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.
First Financial Northwest reported a net income of $2.8 million for Q2 2022, down from $3.3 million in Q1 2022 and $3.8 million in Q2 2021. Year-to-date net income is $6.1 million, consistent with last year's $6.3 million. The company did not record a provision for loan losses this quarter, contrasting with a $500,000 recapture in the previous quarter. One-to-four family residential loans grew by $24.5 million, while total deposits rose by $39.4 million to $1.18 billion. The book value per share decreased slightly to $17.26.
First Financial Northwest, Inc. (NASDAQ: FFNW) has announced a quarterly cash dividend of $0.12 per share, payable on June 17, 2022, to shareholders on record by June 3, 2022. The company operates First Financial Northwest Bank, headquartered in Renton, Washington, providing banking services to the Puget Sound Region through 15 full-service offices. This dividend reflects the company’s ongoing commitment to return value to its shareholders while maintaining a stable financial position amidst the current economic environment.
First Financial Northwest reported a net income of $3.3 million, or $0.36 per diluted share, for Q1 2022, up from $2.7 million in Q4 2021 and $2.5 million in Q1 2021. The average cost of funds improved to 0.51%. Net loans receivable rose by $17.9 million, totaling $1.12 billion, despite $5.7 million in PPP loan repayments. Deposits fell by $17.4 million, though noninterest-bearing deposits increased by $12.8 million. The bank recorded a $500,000 recapture of loan loss provision. The regular quarterly dividend was raised to $0.12 per share from $0.11.
First Financial Northwest (NASDAQ: FFNW) announced a quarterly cash dividend of $0.12 per share, marking a $0.01 increase from the previous quarter. This dividend will be paid on March 25, 2022, to shareholders of record by March 11, 2022.
The Board also approved a repurchase plan for up to 5.0% of its outstanding stock, totaling approximately 455,000 shares. This plan will begin on or about February 18, 2022, and is expected to last until August 17, 2022.
First Financial Northwest reported net income of $2.7 million ($0.29 per diluted share) for Q4 2021, down from $3.2 million ($0.34) in Q3 2021. For the full year, net income increased to $12.2 million ($1.29 per share) from $8.6 million ($0.88) in 2020. The average cost of funds decreased to 0.55%. Total deposits rose by $15.7 million, and net loans receivable increased to $1.1 billion. The provision for loan losses was $600,000, primarily due to loan growth. The Company repurchased 392,322 shares, raising book value to $17.30. Regular dividends totaled $0.44 per share, a 10% increase year-over-year.
First Financial Northwest has declared a quarterly cash dividend of $0.11 per share on its common stock, payable on December 17, 2021, to shareholders of record as of December 3, 2021. This decision reflects the Company's ongoing commitment to returning value to its shareholders. The bank, based in Renton, Washington, operates 15 full-service banking offices throughout the Puget Sound Region, serving the local community with various banking services.
First Financial Northwest reported a net income of $3.2 million for Q3 2021, a decrease from $3.8 million in Q2 2021 but an increase from $2.1 million in Q3 2020. Net loans rose by $20 million to $1.10 billion, largely driven by a $24.4 million commercial real estate loan purchase. Total deposits increased by $7.4 million to $1.14 billion. The average cost of deposits saw a decline to 0.56%. The company also reported a cash dividend of $0.11 and no nonperforming assets at quarter end.
First Financial Northwest, Inc. (FFNW) announced the appointment of Cindy L. Runger to its Board of Directors, effective August 13, 2021. Runger brings over 18 years of experience in business development and finance, having held senior roles at major financial institutions. The Board is now composed of 38% women, reflecting the company's commitment to diversity. Runger's expertise includes corporate strategy and risk management, positioning her to provide valuable insights to the company. This move is seen as a strategic step toward enhancing governance and operational efficiency.
First Financial Northwest, Inc. (NASDAQ: FFNW) has declared a quarterly cash dividend of $0.11 per share, payable on September 17, 2021, to shareholders of record by September 3, 2021. Additionally, the Board authorized a stock buyback plan for up to 5.0% of outstanding shares, approximately 476,000 shares, starting on August 16, 2021, expiring no later than February 15, 2022. Previous buybacks included 268,286 shares at an average price of $14.97.
First Financial Northwest reported a net income of $3.8 million for Q2 2021, equating to $0.40 per diluted share, showing growth from $2.5 million in Q1 2021 and $2.1 million in Q2 2020. For the first half of 2021, net income reached $6.3 million, up from $3.8 million in the same period last year. The company noted no nonperforming loans and a reduction in the average cost of deposits to 0.68%. Additionally, the book value per share increased to $16.75. Share repurchases totaled 132,449 shares at an average price of $13.42, with a regular dividend of $0.11 per share.