RENTON, Wash., Aug. 21, 2020 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today announced that the Company was recognized for Corporate Philanthropy by the Puget Sound Business Journal at a special virtual Corporate Citizenship Awards program on August 11, 2020. The Company, the Bank and First Financial Northwest Foundation together contributed $1.11 million in cash to Washington nonprofit organizations in 2019, ranking #1 among the 26 medium-sized companies with revenues between $20 million and $500 million to make the Puget Sound Business Journal’s annual list. The Bank’s employees also collectively donated 1,953 volunteer hours in 2019 with a focus on financial literacy education for low-to-moderate income individuals and areas.
“I am very pleased to receive this honor on behalf of the Company in recognition of its support of Washington nonprofit organizations,” said Joseph W. Kiley, President and Chief Executive Officer of the Bank. “I am extremely proud of the First Financial Northwest team. In spite of the challenges we have been experiencing with COVID‑19 and related economic conditions, our employees maintain their strength, integrity and passion. They demonstrate our relationship driven philosophy every day delivering unique, innovative solutions for our customers and the community.”
With the onset of COVID-19 pandemic and resulting lockdown earlier this year, the Bank stepped up to help its customers and communities. The Bank’s dedicated employees kept each of its 13 offices open to assist customers. In the first few weeks of the lockdown, the Bank ordered over 550 meals to provide support to local restaurants and with the help of employees raised over $50,000 to be divided among 30 nonprofits throughout King, Pierce and Snohomish counties. Under the Coronavirus Aid, Release, and Economic Security Act (“CARES Act”), the Bank is providing certain short-term loan modifications to borrowers, primarily the ability to defer loan payments for three to nine months. In addition, the Bank is participating as a lender in the Paycheck Protection Program (“PPP”). As of June 30, 2020, the Bank had funded 455 applications totaling $51.7 million in loans through the PPP program with the potential to support up to 5,000 jobs in the community.
First Financial Northwest Bank prepared a video to honor its entire team and their commitment to customers and the community.
First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; an FDIC insured Washington State-chartered commercial bank headquartered in Renton, Washington, serving the Puget Sound Region through 13 full-service banking offices. New banking offices in Gig Harbor and Issaquah, Washington, are expected to open in late 2020 and early 2021, respectively. For additional information about us, please visit our website at ffnwb.com and click on the “Investor Relations” link at the bottom of the page.
When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions and other uncertainties resulting from the COVID‑19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, and consumer and corporate customers, including economic activity, employment levels and market liquidity; increased competitive pressures; changes in the interest rate environment; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission – that are available on our website at www.ffnwb.com and on the SEC's website at www.sec.gov.
Any of the forward-looking statements that we make in this Press Release and in the other public statements are based upon management's beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2020 and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance.
For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
A video accompanying this release is available at: https://www.youtube.com/watch?v=Q_pwtN7TMn4