First Financial Northwest, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 28, 2013 at 09:30 am
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First Financial Northwest, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, total interest income was $9,748,000 against $11,646,000 a year ago. Interest income decreased due to the $66.9 million or 9.3% decrease in average loan portfolio. Net interest income was $7,038,000 against $7,623,000 a year ago. Net interest income after provision for loan losses was $7,038,000 against $7,023,000 a year ago. Income before federal income tax benefit was $1,511,000 against $927,000 a year ago. Net income was $1,511,000 or $0.09 per basic and diluted share against $927,000 or $0.05 per basic and diluted share a year ago. Return on assets was 0.63% against 0.34% a year ago. Return on equity was 3.25% against 2.05% a year ago.
For the full year, total interest income was $41,466,000 against $51,052,000 a year ago. Net interest income was $29,220,000 against $32,567,000 a year ago. Net interest income after provision for loan losses was $26,170,000 against $27,867,000 a year ago. Income before provision (benefit) for federal income tax was $1,714,000 against $4,242,000 a year ago. Net income was $2,713,000 or $0.15 per basic and diluted share against $4,242,000 or $0.24 per basic and diluted share a year ago. Return on assets was 0.27% against 0.37% a year ago. Return on equity was 1.47% against 2.36% 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.