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
|
98057
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
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, 2013 | By: /s/Kari Stenslie |
Kari Stenslie | |
Chief Financial Officer |
For more information, contact:
Joseph W. Kiley III, President and Chief Executive
Officer of First Savings Bank Northwest
Kari Stenslie, Chief Financial Officer
(425) 255-4400
|
·
|
Continued profitability and positive projected future operating results indicate that it is more likely than not that we will realize our DTAs, thus allowing us to reverse most of the remaining DTA valuation allowance;
|
·
|
Loan originations for the quarter were $54.2 million, compared to $28.6 million and $16.5 million for the quarters ended March 31, 2013 and June 30, 2012, respectively;
|
·
|
Nonperforming assets at June 30, 2013 decreased $6.5 million, or 18.4% to $28.8 million from $35.3 million at March 31, 2013 and decreased $16.0 million, or 35.7% from $44.8 million at June 30, 2012;
|
·
|
Net OREO related expenses decreased $709,000 to a net gain of $156,000 for the quarter, compared to a net gain of $153,000 for the quarter ended March 31, 2013 and a net expense of $553,000 for the comparable quarter of 2012;
|
·
|
Sales of OREO with a book value of $4.0 million generated net gains on sales of $383,000 for the quarter, compared to net gains of $632,000 and $128,000 for the quarters ended March 31, 2013 and June 30, 2012, respectively;
|
·
|
The Company’s book value per share increased to $10.88 at June 30, 2013, from $10.04 at March 31, 2013 and $9.79 at June 30, 2012;
|
·
|
Under the stock repurchase plan (“Plan”) approved by the Board of Directors in May 2013, the Company was authorized to purchase 1,880,517 shares of its common stock, of which 1,654,547 shares were purchased at an average price per share of $9.97 during the quarter. At June 30, 2013, there are 225,970 shares remaining to be purchased under the Plan; and
|
·
|
The Bank’s Tier 1 and total risk-based capital ratios at June 30, 2013 were 19.24% and 29.25%, respectively.
|
·
|
Delinquent loans, loans over 30 days past due, were $8.1 million at June 30, 2013, decreasing $8.6 million and $9.7 million from March 31, 2013 and June 30, 2012, respectively;
|
·
|
Nonperforming loans were $14.6 million at June 30, 2013 decreasing $4.4 million and $8.0 million from March 31, 2013 and June 30, 2012, respectively;
|
·
|
Nonperforming loans as a percent of total loans was 2.2% at June 30, 2013, compared to 2.9% at March 31, 2013 and 3.4% at June 30, 2012, continuing the trend of improvement within the loan portfolio.
|
Three Month
|
One Year
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase/
|
Increase/
|
||||||||||||||||
2013
|
2013
|
2012
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$
|
5,709
|
$
|
5,980
|
|
$
|
9,110
|
$
|
(271)
|
$
|
(3,401)
|
|||||||||
Multifamily
|
244
|
2,623
|
2,039
|
(2,379)
|
|
(1,795)
|
||||||||||||||
Commercial real estate
|
3,520
|
4,883
|
2,534
|
(1,363)
|
|
986
|
||||||||||||||
Construction/land development
|
4,369
|
4,747
|
8,731
|
(378)
|
|
(4,362)
|
||||||||||||||
Consumer
|
717
|
732
|
212
|
(15)
|
|
505
|
||||||||||||||
Total nonperforming loans
|
14,559
|
18,965
|
22,626
|
(4,406)
|
(8,067)
|
|||||||||||||||
OREO
|
14,226
|
16,310
|
22,206
|
(2,084)
|
(7,980)
|
|||||||||||||||
Total nonperforming assets (1)
|
$
|
28,785
|
$
|
35,275
|
$
|
44,832
|
$
|
(6,490)
|
$
|
(16,047)
|
||||||||||
Nonperforming assets as a
|
||||||||||||||||||||
percent of total assets
|
3.19
|
%
|
3.98
|
%
|
4.49
|
%
|
||||||||||||||
(1)
|
The difference between the $28.8 million of nonperforming assets at June 30, 2013, reported above, and the amount reported by certain analysts as our nonperforming assets is due to the analysts' inclusion of all Troubled Debt Restructured Loans ("TDRs") as nonperforming loans, although 95.5% of our TDRs are performing in accordance with their restructured terms. The remaining 4.5% of TDRs that were nonperforming at June 30, 2013 are reported above as nonperforming loans.
|
County
|
Number of
|
Percent of
|
|||||||||||||||||||
King
|
Pierce
|
Kitsap
|
All Other
|
Total
|
Properties
|
Total OREO
|
|||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
OREO:
|
|||||||||||||||||||||
One-to-four family residential
|
$
|
1,245
|
$
|
996
|
$
|
410
|
$
|
-
|
$
|
2,651
|
12
|
18.6
|
%
|
||||||||
Commercial real estate (1)
|
563
|
7,615
|
920
|
1,349
|
10,447
|
14
|
73.5
|
||||||||||||||
Construction/land development
|
-
|
527
|
209
|
392
|
1,128
|
5
|
7.9
|
||||||||||||||
Total OREO
|
$
|
1,808
|
$
|
9,138
|
$
|
1,539
|
$
|
1,741
|
$
|
14,226
|
31
|
100.0
|
%
|
||||||||
(1)
|
Of the 14 properties classified as commercial real estate, eight are office/retail buildings, three are mixed-use buildings and three are undeveloped lots.
|
||||||||||||||||||||
Three Month
|
One Year
|
||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase/
|
Increase/
|
|||||||||||
2013
|
2013
|
2012
|
(Decrease)
|
(Decrease)
|
|||||||||||
(In thousands)
|
|||||||||||||||
Nonperforming TDRs:
|
|||||||||||||||
One-to-four family residential
|
$
|
2,858
|
$
|
2,679
|
$
|
3,697
|
$
|
179
|
$
|
(839)
|
|||||
Multifamily
|
-
|
-
|
1,076
|
-
|
(1,076)
|
||||||||||
Consumer
|
46
|
47
|
-
|
(1)
|
46
|
||||||||||
Total nonperforming TDRs
|
2,904
|
2,726
|
4,773
|
178
|
(1,869)
|
||||||||||
Performing TDRs:
|
|||||||||||||||
One-to-four family residential
|
47,756
|
52,270
|
49,695
|
(4,514)
|
(1,939)
|
||||||||||
Multifamily
|
1,229
|
1,234
|
1,247
|
(5)
|
(18)
|
||||||||||
Commercial real estate
|
12,204
|
12,251
|
11,750
|
(47)
|
454
|
||||||||||
Consumer
|
-
|
-
|
70
|
-
|
(70)
|
||||||||||
Total performing TDRs
|
61,189
|
65,755
|
62,762
|
(4,566)
|
(1,573)
|
||||||||||
Total TDRs
|
$
|
64,093
|
$
|
68,481
|
$
|
67,535
|
$
|
(4,388)
|
$
|
(3,442)
|
|||||
Six Month
|
One Year
|
|||||||||||||||||||
June 30,
|
December 31,
|
June 30,
|
Increase/
|
Increase/
|
||||||||||||||||
Assets |
2013
|
2012
|
2012
|
(Decrease)
|
(Decrease)
|
|||||||||||||||
Cash on hand and in banks
|
$
|
5,682
|
$
|
4,289
|
$
|
4,670
|
32.5
|
%
|
21.7
|
%
|
||||||||||
Interest-bearing deposits
|
27,837
|
83,452
|
155,327
|
(66.6)
|
(82.1)
|
|||||||||||||||
Investments available-for-sale, at fair value
|
152,664
|
152,262
|
130,483
|
0.3
|
17.0
|
|||||||||||||||
Loans receivable, net of allowance of $12,313, $12,542
|
||||||||||||||||||||
and $14,450
|
653,757
|
650,468
|
649,965
|
0.5
|
0.6
|
|||||||||||||||
Premises and equipment, net
|
17,679
|
18,073
|
18,448
|
(2.2)
|
(4.2)
|
|||||||||||||||
FHLB stock, at cost
|
7,149
|
7,281
|
7,413
|
(1.8)
|
(3.6)
|
|||||||||||||||
Accrued interest receivable
|
3,633
|
3,484
|
3,665
|
4.3
|
(0.9)
|
|||||||||||||||
Deferred tax assets, net
|
14,870
|
1,000
|
1,000
|
1,387.0
|
1,387.0
|
|||||||||||||||
OREO
|
14,226
|
17,347
|
22,206
|
(18.0)
|
(35.9)
|
|||||||||||||||
Prepaid expenses and other assets
|
4,718
|
4,999
|
5,501
|
(5.6)
|
(14.2)
|
|||||||||||||||
Total assets |
$
|
902,215
|
$
|
942,655
|
$
|
998,678
|
(4.3)
|
(9.7)
|
||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Interest-bearing deposits
|
$
|
622,889
|
$
|
659,643
|
$
|
719,035
|
(5.6)
|
(13.4)
|
||||||||||||
Noninterest-bearing deposits
|
7,948
|
6,154
|
5,828
|
29.2
|
36.4
|
|||||||||||||||
Advances from the FHLB
|
74,000
|
83,066
|
83,066
|
(10.9)
|
(10.9)
|
|||||||||||||||
Advance payments from borrowers for taxes and insurance
|
3,135
|
2,186
|
2,459
|
43.4
|
27.5
|
|||||||||||||||
Accrued interest payable
|
59
|
179
|
180
|
(67.0)
|
(67.2)
|
|||||||||||||||
Investment trade payable
|
2,676
|
-
|
-
|
100.0
|
100.0
|
|||||||||||||||
Other liabilities
|
4,433
|
4,310
|
3,938
|
2.9
|
12.6
|
|||||||||||||||
Total liabilities |
715,140
|
755,538
|
814,506
|
(5.3)
|
(12.2)
|
|||||||||||||||
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 17,190,621 shares at
|
||||||||||||||||||||
June 30, 2013, and 18,805,168 at December 31, 2012 and
|
|
|
|
|
|
|||||||||||||||
June, 30, 2012
|
172 | 188 | 188 | (8.5) | (8.5) | |||||||||||||||
Additional paid-in capital
|
175,279
|
190,534
|
189,602
|
(8.0)
|
(7.6)
|
|||||||||||||||
Retained earnings, substantially restricted
|
23,912
|
6,650
|
5,930
|
259.6
|
303.2
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
(1,849)
|
748
|
20
|
(347.2)
|
(9,345.0)
|
|||||||||||||||
Unearned Employee Stock Ownership Plan
|
||||||||||||||||||||
("ESOP") shares
|
(10,439)
|
(11,003)
|
(11,568)
|
5.1
|
9.8
|
|||||||||||||||
Total stockholders' equity |
187,075
|
187,117
|
184,172
|
-
|
1.6
|
|||||||||||||||
Total liabilities and stockholders' equity |
$
|
902,215
|
$
|
942,655
|
$
|
998,678
|
(4.3)
|
(9.7)
|
||||||||||||
Quarter Ended
|
Three Month
|
One Year
|
|||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
Increase /
|
Increase/
|
|||||||||||||||
2013
|
2013
|
2012
|
(Decrease)
|
(Decrease)
|
|||||||||||||||
Interest income
|
|||||||||||||||||||
Loans, including fees
|
$
|
9,063
|
$
|
9,044
|
$
|
9,802
|
0.2
|
%
|
(7.5
|
)%
|
|||||||||
Investments available-for-sale
|
603
|
473
|
500
|
27.5
|
20.6
|
||||||||||||||
Interest-bearing deposits
|
18
|
21
|
97
|
(14.3
|
) |
(81.4
|
) | ||||||||||||
Total interest income
|
$
|
9,684
|
$
|
9,538
|
$
|
10,399
|
1.5
|
(6.9
|
) | ||||||||||
Interest expense
|
|||||||||||||||||||
Deposits
|
1,763
|
1,893
|
2,627
|
(6.9
|
) |
(32.9
|
) | ||||||||||||
FHLB advances
|
116
|
256
|
511
|
(54.7
|
) |
(77.3
|
) | ||||||||||||
Total interest expense
|
$
|
1,879
|
$
|
2,149
|
$
|
3,138
|
(12.6)
|
(40.1
|
) | ||||||||||
Net interest income
|
7,805
|
7,389
|
7,261
|
5.6
|
7.5
|
||||||||||||||
Provision for loan losses
|
100
|
-
|
650
|
100.0
|
(84.6
|
) | |||||||||||||
Net interest income after provision for
loan losses
|
$
|
7,705
|
$
|
7,389
|
$
|
6,611
|
4.3
|
16.5
|
|||||||||||
Noninterest income
|
|||||||||||||||||||
Net gain on sale of investments
|
1
|
-
|
94
|
100.0
|
(98.9
|
) | |||||||||||||
Other
|
154
|
104
|
236
|
48.1
|
(34.7
|
) | |||||||||||||
Total noninterest income
|
$
|
155
|
$
|
104
|
$
|
330
|
49.0
|
(53.0
|
) | ||||||||||
Noninterest expense
|
|||||||||||||||||||
Salaries and employee benefits
|
3,755
|
3,614
|
3,451
|
3.9
|
8.8
|
||||||||||||||
Occupancy and equipment
|
345
|
354
|
395
|
(2.5
|
) |
(12.7
|
) | ||||||||||||
Professional fees
|
387
|
356
|
468
|
8.7
|
(17.3
|
) | |||||||||||||
Data processing
|
176
|
162
|
185
|
8.6
|
(4.9
|
) | |||||||||||||
Gain on sale of OREO property, net
|
(383
|
) |
(632
|
) |
(128
|
) |
(39.4
|
) |
199.2
|
||||||||||
OREO market value adjustments
|
76
|
145
|
235
|
(47.6
|
) |
(67.7
|
) | ||||||||||||
OREO related expenses, net
|
151
|
334
|
446
|
(54.8
|
) |
(66.1
|
) | ||||||||||||
Regulatory assessments
|
94
|
283
|
314
|
(66.8
|
) |
(70.1
|
) | ||||||||||||
Insurance and bond premiums
|
121
|
114
|
100
|
6.1
|
21.0
|
||||||||||||||
Proxy contest and related litigation
|
16
|
89
|
604
|
(82.0
|
) |
(97.4
|
) | ||||||||||||
Marketing
|
42
|
18
|
61
|
133.3
|
(31.1
|
) | |||||||||||||
Prepayment penalty on FHLB advances
|
-
|
679
|
-
|
(100.0
|
) |
-
|
|||||||||||||
Other general and administrative
|
526
|
362
|
438
|
45.3
|
20.1
|
||||||||||||||
Total noninterest expense
|
$
|
5,306
|
$
|
5,878
|
$
|
6,569
|
(9.7
|
) |
(19.2
|
) | |||||||||
Income before federal income tax
provision (benefit)
|
2,554
|
1,615
|
372
|
58.1
|
586.6
|
||||||||||||||
Federal income tax provision (benefit)
|
(13,809
|
) |
59
|
(999
|
) |
23,505.1
|
1,282.3
|
||||||||||||
Net income
|
$
|
16,363
|
$
|
1,556
|
$
|
1,371
|
951.6
|
1,093.5
|
|||||||||||
Basic earnings per share
|
$
|
0.96
|
$
|
0.09
|
$
|
0.08
|
955.6
|
1,087.5
|
|||||||||||
Diluted earnings per share
|
$
|
0.95
|
$
|
0.09
|
$
|
0.08
|
955.6
|
1,087.5
|
Six Months Ended
|
||||||||||||
June 30,
|
One Year
|
|||||||||||
2013
|
2012
|
% Change
|
||||||||||
Interest income
|
||||||||||||
Loans, including fees
|
$ | 18,107 | $ | 20,274 | (10.7 | ) % | ||||||
Investments available-for-sale
|
1,076 | 1,093 | (1.6 | ) | ||||||||
Interest-bearing deposits with banks
|
39 | 194 | (79.9 | ) | ||||||||
Total interest income
|
$ | 19,222 | $ | 21,561 | (10.8 | ) | ||||||
Interest expense
|
||||||||||||
Deposits
|
3,656 | 5,568 | (34.3 | ) | ||||||||
Federal Home Loan Bank advances
|
372 | 1,022 | (63.6 | ) | ||||||||
Total interest expense
|
$ | 4,028 | $ | 6,590 | (38.9 | ) | ||||||
Net interest income
|
15,194 | 14,971 | 1.5 | |||||||||
Provision for loan losses
|
100 | 2,350 | (95.7 | ) | ||||||||
Net interest income after provision for loan losses
|
$ | 15,094 | $ | 12,621 | 19.6 | |||||||
Noninterest income
|
||||||||||||
Net gain on sale of investments
|
1 | 288 | (99.7 | ) | ||||||||
Other
|
258 | 323 | (20.1 | ) | ||||||||
Total noninterest income
|
$ | 259 | $ | 611 | (57.6 | ) | ||||||
Noninterest expense
|
||||||||||||
Salaries and employee benefits
|
7,369 | 6,878 | 7.1 | |||||||||
Occupancy and equipment
|
699 | 800 | (12.6 | ) | ||||||||
Professional fees
|
743 | 941 | (21.0 | ) | ||||||||
Data processing
|
338 | 366 | (7.7 | ) | ||||||||
Gain on sale of OREO property, net
|
(1,015 | ) | (349 | ) | 190.8 | |||||||
OREO market value adjustments
|
221 | 545 | (59.4 | ) | ||||||||
OREO related expenses, net
|
485 | 935 | (48.1 | ) | ||||||||
Regulatory assessments
|
377 | 411 | (8.3 | ) | ||||||||
Insurance and bond premiums
|
235 | 200 | 17.5 | |||||||||
Proxy contest and related litigation
|
105 | 604 | (82.6 | ) | ||||||||
Marketing
|
60 | 113 | (46.9 | ) | ||||||||
Prepayment penalty on FHLB advances
|
679 | - | 100.0 | |||||||||
Other general and administrative
|
888 | 746 | 19.0 | |||||||||
Total noninterest expense
|
$ | 11,184 | $ | 12,190 | (8.3 | ) | ||||||
Income before federal income tax benefit
|
4,169 | 1,042 | 300.1 | |||||||||
Federal income tax benefit
|
(13,751 | ) | (951 | ) | 1,346.0 | |||||||
Net income
|
$ | 17,920 | $ | 1,993 | 799.1 | |||||||
Basic earnings per share
|
$ | 1.03 | $ | 0.11 | 836.4 | |||||||
Diluted earnings per share
|
$ | 1.03 | $ | 0.11 | 836.4 | |||||||
June 30, 2013
|
December 31, 2012
|
|||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
One-to-four family residential: (1)
|
||||||||||||||
Permanent
|
$
|
294,880
|
43.1
|
%
|
$
|
306,851
|
45.5
|
%
|
||||||
Construction
|
-
|
-
|
177
|
0.1
|
||||||||||
294,880
|
43.1
|
307,028
|
45.6
|
|||||||||||
Multifamily:
|
||||||||||||||
Permanent
|
103,187
|
15.1
|
105,936
|
15.7
|
||||||||||
Construction
|
8,160
|
1.2
|
5,585
|
0.8
|
||||||||||
111,347
|
16.3
|
111,521
|
16.5
|
|||||||||||
Commercial real estate:
|
||||||||||||||
|
Permanent
|
221,329
|
32.3
|
207,436
|
30.8
|
|||||||||
Construction
|
13,805
|
2.0
|
12,500
|
1.8
|
||||||||||
Land
|
1,964
|
0.3
|
1,942
|
0.3
|
||||||||||
237,098
|
34.6
|
221,878
|
32.9
|
|||||||||||
Construction/land development: (2)
|
||||||||||||||
One-to-four family residential
|
1,795
|
0.3
|
608
|
0.1
|
||||||||||
Multifamily
|
12,741
|
1.9
|
8,375
|
1.2
|
||||||||||
Commercial
|
5,770
|
0.8
|
-
|
-
|
||||||||||
Land development
|
9,094
|
1.3
|
10,435
|
1.6
|
||||||||||
29,400
|
4.3
|
19,418
|
2.9
|
|||||||||||
Business
|
1,720
|
0.3
|
2,968
|
0.4
|
||||||||||
Consumer
|
9,927
|
1.4
|
11,110
|
1.7
|
||||||||||
Total loans
|
684,372
|
100.0
|
%
|
673,923
|
100.0
|
%
|
||||||||
Less:
|
||||||||||||||
Loans in Process ("LIP")
|
15,873
|
8,856
|
||||||||||||
Deferred loan fees, net
|
2,429
|
2,057
|
||||||||||||
ALLL
|
12,313
|
12,542
|
||||||||||||
Loans receivable, net
|
$
|
653,757
|
$
|
650,468
|
||||||||||
(1)
|
Includes $129.3 million and $139.8 million of non-owner occupied loans at June 30, 2013 and December 31, 2012, 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. At June 30, 2013, we had $13.8 million, or 5.8% of our total commercial real estate portfolio and $8.2 million, or 7.3% of our total multifamily portfolio in these "rollover" type of loans. At December 31, 2012, we had $12.5 million, or 5.6% of our total commercial real estate portfolio, $5.6 million, or 5.0% of our total multifamily portfolio and $177,000, or 0.1% of our total one-to-four family loan portfolio in these rollover type of loans. At June 30, 2013 and December 31, 2012, $2.0 million and $1.9 million, respectively, of commercial real estate loans were not included in the contruction/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. |
At or For the Quarter Ended
|
||||||||||||||||
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
June 30,
2012
|
|||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||
Performance Ratios:
|
||||||||||||||||
Return on assets (1)
|
2.70
|
%
|
0.70
|
%
|
0.63
|
%
|
0.54
|
%
|
||||||||
Return on equity (1)
|
12.94
|
3.30
|
3.25
|
2.97
|
||||||||||||
Dividend payout ratio
|
4.17
|
-
|
-
|
-
|
||||||||||||
Equity-to-assets
|
20.74
|
21.29
|
19.85
|
18.44
|
||||||||||||
Interest rate spread
|
3.51
|
3.28
|
2.86
|
2.80
|
||||||||||||
Net interest margin
|
3.71
|
3.51
|
3.09
|
3.03
|
||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
122.52
|
122.44
|
119.82
|
117.64
|
||||||||||||
Efficiency ratio
|
66.66
|
78.45
|
78.88
|
86.54
|
||||||||||||
Noninterest expense as a percent of average total assets
|
2.39
|
2.64
|
2.35
|
2.60
|
||||||||||||
Book value per common share
|
$
|
10.88
|
$
|
10.04
|
$
|
9.95
|
$
|
9.79
|
||||||||
Capital Ratios (2):
|
||||||||||||||||
Tier 1 leverage
|
19.24
|
%
|
17.46
|
%
|
15.79
|
%
|
14.85
|
%
|
||||||||
Tier 1 risk-based
|
27.99
|
26.56
|
26.11
|
25.98
|
||||||||||||
Total risk-based
|
29.25
|
27.82
|
27.37
|
27.24
|
||||||||||||
Asset Quality Ratios:
|
||||||||||||||||
Nonperforming loans as a percent of total loans
|
2.18
|
%
|
2.86
|
%
|
3.42
|
%
|
3.40
|
%
|
||||||||
Nonperforming assets as a percent of total assets
|
3.19
|
3.98
|
4.25
|
4.49
|
||||||||||||
ALLL as a percent of total loans, net of undisbursed funds
|
1.84
|
1.81
|
1.89
|
2.17
|
||||||||||||
ALLL as a percent of nonperforming loans, net of undisbursed funds
|
84.57
|
63.28
|
55.11
|
63.86
|
||||||||||||
Net charge-offs (recoveries) to average loans receivable, net
|
(0.03)
|
0.08
|
0.25
|
0.16
|
||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||
ALLL, beginning of the quarter
|
$
|
12,002
|
$
|
12,542
|
$
|
14,168
|
$
|
14,832
|
||||||||
Provision
|
100
|
-
|
-
|
650
|
||||||||||||
Charge-offs
|
(537)
|
(619)
|
(2,202)
|
(1,349)
|
||||||||||||
Recoveries
|
748
|
79
|
576
|
317
|
||||||||||||
ALLL, end of the quarter
|
$
|
12,313
|
$
|
12,002
|
$
|
12,542
|
$
|
14,450
|
||||||||
Nonperforming Assets (3):
|
||||||||||||||||
Nonperforming loans (4):
|
||||||||||||||||
Nonaccrual loans
|
$
|
11,655
|
$
|
16,239
|
$
|
18,231
|
$
|
17,853
|
||||||||
Nonaccrual TDRs
|
2,904
|
2,726
|
4,528
|
4,773
|
||||||||||||
Total nonperforming loans
|
$
|
14,559
|
$
|
18,965
|
$
|
22,759
|
$
|
22,626
|
||||||||
OREO
|
14,226
|
16,310
|
17,347
|
22,206
|
||||||||||||
Total nonperforming assets
|
$
|
28,785
|
$
|
35,275
|
$
|
40,106
|
$
|
44,832
|
||||||||
Performing TDRs
|
$
|
61,189
|
$
|
65,755
|
$
|
65,848
|
$
|
62,762
|
||||||||
___________ | ||||||||||||||||
(1) The $13.8 million tax benefit was not annualized in the calculation of this ratio.
|
||||||||||||||||
(2) Capital ratios are for First Savings Bank Northwest only.
|
||||||||||||||||
(3) Loans are reported net of undisbursed funds.
|
||||||||||||||||
(4) There were no loans 90 days or more past due and still accruing interest.
|