Welcome to our dedicated page for First Financial Northwest news (Ticker: FFNW), a resource for investors and traders seeking the latest updates and insights on First Financial Northwest stock.
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.
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First Financial Northwest has announced a quarterly cash dividend of $0.13 per share, reflecting a $0.01 increase from the previous quarter. This dividend is payable on March 24, 2023, to shareholders who are on record by March 14, 2023. The company is the parent of First Financial Northwest Bank, which operates in the Puget Sound Region with 15 full-service banking offices. This increase in dividend indicates confidence in financial stability and aims to provide returns to shareholders.
First Financial Northwest reported Q4 2022 net income of $3.2 million, or $0.35 per diluted share, down from $3.9 million in Q3 2022. For the full year, net income rose to $13.2 million, or $1.45 per diluted share, compared to $12.2 million in 2021. A $500,000 provision for loan losses impacted Q4 results, driven by loan growth. Residential lending saw growth of $26.4 million in Q4, totaling $90.7 million for 2022. The book value per share increased to $17.57. Deposits totaled $1.17 billion, with a reliance on brokered deposits rising significantly.
First Financial Northwest has declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is set to be paid on December 16, 2022, to shareholders on record by December 2, 2022. The company operates as a holding entity for First Financial Northwest Bank, which is FDIC insured and headquartered in Renton, Washington, serving the Puget Sound Region with 15 full-service banking offices.
First Financial Northwest reported a net income of $3.9 million, or $0.43 per diluted share, for Q3 2022, up from $2.8 million in Q2 2022. Year-to-date net income reached $10.0 million, reflecting growth over the previous year. The net interest margin expanded to 3.65%, influenced by rising interest rates. Total deposits decreased by $30 million to $1.15 billion, while net loans rose by $23.6 million to $1.14 billion. The company repurchased 27,270 shares and declared a quarterly cash dividend of $0.12. Credit quality remained strong with low nonperforming assets.
First Financial Northwest has authorized the buyback of up to 5% of its outstanding common stock, approximately 456,000 shares, starting on October 31, 2022, and ending by March 17, 2023. This follows the repurchase of 61,913 shares at an average price of $16.22 under a previous plan. The buyback aims to enhance shareholder value and reflects the company's confidence in its financial stability and future growth, although actual repurchase numbers will depend on market conditions.
First Financial Northwest announced a quarterly cash dividend of $0.12 per share on common stock, payable on September 16, 2022. Additionally, the Board approved an extension to the existing stock repurchase plan, now set to expire on September 16, 2022, allowing for the repurchase of up to 5.0% of outstanding shares, equivalent to approximately 455,000 shares. As of June 30, 2022, 34,643 shares had been repurchased at an average price of $16.83 per share, with 420,357 shares remaining for repurchase.