First Financial Northwest, Inc. news centers on its Plan of Dissolution, liquidating distributions to shareholders, closure of stock transfer books, and delisting-related corporate actions. The company had operated as the holding company for First Financial Northwest Bank, and earlier updates covered operating results, credit-loss provisions, material agreements, shareholder voting matters, governance actions, and capital-structure disclosures tied to its public-company status.
First Financial Northwest, the holding company for First Financial Northwest Bank, has declared a quarterly cash dividend of $0.13 per share on its outstanding common stock.
The dividend will be payable on June 21, 2024, to shareholders recorded by June 7, 2024.
First Financial Northwest Bank operates 15 full-service offices in the Puget Sound Region and is headquartered in Renton, Washington.
First Financial Northwest, Inc. reported a net loss of $1.1 million for the first quarter of 2024 due to a strategic move to extinguish a legacy defined benefit plan at a cost of $1.2 million. The company also recognized pretax expenses related to a sale to Global Federal Credit Union. Credit quality remained strong, with nonaccrual loans low at $201,000. Despite pressures on deposit rates, net interest margin saw a slight increase. Total deposits decreased due to a managed reduction in higher cost deposits.
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