First Financial Northwest Full Year 2023 Earnings: Revenues Disappoint
First Financial Northwest (NASDAQ:FFNW) Full Year 2023 Results
Key Financial Results
Revenue: US$43.5m (down 16% from FY 2022).
Net income: US$6.29m (down 52% from FY 2022).
Profit margin: 14% (down from 25% in FY 2022). The decrease in margin was driven by lower revenue.
EPS: US$0.69 (down from US$1.47 in FY 2022).
FFNW Banking Performance Indicators
Net interest margin (NIM): 2.82% (down from 3.53% in FY 2022).
Non-performing loans: 0.02% (no change from 0.02% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
First Financial Northwest Revenues Disappoint
Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) was mostly in line with analyst estimates.
In the last 12 months, the only revenue segment was Attracting Deposits from The General Public and Providing Lending Services contributing US$43.5m. The largest operating expense was General & Administrative costs, amounting to US$34.6m (93% of total expenses). Explore how FFNW's revenue and expenses shape its earnings.
Looking ahead, revenue is expected to decline by 2.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.9%.
Performance of the American Banks industry.
The company's share price is broadly unchanged from a week ago.
Valuation
It's possible that First Financial Northwest could be overvalued with our 6-factor valuation analysis indicating potential weakness. You can access our in-depth analysis and discover what the outlook is like for the stock by clicking here.
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