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. (FFNW) generated a series of significant corporate developments that are reflected in its news history. The Company served as the holding company for First Financial Northwest Bank, an FDIC‑insured Washington State‑chartered commercial bank headquartered in Renton, Washington and serving the Puget Sound Region through 15 full‑service banking offices. News coverage traces the Company’s transition from an operating bank holding company to a dissolving entity following the sale of its banking business.
Key news items include announcements of quarterly and annual financial results, where the Company reported net income or net loss, trends in net loans receivable, deposit composition, Federal Home Loan Bank advances, credit quality metrics such as nonaccrual loans and allowance for credit losses, and net interest margin. These releases provide detailed insight into the Bank’s loan portfolio, deposit base, and funding structure over time.
Another major category of FFNW news relates to its strategic transaction with Global Federal Credit Union. Press releases document regulatory approvals from the Washington State Department of Financial Institutions, the Federal Deposit Insurance Corporation and the National Credit Union Administration for Global to acquire substantially all of the assets and assume substantially all of the liabilities of First Financial Northwest Bank. Additional news items report shareholder approval of the asset sale and the Company’s Plan of Dissolution, the closing of the asset sale, and the subsequent steps toward delisting and liquidation.
Later news focuses on the declaration of an initial liquidating distribution and a final cash liquidation distribution under the Plan of Dissolution, as well as the closing of the Company’s stock transfer books and the filing of a Form 25 to delist its common stock from Nasdaq. Together, these articles form a historical record of FFNW’s financial performance, regulatory milestones, asset sale to Global Federal Credit Union, and the winding up of the Company.
Investors, researchers and former shareholders can use this news feed as an archive of FFNW’s transition from an active bank holding company to a dissolving entity and to understand how its banking operations were transferred to Global Federal Credit Union.
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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.