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)
|
Not Applicable |
(Former name or former address, if changed since last report) |
[ ]
|
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)
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[ ]
|
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))
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FIRST FINANCIAL NORTHWEST, INC. | |
|
|
DATE: July 23, 2015 | By: /s/ Richard P. Jacobson |
Richard P. Jacobson
Chief Financial Officer
|
For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
(425) 255-4400
|
·
|
Share repurchases totaled 371,757 shares during the quarter under the current share repurchase plan, at an average price of $11.95 per share, leaving 1,120,643 shares available to be repurchased under the plan which runs through October 28, 2015.
|
·
|
The Company’s book value per share at June 30, 2015, increased to $12.20 from $12.10 at March 31, 2015, and $11.60 at June 30, 2014.
|
·
|
The Bank’s Tier 1 leverage and total risk-based capital ratios at June 30, 2015, were 11.7% and 18.5%, respectively, compared to 11.6% and 18.6% at March 31, 2015, and 18.9% and 29.3%, at June 30, 2014. The changes from the higher levels at June 30, 2014, are primarily a result of $70 million in dividends paid by the Bank to the Company in 2014.
|
·
|
The Bank received recoveries of amounts previously charged off totaling $595,000 contributing to the Company’s ALLL balances.
|
·
|
Delinquent loans (loans over 30 days past due) remained low at $3.6 million at June 30, 2015, compared to $3.6 million at March 31, 2015, and $2.6 million at June 30, 2014.
|
·
|
Nonperforming loans remained low at $2.4 million at June 30, 2015, compared to $2.7 million at March 31, 2015, and $2.3 million at June 30, 2014.
|
·
|
Nonperforming loans as a percentage of total loans remained low at 0.36% at June 30, 2015, compared to 0.39% at March 31, 2015, and 0.33 % at June 30, 2014.
|
June 30,
|
March 31,
|
June 30,
|
Three
Month
|
One Year
|
||||||||||||||||
2015
|
2015
|
2014
|
Change
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$ | 252 | $ | 494 | $ | 1,380 | $ | (242 | ) | $ | (1,128 | ) | ||||||||
Multifamily
|
1,683 | 1,683 | 222 | - | 1,461 | |||||||||||||||
Commercial real estate
|
407 | 425 | 701 | (18 | ) | (294 | ) | |||||||||||||
Consumer
|
73 | 74 | - | (1 | ) | 73 | ||||||||||||||
Total nonperforming loans
|
2,415 | 2,676 | 2,303 | (261 | ) | 112 | ||||||||||||||
OREO
|
4,416 | 5,575 | 10,114 | (1,159 | ) | (5,698 | ) | |||||||||||||
Total nonperforming assets (1)
|
$ | 6,831 | $ | 8,251 | $ | 12,417 | $ | (1,420 | ) | $ | (5,586 | ) | ||||||||
Nonperforming assets as a
|
||||||||||||||||||||
percent of total assets
|
0.72 | % | 0.86 | % | 1.38 | % | ||||||||||||||
(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 all of our TDRs were performing in accordance with their restructured terms at June 30, 2015.
|
County
|
|
Number
|
Percent of
|
|||||||||||||||||||||
Pierce
|
Kitsap
|
All Other
|
Total
OREO
|
of
Properties
|
Total
OREO
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
OREO:
|
||||||||||||||||||||||||
Commercial real estate (1)
|
$ | 2,430 | $ | 754 | $ | 877 | $ | 4,061 | 8 | 92.0 | % | |||||||||||||
Construction/land
development
|
200 | - | 155 | 355 | 2 | 8.0 | ||||||||||||||||||
Total OREO
|
$ | 2,630 | $ | 754 | $ | 1,032 | $ | 4,416 | 10 | 100.0 | % | |||||||||||||
(1) Of the eight properties classified as commercial real estate, five are office/retail buildings and three are undeveloped lots.
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
Three
Month
Change
|
One Year
Change
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
$ | - | $ | - | $ | 458 | $ | - | $ | (458 | ) | |||||||||
Performing TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
38,189 | 40,943 | 45,366 | (2,754 | ) | $ | (7,177 | ) | ||||||||||||
Multifamily
|
1,609 | 2,163 | 2,192 | (554 | ) | $ | (583 | ) | ||||||||||||
Commercial real estate
|
7,765 | 8,241 | 9,182 | (476 | ) | $ | (1,417 | ) | ||||||||||||
Consumer
|
43 | 43 | 43 | - | $ | - | ||||||||||||||
Total performing TDRs
|
47,606 | 51,390 | 56,783 | (3,784 | ) | $ | (9,177 | ) | ||||||||||||
Total TDRs
|
$ | 47,606 | $ | 51,390 | $ | 57,241 | $ | (3,784 | ) | $ | (9,635 | ) | ||||||||
% TDRs classified as performing
|
100.0 | % | 100.0 | % | 99.2 | % |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Consolidated Balance Sheets
|
||||||||||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Assets
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
Three
Month
Change
|
One
Year
Change
|
|||||||||||||||
Cash on hand and in banks
|
$ | 5,550 | $ | 5,313 | $ | 5,036 | 4.5 | % | 10.2 | % | ||||||||||
Interest-earning deposits
|
101,424 | 114,973 | 35,650 | (11.8 | ) | 184.5 | ||||||||||||||
Investments available-for-sale, at fair value
|
116,913 | 118,110 | 128,844 | (1.0 | ) | (9.3 | ) | |||||||||||||
Loans receivable, net of allowance of $10,603,
$10,508, and 11,951, respectively
|
659,273 | 668,714 | 676,455 | (1.4 | ) | (2.5 | ) | |||||||||||||
Premises and equipment, net
|
16,934 | 16,841 | 17,024 | 0.6 | (0.5 | ) | ||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
6,537 | 6,672 | 6,884 | (2.0 | ) | (5.0 | ) | |||||||||||||
Accrued interest receivable
|
3,033 | 3,106 | 3,564 | (2.4 | ) | (14.9 | ) | |||||||||||||
Deferred tax assets, net
|
6,195 | 7,049 | 11,427 | (12.1 | ) | (45.8 | ) | |||||||||||||
Other real estate owned ("OREO")
|
4,416 | 5,575 | 10,114 | (20.8 | ) | (56.3 | ) | |||||||||||||
Other receivable
|
2 | 4,038 | 1 | (100.0 | ) | 100.0 | ||||||||||||||
Bank owned life insurance
|
22,932 | 2,796 | 2,652 | 720.2 | 764.7 | |||||||||||||||
Prepaid expenses and other assets
|
1,223 | 1,817 | 1,180 | (32.7 | ) | 3.6 | ||||||||||||||
Total assets
|
$ | 944,432 | $ | 955,004 | $ | 898,831 | (1.1 | )% | 5.1 | % | ||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Interest-bearing deposits
|
$ | 603,177 | $ | 611,266 | $ | 565,211 | (1.3 | )% | 6.7 | % | ||||||||||
Noninterest-bearing deposits
|
20,531 | 19,738 | 9,908 | 4.0 | 107.2 | |||||||||||||||
Total Deposits
|
623,708 | 631,004 | 575,119 | (1.2 | ) | 8.4 | ||||||||||||||
Advances from the FHLB
|
135,500 | 135,500 | 135,500 | 0.0 | 0.0 | |||||||||||||||
Advance payments from borrowers for taxes and
insurance
|
1,581 | 3,075 | 1,583 | (48.6 | ) | (0.1 | ) | |||||||||||||
Accrued interest payable
|
145 | 151 | 105 | (4.0 | ) | 38.1 | ||||||||||||||
Investment trade payable
|
578 | - | - | n/a | n/a | |||||||||||||||
Other liabilities
|
5,349 | 4,452 | 4,040 | 20.1 | 32.4 | |||||||||||||||
Total liabilities
|
$ | 766,861 | $ | 774,182 | $ | 716,347 | (0.9 | )% | 7.1 | % | ||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||
Preferred stock, $0.01 par value; authorized
10,000,000 shares; no shares issued or
|
||||||||||||||||||||
outstanding
|
$ | - | $ | - | $ | - | n/a | n/a | ||||||||||||
Common stock, $0.01 par value; authorized
90,000,000 shares; issued and outstanding
|
||||||||||||||||||||
14,552,324 shares at June 30, 2015,
14,949,081 at March 31, 2015,
|
||||||||||||||||||||
and 15,730,979 shares at June 30, 2014
|
146 | 150 | 157 | (2.7 | )% | (7.0 | )% | |||||||||||||
Additional paid-in capital
|
146,240 | 150,826 | 159,495 | (3.0 | ) | (8.3 | ) | |||||||||||||
Retained earnings, substantially restricted
|
39,900 | 38,355 | 32,724 | 4.0 | 21.9 | |||||||||||||||
Accumulated other comprehensive loss,
net of tax
|
(533 | ) | (45 | ) | (582 | ) | 1,084.4 | (8.4 | ) | |||||||||||
Unearned Employee Stock Ownership Plan
shares
|
(8,182 | ) | (8,464 | ) | (9,310 | ) | (3.3 | ) | (12.1 | ) | ||||||||||
Total stockholders' equity
|
177,571 | 180,822 | 182,484 | (1.8 | ) | (2.7 | ) | |||||||||||||
Total liabilities and stockholders' equity
|
$ | 944,432 | $ | 955,004 | $ | 898,831 | (1.1 | )% | 5.1 | % |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Consolidated Income Statements
|
||||||||||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
Three
Month
Change
|
One
Year
Change
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$ | 8,658 | $ | 8,576 | $ | 9,087 | 1.0 | % | (4.7 | )% | ||||||||||
Investments available-for-sale
|
495 | 512 | 585 | (3.3 | ) | (15.4 | ) | |||||||||||||
Interest-earning deposits with banks
|
65 | 64 | 22 | 1.6 | 195.5 | |||||||||||||||
Dividends on FHLB Stock
|
3 | 2 | 1 | 50.0 | 200.0 | |||||||||||||||
Total interest income
|
9,221 | 9,154 | 9,695 | 0.7 | (4.9 | ) | ||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
1,333 | 1,314 | 1,238 | 1.4 | 7.7 | |||||||||||||||
FHLB advances
|
320 | 318 | 279 | 0.6 | 14.7 | |||||||||||||||
Total interest expense
|
1,653 | 1,632 | 1,517 | 1.3 | 9.0 | |||||||||||||||
Net interest income
|
7,568 | 7,522 | 8,178 | 0.6 | (7.5 | ) | ||||||||||||||
Recapture of provision for loan losses
|
(500 | ) | (100 | ) | (100 | ) | 400.0 | 400.0 | ||||||||||||
Net interest income after recapture of provision for
loan losses
|
8,068 | 7,622 | 8,278 | 5.9 | (2.5 | ) | ||||||||||||||
Noninterest income
|
||||||||||||||||||||
Net loss on sale of investments
|
- | - | (20 | ) | n/a | (100.0 | ) | |||||||||||||
Other
|
357 | 91 | 108 | 292.3 | 230.6 | |||||||||||||||
Total noninterest income
|
357 | 91 | 88 | 292.3 | 305.7 | |||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
3,251 | 3,414 | 2,860 | (4.8 | ) | 13.7 | ||||||||||||||
Occupancy and equipment
|
314 | 338 | 332 | (7.1 | ) | (5.4 | ) | |||||||||||||
Professional fees
|
458 | 354 | 394 | 29.4 | 16.2 | |||||||||||||||
Data processing
|
188 | 160 | 154 | 17.5 | 22.1 | |||||||||||||||
(Gain) Loss on sale of OREO property, net
|
(2 | ) | (529 | ) | 36 | (99.6 | ) | (105.6 | ) | |||||||||||
OREO market value adjustments
|
(46 | ) | 50 | 92 | (192.0 | ) | (150.0 | ) | ||||||||||||
OREO related expenses (gain), net
|
41 | (48 | ) | 78 | (185.4 | ) | (47.4 | ) | ||||||||||||
Regulatory assessments
|
116 | 116 | 104 | - | 11.5 | |||||||||||||||
Insurance and bond premiums
|
89 | 92 | 103 | (3.3 | ) | (13.6 | ) | |||||||||||||
Marketing
|
54 | 33 | 37 | 63.6 | 45.9 | |||||||||||||||
Other general and administrative
|
411 | 310 | 512 | 32.6 | (19.7 | ) | ||||||||||||||
Total noninterest expense
|
4,874 | 4,290 | 4,702 | 13.6 | 3.7 | |||||||||||||||
Income before federal income tax provision
|
3,551 | 3,423 | 3,664 | 3.7 | (3.1 | ) | ||||||||||||||
Federal income tax provision
|
1,183 | 1,194 | 1,297 | (0.9 | ) | (8.8 | ) | |||||||||||||
Net income
|
$ | 2,368 | $ | 2,229 | $ | 2,367 | 6.2 | % | 0.0 | % | ||||||||||
Basic earnings per share
|
$ | 0.17 | $ | 0.16 | $ | 0.16 | ||||||||||||||
Diluted earnings per share
|
$ | 0.17 | $ | 0.16 | $ | 0.16 | ||||||||||||||
Weighted average number of common shares
outstanding
|
13,756,336 | 14,036,959 | 15,042,712 | |||||||||||||||||
Weighted average number of diluted shares
outstanding
|
13,916,314 | 14,199,715 | 15,120,938 |
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||
Consolidated Income Statements
|
||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
Six Months Ended
|
||||||||||||
June 30,
|
||||||||||||
2015
|
2014
|
Year
Over
Year
|
||||||||||
Interest income
|
||||||||||||
Loans, including fees
|
$ | 17,234 | $ | 18,113 | (4.9 | )% | ||||||
Investments available-for-sale
|
1,007 | 1,189 | (15.3 | ) | ||||||||
Interest-earning deposits with banks
|
129 | 42 | 207.1 | |||||||||
Dividends on FHLB Stock
|
5 | 3 | 66.7 | |||||||||
Total interest income
|
18,375 | 19,347 | (5.0 | ) | ||||||||
Interest expense
|
||||||||||||
Deposits
|
2,647 | 2,585 | 2.4 | |||||||||
FHLB advances
|
638 | 530 | 20.4 | |||||||||
Total interest expense
|
3,285 | 3,115 | 5.5 | |||||||||
Net interest income
|
15,090 | 16,232 | (7.0 | ) | ||||||||
Recapture of provision for loan losses
|
(600 | ) | (600 | ) | - | |||||||
Net interest income after recapture of provision for loan losses
|
15,690 | 16,832 | (6.8 | ) | ||||||||
Noninterest income
|
||||||||||||
Net loss on sale of investments
|
- | (20 | ) | (100.0 | ) | |||||||
Other
|
448 | 176 | 154.5 | |||||||||
Total noninterest income
|
448 | 156 | 187.2 | |||||||||
Noninterest expense
|
||||||||||||
Salaries and employee benefits
|
6,665 | 5,745 | 16.0 | |||||||||
Occupancy and equipment
|
652 | 688 | (5.2 | ) | ||||||||
Professional fees
|
812 | 751 | 8.1 | |||||||||
Data processing
|
348 | 322 | 8.1 | |||||||||
(Gain) Loss on sale of OREO property, net
|
(531 | ) | 107 | (596.3 | ) | |||||||
OREO market value adjustments
|
4 | 288 | (98.6 | ) | ||||||||
OREO related expenses, net
|
(7 | ) | 139 | (105.0 | ) | |||||||
Regulatory assessments
|
232 | 182 | 27.5 | |||||||||
Insurance and bond premiums
|
181 | 206 | (12.1 | ) | ||||||||
Marketing
|
87 | 62 | 40.3 | |||||||||
Other general and administrative
|
721 | 736 | (2.0 | ) | ||||||||
Total noninterest expense
|
9,164 | 9,226 | (0.7 | ) | ||||||||
Income before federal income tax provision
|
6,974 | 7,762 | (10.2 | ) | ||||||||
Federal income tax provision
|
2,377 | 2,750 | (13.6 | ) | ||||||||
Net income
|
$ | 4,597 | $ | 5,012 | (8.3 | )% | ||||||
Basic earnings per share
|
$ | 0.33 | $ | 0.33 | ||||||||
Diluted earnings per share
|
$ | 0.33 | $ | 0.33 | ||||||||
Weighted average number of common shares outstanding
|
13,895,872 | 15,146,999 | ||||||||||
Weighted average number of diluted shares outstanding
|
14,057,198 | 15,224,155 |
June 30, 2015
|
March 31, 2015
|
June 30, 2014
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
$ | 152,764 | 21.9 | % | $ | 158,541 | 22.3 | % | $ | 154,661 | 22.0 | % | ||||||||||||
Permanent non- owner occupied
|
105,046 | 15.1 | 106,809 | 15.0 | 117,404 | 16.7 | ||||||||||||||||||
Construction non- owner occupied
|
- | 0.0 | 500 | 0.1 | - | 0.0 | ||||||||||||||||||
257,810 | 37.0 | 265,850 | 37.4 | 272,065 | 38.7 | |||||||||||||||||||
Multifamily:
|
||||||||||||||||||||||||
Permanent
|
120,758 | 17.3 | 117,359 | 16.5 | 122,332 | 17.4 | ||||||||||||||||||
Construction
|
2,265 | 0.3 | 4,450 | 0.6 | 7,445 | 1.1 | ||||||||||||||||||
123,023 | 17.6 | 121,809 | 17.1 | 129,777 | 18.5 | |||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Permanent
|
233,652 | 33.5 | 238,227 | 33.5 | 253,291 | 36.0 | ||||||||||||||||||
Construction
|
- | - | 6,100 | 0.9 | 6,100 | 0.9 | ||||||||||||||||||
Land
|
7,598 | 1.1 | 5,370 | 0.8 | 1,601 | 0.2 | ||||||||||||||||||
241,250 | 34.6 | 249,697 | 35.2 | 260,992 | 37.1 | |||||||||||||||||||
Construction/land development: (1)
|
||||||||||||||||||||||||
One-to-four family residential
|
30,448 | 4.4 | 28,810 | 4.1 | 11,431 | 1.6 | ||||||||||||||||||
Multifamily
|
19,438 | 2.8 | 19,452 | 2.7 | 12,858 | 1.8 | ||||||||||||||||||
Commercial
|
4,300 | 0.6 | 4,300 | 0.6 | 956 | 0.1 | ||||||||||||||||||
Land development
|
8,013 | 1.1 | 8,673 | 1.2 | 6,386 | 0.9 | ||||||||||||||||||
62,199 | 8.9 | 61,235 | 8.6 | 31,631 | 4.4 | |||||||||||||||||||
Business
|
6,275 | 0.9 | 5,313 | 0.8 | 897 | 0.1 | ||||||||||||||||||
Consumer
|
7,051 | 1.0 | 6,716 | 0.9 | 8,149 | 1.2 | ||||||||||||||||||
Total loans
|
697,608 | 100.0 | % | 710,620 | 100.0 | % | 703,511 | 100.0 | % | |||||||||||||||
Less:
|
||||||||||||||||||||||||
Loans in Process ("LIP")
|
25,182 | 28,788 | 12,380 | |||||||||||||||||||||
Deferred loan fees, net
|
2,550 | 2,610 | 2,725 | |||||||||||||||||||||
ALLL
|
10,603 | 10,508 | 11,951 | |||||||||||||||||||||
Loans receivable, net
|
$ | 659,273 | $ | 668,714 | $ | 676,455 |
(1)
|
Excludes construction loans that will convert to permanent loans. The Company considers these loans to be "rollovers" in that one loan is originated for both the construction loan and permanent financing. These construction loans are classified according to the underlying collateral categories in the table above, instead of in the construction/land development category. At June 30, 2015, March 31, 2015, and March 31, 2014, $7.6 million, $5.4 million, and $1.6 million respectively, of commercial real estate loans secured by raw land were not included in the construction/land development category because the Company classifies raw land or buildable lots when it does not intend to finance the construction, as commercial real estate land loans.
|
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Key Financial Ratios
|
||||||||||||||||||||
At or For the Quarter Ended
|
||||||||||||||||||||
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
2015
|
2015
|
2014
|
2014
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2014
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(Dollars in thousands, except per share data)
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Performance Ratios:
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Return on assets
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1.00 | % | 0.96 | % | 1.27 | % | 1.21 | % | 1.05 | % | ||||||||||
Return on equity
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5.28 | 4.94 | 6.73 | 5.98 | 5.08 | |||||||||||||||
Dividend payout ratio
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35.29 | 37.97 | 24.42 | 26.32 | 31.25 | |||||||||||||||
Equity-to-assets ratio
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18.80 | 18.93 | 19.36 | 19.86 | 20.30 | |||||||||||||||
Interest rate spread
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3.26 | 3.23 | 3.46 | 3.69 | 3.71 | |||||||||||||||
Net interest margin
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3.42 | 3.40 | 3.61 | 3.84 | 3.86 | |||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
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120.01 | 121.74 | 120.92 | 121.36 | 121.39 | |||||||||||||||
Efficiency ratio
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61.50 | 56.35 | 58.49 | 53.63 | 56.88 | |||||||||||||||
Noninterest expense as a percent of average total
assets
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2.06 | 1.84 | 2.06 | 1.99 | 2.09 | |||||||||||||||
Book value per common share
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$ | 12.20 | $ | 12.10 | $ | 11.96 | $ | 11.76 | $ | 11.60 | ||||||||||
Capital Ratios: (1)
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Tier 1 leverage ratio
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11.70 | % | 11.64 | % | 11.79 | % | 18.98 | % | 18.91 | % | ||||||||||
Common equity tier 1 capital ratio
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17.26 | 17.33 | n/a | n/a | n/a | |||||||||||||||
Tier 1 capital ratio
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17.26 | 17.33 | 18.30 | 27.93 | 28.05 | |||||||||||||||
Total capital ratio
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18.52 | 18.59 | 19.56 | 29.18 | 29.31 | |||||||||||||||
Asset Quality Ratios: (2)
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Nonperforming loans as a percent of total loans
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0.36 | 0.39 | 0.20 | 0.23 | 0.33 | |||||||||||||||
Nonperforming assets as a percent of total assets
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0.72 | 0.86 | 1.13 | 1.24 | 1.38 | |||||||||||||||
ALLL as a percent of total loans
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1.58 | 1.54 | 1.55 | 1.67 | 1.73 | |||||||||||||||
ALLL as a percent of nonperforming loans
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439.05 | 392.68 | 783.50 | 741.73 | 518.93 | |||||||||||||||
Net charge-offs (recoveries) to average loans
receivable, net
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(0.09 | ) | (0.02 | ) | - | - | 0.01 | |||||||||||||
Allowance for Loan Losses:
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ALLL, beginning of the quarter
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$ | 10,508 | $ | 10,491 | $ | 11,660 | $ | 11,951 | $ | 12,093 | ||||||||||
Recapture of provision
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(500 | ) | (100 | ) | (1,200 | ) | (300 | ) | (100 | ) | ||||||||||
Charge-offs
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- | (340 | ) | - | (9 | ) | (80 | ) | ||||||||||||
Recoveries
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595 | 457 | 31 | 18 | 38 | |||||||||||||||
ALLL, end of the quarter
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$ | 10,603 | $ | 10,508 | $ | 10,491 | $ | 11,660 | $ | 11,951 | ||||||||||
Nonperforming Assets:
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Nonperforming loans (2) (3):
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Nonaccrual loans
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$ | 2,415 | $ | 2,676 | $ | 1,339 | $ | 1,572 | $ | 1,845 | ||||||||||
Nonaccrual TDRs
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- | - | - | - | 458 | |||||||||||||||
Total nonperforming loans
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2,415 | 2,676 | 1,339 | 1,572 | 2,303 | |||||||||||||||
OREO
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4,416 | 5,575 | 9,283 | 9,819 | 10,114 | |||||||||||||||
Total nonperforming assets
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$ | 6,831 | $ | 8,251 | $ | 10,622 | $ | 11,391 | $ | 12,417 | ||||||||||
Performing TDRs
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$ | 47,606 | $ | 51,390 | $ | 54,241 | $ | 55,802 | $ | 56,783 | ||||||||||
______________________ | ||||||||||||||||||||
(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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