{"id":752162,"date":"2023-04-27T11:01:44","date_gmt":"2023-04-27T15:01:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/first-financial-northwest-inc-reports-net-income-of-2-1-million-or-0-23-per-diluted-share-for-the-first-quarter-ended-march-31-2023\/"},"modified":"2023-04-27T11:01:44","modified_gmt":"2023-04-27T15:01:44","slug":"first-financial-northwest-inc-reports-net-income-of-2-1-million-or-0-23-per-diluted-share-for-the-first-quarter-ended-march-31-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-financial-northwest-inc-reports-net-income-of-2-1-million-or-0-23-per-diluted-share-for-the-first-quarter-ended-march-31-2023\/","title":{"rendered":"First Financial Northwest, Inc. Reports Net Income of $2.1\u00a0Million or $0.23 per Diluted Share for the First Quarter Ended March\u00a031, 2023\u00a0\u00a0"},"content":{"rendered":"
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RENTON, Wash., April 27, 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 March\u00a031, 2023, of $2.1\u00a0million, or $0.23 per diluted share, compared to $3.2\u00a0million, or $0.35 per diluted share, for the quarter ended December\u00a031, 2022, and $3.3\u00a0million, or $0.36 per diluted share, for the quarter ended March\u00a031, 2022.<\/p>\n

President and CEO Joseph W. Kiley III stated, \u201cWhile there was significant turmoil in the banking industry in the quarter, I am pleased to report that our liquidity, capital and credit quality metrics remain very strong. I sincerely appreciate our loyal customers who recognize how differently our community bank operates compared to the large banks that failed during the quarter. Our liquidity continues to be a strength, with total available liquidity from cash, investment securities and our line of credit at the Federal Home Loan Bank totaling over $600 million at quarter end.\u201d<\/p>\n

\u201cCredit quality remained strong, with nonperforming assets under $200,000 and additional loan delinquencies under $30,000 on total loans receivable of $1.2 billion,\u201d noted Kiley. \u201cDuring the quarter, we adopted the current expected credit loss accounting standard, which resulted in a one-time $500,000 increase to our allowance for credit losses and a corresponding net of tax adjustment of $395,000 to retained earnings. At quarter end, with an increase in loans receivable and an increase in the forecast for Washington State unemployment rates in future quarters, we also recognized a $300,000 provision for credit losses, increasing our allowance for credit losses on loans to $16.0 million compared to $15.2 million at year end,\u201d continued Kiley.<\/p>\n

\u201cWith the volatility in the banking industry following the failures of two large regional banks, deposit customers looked for options to insure more of their deposits across the industry. Accordingly, we saw the level of uninsured deposits improve to 23.6% of deposits as of quarter-end from 27.4% at the end of 2022. I am proud of the efforts of our employees to help customers maximize their insured deposits and communicate to them how we are different from the larger banks in the news,\u201d concluded Kiley.<\/p>\n

Highlights for the quarter ended March\u00a031, 2023:<\/p>\n