{"id":726201,"date":"2023-01-26T09:13:23","date_gmt":"2023-01-26T14:13:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/first-financial-northwest-inc-reports-net-income-of-3-2-million-or-0-35-per-diluted-share-for-the-fourth-quarter-and-13-2-million-or-1-45-per-diluted-share-for-the-year-ended-december\/"},"modified":"2023-01-26T09:13:23","modified_gmt":"2023-01-26T14:13:23","slug":"first-financial-northwest-inc-reports-net-income-of-3-2-million-or-0-35-per-diluted-share-for-the-fourth-quarter-and-13-2-million-or-1-45-per-diluted-share-for-the-year-ended-december","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-financial-northwest-inc-reports-net-income-of-3-2-million-or-0-35-per-diluted-share-for-the-fourth-quarter-and-13-2-million-or-1-45-per-diluted-share-for-the-year-ended-december\/","title":{"rendered":"First Financial Northwest, Inc. Reports Net Income of $3.2\u00a0Million or $0.35 per Diluted Share for the Fourth Quarter and $13.2\u00a0Million or $1.45 per Diluted Share for the Year Ended December\u00a031, 2022"},"content":{"rendered":"
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RENTON, Wash., Jan. 26, 2023 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the \u201cCompany\u201d) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the \u201cBank\u201d), today reported net income for the quarter ended December\u00a031, 2022, of $3.2\u00a0million, or $0.35 per diluted share, compared to $3.9\u00a0million, or $0.43 per diluted share, for the quarter ended September\u00a030, 2022, and $2.7\u00a0million, or $0.29 per diluted share, for the quarter ended December\u00a031, 2021. For the year ended December\u00a031, 2022, net income was $13.2\u00a0million, or $1.45 per diluted share, compared to net income of $12.2\u00a0million, or $1.29 per diluted share, for the year ended December\u00a031, 2021.<\/p>\n

The provision for loan losses was the primary reason for the decrease in net income for the quarter ended December\u00a031, 2022, compared to the quarter ended September 30, 2022. As a result of the quarterly analysis of our loan portfolio, the Company recorded a provision for loan losses of $500,000 for the quarter ended December 31, 2022, compared to a $400,000 recapture of provision for loan losses for the quarter ended September 30, 2022. The provision in the current quarter was primarily attributable to growth in loans receivable, while the recapture in the prior quarter was primarily attributable to the net impact of changes in the loan portfolio mix, loan downgrades and changes in impairment status.<\/p>\n

\u201cOur residential lending division continued to exceed expectations, resulting in growth of $26.4 million in the quarter ended December\u00a031, 2022, bringing year-to-date growth to $90.7 million in one-to-four family residential loan balances, despite a rapidly increasing interest rate environment throughout the year,\u201d noted Joseph W. Kiley III, President and CEO. \u201cThis growth was fairly evenly distributed between owner occupied homes and non-owner occupied investment properties, with growth of $48.5 million and $42.3\u00a0million, respectively. In addition, I am very proud of the efforts of our credit underwriting teams and the focus on credit quality throughout the bank, with nonperforming asset and loan delinquency balances approximating $200,000 on total loans receivable of $1.2\u00a0billion,\u201d continued Kiley.<\/p>\n

\u201cFinally, I am pleased to report that during a year when many financial institutions saw deterioration in their book value per share, ours increased to $17.57 at December 31, 2022, compared to $17.30 one year ago,\u201d concluded Kiley.<\/p>\n

Highlights for the quarter and year ended December\u00a031, 2022:<\/p>\n