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First Financial Northwest, Inc. Reports Net Income of $3.2 Million or $0.35 per Diluted Share for the Fourth Quarter and $13.2 Million or $1.45 per Diluted Share for the Year Ended December 31, 2022

First Financial Northwest, Inc.
First Financial Northwest, Inc.

RENTON, Wash., Jan. 26, 2023 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported net income for the quarter ended December 31, 2022, of $3.2 million, or $0.35 per diluted share, compared to $3.9 million, or $0.43 per diluted share, for the quarter ended September 30, 2022, and $2.7 million, or $0.29 per diluted share, for the quarter ended December 31, 2021. For the year ended December 31, 2022, net income was $13.2 million, or $1.45 per diluted share, compared to net income of $12.2 million, or $1.29 per diluted share, for the year ended December 31, 2021.

The provision for loan losses was the primary reason for the decrease in net income for the quarter ended December 31, 2022, compared to the quarter ended September 30, 2022. As a result of the quarterly analysis of our loan portfolio, the Company recorded a provision for loan losses of $500,000 for the quarter ended December 31, 2022, compared to a $400,000 recapture of provision for loan losses for the quarter ended September 30, 2022. The provision in the current quarter was primarily attributable to growth in loans receivable, while the recapture in the prior quarter was primarily attributable to the net impact of changes in the loan portfolio mix, loan downgrades and changes in impairment status.

“Our residential lending division continued to exceed expectations, resulting in growth of $26.4 million in the quarter ended December 31, 2022, bringing year-to-date growth to $90.7 million in one-to-four family residential loan balances, despite a rapidly increasing interest rate environment throughout the year,” noted Joseph W. Kiley III, President and CEO. “This growth was fairly evenly distributed between owner occupied homes and non-owner occupied investment properties, with growth of $48.5 million and $42.3 million, respectively. In addition, I am very proud of the efforts of our credit underwriting teams and the focus on credit quality throughout the bank, with nonperforming asset and loan delinquency balances approximating $200,000 on total loans receivable of $1.2 billion,” continued Kiley.

“Finally, I am pleased to report that during a year when many financial institutions saw deterioration in their book value per share, ours increased to $17.57 at December 31, 2022, compared to $17.30 one year ago,” concluded Kiley.

Highlights for the quarter and year ended December 31, 2022:

  • Net loans receivable increased by $23.7 million in the quarter to $1.17 billion at December 31, 2022, on continued strength in one-to-four family residential, construction/land, and classic, collectible and other auto loans.

  • The Bank increased its reliance on brokered deposits to fund its asset growth in the quarter, while also increasing noninterest-bearing demand deposits by $1.1 million in the quarter and $2.2 million year over year.

  • The Company’s book value per share increased to $17.57 at December 31, 2022, compared to $17.30 at both September 30, 2022, and December 31, 2021.

  • The Company repurchased 84,981 shares at an average price of $16.43 per share during the year, an amount equal to approximately 1.0% of shares outstanding at the beginning of 2022.

  • The Company paid regular quarterly cash dividends to shareholders totaling $0.48 per share for the year, a 9.1% increase over the prior year.

  • The Bank’s Tier 1 leverage and total capital ratios at December 31, 2022, were 10.3% and 15.6%, respectively compared to 10.4% and 15.5%, respectively, at September 30, 2022, and 10.3% and 15.5%, respectively at December 31, 2021.

  • Credit quality remained strong as nonperforming assets declined to $193,000, or 0.01% of total assets, and there were only an additional $27,000 in loans over 30 days past due at December 31, 2022.

  • Based on management’s evaluation of the adequacy of the allowance for loan and lease losses (“ALLL”) at December 31, 2022, the Bank recorded a $500,000 provision for loan losses during the quarter, reducing the recapture of provision for loan losses recognized during the year to $400,000. For the year ended December 31, 2021, the Bank recorded a $300,000 provision for loan losses.

Deposits totaled $1.17 billion at December 31, 2022, compared to $1.15 billion at September 30, 2022, and $1.16 billion at December 31, 2021. Total deposits increased $20.6 million for the quarter ended December 31, 2022, compared to the quarter ended September 30, 2022, primarily due to a $55.3 million increase in brokered deposits and $2.0 million increase in demand deposits, partially offset by decreases across all other deposit categories, particularly money market balances. Management continually considers alternatives to increase deposits to fund anticipated asset growth in addition to efforts through its branch network, including wholesale markets, brokered deposits and the national deposit market.

The following table presents a breakdown of our total deposits (unaudited):

 

Dec 31,
2022

 

Sep 30,
2022

 

Dec 31,
2021

 

Three
Month
Change

 

One
Year
Change

Deposits:

(Dollars in thousands)

Noninterest-bearing demand

$

119,944

 

$

118,842

 

$

117,751

 

$

1,102

 

 

$

2,193

 

Interest-bearing demand

 

96,632

 

 

95,767

 

 

97,907

 

 

865

 

 

 

(1,275

)

Savings

 

23,636

 

 

24,625

 

 

23,146

 

 

(989

)

 

 

490

 

Money market

 

542,388

 

 

572,137

 

 

624,543

 

 

(29,749

)

 

 

(82,155

)

Certificates of deposit, retail

 

262,554

 

 

268,528

 

 

294,127

 

 

(5,974

)

 

 

(31,573

)

Brokered deposits

 

124,886

 

 

69,537

 

 

-

 

 

55,349

 

 

 

124,886

 

Total deposits

$

1,170,040

 

$

1,149,436

 

$

1,157,474

 

$

20,604

 

 

$

12,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The following tables present an analysis of total deposits by branch office (unaudited):

December 31, 2022

 

Noninterest-
bearing
demand

Interest-
bearing
demand

Savings

Money
market

Certificates
of deposit,
retail

Brokered
deposits

Total

 

(Dollars in thousands)

King County

 

 

 

 

 

 

 

Renton

$

35,123

$

45,575

$

15,515

$

279,392

$

203,463

$

-

$

579,068

Landing

 

3,781

 

1,720

 

143

 

18,153

 

3,771

 

-

 

27,568

Woodinville

 

2,925

 

3,315

 

1,181

 

15,648

 

10,428

 

-

 

33,497

Bothell

 

3,363

 

1,041

 

49

 

6,485

 

942

 

-

 

11,880

Crossroads

 

14,455

 

3,082

 

226

 

30,969

 

11,667

 

-

 

60,399

Kent

 

8,162

 

11,660

 

2

 

19,549

 

1,023

 

-

 

40,396

Kirkland

 

10,618

 

506

 

62

 

8,310

 

25

 

-

 

19,521

Issaquah

 

3,342

 

1,171

 

134

 

2,474

 

3,408

 

-

 

10,529

Total King County

 

81,769

 

68,070

 

17,312

 

380,980

 

234,727

 

-

 

782,858

Snohomish County

 

 

 

 

 

 

 

Mill Creek

 

6,594

 

4,005

 

911

 

15,445

 

5,443

 

-

 

32,398

Edmonds

 

16,619

 

6,191

 

766

 

33,904

 

7,768

 

-

 

65,248

Clearview

 

5,456

 

6,317

 

1,653

 

23,322

 

2,906

 

-

 

39,654

Lake Stevens

 

3,936

 

5,213

 

1,390

 

36,842

 

4,674

 

-

 

52,055

Smokey Point

 

2,617

 

6,330

 

1,391

 

46,486

 

6,012

 

-

 

62,836

Total Snohomish County

 

35,222

 

28,056

 

6,111

 

155,999

 

26,803

 

-

 

252,191

Pierce County

 

 

 

 

 

 

 

University Place

 

2,192

 

96

 

1

 

3,953

 

672

 

-

 

6,914

Gig Harbor

 

761

 

410

 

212

 

1,456

 

352

 

-

 

3,191

Total Pierce County

 

2,953

 

506

 

213

 

5,409

 

1,024

 

-

 

10,105

 

 

 

 

 

 

 

 

Brokered deposits

 

-

 

-

 

-

 

-

 

-

 

124,886

 

124,886

 

 

 

 

 

 

 

 

Total deposits

$

119,944

$

96,632

$

23,636

$

542,388

$

262,554

$

124,886

$

1,170,040


September 30, 2022

 

Noninterest-
bearing
demand

Interest-
bearing
demand

Savings

Money
market

Certificates
of deposit,
retail

Brokered
deposits

Total

 

(Dollars in thousands)

King County

 

 

 

 

 

 

 

Renton

$

36,797

$

43,129

$

16,483

$

301,912

$

209,504

$

-

$

607,825

Landing

 

4,345

 

2,586

 

155

 

20,301

 

4,089

 

-

 

31,476

Woodinville

 

3,033

 

3,714

 

1,208

 

19,514

 

9,799

 

-

 

37,268

Bothell

 

3,287

 

1,045

 

54

 

7,307

 

1,694

 

-

 

13,387

Crossroads

 

13,047

 

4,225

 

49

 

38,668

 

9,228

 

-

 

65,217

Kent

 

6,323

 

13,945

 

4

 

19,843

 

1,499

 

-

 

41,614

Kirkland

 

9,101

 

365

 

42

 

7,297

 

25

 

-

 

16,830

Issaquah

 

3,396

 

1,480

 

60

 

3,037

 

2,295

 

-

 

10,268

Total King County

 

79,329

 

70,489

 

18,055

 

417,879

 

238,133

 

-

 

823,885

Snohomish County

 

 

 

 

 

 

 

Mill Creek

 

7,153

 

2,727

 

904

 

23,527

 

5,626

 

-

 

39,937

Edmonds

 

16,209

 

6,284

 

901

 

34,719

 

8,935

 

-

 

67,048

Clearview

 

5,143

 

5,957

 

1,662

 

26,923

 

2,873

 

-

 

42,558

Lake Stevens

 

4,977

 

5,233

 

1,471

 

40,297

 

4,975

 

-

 

56,953

Smokey Point

 

3,430

 

4,452

 

1,422

 

23,527

 

7,066

 

-

 

39,897

Total Snohomish County

 

36,912

 

24,653

 

6,360

 

148,993

 

29,475

 

-

 

246,393

Pierce County

 

 

 

 

 

 

 

University Place

 

1,879

 

108

 

2

 

3,883

 

670

 

-

 

6,542

Gig Harbor

 

722

 

517

 

208

 

1,382

 

250

 

-

 

3,079

Total Pierce County

 

2,601

 

625

 

210

 

5,265

 

920

 

-

 

9,621

 

 

 

 

 

 

 

 

Brokered deposits

 

-

 

-

 

-

 

-

 

-

 

69,537

 

69,537

 

 

 

 

 

 

 

 

Total deposits

$

118,842

$

95,767

$

24,625

$

572,137

$

268,528

$

69,537

$

1,149,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loans receivable totaled $1.17 billion at December 31, 2022, compared to $1.14 billion at September 30, 2022, and $1.10 billion at December 31, 2021. During the quarter ended December 31, 2022, new originations of one-to-four family residential loans, construction/land and classic, collectible and other auto loans outpaced total loan repayments in the quarter. The average balance of net loans receivable totaled $1.15 billion for the quarter ended December 31, 2022, compared to $1.13 billion for the quarter ended September 30, 2022, and $1.11 billion for the quarter ended December 31, 2021. For the year ended December 31, 2022, the average balance of net loans receivable was $1.13 billion, compared to $1.10 billion for the year ended December 31, 2021.

The ALLL represented 1.29% of total loans receivable at December 31, 2022, compared to 1.27% at September 30, 2022, and 1.40% of total loans receivable at December 31, 2021.

There were $193,000 in nonperforming loans at December 31, 2022, compared to $232,000 at September 30, 2022, and none at December 31, 2021. There was no other real estate owned (“OREO”) at December 31, 2022, September 30, 2022, or December 31, 2021.

The following table presents a breakdown of our nonperforming assets (unaudited):

 

Dec 31,

 

Sep 30,

 

Dec 31,

 

Three
Month

 

One
Year

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

Change

 

Change

 

(Dollars in thousands)

Nonperforming loans:

 

 

 

 

 

 

 

 

 

One-to-four family residential

$

 

 

$

39

 

 

$

 

 

$

(39

)

 

$


Consumer

 

193

 

 

 

193

 

 

 


 

 

 

 

 

 

193

Total nonperforming loans

 

193

 

 

 

232

 

 

 

 

 

 

(39

)

 

 

193

 

 

 

 

 

 

 

 

 

 

OREO

 


 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonperforming assets (1)

$

193

 

 

$

232

 

 

$


 

 

$

(39

)

 

$

193

 

 

 

 

 

 

 

 

 

 

Nonperforming assets as a percent

 

 

 

 

 

 

 

 

 

of total assets

 

0.01

%

 

 

0.02

%

 

 

0.00

%

 

 

 

 

(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 100% of the Company’s TDRs were performing in accordance with their restructured terms for the periods presented.

The Company accounts for certain loan modifications or restructurings as TDRs. In general, the modification or restructuring of a debt is considered a TDR if, for economic or legal reasons related to the borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. TDRs totaled $1.4 million at December 31, 2022, compared to $1.8 million at September 30, 2022, and $2.1 million at December 31, 2021. All TDRs were performing according to their modified repayment terms for the periods presented.

Net interest income totaled $12.5 million for the quarter ended December 31, 2022, compared to $12.7 million for the quarter ended September 30, 2022, and $11.6 million for the quarter ended December 31, 2021. The decrease in the current quarter compared to the quarter ended September 30, 2022, was primarily due to higher interest expense on deposits and other borrowings, primarily reflecting the continued increase in market interest rates due to the ongoing increases to the targeted federal funds rate, which increased 125 basis points during the fourth calendar quarter of 2022, and increased competition for deposits, partially offset by higher interest income on loans, including fees, and investments. For the year ended December 31, 2022, net interest income totaled $48.4 million, compared to $45.0 million for the year ended December 31, 2021, as the increase in interest income on loans and investments outpaced the increase in interest expense on liabilities.

Total interest income was $17.4 million for the quarter ended December 31, 2022, compared to $15.4 million for the quarter ended September 30, 2022, and $13.3 million for the quarter ended December 31, 2021. The increase in the current quarter compared to the prior quarters was primarily due to an improvement in the average loan yield to 5.19% from 4.77% and 4.44% for the quarters ended September 30, 2022, and December 31, 2021, respectively, due in large part to recent increases in short term interest rates that increased our returns from LIBOR and Prime based variable rate loans and variable rate investment securities.

Total interest expense was $4.9 million for the quarter ended December 31, 2022, compared to $2.7 million for the quarter ended September 30, 2022, and $1.7 million for the quarter ended December 31, 2021. The average cost of interest-bearing deposits was 1.51% for the quarter ended December 31, 2022, compared to 0.87% for the quarter ended September 30, 2022, and 0.53% for the quarter ended December 31, 2021. The increase from the quarter ended September 30, 2022, was due primarily to increased interest expense on money market balances and the continued use of higher cost brokered deposits and wholesale sources to meet our funding needs. Advances from the FHLB decreased to $145.0 million at December 31, 2022, compared to $150.0 million at September 30, 2022, and increased from $95.0 million at December 31, 2021. Currently, $95.0 million of our FHLB advances are tied to cash flow hedge agreements where the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. These cash flow hedge agreements have a weighted average remaining term of 47 months and a weighted average fixed interest rate of 1.05%. The average cost of borrowings was 2.46% for the quarter ended December 31, 2022, compared to 1.48% for the quarter ended September 30, 2022, and 1.33% for the quarter ended December 31, 2021.

The net interest margin was 3.52% for the quarter ended December 31, 2022, compared to 3.65% for the quarter ended September 30, 2022, and 3.40% for the quarter ended December 31, 2021. The decrease in the net interest margin for the quarter ended December 31, 2022, compared to the quarter ended September 30, 2022, was due primarily to the cost of interest-bearing liabilities increasing more than the yields on interest-earnings assets, with a 70-basis point increase in the Company’s average cost of interest-bearing liabilities to 1.63% from 0.93%, partially offset by a 48-basis point increase in the average yield on interest-earning assets to 4.91% from 4.43%.

Noninterest income for the quarter ended December 31, 2022, totaled $695,000, compared to $778,000 for the quarter ended September 31, 2022, and $1.1 million for the quarter ended December 31, 2021. The decrease in noninterest income for the quarter ended December 31, 2022, compared to the quarter ended September 30, 2022, was primarily due to lower wealth management revenue, and lower loan related fees. The decrease in the current quarter as compared to the quarter ended December 31, 2021, primarily reflects reduced loan fees, in addition to a reduction in wealth management revenue. For the year ended December 31, 2022, noninterest income declined $639,000 to $3.2 million, from $3.9 million for the year ended December 31, 2021, due primarily to lower loan related fees as loan prepayment penalties declined by $425,000, along with a decline of $182,000 in wealth management revenue in the year ended December 31, 2022, compared to the prior year.

Noninterest expense totaled $8.7 million for the quarter ended December 31, 2022, compared to $9.0 million for the quarter ended September 30, 2022, and $8.7 million for the quarter ended December 31, 2021. The decrease in noninterest expense for the quarter ended December 31, 2022, compared to the quarter ended September 30, 2022, was primarily due to a $440,000 decline in salaries and employee benefits due in part to the maturity of the Bank’s Employee Stock Ownership Plan (“ESOP”) in the quarter ended September 30, 2022, resulting in no associated compensation expense for the quarter ended December 31, 2022, compared to $430,000 in the quarter ended September 30, 2022. Effective January 1, 2023, this ESOP benefit was replaced by a new profit-sharing contribution and other enhancements to the Bank’s 401(k) plan for all eligible employees. The Company expects that the associated expenses will generally be in line with the previous ESOP related expenses. The decrease in noninterest expense for the quarter ended December 31, 2022, compared to the quarter ended December 31, 2021, primarily reflects the absence of expenses related to the matured ESOP, partially offset by higher other general and administrative expenses and professional fees. The increase year over year was due primarily to higher expenses across all categories except net OREO related expenses, regulatory assessments and data processing fees, which were lower.

Forward-looking statements:

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: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as increasing oil prices and supply chain disruptions, and any governmental or societal responses new COVID-19 variants; 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 2022 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.


FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands, except share data)
(Unaudited)

Assets

Dec 31,
2022

 

Sep 30,
2022

 

Dec 31,
2021

 

Three
Month
Change

 

One
Year
Change

 

 

 

 

 

 

 

 

 

 

Cash on hand and in banks

$

7,722

 

 

$

9,684

 

 

$

7,246

 

 

(20.3

)%

 

6.6

%

Interest-earning deposits with banks

 

16,598

 

 

 

15,227

 

 

 

66,145

 

 

9.0

 

 

(74.9

)

Investments available-for-sale, at fair value

 

217,977

 

 

 

221,278

 

 

 

168,948

 

 

(1.5

)

 

29.0

 

Investments held-to-maturity, at amortized cost

 

2,444

 

 

 

2,438

 

 

 

2,432

 

 

0.2

 

 

0.5

 

Loans receivable, net of allowance of $15,227, $14,726, and $15,657 respectively

 

1,167,083

 

 

 

1,143,348

 

 

 

1,103,461

 

 

2.1

 

 

5.8

 

Federal Home Loan Bank (“FHLB”) stock, at cost

 

7,512

 

 

 

7,712

 

 

 

5,465

 

 

(2.6

)

 

37.5

 

Accrued interest receivable

 

6,513

 

 

 

6,261

 

 

 

5,285

 

 

4.0

 

 

23.2

 

Deferred tax assets, net

 

2,597

 

 

 

2,355

 

 

 

850

 

 

10.3

 

 

205.5

 

Premises and equipment, net

 

21,192

 

 

 

21,608

 

 

 

22,440

 

 

(1.9

)

 

(5.6

)

Bank owned life insurance (“BOLI”), net

 

36,286

 

 

 

36,064

 

 

 

35,210

 

 

0.6

 

 

3.1

 

Prepaid expenses and other assets

 

12,280

 

 

 

13,605

 

 

 

3,628

 

 

(9.7

)

 

238.5

 

Right of use asset (“ROU”), net

 

3,275

 

 

 

3,260

 

 

 

3,646

 

 

0.5

 

 

(10.2

)

Goodwill

 

889

 

 

 

889

 

 

 

889

 

 

0.0

 

 

0.0

 

Core deposit intangible, net

 

548

 

 

 

582

 

 

 

684

 

 

(5.8

)

 

(19.9

)

Total assets

$

1,502,916

 

 

$

1,484,311

 

 

$

1,426,329

 

 

1.3

%

 

5.4

%

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

119,944

 

 

$

118,842

 

 

$

117,751

 

 

0.9

%

 

1.9

%

Interest-bearing deposits

 

1,050,096

 

 

 

1,030,594

 

 

 

1,039,723

 

 

1.9

 

 

1.0

 

Total deposits

 

1,170,040

 

 

 

1,149,436

 

 

 

1,157,474

 

 

1.8

 

 

1.1

 

Advances from the FHLB

 

145,000

 

 

 

150,000

 

 

 

95,000

 

 

(3.3

)

 

52.6

 

Advance payments from borrowers for taxes and insurance

 

3,051

 

 

 

5,033

 

 

 

2,909

 

 

(39.4

)

 

4.9

 

Lease liability, net

 

3,454

 

 

 

3,441

 

 

 

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