Washington
|
001-33652
|
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
|
[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
|
FIRST FINANCIAL NORTHWEST, INC.
|
|
|
|
|
DATE: April 27, 2017 | By: /s/Richard P. Jacobson |
|
Richard P. Jacobson
|
|
Executive Vice President and
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
|
·
|
The share repurchase plan approved on September 16, 2016, expired on March 17, 2017. No shares were repurchased during the quarter ended March 31, 2017. Over the course of the plan, a total of 1,133,777 shares were repurchased at an average price of $14.42 per share. The Company does not currently have a share repurchase plan in place.
|
·
|
Checking account deposits increased $5.8 million during the quarter ended March 31, 2017, an increase of 11.2% from December 31, 2016, and increased $17.0 million, or 41.8%, from checking deposits at March 31, 2016. Money market account deposits increased $13.6 million during the quarter ended March 31, 2017, an increase of 6.6% from December 31, 2016, and increased $10.8 million, or 5.2%, from money market deposits at March 31, 2016
|
·
|
Nonresidential commercial real estate loans increased $14.0 million and our commercial business loans increased $2.4 million during the quarter. In addition, our portfolio of aircraft loans increased to $2.8 million at March 31, 2017, compared to $400,000 at December 31, 2016.
|
·
|
The Company's book value per share was $12.84 at March 31, 2017, compared to $12.63 at December 31, 2016, and $12.52 at March 31, 2016.
|
·
|
The Bank's Tier 1 leverage and total capital ratios at March 31, 2017, were 11.6% and 15.6%, respectively, compared to 11.2% and 15.6% at December 31, 2016, and 11.8% and 16.8% at March 31, 2016.
|
·
|
The Company's net loans receivable increased to $838.8 million at March 31, 2017, from $815.0 million at December 31, 2016, and $717.5 million at March 31, 2016.
|
·
|
There were no delinquent loans (loans over 30 days past due) at March 31, 2017, compared to $473,000 at December 31, 2016, and $1.4 million at March 31, 2016.
|
·
|
Nonperforming loans totaled $602,000 at March 31, 2017, compared to $858,000 at December 31, 2016, and $1.1 million at March 31, 2016.
|
·
|
Nonperforming loans as a percentage of total loans remained low at 0.07% at March 31, 2017, compared to 0.10% at December 31, 2016, and 0.14% at March 31, 2016.
|
Mar 31,
|
Dec 31,
|
Mar 31,
|
Three Month
|
One Year
|
||||||||||||||||
2017
|
2016
|
2016
|
Change
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$
|
545
|
$
|
798
|
$
|
985
|
$
|
(253
|
)
|
$
|
(440
|
)
|
||||||||
Consumer
|
57
|
60
|
69
|
(3
|
)
|
(12
|
)
|
|||||||||||||
Total nonperforming loans
|
602
|
858
|
1,054
|
(256
|
)
|
(452
|
)
|
|||||||||||||
OREO
|
2,281
|
2,331
|
3,405
|
(50
|
)
|
(1,124
|
)
|
|||||||||||||
Total nonperforming assets (1)
|
$
|
2,883
|
$
|
3,189
|
$
|
4,459
|
$
|
(306
|
)
|
$
|
(1,576
|
)
|
||||||||
Nonperforming assets as a
|
||||||||||||||||||||
percent of total assets
|
0.27
|
%
|
0.31
|
%
|
0.47
|
%
|
County | ||||||||||||||||||||||||
Pierce
|
Kitsap
|
Mason
|
Total
OREO
|
Number
of Properties
|
Percent
of Total OREO
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
OREO:
|
||||||||||||||||||||||||
Commercial real estate (1)
|
$
|
1,320 |
$
|
456 |
$
|
505 |
$
|
2,281 | 5 | 100.0 |
%
|
|||||||||||||
Total OREO
|
$
|
1,320
|
$
|
456
|
$
|
505
|
$
|
2,281
|
5
|
100.0
|
%
|
Mar 31,
2017 |
Dec 31,
2016 |
Mar 31,
2016 |
Three
Month
Change
|
One Year
Change |
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
$
|
109
|
$
|
174
|
$
|
131
|
$
|
(65
|
)
|
$
|
(22
|
)
|
||||||||
Total nonperforming TDRs
|
109
|
174
|
131
|
(65
|
)
|
(22
|
)
|
|||||||||||||
Performing TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
21,790
|
24,274
|
32,284
|
(2,484
|
)
|
(10,494
|
)
|
|||||||||||||
Multifamily
|
1,152
|
1,564
|
1,587
|
(412
|
)
|
(435
|
)
|
|||||||||||||
Commercial real estate
|
3,683
|
4,202
|
4,964
|
(519
|
)
|
(1,281
|
)
|
|||||||||||||
Consumer
|
43
|
43
|
43
|
0
|
0
|
|||||||||||||||
Total performing TDRs
|
26,668
|
30,083
|
38,878
|
(3,415
|
)
|
(12,210
|
)
|
|||||||||||||
Total TDRs
|
$
|
26,777
|
$
|
30,257
|
$
|
39,009
|
$
|
(3,480
|
)
|
$
|
(12,232
|
)
|
Mar 31,
2017 |
Dec 31,
2016 |
Mar 31,
2016 |
Three
Month
Change
|
One Year
Change
|
||||||||||||||||
Deposits:
|
(Dollars in thousands)
|
|||||||||||||||||||
Noninterest-bearing
|
$
|
36,190
|
$
|
33,422
|
$
|
21,186
|
$
|
2,768
|
$
|
15,004
|
||||||||||
Interest-bearing demand
|
21,584
|
18,532
|
19,569
|
3,052
|
2,015
|
|||||||||||||||
Statement savings
|
27,415
|
28,383
|
30,167
|
(968
|
)
|
(2,752
|
)
|
|||||||||||||
Money market
|
218,578
|
204,998
|
207,826
|
13,580
|
10,752
|
|||||||||||||||
Certificates of deposit, retail
|
355,452
|
356,653
|
324,196
|
(1,201
|
)
|
31,256
|
||||||||||||||
Certificates of deposit, brokered
|
75,488
|
75,488
|
65,612
|
-
|
9,876
|
|||||||||||||||
Total deposits
|
$
|
734,707
|
$
|
717,476
|
$
|
668,556
|
$
|
17,231
|
$
|
66,151
|
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Consolidated Balance Sheets
|
||||||||||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Assets
|
Mar 31,
2017
|
Dec 31,
2016
|
Mar 31,
2016
|
Three
Month
Change
|
One
Year
Change
|
|||||||||||||||
Cash on hand and in banks
|
$
|
6,066
|
$
|
5,779
|
$
|
6,552
|
5.0
|
%
|
(7.4
|
)%
|
||||||||||
Interest-earning deposits with banks
|
20,007
|
25,573
|
21,706
|
(21.8
|
)
|
(7.8
|
)
|
|||||||||||||
Investments available-for-sale, at fair value
|
129,662
|
129,260
|
135,133
|
0.3
|
(4.0
|
)
|
||||||||||||||
Loans receivable, net of allowance of $11,158,
$10,951, and $9,471, respectively
|
838,768
|
815,043
|
717,483
|
2.9
|
16.9
|
|||||||||||||||
Premises and equipment, net
|
18,912
|
18,461
|
18,166
|
2.4
|
4.1
|
|||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
8,102
|
8,031
|
4,831
|
0.9
|
67.7
|
|||||||||||||||
Accrued interest receivable
|
3,389
|
3,147
|
3,114
|
7.7
|
8.8
|
|||||||||||||||
Deferred tax assets, net
|
2,907
|
3,142
|
3,917
|
(7.5
|
)
|
(25.8
|
)
|
|||||||||||||
Other real estate owned ("OREO")
|
2,281
|
2,331
|
3,405
|
(2.1
|
)
|
(33.0
|
)
|
|||||||||||||
Bank owned life insurance ("BOLI"), net
|
27,534
|
24,153
|
23,474
|
14.0
|
17.3
|
|||||||||||||||
Prepaid expenses and other assets
|
2,892
|
2,664
|
1,462
|
8.6
|
97.8
|
|||||||||||||||
Total assets
|
$
|
1,060,520
|
$
|
1,037,584
|
$
|
939,243
|
2.2
|
%
|
12.9
|
%
|
||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
36,190
|
$
|
33,422
|
$
|
21,186
|
8.3
|
%
|
70.8
|
%
|
||||||||||
Interest-bearing deposits
|
698,517
|
684,054
|
647,370
|
2.1
|
7.9
|
|||||||||||||||
Total deposits
|
734,707
|
717,476
|
668,556
|
2.4
|
9.9
|
|||||||||||||||
Advances from the FHLB
|
171,500
|
171,500
|
91,500
|
0.0
|
87.4
|
|||||||||||||||
Advance payments from borrowers for taxes and insurance
|
4,092
|
2,259
|
3,624
|
81.1
|
12.9
|
|||||||||||||||
Accrued interest payable
|
237
|
231
|
106
|
2.6
|
123.6
|
|||||||||||||||
Other liabilities
|
8,235
|
7,993
|
6,279
|
3.0
|
31.2
|
|||||||||||||||
Total liabilities
|
918,771
|
899,459
|
770,065
|
2.1
|
%
|
19.3
|
%
|
|||||||||||||
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 shares |
||||||||||||||||||||
11,035,791 at March 31, 2017,
10,938,251 at December 31, 2016, and |
||||||||||||||||||||
13,510,400 at March 31, 2016
|
110
|
109
|
135
|
0.9
|
%
|
(18.5
|
)%
|
|||||||||||||
Additional paid-in capital
|
98,186
|
96,852
|
132,564
|
1.4
|
(25.9
|
)
|
||||||||||||||
Retained earnings, substantially restricted
|
50,702
|
48,981
|
43,954
|
3.5
|
15.4
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(1,042
|
)
|
(1,328
|
)
|
(140
|
)
|
(21.5
|
)
|
644.3
|
|||||||||||
Unearned Employee Stock Ownership Plan ("ESOP") shares
|
(6,207
|
)
|
(6,489
|
)
|
(7,335
|
)
|
(4.3
|
)
|
(15.4
|
)
|
||||||||||
Total stockholders' equity
|
141,749
|
138,125
|
169,178
|
2.6
|
(16.2
|
)
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,060,520
|
$
|
1,037,584
|
$
|
939,243
|
2.2
|
%
|
12.9
|
%
|
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Consolidated Income Statements
|
||||||||||||||||||||
(Dollars in thousands, except share data)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||
Mar 31,
2017 |
Dec 31,
2016 |
Mar 31,
2016 |
Three
Month
Change
|
One
Year
Change
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
10,027
|
$
|
10,476
|
$
|
8,727
|
(4.3
|
)%
|
14.9
|
%
|
||||||||||
Investments available-for-sale
|
845
|
830
|
675
|
1.8
|
25.2
|
|||||||||||||||
Interest-earning deposits with banks
|
44
|
37
|
113
|
18.9
|
(61.1
|
)
|
||||||||||||||
Dividends on FHLB Stock
|
82
|
66
|
47
|
24.2
|
74.5
|
|||||||||||||||
Total interest income
|
10,998
|
11,409
|
9,562
|
(3.6
|
)
|
15.0
|
||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
1,691
|
1,632
|
1,483
|
3.6
|
14.0
|
|||||||||||||||
FHLB advances
|
445
|
473
|
298
|
(5.9
|
)
|
49.3
|
||||||||||||||
Total interest expense
|
2,136
|
2,105
|
1,781
|
1.5
|
19.9
|
|||||||||||||||
Net interest income
|
8,862
|
9,304
|
7,781
|
(4.8
|
)
|
13.9
|
||||||||||||||
Provision (recapture of provision) for loan losses
|
200
|
(100
|
)
|
(100
|
)
|
(300.0
|
)
|
(300.0
|
)
|
|||||||||||
Net interest income after provision (recapture of
provision) for loan losses
|
8,662
|
9,404
|
7,881
|
(7.9
|
)
|
9.9
|
||||||||||||||
Noninterest income
|
||||||||||||||||||||
Net gain on sale of investments
|
-
|
17
|
-
|
(100.0
|
)
|
n/a
|
||||||||||||||
BOLI income
|
201
|
203
|
165
|
(1.0
|
)
|
21.8
|
||||||||||||||
Wealth management revenue
|
140
|
157
|
210
|
(10.8
|
)
|
(33.3
|
)
|
|||||||||||||
Other
|
194
|
413
|
105
|
(53.0
|
)
|
84.8
|
||||||||||||||
Total noninterest income
|
535
|
790
|
480
|
(32.3
|
)
|
11.5
|
||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
4,285
|
3,941
|
3,774
|
8.7
|
13.5
|
|||||||||||||||
Occupancy and equipment
|
480
|
521
|
508
|
(7.9
|
)
|
(5.5
|
)
|
|||||||||||||
Professional fees
|
439
|
492
|
468
|
(10.8
|
)
|
(6.2
|
)
|
|||||||||||||
Data processing
|
240
|
211
|
190
|
13.7
|
26.3
|
|||||||||||||||
Net gain on sale of OREO property
|
-
|
-
|
(1
|
)
|
n/a
|
(100.0
|
)
|
|||||||||||||
OREO market value adjustments
|
50
|
-
|
258
|
n/a
|
(80.6
|
)
|
||||||||||||||
OREO related reimbursements, net
|
(10
|
)
|
(5
|
)
|
(20
|
)
|
100.0
|
(50.0
|
)
|
|||||||||||
Regulatory assessments
|
96
|
101
|
120
|
(5.0
|
)
|
(20.0
|
)
|
|||||||||||||
Insurance and bond premiums
|
99
|
89
|
88
|
11.2
|
12.5
|
|||||||||||||||
Marketing
|
48
|
49
|
36
|
(2.0
|
)
|
33.3
|
||||||||||||||
Other general and administrative
|
341
|
451
|
352
|
(24.4
|
)
|
(3.1
|
)
|
|||||||||||||
Total noninterest expense
|
6,068
|
5,850
|
5,773
|
3.7
|
5.1
|
|||||||||||||||
Income before federal income tax provision
|
3,129
|
4,344
|
2,588
|
(28.0
|
)
|
20.9
|
||||||||||||||
Federal income tax provision
|
785
|
1,323
|
763
|
(40.7
|
)
|
2.9
|
||||||||||||||
Net income
|
$
|
2,344
|
$
|
3,021
|
$
|
1,825
|
(22.4
|
)%
|
28.4
|
%
|
||||||||||
Basic earnings per share
|
$
|
0.23
|
$
|
0.29
|
$
|
0.14
|
||||||||||||||
Diluted earnings per share
|
$
|
0.22
|
$
|
0.29
|
$
|
0.14
|
||||||||||||||
Weighted average number of common shares
outstanding
|
10,319,722
|
10,357,634
|
12,744,694
|
|||||||||||||||||
Weighted average number of diluted shares
outstanding
|
10,504,046
|
10,527,669
|
12,905,527
|
March 31, 2017
|
December 31, 2016
|
March 31, 2016
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Multifamily:
|
||||||||||||||||||||||||
Micro-unit apartments
|
$
|
7,841
|
0.8
|
%
|
$
|
7,878
|
0.9
|
%
|
$
|
7,983
|
1.0
|
%
|
||||||||||||
Other multifamily
|
113,877
|
12.5
|
115,372
|
12.8
|
121,570
|
15.4
|
||||||||||||||||||
Total multifamily
|
121,718
|
13.3
|
123,250
|
13.7
|
129,553
|
16.4
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Office
|
101,369
|
11.1
|
101,688
|
11.3
|
84,156
|
10.7
|
||||||||||||||||||
Retail
|
105,233
|
11.5
|
106,294
|
11.8
|
90,149
|
11.4
|
||||||||||||||||||
Mobile home park
|
20,519
|
2.2
|
20,689
|
2.3
|
23,459
|
3.0
|
||||||||||||||||||
Warehouse
|
21,575
|
2.4
|
15,338
|
1.7
|
17,345
|
2.2
|
||||||||||||||||||
Storage
|
35,290
|
3.9
|
34,816
|
3.9
|
35,844
|
4.6
|
||||||||||||||||||
Other non-residential
|
33,733
|
3.7
|
24,869
|
2.8
|
7,993
|
1.0
|
||||||||||||||||||
Total non-residential
|
317,719
|
34.8
|
303,694
|
33.8
|
258,946
|
32.9
|
||||||||||||||||||
Construction/land development:
|
||||||||||||||||||||||||
One-to-four family residential
|
58,447
|
6.4
|
67,842
|
7.5
|
50,770
|
6.5
|
||||||||||||||||||
Multifamily
|
108,801
|
11.9
|
111,051
|
12.3
|
56,551
|
7.2
|
||||||||||||||||||
Land development
|
39,687
|
4.3
|
30,055
|
3.3
|
22,213
|
2.8
|
||||||||||||||||||
Total construction/land
development
|
206,935
|
22.6
|
208,948
|
23.1
|
129,534
|
16.5
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
135,743
|
14.9
|
137,834
|
15.3
|
147,912
|
18.8
|
||||||||||||||||||
Permanent non-owner occupied
|
113,476
|
12.4
|
111,601
|
12.4
|
108,905
|
13.8
|
||||||||||||||||||
Total one-to-four family
residential
|
249,219
|
27.3
|
249,435
|
27.7
|
256,817
|
32.6
|
||||||||||||||||||
Business
|
10,370
|
1.1
|
7,938
|
0.9
|
6,548
|
0.8
|
||||||||||||||||||
Consumer
|
7,878
|
0.9
|
6,922
|
0.8
|
5,972
|
0.8
|
||||||||||||||||||
Total loans
|
913,839
|
100.0
|
%
|
900,187
|
100.0
|
%
|
787,370
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Loans in process ("LIP")
|
61,735
|
72,026
|
58,172
|
|||||||||||||||||||||
Deferred loan fees, net
|
2,178
|
2,167
|
2,244
|
|||||||||||||||||||||
ALLL
|
11,158
|
10,951
|
9,471
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
838,768
|
$
|
815,043
|
$
|
717,483
|
||||||||||||||||||
Concentrations of credit:
|
||||||||||||||||||||||||
Construction loans as % of risk-
based capital
|
111.7
|
%
|
105.9
|
%
|
87.1
|
%
|
||||||||||||||||||
Non-owner occupied commercial
real estate as % of risk-based
capital
|
441.2
|
%
|
428.8
|
%
|
386.7
|
%
|
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Key Financial Measures
|
||||||||||||||||||||
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2017
|
2016
|
2016
|
2016
|
2016
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on assets
|
0.91
|
%
|
1.12
|
%
|
1.00
|
%
|
0.60
|
%
|
0.76
|
%
|
||||||||||
Return on equity
|
6.76
|
8.58
|
6.39
|
3.41
|
4.34
|
|||||||||||||||
Dividend payout ratio
|
26.09
|
20.62
|
27.38
|
51.81
|
42.04
|
|||||||||||||||
Equity-to-assets ratio
|
13.37
|
13.31
|
14.06
|
16.96
|
18.01
|
|||||||||||||||
Interest rate spread
|
3.51
|
3.53
|
3.51
|
3.49
|
3.31
|
|||||||||||||||
Net interest margin
|
3.64
|
3.65
|
3.64
|
3.63
|
3.46
|
|||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
114.74
|
113.75
|
117.43
|
118.96
|
118.86
|
|||||||||||||||
Efficiency ratio
|
64.57
|
57.96
|
54.69
|
68.29
|
69.88
|
|||||||||||||||
Noninterest expense as a percent of average
total assets
|
2.35
|
2.17
|
2.01
|
2.53
|
2.41
|
|||||||||||||||
Book value per common share
|
$
|
12.84
|
$
|
12.63
|
$
|
12.70
|
$
|
12.71
|
$
|
12.52
|
||||||||||
Capital Ratios: (1)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
11.57
|
%
|
11.17
|
%
|
11.37
|
%
|
12.02
|
%
|
11.81
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.39
|
14.36
|
13.13
|
14.42
|
15.55
|
|||||||||||||||
Tier 1 capital ratio
|
14.39
|
14.36
|
13.13
|
14.42
|
15.55
|
|||||||||||||||
Total capital ratio
|
15.64
|
15.61
|
14.38
|
15.67
|
16.80
|
|||||||||||||||
Asset Quality Ratios: (2)
|
||||||||||||||||||||
Nonperforming loans as a percent of total
loans
|
0.07
|
%
|
0.10
|
%
|
0.12
|
%
|
0.14
|
%
|
0.14
|
%
|
||||||||||
Nonperforming assets as a percent of total
assets
|
0.27
|
0.31
|
0.32
|
0.34
|
0.47
|
|||||||||||||||
ALLL as a percent of total loans
|
1.31
|
1.32
|
1.28
|
1.30
|
1.30
|
|||||||||||||||
ALLL as a percent of nonperforming loans
|
1,853.49
|
1,276.34
|
1,025.72
|
935.30
|
898.92
|
|||||||||||||||
Net charge-offs (recoveries) to average loans receivable, net
|
(0.00
|
)
|
(0.01
|
)
|
0.00
|
(0.01
|
)
|
(0.02
|
)
|
|||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||
ALLL, beginning of the quarter
|
$
|
10,951
|
$
|
11,006
|
$
|
10,134
|
$
|
9,471
|
$
|
9,463
|
||||||||||
Provision (recapture of provision)
|
200
|
(100
|
)
|
900
|
600
|
(100
|
)
|
|||||||||||||
Charge-offs
|
-
|
(37
|
)
|
(28
|
)
|
-
|
(19
|
)
|
||||||||||||
Recoveries
|
7
|
82
|
-
|
63
|
127
|
|||||||||||||||
ALLL, end of the quarter
|
$
|
11,158
|
$
|
10,951
|
$
|
11,006
|
$
|
10,134
|
$
|
9,471
|
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
Key Financial Measures (continued)
|
||||||||||||||||||||
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2017
|
2016
|
2016
|
2016
|
2016
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs:
|
||||||||||||||||||||
Yield on loans
|
4.93
|
%
|
4.92
|
%
|
4.92
|
%
|
5.00
|
%
|
5.15
|
%
|
||||||||||
Yield on investments available-for-sale
|
2.66
|
2.49
|
2.36
|
2.27
|
2.10
|
|||||||||||||||
Yield on interest-earning deposits
|
0.74
|
0.59
|
0.53
|
0.48
|
0.52
|
|||||||||||||||
Yield on FHLB stock
|
4.14
|
2.57
|
2.10
|
2.89
|
3.16
|
|||||||||||||||
Yield on interest-earning assets
|
4.52
|
4.47
|
4.42
|
4.39
|
4.25
|
|||||||||||||||
Cost of deposits
|
1.00
|
0.97
|
0.95
|
0.91
|
0.93
|
|||||||||||||||
Cost of FHLB borrowings
|
1.05
|
0.83
|
0.79
|
0.89
|
0.98
|
|||||||||||||||
Cost of interest-bearing liabilities
|
1.01
|
0.94
|
0.91
|
0.90
|
0.94
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
825,251
|
$
|
845,276
|
$
|
804,014
|
$
|
726,109
|
$
|
687,102
|
||||||||||
Investments available-for-sale
|
128,993
|
132,077
|
133,258
|
133,813
|
130,332
|
|||||||||||||||
Interest-earning deposits
|
24,233
|
25,082
|
28,275
|
39,167
|
88,383
|
|||||||||||||||
FHLB stock
|
8,034
|
10,205
|
8,483
|
6,097
|
6,034
|
|||||||||||||||
Total interest-earning assets
|
$
|
986,511
|
$
|
1,012,640
|
$
|
974,030
|
$
|
905,186
|
$
|
911,851
|
||||||||||
Deposits
|
$
|
688,298
|
$
|
664,416
|
$
|
646,658
|
$
|
637,781
|
$
|
644,282
|
||||||||||
Borrowings
|
171,500
|
225,848
|
182,804
|
123,148
|
122,884
|
|||||||||||||||
Total interest-bearing liabilities
|
$
|
859,798
|
$
|
890,264
|
$
|
829,462
|
$
|
760,929
|
$
|
767,166
|
||||||||||
Average assets
|
$
|
1,046,473
|
$
|
1,071,597
|
$
|
1,034,811
|
$
|
963,188
|
$
|
970,431
|
||||||||||
Average stockholders' equity
|
$
|
140,546
|
$
|
139,658
|
$
|
161,690
|
$
|
169,177
|
$
|
170,451
|