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 has declared a quarterly cash dividend of $0.11 per share for its outstanding common stock. The dividend is scheduled for payment on June 18, 2021, to shareholders of record by June 4, 2021. As the holding company for First Financial Northwest Bank, an FDIC insured commercial bank, the company serves the Puget Sound Region through 15 branches, reinforcing its commitment to customer service and community engagement.
First Financial Northwest reported a net income of $2.5 million, or $0.26 per diluted share, for Q1 2021, a decrease from $2.6 million in Q4 2020 but an improvement from $1.7 million in Q1 2020. Total deposits increased by $40 million to $1.13 billion, driven by a rise in noninterest-bearing demand deposits. The average cost of deposits fell to 0.85%. The company downgraded $10.5 million in loans to special mention status, leading to a provision for loan losses of $300,000. The quarterly cash dividend was raised to $0.11 per share from $0.10. The tier 1 capital ratio was maintained at 10.2%.
First Financial Northwest, Inc. (NASDAQ: FFNW) has declared a quarterly cash dividend of $0.11 per share, marking a $0.01 increase from the previous quarter. The dividend will be payable on March 26, 2021, to shareholders of record on March 12, 2021. This decision reflects the company’s commitment to returning value to its shareholders amid ongoing economic uncertainties.
First Financial Northwest reported a net income of $2.6 million for Q4 2020, an increase from $2.1 million in Q3 2020 and steady compared to Q4 2019. For the full year, net income was $8.6 million, down from $10.4 million in 2019. The bank's checking account balances rose by $80.7 million, boosting total deposits to $1.09 billion. The cost of funds decreased to 1.07%. However, 16 loans totaling $34.2 million were downgraded due to COVID-19 impacts, resulting in a $600,000 loan loss provision. Book value per share grew to $16.05 from $15.62.
First Financial Northwest, Inc. (FFNW) announced a new stock repurchase plan, allowing the purchase of up to 5.0% of its outstanding common stock, approximately 486,000 shares. This plan will start on February 1, 2021, and conclude by August 13, 2021. The previous plan resulted in the repurchase of 329,781 shares at an average price of $9.98 each. Share repurchases aim to enhance shareholder value by reducing outstanding shares, although the actual number of shares repurchased will depend on market conditions.
First Financial Northwest, Inc. (NASDAQ: FFNW) announced a quarterly cash dividend of $0.10 per share, payable on December 18, 2020, to shareholders on record as of December 4, 2020. Headquartered in Renton, Washington, FFNW operates 14 banking offices in the Puget Sound region. This dividend reflects the company's commitment to returning value to its shareholders amid ongoing economic challenges.
First Financial Northwest reported Q3 2020 net income of $2.1 million, down from $2.5 million a year prior. For the first nine months, net income was $5.9 million, compared to $7.8 million in 2019. The company expanded its deposit base, lowering the cost of funds to 1.19%. Total loans under payment deferral decreased to $65.5 million, while the provision for loan losses rose to $700,000 due to downgrades in commercial real estate loans. The bank opened a new office in Gig Harbor and plans another in Issaquah.
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First Financial Northwest, Inc. (NASDAQ: FFNW) has declared a quarterly cash dividend of $0.10 per share on its outstanding common stock. This dividend will be paid on September 18, 2020, to shareholders of record as of September 4, 2020. The company, which operates First Financial Northwest Bank in Washington, emphasizes its commitment to returning value to shareholders while navigating the challenges posed by the COVID-19 pandemic.
First Financial Northwest reported a net income of $2.1 million for Q2 2020, a rise from $1.7 million in Q1 2020 but down from $3.3 million in Q2 2019. Total deposits grew 12.6% to $1.13 billion, driven by demand deposits, while net loans receivable rose to $1.14 billion. The company facilitated $51.7 million in PPP loans, potentially supporting 5,000 jobs. However, a $300,000 provision for loan losses was recorded due to COVID-19 concerns. The book value per share increased to $15.32 as of June 30, 2020.