First Financial Northwest, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 29, 2015 at 09:15 am
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First Financial Northwest, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income was $9.61 million against $9.77 million a year ago. This decline was due in large part to repayments received on higher yielding loans during the quarter, resulting in a decline in the Company's loan balances and portfolio yield. Net interest income was $8 million against $8.07 million a year ago. Income before federal income tax provision was $4.58 million against $4.28 million a year ago. Net income was $2.94 million against $3.93 million a year ago. Diluted earnings per share were $0.20 against $0.25 a year ago. Return on assets was 1.27% against 1.86% a year ago. Return on equity was 6.73% against 9.06% a year ago.
For the full year, the company reported total interest income was $38.69 million against $38.54 million a year ago. This modest increase was due primarily to a slightly higher average balance of loans outstanding during the year ended December 31, 2014, as compared to last year. Net interest income was $32.45 million against $31.01 million a year ago. Income before federal income tax provision was $16.54 million against $10.92 million a year ago. Net income was $10.69 million against $24.46 million a year ago. Diluted earnings per share were $0.71 against $1.46 a year ago. Return on assets was 1.17% against 2.73% a year ago. Return on equity was 5.85% against 13.12% a year ago. Book value per share was $11.96 against $11.25 a year ago.
First Financial Northwest, Inc. is the holding company for First Financial Northwest Bank (the Bank). The Bank focuses on its lending activities primarily on loans secured by commercial real estate, construction/land, first mortgages on one-to-four family residences, multifamily, and business lending. It offers secured consumer loans, including savings account loans, auto loans and home equity loans that include lines of credit and second mortgage term loans. It originates construction/land loans primarily to residential builders for the construction of single-family residences, condominiums, townhouses, multifamily properties and residential developments located in its market area. Its land development loans are generally made to builders for preparation of a building site. Its investment portfolio consists of mortgage-backed securities, municipal bonds, United States government agency obligations, and corporate bonds. It serves King, Snohomish, Pierce and Kitsap counties, Washington.