|
|
|
||
State or other jurisdiction of
Incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
||
|
|
|||
(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
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on
which registered
|
||
|
|
|
|
FIRST FINANCIAL NORTHWEST, INC.
|
|
|
|
|
DATE: April 27, 2021
|
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
|
•
|
Total deposits increased $40.0 million to $1.13 billion, including a $23.2 million increase in noninterest bearing demand
deposits.
|
•
|
The Company’s book value per share was $16.35, compared to $16.05 at December 31, 2020, and $15.03 at March 31, 2020.
|
•
|
The Company repurchased 89,019 shares at an average price of $13.03 per share.
|
•
|
The Company increased its regular quarterly cash dividend to shareholders to $0.11 per share from $0.10 per share.
|
•
|
The Bank’s Tier 1 leverage and total capital ratios were 10.2% and 15.6%, respectively, at March 31, 2021, compared to
10.3% and 15.6%, respectively, at December 31, 2020, and 10.3% and 14.7% at March 31, 2020.
|
•
|
The Bank recorded a $300,000 provision for loan losses based on management’s evaluation of the adequacy of the Allowance
for Loan and Lease Losses (“ALLL”) including the estimated future impact of the COVID-19 pandemic.
|
Mar 31,
2021 |
Dec 31,
2020 |
Mar 31,
2020 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Deposits:
|
(Dollars in thousands)
|
|||||||||||||||||||
Noninterest-bearing demand
|
$
|
114,437
|
$
|
91,285
|
$
|
53,519
|
$
|
23,152
|
$
|
60,918
|
||||||||||
Interest-bearing demand
|
114,098
|
108,182
|
68,803
|
5,916
|
45,295
|
|||||||||||||||
Statement savings
|
20,470
|
19,221
|
17,040
|
1,249
|
3,430
|
|||||||||||||||
Money market
|
500,619
|
465,369
|
397,489
|
35,250
|
103,130
|
|||||||||||||||
Certificates of deposit, retail (1)
|
384,031
|
409,576
|
437,676
|
(25,545
|
)
|
(53,645
|
)
|
|||||||||||||
Certificates of deposit, brokered
|
–
|
–
|
25,457
|
–
|
(25,457
|
)
|
||||||||||||||
Total deposits
|
$
|
1,133,655
|
$
|
1,093,633
|
$
|
999,984
|
$
|
40,022
|
133,671
|
March 31, 2021
|
||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Statement
savings
|
Money
market
|
Certificates
of deposit,
retail
|
Total
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||
Renton
|
$
|
41,934
|
$
|
48,476
|
$
|
14,070
|
$
|
255,917
|
$
|
318,113
|
$
|
678,510
|
||||||||||||
Landing
|
8,425
|
2,904
|
133
|
16,165
|
6,912
|
34,539
|
||||||||||||||||||
Woodinville
|
4,351
|
7,350
|
757
|
18,530
|
6,076
|
37,064
|
||||||||||||||||||
Bothell
|
3,056
|
1,160
|
55
|
6,286
|
2,646
|
13,203
|
||||||||||||||||||
Crossroads
|
10,515
|
13,881
|
72
|
59,995
|
6,023
|
90,486
|
||||||||||||||||||
Kent
|
6,752
|
7,508
|
1
|
22,924
|
346
|
37,531
|
||||||||||||||||||
Kirkland
|
8,144
|
157
|
18
|
4,400
|
–
|
12,719
|
||||||||||||||||||
Issaquah (1)
|
361
|
–
|
1
|
325
|
–
|
687
|
||||||||||||||||||
Total King County
|
83,538
|
81,436
|
15,107
|
384,542
|
340,116
|
904,739
|
||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||
Mill Creek
|
4,811
|
4,258
|
1,414
|
14,553
|
8,286
|
33,322
|
||||||||||||||||||
Edmonds
|
13,210
|
8,672
|
615
|
37,765
|
17,910
|
78,172
|
||||||||||||||||||
Clearview
|
4,814
|
5,615
|
1,217
|
20,309
|
3,257
|
35,212
|
||||||||||||||||||
Lake Stevens
|
3,352
|
9,974
|
922
|
18,005
|
4,726
|
36,979
|
||||||||||||||||||
Smokey Point
|
3,418
|
3,690
|
1,098
|
22,330
|
9,736
|
40,272
|
||||||||||||||||||
Total Snohomish County
|
29,605
|
32,209
|
5,266
|
112,962
|
43,915
|
223,957
|
||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||
University Place
|
940
|
174
|
24
|
670
|
–
|
1,808
|
||||||||||||||||||
Gig Harbor
|
354
|
279
|
73
|
2,445
|
–
|
3,151
|
||||||||||||||||||
Total Pierce County
|
1,294
|
453
|
97
|
3,115
|
–
|
4,959
|
||||||||||||||||||
Total retail deposits
|
114,437
|
114,098
|
20,470
|
500,619
|
384,031
|
1,133,655
|
||||||||||||||||||
Total deposits
|
$
|
114,437
|
$
|
114,098
|
$
|
20,470
|
$
|
500,619
|
$
|
384,031
|
$
|
1,133,655
|
December 31, 2020
|
||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Statement
savings
|
Money
market
|
Certificates
of deposit,
retail
|
Total
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||
Renton
|
$
|
36,932
|
$
|
47,964
|
$
|
13,696
|
$
|
243,940
|
$
|
325,803
|
$
|
668,335
|
||||||||||||
Landing
|
5,300
|
3,199
|
22
|
14,024
|
8,108
|
30,653
|
||||||||||||||||||
Woodinville
|
3,054
|
7,040
|
688
|
14,270
|
9,790
|
34,842
|
||||||||||||||||||
Bothell
|
2,153
|
1,760
|
53
|
5,502
|
3,233
|
12,701
|
||||||||||||||||||
Crossroads
|
6,719
|
5,249
|
58
|
56,836
|
10,994
|
79,856
|
||||||||||||||||||
Kent
|
5,047
|
8,607
|
–
|
23,052
|
1,077
|
37,783
|
||||||||||||||||||
Kirkland
|
5,205
|
113
|
30
|
3,757
|
–
|
9,105
|
||||||||||||||||||
Total King County
|
64,410
|
73,932
|
14,547
|
361,381
|
359,005
|
873,275
|
||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||
Mill Creek
|
3,176
|
2,765
|
1,411
|
14,823
|
9,289
|
31,464
|
||||||||||||||||||
Edmonds
|
12,074
|
13,735
|
351
|
30,807
|
19,989
|
76,956
|
||||||||||||||||||
Clearview
|
5,367
|
6,690
|
1,012
|
17,902
|
5,346
|
36,317
|
||||||||||||||||||
Lake Stevens
|
3,057
|
7,419
|
835
|
14,593
|
4,669
|
30,573
|
||||||||||||||||||
Smokey Point
|
2,788
|
3,237
|
1,005
|
21,575
|
11,278
|
39,883
|
||||||||||||||||||
Total Snohomish County
|
26,462
|
33,846
|
4,614
|
99,700
|
50,571
|
215,193
|
||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||
University Place
|
377
|
215
|
15
|
1,578
|
–
|
2,185
|
||||||||||||||||||
Gig Harbor
|
36
|
189
|
45
|
2,710
|
–
|
2,980
|
||||||||||||||||||
Total Pierce County
|
413
|
404
|
60
|
4,288
|
–
|
5,165
|
||||||||||||||||||
Total retail deposits
|
91,285
|
108,182
|
19,221
|
465,369
|
409,576
|
1,093,633
|
||||||||||||||||||
Total deposits
|
$
|
91,285
|
$
|
108,182
|
$
|
19,221
|
$
|
465,369
|
$
|
409,576
|
$
|
1,093,633
|
Mar 31,
|
Dec 31,
|
Mar 31,
|
Three
Month |
One
Year |
||||||||||||||||
2021
|
2020
|
2020
|
Change
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$
|
─ |
$
|
─ |
$
|
91
|
$
|
─ |
$
|
(91
|
)
|
|||||||||
Multifamily
|
2,036
|
2,104
|
2,104
|
(68
|
)
|
(68
|
)
|
|||||||||||||
Total nonperforming loans
|
2,036
|
2,104
|
2,195
|
(68
|
)
|
(159
|
)
|
|||||||||||||
Other real estate owned (“OREO”)
|
454
|
454
|
454
|
─
|
||||||||||||||||
Total nonperforming assets (1)
|
$
|
2,490
|
$
|
2,558
|
$
|
2,649
|
$
|
(68
|
)
|
$
|
(159
|
)
|
||||||||
Nonperforming assets as a
|
||||||||||||||||||||
percent of total assets
|
0.17
|
%
|
0.18
|
%
|
0.20
|
%
|
As of March 31, 2021
|
||||||||||||||||||||
Balance of
loans with
modifications
of 4-6 months
|
Balance of
loans with
modifications
of greater
than 6 months
|
Total balance
of loans with
modifications
granted
|
Total loans
|
Modifications
as % of total
loans in each
category
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
One-to-four family residential
|
$
|
462
|
$
|
1,589
|
$
|
2,051
|
$
|
379,246
|
0.5
|
%
|
||||||||||
Multifamily
|
-
|
2,347
|
2,347
|
140,068
|
1.7
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Office
|
7,153
|
-
|
7,153
|
83,176
|
8.6
|
|||||||||||||||
Retail
|
-
|
7,811
|
7,811
|
110,843
|
7.0
|
|||||||||||||||
Mobile home park
|
-
|
-
|
-
|
29,708
|
-
|
|||||||||||||||
Hotel/motel
|
-
|
30,869
|
30,869
|
65,475
|
47.1
|
|||||||||||||||
Nursing home
|
-
|
6,368
|
6,368
|
12,852
|
49.5
|
|||||||||||||||
Warehouse
|
-
|
-
|
-
|
17,435
|
-
|
|||||||||||||||
Storage
|
-
|
-
|
-
|
33,498
|
-
|
|||||||||||||||
Other non-residential
|
-
|
-
|
-
|
32,483
|
-
|
|||||||||||||||
Total commercial real estate
|
7,153
|
45,048
|
52,201
|
385,470
|
13.5
|
|||||||||||||||
Construction/land
|
-
|
-
|
-
|
94,545
|
-
|
|||||||||||||||
Business:
|
||||||||||||||||||||
Aircraft
|
-
|
-
|
-
|
9,512
|
-
|
|||||||||||||||
SBA
|
-
|
-
|
-
|
906
|
-
|
|||||||||||||||
PPP
|
-
|
-
|
-
|
45,220
|
-
|
|||||||||||||||
Other business
|
-
|
-
|
-
|
22,656
|
-
|
|||||||||||||||
Total business
|
-
|
-
|
-
|
78,294
|
-
|
|||||||||||||||
Consumer:
|
||||||||||||||||||||
Classic/collectible auto
|
-
|
85
|
85
|
26,488
|
0.3
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
12,280
|
-
|
|||||||||||||||
Total consumer
|
-
|
85
|
85
|
38,768
|
0.2
|
|||||||||||||||
Total loans with COVID‑19 pandemic modifications
|
$
|
7,615
|
$
|
49,069
|
$
|
56,684
|
$
|
1,116,391
|
5.1
|
%
|
As of March 31, 2021
|
||||||||||||||||||||
LTV 0-60%
|
LTV 61-75%
|
LTV 76%+
|
Total
|
Average LTV
|
||||||||||||||||
Category: (1)
|
(Dollars in thousands)
|
|||||||||||||||||||
One-to-four family
|
$
|
234,829
|
$
|
146,909
|
$
|
25,325
|
$
|
407,063
|
42.70
|
%
|
||||||||||
Church
|
1,361
|
-
|
-
|
1,361
|
46.00
|
|||||||||||||||
Classic auto
|
5,216
|
11,118
|
10,154
|
26,488
|
65.26
|
|||||||||||||||
Gas station
|
3,484
|
-
|
504
|
3,988
|
50.66
|
|||||||||||||||
Hotel / motel
|
54,449
|
11,026
|
-
|
65,475
|
59.67
|
|||||||||||||||
Marina
|
7,767
|
-
|
-
|
7,767
|
37.80
|
|||||||||||||||
Mobile home park
|
21,668
|
7,665
|
375
|
29,708
|
40.75
|
|||||||||||||||
Nursing home
|
12,852
|
-
|
-
|
12,852
|
24.61
|
|||||||||||||||
Office
|
58,888
|
23,968
|
4,273
|
87,129
|
44.63
|
|||||||||||||||
Other non-residential
|
17,109
|
2,258
|
-
|
19,367
|
41.76
|
|||||||||||||||
Retail
|
75,635
|
35,208
|
-
|
110,843
|
48.39
|
|||||||||||||||
Storage
|
24,259
|
11,123
|
-
|
35,382
|
43.89
|
|||||||||||||||
Warehouse
|
15,282
|
2,153
|
-
|
17,435
|
45.62
|
Assets
|
Mar 31,
2021
|
Dec 31,
2020
|
Mar 31,
2020
|
Three
Month
Change
|
One
Year
Change
|
|||||||||||||||
Cash on hand and in banks
|
$
|
7,211
|
$
|
7,995
|
$
|
6,453
|
(9.8
|
)%
|
11.7
|
%
|
||||||||||
Interest-earning deposits with banks
|
75,023
|
72,494
|
22,063
|
3.5
|
240.0
|
|||||||||||||||
Investments available-for-sale, at fair value
|
168,042
|
127,551
|
132,159
|
31.7
|
27.2
|
|||||||||||||||
Annuity held-to-maturity
|
2,413
|
2,418
|
2,371
|
(0.2
|
)
|
1.8
|
||||||||||||||
Loans receivable, net of allowance of $15,502,
$15,174, and $13,530 respectively |
1,098,832
|
1,100,582
|
1,092,128
|
(0.2
|
)
|
0.6
|
||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
6,465
|
6,410
|
8,010
|
0.9
|
(19.3
|
)
|
||||||||||||||
Accrued interest receivable
|
5,702
|
5,508
|
4,302
|
3.5
|
32.5
|
|||||||||||||||
Deferred tax assets, net
|
1,163
|
1,641
|
2,227
|
(29.1
|
)
|
(47.8
|
)
|
|||||||||||||
Other real estate owned ("OREO")
|
454
|
454
|
454
|
0.0
|
0.0
|
|||||||||||||||
Premises and equipment, net
|
22,512
|
22,579
|
22,591
|
(0.3
|
)
|
(0.3
|
)
|
|||||||||||||
Bank owned life insurance ("BOLI")
|
33,357
|
33,034
|
32,290
|
1.0
|
3.3
|
|||||||||||||||
Prepaid expenses and other assets
|
3,398
|
1,643
|
1,898
|
106.8
|
79.0
|
|||||||||||||||
Right of use asset ("ROU"), net
|
3,976
|
3,647
|
2,446
|
9.0
|
62.6
|
|||||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
|
|||||||||||||||
Core deposit intangible, net
|
789
|
824
|
932
|
(4.2
|
)
|
(15.3
|
)
|
|||||||||||||
Total assets
|
$
|
1,430,226
|
$
|
1,387,669
|
$
|
1,331,213
|
3.1
|
7.4
|
||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
114,437
|
$
|
91,285
|
$
|
53,519
|
25.4
|
113.8
|
||||||||||||
Interest-bearing deposits
|
1,019,218
|
1,002,348
|
946,465
|
1.7
|
7.7
|
|||||||||||||||
Total deposits
|
1,133,655
|
1,093,633
|
999,984
|
3.7
|
13.4
|
|||||||||||||||
Advances from the FHLB
|
120,000
|
120,000
|
160,000
|
0.0
|
(25.0
|
)
|
||||||||||||||
Advance payments from borrowers for taxes and
insurance
|
4,813
|
2,498
|
4,960
|
92.7
|
(3.0
|
)
|
||||||||||||||
Lease liability, net
|
4,123
|
3,783
|
2,538
|
9.0
|
62.5
|
|||||||||||||||
Accrued interest payable
|
197
|
211
|
236
|
(6.6
|
)
|
(16.5
|
)
|
|||||||||||||
Other liabilities
|
8,995
|
11,242
|
10,403
|
(20.0
|
)
|
(13.5
|
)
|
|||||||||||||
Total liabilities
|
1,271,783
|
1,231,367
|
1,178,121
|
3.3
|
8.0
|
|||||||||||||||
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 9,692,610 shares at March 31, 2021, 9,736,875 shares at December 31, 2020, and 10,184,411 shares at March 31, 2020 |
97
|
97
|
102
|
0.0
|
(4.9
|
)
|
||||||||||||||
Additional paid-in capital
|
81,099
|
82,095
|
86,357
|
(1.2
|
)
|
(6.1
|
)
|
|||||||||||||
Retained earnings
|
79,455
|
78,003
|
74,017
|
1.9
|
7.3
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(515
|
)
|
(1,918
|
)
|
(4,563
|
)
|
(73.1
|
)
|
(88.7
|
)
|
||||||||||
Unearned Employee Stock Ownership Plan
("ESOP") shares |
(1,693
|
)
|
(1,975
|
)
|
(2,821
|
)
|
(14.3
|
)
|
(40.0
|
)
|
||||||||||
Total stockholders' equity
|
158,443
|
156,302
|
153,092
|
1.4
|
3.5
|
|||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,430,226
|
$
|
1,387,669
|
$
|
1,331,213
|
3.1
|
%
|
7.4
|
%
|
Quarter Ended
|
||||||||||||||||||||
Mar 31,
2021
|
Dec 31,
2020
|
Mar 31,
2020
|
Three
Month
Change
|
One
Year
Change
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
12,624
|
$
|
13,042
|
$
|
13,474
|
(3.2
|
)%
|
(6.3
|
)%
|
||||||||||
Investments available-for-sale
|
735
|
707
|
919
|
4.0
|
(20.0
|
)
|
||||||||||||||
Investments held-to-maturity
|
13
|
6
|
-
|
116.7
|
n/a
|
|||||||||||||||
Interest-earning deposits with banks
|
12
|
7
|
31
|
71.4
|
(61.3
|
)
|
||||||||||||||
Dividends on FHLB Stock
|
79
|
81
|
76
|
(2.5
|
)
|
3.9
|
||||||||||||||
Total interest income
|
13,463
|
13,843
|
14,500
|
(2.7
|
)
|
(7.2
|
)
|
|||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
2,299
|
2,767
|
4,366
|
(16.9
|
)
|
(47.3
|
)
|
|||||||||||||
Other borrowings
|
418
|
426
|
470
|
(1.9
|
)
|
(11.1
|
)
|
|||||||||||||
Total interest expense
|
2,717
|
3,193
|
4,836
|
(14.9
|
)
|
(43.8
|
)
|
|||||||||||||
Net interest income
|
10,746
|
10,650
|
9,664
|
0.9
|
11.2
|
|||||||||||||||
Provision for loan losses
|
300
|
600
|
300
|
(50.0
|
)
|
0.0
|
||||||||||||||
Net interest income after provision for loan losses
|
10,446
|
10,050
|
9,364
|
3.9
|
11.6
|
|||||||||||||||
Noninterest income
|
||||||||||||||||||||
BOLI income
|
269
|
204
|
254
|
31.9
|
5.9
|
|||||||||||||||
Wealth management revenue
|
160
|
170
|
165
|
(5.9
|
)
|
(3.0
|
)
|
|||||||||||||
Deposit related fees
|
200
|
195
|
176
|
2.6
|
13.6
|
|||||||||||||||
Loan related fees
|
132
|
1,082
|
392
|
(87.8
|
)
|
(66.3
|
)
|
|||||||||||||
Other
|
3
|
3
|
3
|
0.0
|
0.0
|
|||||||||||||||
Total noninterest income
|
764
|
1,654
|
990
|
(53.8
|
)
|
(22.8
|
)
|
|||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
4,945
|
5,146
|
5,212
|
(3.9
|
)
|
(5.1
|
)
|
|||||||||||||
Occupancy and equipment
|
1,100
|
1,147
|
1,071
|
(4.1
|
)
|
2.7
|
||||||||||||||
Professional fees
|
532
|
450
|
430
|
18.2
|
23.7
|
|||||||||||||||
Data processing
|
697
|
711
|
694
|
(2.0
|
)
|
0.4
|
||||||||||||||
OREO related expenses, net
|
1
|
1
|
1
|
0.0
|
0.0
|
|||||||||||||||
Regulatory assessments
|
121
|
142
|
144
|
(14.8
|
)
|
(16.0
|
)
|
|||||||||||||
Insurance and bond premiums
|
124
|
106
|
120
|
17.0
|
3.3
|
|||||||||||||||
Marketing
|
29
|
64
|
64
|
(54.7
|
)
|
(54.7
|
)
|
|||||||||||||
Other general and administrative
|
580
|
668
|
532
|
(13.2
|
)
|
9.0
|
||||||||||||||
Total noninterest expense
|
8,129
|
8,435
|
8,268
|
(3.6
|
)
|
(1.7
|
)
|
|||||||||||||
Income before federal income tax provision
|
3,081
|
3,269
|
2,086
|
(5.8
|
)
|
47.7
|
||||||||||||||
Federal income tax provision
|
584
|
622
|
402
|
(6.1
|
)
|
45.3
|
||||||||||||||
Net income
|
$
|
2,497
|
$
|
2,647
|
$
|
1,684
|
(5.7
|
)%
|
48.3
|
%
|
||||||||||
Basic earnings per share
|
$
|
0.26
|
$
|
0.28
|
$
|
0.17
|
||||||||||||||
Diluted earnings per share
|
$
|
0.26
|
$
|
0.28
|
$
|
0.17
|
||||||||||||||
Weighted average number of common
shares outstanding |
9,490,058
|
9,573,950
|
9,896,234
|
|||||||||||||||||
Weighted average number of diluted
shares outstanding |
9,566,671
|
9,603,493
|
9,978,060
|
March 31, 2021
|
December 31, 2020
|
March 31, 2020
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Micro-unit apartments
|
$
|
11,708
|
1.0
|
%
|
$
|
11,366
|
1.0
|
%
|
$
|
11,230
|
1.0
|
%
|
||||||||||||
Other multifamily
|
128,360
|
11.5
|
125,328
|
11.2
|
158,238
|
14.3
|
||||||||||||||||||
Total multifamily residential
|
140,068
|
12.5
|
136,694
|
12.2
|
169,468
|
15.3
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Office
|
83,176
|
7.5
|
84,311
|
7.5
|
95,911
|
8.7
|
||||||||||||||||||
Retail
|
110,843
|
9.9
|
114,117
|
10.2
|
122,460
|
11.1
|
||||||||||||||||||
Mobile home park
|
29,708
|
2.7
|
28,094
|
2.5
|
25,370
|
2.3
|
||||||||||||||||||
Hotel / motel
|
65,475
|
5.9
|
69,304
|
6.2
|
52,515
|
4.7
|
||||||||||||||||||
Nursing Home
|
12,852
|
1.1
|
12,868
|
1.2
|
11,783
|
1.1
|
||||||||||||||||||
Warehouse
|
17,435
|
1.6
|
17,484
|
1.6
|
17,489
|
1.6
|
||||||||||||||||||
Storage
|
33,498
|
3.0
|
33,671
|
3.0
|
34,551
|
3.1
|
||||||||||||||||||
Other non-residential
|
32,483
|
2.8
|
25,416
|
2.3
|
25,831
|
2.3
|
||||||||||||||||||
Total non-residential
|
385,470
|
34.5
|
385,265
|
34.5
|
385,910
|
34.9
|
||||||||||||||||||
Construction/land:
|
||||||||||||||||||||||||
One-to-four family residential
|
27,817
|
2.5
|
33,396
|
3.0
|
43,279
|
3.9
|
||||||||||||||||||
Multifamily
|
58,718
|
5.3
|
51,215
|
4.6
|
35,201
|
3.2
|
||||||||||||||||||
Commercial
|
5,837
|
0.5
|
5,783
|
0.5
|
22,946
|
2.1
|
||||||||||||||||||
Land development
|
2,173
|
0.2
|
1,813
|
0.2
|
5,975
|
0.5
|
||||||||||||||||||
Total construction/land
|
94,545
|
8.5
|
92,207
|
8.3
|
107,401
|
9.7
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
199,845
|
17.9
|
206,323
|
18.5
|
203,045
|
18.4
|
||||||||||||||||||
Permanent non-owner occupied
|
179,401
|
16.1
|
175,637
|
15.7
|
168,208
|
15.2
|
||||||||||||||||||
Total one-to-four family residential
|
379,246
|
34.0
|
381,960
|
34.2
|
371,253
|
33.6
|
||||||||||||||||||
Business:
|
||||||||||||||||||||||||
Aircraft
|
9,512
|
0.8
|
10,811
|
0.9
|
13,741
|
1.2
|
||||||||||||||||||
Small Business Administration ("SBA")
|
906
|
0.1
|
928
|
0.1
|
753
|
0.1
|
||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
45,220
|
4.1
|
41,251
|
3.7
|
-
|
0.0
|
||||||||||||||||||
Other business
|
22,656
|
2.0
|
27,673
|
2.5
|
20,208
|
1.8
|
||||||||||||||||||
Total business
|
78,294
|
7.0
|
80,663
|
7.2
|
34,702
|
3.1
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Classic auto
|
26,488
|
2.4
|
29,359
|
2.6
|
22,029
|
2.0
|
||||||||||||||||||
Other consumer
|
12,280
|
1.1
|
11,262
|
1.0
|
15,196
|
1.4
|
||||||||||||||||||
Total consumer
|
38,768
|
3.5
|
40,621
|
3.6
|
37,225
|
3.4
|
||||||||||||||||||
Total loans
|
1,116,391
|
100.0
|
%
|
1,117,410
|
100.0
|
%
|
1,105,959
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Deferred loan fees, net
|
2,057
|
1,654
|
301
|
|||||||||||||||||||||
ALLL
|
15,502
|
15,174
|
13,530
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
1,098,832
|
$
|
1,100,582
|
$
|
1,092,128
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
64.0
|
%
|
61.6
|
%
|
77.6
|
%
|
||||||||||||||||||
Total non-owner occupied commercial real estate as % of total capital
|
391.8
|
%
|
390.1
|
%
|
437.7
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2021
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios: (1)
|
||||||||||||||||||||
Return on assets
|
0.73
|
%
|
0.77
|
%
|
0.60
|
%
|
0.63
|
%
|
0.51
|
%
|
||||||||||
Return on equity
|
6.42
|
6.76
|
5.34
|
5.59
|
4.30
|
|||||||||||||||
Dividend payout ratio
|
42.31
|
35.71
|
45.45
|
45.45
|
58.82
|
|||||||||||||||
Equity-to-total assets
|
11.08
|
11.26
|
11.34
|
10.86
|
11.50
|
|||||||||||||||
Tangible equity-to-tangible assets (2)
|
10.97
|
11.15
|
11.22
|
10.74
|
11.38
|
|||||||||||||||
Net interest margin
|
3.31
|
3.29
|
3.07
|
3.12
|
3.11
|
|||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities |
117.92
|
116.42
|
116.08
|
115.96
|
113.97
|
|||||||||||||||
Efficiency ratio
|
70.63
|
68.55
|
70.88
|
73.18
|
77.60
|
|||||||||||||||
Noninterest expense as a percent of average total
assets |
2.36
|
2.46
|
2.26
|
2.33
|
2.51
|
|||||||||||||||
Book value per common share
|
$
|
16.35
|
$
|
16.05
|
$
|
15.62
|
$
|
15.32
|
$
|
15.03
|
||||||||||
Tangible book value per share (2)
|
16.17
|
15.88
|
15.44
|
15.14
|
14.85
|
|||||||||||||||
Capital Ratios: (3)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.15
|
%
|
10.29
|
%
|
10.03
|
%
|
10.02
|
%
|
10.25
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.36
|
14.32
|
14.01
|
13.70
|
13.42
|
|||||||||||||||
Tier 1 capital ratio
|
14.36
|
14.32
|
14.01
|
13.70
|
13.42
|
|||||||||||||||
Total capital ratio
|
15.62
|
15.57
|
15.26
|
14.95
|
14.67
|
|||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Nonperforming loans as a percent of total loans
|
0.18
|
%
|
0.19
|
%
|
0.18
|
%
|
0.19
|
%
|
0.20
|
%
|
||||||||||
Nonperforming assets as a percent of total assets
|
0.17
|
0.18
|
0.19
|
0.19
|
0.20
|
|||||||||||||||
ALLL as a percent of total loans
|
1.39
|
1.36
|
1.27
|
1.20
|
1.22
|
|||||||||||||||
ALLL as a percent of nonperforming loans
|
761.39
|
721.20
|
692.40
|
631.49
|
616.40
|
|||||||||||||||
Net (recoveries) charge-offs to average loans
receivable, net |
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||
ALLL, beginning of the quarter
|
$
|
15,174
|
$
|
14,568
|
$
|
13,836
|
$
|
13,530
|
$
|
13,218
|
||||||||||
Provision
|
300
|
600
|
700
|
300
|
300
|
|||||||||||||||
Charge-offs
|
-
|
(2
|
)
|
-
|
-
|
-
|
||||||||||||||
Recoveries
|
28
|
8
|
32
|
6
|
12
|
|||||||||||||||
ALLL, end of the quarter
|
$
|
15,502
|
$
|
15,174
|
$
|
14,568
|
$
|
13,836
|
$
|
13,530
|
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2021
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs: (1)
|
||||||||||||||||||||
Yield on loans
|
4.66
|
%
|
4.61
|
%
|
4.49
|
%
|
4.72
|
%
|
4.94
|
%
|
||||||||||
Yield on investments available-for-sale
|
1.91
|
2.21
|
2.32
|
2.41
|
2.72
|
|||||||||||||||
Yield on investments held-to-maturity
|
2.18
|
0.99
|
0.99
|
1.52
|
--
|
|||||||||||||||
Yield on interest-earning deposits
|
0.09
|
0.11
|
0.10
|
0.10
|
1.18
|
|||||||||||||||
Yield on FHLB stock
|
5.00
|
4.99
|
4.95
|
4.84
|
4.62
|
|||||||||||||||
Yield on interest-earning assets
|
4.15
|
%
|
4.26
|
%
|
4.16
|
%
|
4.37
|
%
|
4.66
|
%
|
||||||||||
Cost of interest-bearing deposits
|
0.94
|
%
|
1.12
|
%
|
1.27
|
%
|
1.49
|
%
|
1.81
|
%
|
||||||||||
Cost of borrowings
|
1.41
|
1.40
|
1.28
|
1.08
|
1.48
|
|||||||||||||||
Cost of interest-bearing liabilities
|
0.99
|
%
|
1.15
|
%
|
1.27
|
%
|
1.44
|
%
|
1.77
|
%
|
||||||||||
Cost of total deposits
|
0.85
|
%
|
1.03
|
%
|
1.18
|
%
|
1.38
|
%
|
1.72
|
%
|
||||||||||
Cost of funds
|
0.91
|
1.07
|
1.19
|
1.34
|
1.69
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,099,364
|
$
|
1,126,554
|
$
|
1,137,742
|
$
|
1,122,913
|
$
|
1,096,091
|
||||||||||
Investments available-for-sale
|
155,795
|
127,456
|
128,885
|
133,038
|
135,765
|
|||||||||||||||
Investments held-to-maturity
|
2,413
|
2,410
|
2,399
|
2,378
|
2,061
|
|||||||||||||||
Interest-earning deposits
|
52,336
|
26,092
|
32,701
|
30,989
|
10,555
|
|||||||||||||||
FHLB stock
|
6,412
|
6,459
|
6,592
|
6,736
|
6,615
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,316,320
|
$
|
1,288,971
|
$
|
1,308,319
|
$
|
1,296,054
|
$
|
1,251,087
|
||||||||||
Interest-bearing deposits
|
$
|
996,295
|
$
|
985,945
|
$
|
1,002,518
|
$
|
989,549
|
$
|
970,062
|
||||||||||
Borrowings
|
120,000
|
121,218
|
124,543
|
128,154
|
127,707
|
|||||||||||||||
Total interest-bearing liabilities
|
$
|
1,116,295
|
$
|
1,107,163
|
$
|
1,127,061
|
$
|
1,117,703
|
$
|
1,097,769
|
||||||||||
Noninterest-bearing deposits
|
99,013
|
83,719
|
81,694
|
82,750
|
53,199
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,215,308
|
$
|
1,190,882
|
$
|
1,208,755
|
$
|
1,200,453
|
$
|
1,150,968
|
||||||||||
Average assets
|
$
|
1,394,213
|
$
|
1,366,061
|
$
|
1,383,736
|
$
|
1,371,269
|
$
|
1,324,845
|
||||||||||
Average stockholders' equity
|
157,856
|
155,765
|
154,988
|
154,115
|
157,492
|
Quarter Ended | ||||||||||||||||||||
Mar 31, 2021 |
Dec 31, 2020 |
Sep 30, 2020 |
Jun 30, 2020 |
Mar 31, 2020 |
||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: | ||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
158,443
|
$
|
156,302
|
$
|
154,778
|
$
|
153,976
|
$
|
153,092
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
789
|
824
|
860
|
896
|
932
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
156,765
|
$
|
154,589
|
$
|
153,029
|
$
|
152,191
|
$
|
151,271
|
||||||||||
|
||||||||||||||||||||
Total assets (GAAP)
|
$
|
1,430,226
|
$
|
1,387,669
|
$
|
1,365,469
|
$
|
1,418,355
|
$
|
1,331,213
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
789
|
824
|
860
|
896
|
932
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,428,548
|
$
|
1,385,956
|
$
|
1,363,720
|
$
|
1,416,570
|
$
|
1,329,392
|
||||||||||
|
||||||||||||||||||||
Common shares outstanding at period end
|
9,692,610
|
9,736,875
|
9,911,607
|
10,048,961
|
10,184,411
|
|||||||||||||||
|
||||||||||||||||||||
Equity-to-total assets (GAAP)
|
11.08
|
%
|
11.26
|
%
|
11.34
|
%
|
10.86
|
%
|
11.50
|
%
|
||||||||||
Tangible equity-to-tangible assets (Non-GAAP)
|
10.97
|
11.15
|
11.22
|
10.74
|
11.38
|
|||||||||||||||
Book value per share (GAAP)
|
$
|
16.35
|
$
|
16.05
|
$
|
15.62
|
$
|
15.32
|
$
|
15.03
|
||||||||||
Tangible book value per share (Non-GAAP)
|
16.17
|
15.88
|
15.44
|
15.14
|
14.85
|
ALLL on loans to total loans receivable, excluding PPP loans:
|
||||||||||||||||||||
Allowance for loan losses
|
$
|
15,502
|
$
|
15,174
|
$
|
14,568
|
$
|
13,836
|
$
|
13,530
|
||||||||||
Total loans (GAAP)
|
$
|
1,116,391
|
$
|
1,117,410
|
$
|
1,150,481
|
$
|
1,154,132
|
$
|
1,105,959
|
||||||||||
Less:
|
||||||||||||||||||||
PPP loans
|
45,220
|
41,251
|
52,045
|
51,661
|
-
|
|||||||||||||||
Total loans excluding PPP loans (Non-GAAP)
|
$
|
1,071,171
|
$
|
1,076,159
|
$
|
1,098,436
|
$
|
1,102,471
|
$
|
1,105,959
|
||||||||||
ALLL as a percent of total loans (GAAP)
|
1.39
|
%
|
1.36
|
%
|
1.27
|
%
|
1.20
|
%
|
1.22
|
%
|
||||||||||
ALLL as a percent of total loans excluding
PPP loans (Non-GAAP) |
1.45
|
1.41
|
1.33
|
1.25
|
1.22
|
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Document and Entity Information |
Apr. 27, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 27, 2021 |
Entity Registrant Name | First Financial Northwest, Inc. |
Entity Incorporation, State or Country Code | WA |
Entity File Number | 001-33652 |
Entity Tax Identification Number | 26-0610707 |
Entity Address, Address Line One | 201 Wells Avenue South, |
Entity Address, City or Town | Renton |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98057 |
City Area Code | 425 |
Local Phone Number | 255-4400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001401564 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | FFNW |
Security Exchange Name | NASDAQ |
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