One Year
|
|||||||||||
2012
|
2011
|
% Change
|
||||||||||
Interest income
|
||||||||||||
Loans, including fees
|
$ | 20,274 | $ | 24,319 | (16.6 | )% | ||||||
Investments available-for-sale
|
1,093 | 2,467 | (55.7 | ) | ||||||||
Interest-bearing deposits with banks
|
194 | 170 | 14.1 | |||||||||
Total interest income
|
$ | 21,561 | $ | 26,956 | (20.0 | ) | ||||||
Interest expense
|
||||||||||||
Deposits
|
5,568 | 8,733 | (36.2 | ) | ||||||||
Federal Home Loan Bank advances
|
1,022 | 1,159 | (11.8 | ) | ||||||||
Total interest expense
|
$ | 6,590 | $ | 9,892 | (33.4 | ) | ||||||
Net interest income
|
14,971 | 17,064 | (12.3 | ) | ||||||||
Provision for loan losses
|
2,350 | 2,800 | (16.1 | ) | ||||||||
Net interest income after provision for loan losses
|
$ | 12,621 | $ | 14,264 | (11.5 | ) | ||||||
Noninterest income
|
||||||||||||
Net gain on sale of investments
|
288 | 1,262 | (77.2 | ) | ||||||||
Other
|
323 | 160 | 101.9 | |||||||||
Total noninterest income
|
$ | 611 | $ | 1,422 | (57.0 | ) | ||||||
Noninterest expense
|
||||||||||||
Salaries and employee benefits
|
6,878 | 6,503 | 5.8 | |||||||||
Occupancy and equipment
|
800 | 797 | 0.4 | |||||||||
Professional fees
|
941 | 982 | (4.2 | ) | ||||||||
Data processing
|
366 | 392 | (6.6 | ) | ||||||||
Gain on sale of OREO property, net
|
(349 | ) | (1,134 | ) | (69.2 | ) | ||||||
OREO market value adjustments
|
545 | 917 | (40.6 | ) | ||||||||
OREO related expenses, net
|
935 | 1,836 | (49.1 | ) | ||||||||
Regulatory assessments
|
411 | 1,322 | (68.9 | ) | ||||||||
Insurance and bond premiums
|
200 | 495 | (59.6 | ) | ||||||||
Proxy contest and related litigation
|
604 | - | 100.0 | |||||||||
Marketing
|
113 | 111 | 1.8 | |||||||||
Other general and administrative
|
746 | 773 | (3.5 | ) | ||||||||
Total noninterest expense
|
$ | 12,190 | $ | 12,994 | (6.2 | ) | ||||||
Income before federal income tax benefit
|
1,042 | 2,692 | (61.3 | ) | ||||||||
Federal income tax benefit
|
(951 | ) | - | (100.0 | ) | |||||||
Net income
|
$ | 1,993 | $ | 2,692 | (26.0 | ) | ||||||
Basic earnings per share
|
$ | 0.11 | $ | 0.15 | (26.7 | ) | ||||||
Diluted earnings per share
|
$ | 0.11 | $ | 0.15 | (26.7 | ) |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
One-to-four family residential (1)
|
$ | 318,377 | 47.7 | % | $ | 335,412 | 46.4 | % | ||||||||
Multifamily:
|
||||||||||||||||
Permanent
|
104,431 | 15.7 | 110,148 | 15.2 | ||||||||||||
Construction
|
- | - | 3,526 | 0.5 | ||||||||||||
104,431 | 15.7 | 113,674 | 15.7 | |||||||||||||
Commercial real estate:
|
||||||||||||||||
Permanent
|
196,346 | 29.4 | 218,032 | 30.2 | ||||||||||||
Construction
|
12,500 | 1.9 | 12,500 | 1.7 | ||||||||||||
Land
|
1,852 | 0.3 | 1,811 | 0.2 | ||||||||||||
210,698 | 31.6 | 232,343 | 32.1 | |||||||||||||
Construction/land development (2):
|
||||||||||||||||
One-to-four family residential
|
1,301 | 0.2 | 6,194 | 0.9 | ||||||||||||
Multifamily
|
806 | 0.1 | 855 | 0.1 | ||||||||||||
Commercial
|
680 | 0.1 | 1,104 | 0.2 | ||||||||||||
Land development
|
15,728 | 2.4 | 16,990 | 2.3 | ||||||||||||
18,515 | 2.8 | 25,143 | 3.5 | |||||||||||||
Business
|
3,627 | 0.5 | 3,909 | 0.6 | ||||||||||||
Consumer
|
11,328 | 1.7 | 12,499 | 1.7 | ||||||||||||
Total loans
|
666,976 | 100.0 | % | 722,980 | 100.0 | % | ||||||||||
Less:
|
||||||||||||||||
Loans in process
|
845 | 1,372 | ||||||||||||||
Deferred loan fees, net
|
1,716 | 1,761 | ||||||||||||||
ALLL
|
14,450 | 16,559 | ||||||||||||||
Loans receivable, net
|
$ | 649,965 | $ | 703,288 |
(1) | Includes $143.9 million and $147.4 million of non-owner occupied loans at June 30, 2012 and December 31, 2011, respectively. |
(2) | Excludes construction loans that will convert to permanent loans. We consider these loans to be "rollovers" in that one loan is originated for both the construction loan and permanent financing. These loans are classified according to the underlying collateral. As a result, at June 30, 2012, we had $12.5 million, or 5.9% of our total commercial real estate portfolio and no multifamily loans in these "rollover" type of loans. At December 31, 2011, we had $12.5 million, or 5.4% of our total commercial real estate portfolio and $3.5 million, or 3.1% of our total multifamily loan portfolio in these rollover type of loans. At June 30, 2012 and December 31, 2011, $1.9 million and $1.8 million of commercial real estate land loans were not included in the construction/land development category because we classify raw land or buildable lots where we do not intend to finance the construction as commercial real estate land loans. |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||
Key Financial Ratios
|
||||||||||||
(Unaudited)
|
||||||||||||
At or For the Quarter Ended | ||||||||||||||||
June 30,
2012
|
March 31,
2012
|
December 31,
2011
|
June 30,
2011
|
|||||||||||||
Performance Ratios:
|
(Dollars in Thousands, except share data) | |||||||||||||||
Return on assets
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0.54 | % | 0.24 | % | 0.34 | % | 0.43 | % | ||||||||
Return on equity
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2.97 | 1.36 | 2.05 | 2.80 | ||||||||||||
Equity-to-assets
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18.44 | 17.61 | 17.12 | 15.57 | ||||||||||||
Interest rate spread
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2.80 | 2.88 | 2.72 | 2.84 | ||||||||||||
Net interest margin
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3.03 | 3.11 | 2.96 | 3.07 | ||||||||||||
Average interest-earning assets to average interest-bearing
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liabilities
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117.64 | 116.28 | 115.03 | 112.93 | ||||||||||||
Efficiency ratio
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86.54 | 70.34 | 81.33 | 69.17 | ||||||||||||
Noninterest expense as a percent of average total assets
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2.60 | 2.14 | 2.44 | 2.19 | ||||||||||||
Book value per common share
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$ | 9.79 | $ | 9.71 | $ | 9.64 | $ | 9.53 | ||||||||
Capital Ratios (1):
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Tier 1 leverage
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14.85 | % | 14.15 | % | 13.54 | % | 12.47 | % | ||||||||
Tier 1 risk-based
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25.98 | 24.36 | 23.49 | 21.55 | ||||||||||||
Total risk-based
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27.24 | 25.62 | 24.76 | 22.81 | ||||||||||||
Asset Quality Ratios:
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Nonperforming loans as a percent of total loans
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3.40 | % | 3.78 | % | 3.28 | % | 4.92 | % | ||||||||
Nonperforming assets as a percent of total assets
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4.49 | 4.71 | 4.69 | 5.55 | ||||||||||||
ALLL as a percent of total loans, net of undisbursed funds
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2.17 | 2.13 | 2.29 | 2.20 | ||||||||||||
ALLL as a percent of nonperforming loans, net of
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undisbursed funds
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63.86 | 56.22 | 69.89 | 44.79 | ||||||||||||
Net charge-offs to average loans receivable, net
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0.16 | 0.49 | 0.09 | 0.62 | ||||||||||||
Allowance for Loan Losses:
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Allowance for loan losses, beginning of the quarter
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$ | 14,832 | $ | 16,559 | $ | 16,634 | $ | 20,250 | ||||||||
Provision
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650 | 1,700 | 600 | 1,600 | ||||||||||||
Charge-offs
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(1,349 | ) | (3,699 | ) | (688 | ) | (4,976 | ) | ||||||||
Recoveries
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317 | 272 | 13 | 115 | ||||||||||||
Allowance for loan losses, end of the quarter
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$ | 14,450 | $ | 14,832 | $ | 16,559 | $ | 16,989 | ||||||||
Nonperforming Assets (2):
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Nonperforming loans (3):
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Nonaccrual loans
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$ | 17,853 | $ | 22,739 | $ | 18,613 | $ | 31,831 | ||||||||
Nonaccrual troubled debt restructured loans
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4,773 | 3,644 | 5,079 | 6,097 | ||||||||||||
Total nonperforming loans
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22,626 | 26,383 | 23,692 | 37,928 | ||||||||||||
OREO
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22,206 | 22,448 | 26,044 | 25,979 | ||||||||||||
Total nonperforming assets
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$ | 44,832 | $ | 48,831 | $ | 49,736 | $ | 63,907 | ||||||||
Performing troubled debt restructured loans
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$ | 62,762 | $ | 65,556 | $ | 66,225 | $ | 65,968 |
(1) Capital ratios are for First Savings Bank Northwest only.
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(2) Loans are reported net of undisbursed funds.
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(3) There were no loans 90 days or more past due and still accruing interest.
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