Washington
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001-3365
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26-0610707
|
||
State or other jurisdiction of
incorporation
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Commission
File Number
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(I.R.S. Employer
Identification No.)
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||
201 Wells Avenue South, Renton, Washington
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98057
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|||
(Address of principal executive offices)
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(Zip Code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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(17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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(17 CFR 240.13e-4 (c))
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FIRST FINANCIAL NORTHWEST, INC.
|
|
DATE: October 24, 2013 | By: /s/ Richard P. Jacobson |
Richard P. Jacobson | |
Chief Financial Officer |
For more information, contact:
Joseph W. Kiley III, President and Chief Executive
Officer
Richard Jacobson, Chief Financial Officer
(425) 255-4400
|
·
|
Loan originations for the quarter were $36.7 million, compared to $54.2 million and $30.6 million for the quarters ended June 30, 2013 and September 30, 2012, respectively;
|
·
|
Nonperforming assets at September 30, 2013 decreased $6.8 million, or 23.4% to $22.0 million from $28.8 million at June 30, 2013 and decreased $20.8 million, or 48.5% from $42.8 million at September 30, 2012;
|
·
|
Net OREO related expenses increased $279,000 to a net loss of $123,000 for the quarter, compared to a net gain of $156,000 for the quarter ended June 30, 2013 and a net loss of $1.6 million for the comparable quarter of 2012;
|
·
|
Sales of OREO generated net gains on sales of $35,000 for the quarter, compared to net gains of $383,000 and $78,000 for the quarters ended June 30, 2013 and September 30, 2012, respectively;
|
·
|
The Company’s book value per share increased to $11.05 at September 30, 2013, from $10.88 at June 30, 2013 and $9.84 at September 30, 2012;
|
·
|
Under the stock repurchase plan (“Plan”) approved by the Board of Directors in August 2013, the Company was authorized to purchase 848,271 shares of its common stock, of which 276,620 shares were purchased at an average price per share of $10.70 during the quarter. Earlier in the year, the Company repurchased 1,879,747 shares at an average price of $10.06 per share under the Plan approved in May 2013.
|
·
|
The Bank’s Tier 1 and total risk-based capital ratios at September 30, 2013 were 18.51% and 28.14%, respectively.
|
·
|
Delinquent loans (loans over 30 days past due) were $5.5 million at September 30, 2013, decreasing $2.6 million and $19.1 million from June 30, 2013 and September 30, 2012, respectively;
|
·
|
Nonperforming loans were $9.4 million at September 30, 2013 decreasing $5.1 million and $14.1 million from June 30, 2013 and September 30, 2012, respectively;
|
·
|
Nonperforming loans as a percent of total loans was 1.4% at September 30, 2013, compared to 2.2% at June 30, 2013 and 3.5% at September 30, 2012, continuing the trend of improvement within the loan portfolio.
|
Three Month
|
One Year
|
|||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
Increase/
|
Increase/
|
||||||||||||||||
2013
|
2013
|
2012
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$ | 3,003 | $ | 5,709 | $ | 8,447 | $ | (2,706 | ) | $ | (5,444 | ) | ||||||||
Multifamily
|
238 | 244 | 4,711 | (6 | ) | (4,473 | ) | |||||||||||||
Commercial real estate
|
1,204 | 3,520 | 2,287 | (2,316 | ) | (1,083 | ) | |||||||||||||
Construction/land development
|
4,328 | 4,369 | 7,997 | (41 | ) | (3,669 | ) | |||||||||||||
Consumer
|
662 | 717 | 141 | (55 | ) | 521 | ||||||||||||||
Total nonperforming loans
|
9,435 | 14,559 | 23,583 | (5,124 | ) | (14,148 | ) | |||||||||||||
OREO
|
12,600 | 14,226 | 19,209 | (1,626 | ) | (6,609 | ) | |||||||||||||
Total nonperforming assets
|
$ | 22,035 | $ | 28,785 | $ | 42,792 | $ | (6,750 | ) | $ | (20,757 | ) | ||||||||
Nonperforming assets as a
|
||||||||||||||||||||
percent of total assets
|
2.47 | % | 3.19 | % | 4.40 | % |
County
|
Number of
|
Percent of
|
|||||||||||||||||||
King
|
Pierce
|
Kitsap
|
All Other
|
Total OREO
|
Properties
|
Total OREO
|
|||||||||||||||
(dollars in thousands)
|
|||||||||||||||||||||
OREO:
|
|||||||||||||||||||||
One-to-four family residential
|
$ | 1,077 | $ | 719 | $ | - | $ | - | $ | 1,796 | 10 | 14.3 | % | ||||||||
Commercial real estate (1)
|
546 | 7,870 | 920 | 912 | 10,248 | 13 | 81.3 | % | |||||||||||||
Construction/land development
|
- | 223 | - | 333 | 556 | 2 | 4.4 | % | |||||||||||||
Total OREO
|
$ | 1,623 | $ | 8,812 | $ | 920 | $ | 1,245 | $ | 12,600 | 25 | 100.0 | % |
(1)
|
Of the 13 properties classified as commercial real estate, eight are office/retail buildings, two are mixed-use buildings and three are undeveloped lots.
|
Three Month
|
One Year
|
|||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
Increase/
|
Increase/
|
||||||||||||||||
2013
|
2013
|
2012
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Nonperforming TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
$ | 783 | $ | 2,858 | $ | 3,907 | $ | (2,075 | ) | $ | (3,124 | ) | ||||||||
Multifamily
|
- | - | 1,058 | - | (1,058 | ) | ||||||||||||||
Consumer
|
45 | 46 | 48 | (1 | ) | (3 | ) | |||||||||||||
Total nonperforming TDRs
|
828 | 2,904 | 5,013 | (2,076 | ) | (4,185 | ) | |||||||||||||
Performing TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
48,512 | 47,756 | 52,467 | 756 | (3,955 | ) | ||||||||||||||
Multifamily
|
2,218 | 1,229 | 1,243 | 989 | 975 | |||||||||||||||
Commercial real estate
|
12,158 | 12,204 | 11,058 | (46 | ) | 1,100 | ||||||||||||||
Total performing TDRs
|
62,888 | 61,189 | 64,768 | 1,699 | (1,880 | ) | ||||||||||||||
Total TDRs
|
$ | 63,716 | $ | 64,093 | $ | 69,781 | $ | (377 | ) | $ | (6,065 | ) |
Nine Month
|
One Year
|
|||||||||||||||||||
September 30,
|
December 31,
|
September 30,
|
Increase/
|
Increase/
|
||||||||||||||||
Assets
|
2013
|
2012
|
2012
|
(Decrease)
|
(Decrease)
|
|||||||||||||||
Cash on hand and in banks
|
$ | 5,118 | $ | 4,289 | $ | 5,265 | 19.3 | % | (2.8 | ) % | ||||||||||
Interest-bearing deposits
|
17,486 | 83,452 | 103,968 | (79.0 | ) | (83.2 | ) | |||||||||||||
Investments available-for-sale, at fair value
|
151,344 | 152,262 | 158,959 | (0.6 | ) | (4.8 | ) | |||||||||||||
Loans receivable, net of allowance of $12,271, $12,542
|
||||||||||||||||||||
and $14,168
|
652,593 | 650,468 | 650,348 | 0.3 | 0.3 | |||||||||||||||
Premises and equipment, net
|
17,491 | 18,073 | 18,259 | (3.2 | ) | (4.2 | ) | |||||||||||||
FHLB stock, at cost
|
7,083 | 7,281 | 7,347 | (2.7 | ) | (3.6 | ) | |||||||||||||
Accrued interest receivable
|
3,650 | 3,484 | 3,730 | 4.8 | (2.1 | ) | ||||||||||||||
Investment trades receivable
|
4,982 | - | - | n/a | n/a | |||||||||||||||
Deferred tax assets, net
|
14,842 | 1,000 | 1,000 | 1,384.2 | 1,384.2 | |||||||||||||||
OREO
|
12,600 | 17,347 | 19,209 | (27.4 | ) | (34.4 | ) | |||||||||||||
Prepaid expenses and other assets
|
4,471 | 4,999 | 4,968 | (10.6 | ) | (10.0 | ) | |||||||||||||
Total assets
|
$ | 891,660 | $ | 942,655 | $ | 973,053 | (5.4 | ) | (8.4 | ) | ||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Interest-bearing deposits
|
$ | 609,738 | $ | 659,643 | $ | 689,950 | (7.6 | ) | (11.6 | ) | ||||||||||
Noninterest-bearing deposits
|
9,455 | 6,154 | 6,147 | 53.6 | 53.8 | |||||||||||||||
Advances from the FHLB
|
74,000 | 83,066 | 83,066 | (10.9 | ) | (10.9 | ) | |||||||||||||
Advance payments from borrowers for taxes and insurance
|
2,989 | 2,186 | 4,164 | 36.7 | (28.2 | ) | ||||||||||||||
Accrued interest payable
|
62 | 179 | 187 | (65.4 | ) | (66.8 | ) | |||||||||||||
Investment trade payable
|
5,125 | - | - | n/a | n/a | |||||||||||||||
Other liabilities
|
4,680 | 4,310 | 4,577 | 8.6 | 2.3 | |||||||||||||||
Total liabilities
|
706,049 | 755,538 | 788,091 | (6.6 | ) | (10.4 | ) | |||||||||||||
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 16,789,790 shares at
|
||||||||||||||||||||
September 30, 2013, and 18,805,168 at December 31, 2012
|
||||||||||||||||||||
and September, 30, 2012
|
168 | 188 | 188 | (10.6 | ) | (10.6 | ) | |||||||||||||
Additional paid-in capital
|
171,278 | 190,534 | 190,085 | (10.1 | ) | (9.9 | ) | |||||||||||||
Retained earnings, substantially restricted
|
25,892 | 6,650 | 5,139 | 289.4 | 403.8 | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
(1,570 | ) | 748 | 835 | (309.9 | ) | (288.0 | ) | ||||||||||||
Unearned Employee Stock Ownership Plan
|
||||||||||||||||||||
("ESOP") shares
|
(10,157 | ) | (11,003 | ) | (11,285 | ) | (7.7 | ) | (10.0 | ) | ||||||||||
Total stockholders' equity
|
185,611 | 187,117 | 184,962 | (0.8 | ) | 0.4 | ||||||||||||||
Total liabilities and stockholders' equity
|
$ | 891,660 | $ | 942,655 | $ | 973,053 | (5.4 | ) | (8.4 | ) |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Consolidated Income Statements
|
||||||||||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
Quarter Ended
|
Three Month
|
One Year
|
||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
Increase /
|
Increase/
|
||||||||||||||||
2013
|
2013
|
2012
|
(Decrease)
|
(Decrease)
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$ | 8,995 | $ | 9,063 | $ | 9,539 | (0.8 | )% | (5.7 | )% | ||||||||||
Investments available-for-sale
|
533 | 603 | 507 | (11.6 | ) | 5.1 | ||||||||||||||
Interest-bearing deposits
|
19 | 18 | 111 | 5.6 | (82.9 | ) | ||||||||||||||
Dividends on Federal Home Loan Bank stock
|
2 | - | - | n/a | n/a | |||||||||||||||
Total interest income
|
9,549 | 9,684 | 10,157 | (1.4 | ) | (6.0 | ) | |||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
1,655 | 1,763 | 2,429 | (6.1 | ) | (31.9 | ) | |||||||||||||
FHLB advances
|
149 | 116 | 517 | 28.4 | (71.2 | ) | ||||||||||||||
Total interest expense
|
1,804 | 1,879 | 2,946 | (4.0 | ) | (38.8 | ) | |||||||||||||
Net interest income
|
7,745 | 7,805 | 7,211 | (0.8 | ) | 7.4 | ||||||||||||||
Provision for loan losses
|
- | 100 | 700 | (100.0 | ) | (100.0 | ) | |||||||||||||
Net interest income after provision for
loan losses
|
7,745 | 7,705 | 6,511 | 0.5 | 19.0 | |||||||||||||||
Noninterest income
|
||||||||||||||||||||
Net gain (loss) on sale of investments
|
(39 | ) | 1 | - | (4,000.0 | ) | n/a | |||||||||||||
Other
|
159 | 154 | 107 | 3.2 | 48.6 | |||||||||||||||
Total noninterest income
|
120 | 155 | 107 | (22.6 | ) | 12.1 | ||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
3,822 | 3,755 | 3,680 | 1.8 | 3.9 | |||||||||||||||
Occupancy and equipment
|
339 | 345 | 391 | (1.7 | ) | (13.3 | ) | |||||||||||||
Professional fees
|
452 | 387 | 460 | 16.8 | (1.7 | ) | ||||||||||||||
Data processing
|
175 | 176 | 174 | (0.6 | ) | 0.6 | ||||||||||||||
Gain on sale of OREO property, net
|
(35 | ) | (383 | ) | (78 | ) | (90.9 | ) | (55.1 | ) | ||||||||||
OREO market value adjustments
|
135 | 76 | 1,157 | 77.6 | (88.3 | ) | ||||||||||||||
OREO related expenses, net
|
23 | 151 | 486 | (84.8 | ) | (95.3 | ) | |||||||||||||
Regulatory assessments
|
172 | 94 | 298 | 83.0 | (42.3 | ) | ||||||||||||||
Insurance and bond premiums
|
109 | 121 | 100 | (9.9 | ) | 9.0 | ||||||||||||||
Proxy contest and related litigation
|
1 | 16 | 264 | (93.8 | ) | (99.6 | ) | |||||||||||||
Marketing
|
29 | 42 | 68 | (31.0 | ) | (57.4 | ) | |||||||||||||
Other general and administrative
|
166 | 526 | 457 | (68.4 | ) | (63.7 | ) | |||||||||||||
Total noninterest expense
|
5,388 | 5,306 | 7,457 | 1.5 | (27.7 | ) | ||||||||||||||
Income before federal income tax provision (benefit)
|
2,477 | 2,554 | (839 | ) | (3.0 | ) | (395.2 | ) | ||||||||||||
Federal income tax benefit
|
(135 | ) | (13,809 | ) | (48 | ) | (99.0 | ) | 181.3 | |||||||||||
Net income (loss)
|
$ | 2,612 | $ | 16,363 | $ | (791 | ) | (84.0 | ) | (430.2 | ) | |||||||||
Basic earnings (loss) per share
|
$ | 0.16 | $ | 0.96 | $ | (0.04 | ) | (83.3 | ) | (500.0 | ) | |||||||||
Diluted earnings (loss) per share
|
$ | 0.16 | $ | 0.95 | $ | (0.04 | ) | (83.2 | ) | (500.0 | ) |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||
Consolidated Income Statements
|
||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
Nine Months Ended
|
One Year
|
|||||||||||
September 30,
|
Increase/
|
|||||||||||
2013
|
2012
|
(Decrease)
|
||||||||||
Interest income
|
||||||||||||
Loans, including fees
|
$ | 27,102 | $ | 29,813 | (9.1 | )% | ||||||
Investments available-for-sale
|
1,609 | 1,600 | 0.6 | |||||||||
Interest-bearing deposits with banks
|
58 | 305 | (81.0 | ) | ||||||||
Dividends on FHLB stock
|
2 | - | n/a | |||||||||
Total interest income
|
28,771 | 31,718 | (9.3 | ) | ||||||||
Interest expense
|
||||||||||||
Deposits
|
5,311 | 7,997 | (33.6 | ) | ||||||||
Federal Home Loan Bank advances
|
521 | 1,539 | (66.1 | ) | ||||||||
Total interest expense
|
5,832 | 9,536 | (38.8 | ) | ||||||||
Net interest income
|
22,939 | 22,182 | 3.4 | |||||||||
Provision for loan losses
|
100 | 3,050 | (96.7 | ) | ||||||||
Net interest income after provision for loan losses
|
22,839 | 19,132 | 19.4 | |||||||||
Noninterest income
|
||||||||||||
Net gain (loss) on sale of investments
|
(38 | ) | 288 | (113.2 | ) | |||||||
Other
|
417 | 430 | (3.0 | ) | ||||||||
Total noninterest income
|
379 | 718 | (47.2 | ) | ||||||||
Noninterest expense
|
||||||||||||
Salaries and employee benefits
|
11,191 | 10,558 | 6.0 | |||||||||
Occupancy and equipment
|
1,038 | 1,191 | (12.8 | ) | ||||||||
Professional fees
|
1,195 | 1,401 | (14.7 | ) | ||||||||
Data processing
|
513 | 540 | (5.0 | ) | ||||||||
Gain on sale of OREO property, net
|
(1,050 | ) | (427 | ) | 145.9 | |||||||
OREO market value adjustments
|
356 | 1,702 | (79.1 | ) | ||||||||
OREO related expenses, net
|
508 | 1,421 | (64.3 | ) | ||||||||
Regulatory assessments
|
549 | 709 | (22.6 | ) | ||||||||
Insurance and bond premiums
|
344 | 300 | 14.7 | |||||||||
Proxy contest and related litigation
|
106 | 868 | (87.8 | ) | ||||||||
Marketing
|
89 | 181 | (50.8 | ) | ||||||||
Prepayment penalty on FHLB advances
|
679 | - | n/a | |||||||||
Other general and administrative
|
1,054 | 1,203 | (12.4 | ) | ||||||||
Total noninterest expense
|
16,572 | 19,647 | (15.7 | ) | ||||||||
Income before federal income tax benefit
|
6,646 | 203 | 3,173.9 | |||||||||
Federal income tax benefit
|
(13,886 | ) | (999 | ) | 1,290.0 | |||||||
Net income
|
$ | 20,532 | $ | 1,202 | 1,608.2 | |||||||
Basic earnings per share
|
$ | 1.21 | $ | 0.07 | 1,628.6 | |||||||
Diluted earnings per share
|
$ | 1.21 | $ | 0.07 | 1628.6 |
September 30, 2013
|
December 31, 2012
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
One-to-four family residential: (1)
|
||||||||||||||||
Permanent
|
$ | 279,336 | 41.1 | % | $ | 306,851 | 45.5 | % | ||||||||
Construction
|
- | - | 177 | 0.1 | ||||||||||||
279,336 | 41.1 | 307,028 | 45.6 | |||||||||||||
Multifamily:
|
||||||||||||||||
Permanent
|
106,965 | 15.8 | 105,936 | 15.7 | ||||||||||||
Construction
|
12,360 | 1.8 | 5,585 | 0.8 | ||||||||||||
119,325 | 17.6 | 111,521 | 16.5 | |||||||||||||
Commercial real estate:
|
||||||||||||||||
Permanent
|
224,649 | 33.1 | 207,436 | 30.8 | ||||||||||||
Construction
|
13,805 | 2.0 | 12,500 | 1.8 | ||||||||||||
Land
|
1,957 | 0.3 | 1,942 | 0.3 | ||||||||||||
240,411 | 35.4 | 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
|
7,958 | 1.2 | 10,435 | 1.6 | ||||||||||||
28,264 | 4.2 | 19,418 | 2.9 | |||||||||||||
Business
|
1,795 | 0.3 | 2,968 | 0.4 | ||||||||||||
Consumer
|
9,535 | 1.4 | 11,110 | 1.7 | ||||||||||||
Total loans
|
678,666 | 100.0 | % | 673,923 | 100.0 | % | ||||||||||
Less:
|
||||||||||||||||
Loans in Process ("LIP")
|
11,355 | 8,856 | ||||||||||||||
Deferred loan fees, net
|
2,447 | 2,057 | ||||||||||||||
ALLL
|
12,271 | 12,542 | ||||||||||||||
Loans receivable, net
|
$ | 652,593 | $ | 650,468 |
(1) |
Includes $121.1 million and $139.8 million of non-owner occupied loans at September 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 September 30, 2013, we had $13.8 million, or 5.7% of our total commercial real estate portfolio and $12.4 million, or 10.4% 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 September 30, 2013 and December 31, 2012, $2.0 million and $1.9 million, respectively, of commercial real estate loans were not included in the contruction/land development category because we classify raw land or buildable lots where we do not intend to finance the construction as commercial real estate land loans.
|
At or For the Quarter Ended | ||||||||||||||||
September 30,
2013
|
June 30,
2013
|
December 31,
2012
|
September 30,
2012
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(Dollars in thousands, except share data) | ||||||||||||||||
Performance Ratios:
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Return (loss) on assets (1)
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1.12 | % | 2.70 | % | 0.63 | % | (0.32 | )% | ||||||||
Return (loss) on equity (1)
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5.37 | 12.94 | 3.25 | (1.70 | ) | |||||||||||
Dividend payout ratio
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25.00 | 4.17 | - | - | ||||||||||||
Equity-to-assets
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20.82 | 20.74 | 19.85 | 19.01 | ||||||||||||
Interest rate spread
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3.52 | 3.51 | 2.86 | 2.84 | ||||||||||||
Net interest margin
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3.71 | 3.71 | 3.09 | 3.08 | ||||||||||||
Average interest-earning assets to average interest-bearing liabilities
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121.31 | 122.52 | 119.82 | 118.96 | ||||||||||||
Efficiency ratio
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68.51 | 66.66 | 78.88 | 101.90 | ||||||||||||
Noninterest expense as a percent of average total assets
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2.41 | 2.39 | 2.35 | 3.01 | ||||||||||||
Book value per common share
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$ | 11.05 | $ | 10.88 | $ | 9.95 | $ | 9.84 | ||||||||
Capital Ratios (2):
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Tier 1 leverage
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18.51 | % | 19.24 | % | 15.79 | % | 15.16 | % | ||||||||
Tier 1 risk-based
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26.88 | 27.99 | 26.11 | 26.04 | ||||||||||||
Total risk-based
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28.14 | 29.25 | 27.37 | 27.31 | ||||||||||||
Asset Quality Ratios:
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Nonperforming loans as a percent of total loans
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1.41 | % | 2.18 | % | 3.42 | % | 3.54 | % | ||||||||
Nonperforming assets as a percent of total assets
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2.47 | 3.19 | 4.25 | 4.40 | ||||||||||||
ALLL as a percent of total loans, net of undisbursed funds
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1.84 | 1.84 | 1.89 | 2.13 | ||||||||||||
ALLL as a percent of nonperforming loans, net of undisbursed funds
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130.06 | 84.57 | 55.11 | 60.08 | ||||||||||||
Net charge-offs (recoveries) to average loans receivable, net
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0.01 | (0.03 | ) | 0.25 | 0.15 | |||||||||||
Allowance for Loan Losses:
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ALLL, beginning of the quarter
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$ | 12,313 | $ | 12,002 | $ | 14,168 | $ | 14,450 | ||||||||
Provision
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- | 100 | - | 700 | ||||||||||||
Charge-offs
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(107 | ) | (537 | ) | (2,202 | ) | (2,341 | ) | ||||||||
Recoveries
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65 | 748 | 576 | 1,359 | ||||||||||||
ALLL, end of the quarter
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$ | 12,271 | $ | 12,313 | $ | 12,542 | $ | 14,168 | ||||||||
Nonperforming Assets (3):
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Nonperforming loans (4):
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Nonaccrual loans
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$ | 8,607 | $ | 11,655 | $ | 18,231 | $ | 18,570 | ||||||||
Nonaccrual TDRs
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828 | 2,904 | 4,528 | 5,013 | ||||||||||||
Total nonperforming loans
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$ | 9,435 | $ | 14,559 | $ | 22,759 | $ | 23,583 | ||||||||
OREO
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12,600 | 14,226 | 17,347 | 19,209 | ||||||||||||
Total nonperforming assets
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$ | 22,035 | $ | 28,785 | $ | 40,106 | $ | 42,792 | ||||||||
Performing TDRs
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$ | 62,888 | $ | 61,189 | $ | 65,848 | $ | 64,768 |
(1) The $135,000 and $13.8 million tax benefit at September 30, 2013 and June 30, 2013, respectively were not
annualized in the calculation of this ratio.
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(2) Capital ratios are for First Savings Bank Northwest only.
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(3) Loans are reported net of undisbursed funds.
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(4) There were no loans 90 days or more past due and still accruing interest.
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