Reports Net Income of $2.7 million or $0.29 per Diluted Share for the Fourth Quarter and
$12.2 Million or $1.29 per Diluted Share for the Year Ended December 31, 2021
•
|
Net loans receivable increased by $1.8 million to $1.10 billion at December 31, 2021, despite a reduction in PPP loan balances totaling $11.5 million.
|
•
|
Total deposits increased by $15.7 million in the quarter, including a $2.4 million increase in noninterest-bearing demand deposits.
|
•
|
The Company's book value per share increased to $17.30 at December 31, 2021, compared to $17.03 at September 30, 2021, and $16.05 at December 31, 2020.
|
•
|
The Company repurchased 392,322 shares at an average price of $16.88 per share during the quarter for a total of 704,950 shares repurchased at an average price of $16.11 per share during the year, an amount equal to approximately 7.2% of shares outstanding at the beginning of 2021.
|
•
|
The Company paid regular quarterly cash dividends to shareholders totaling $0.44 per share for the year, a 10% increase over the prior year.
|
•
|
The Bank's Tier 1 leverage and total capital ratios at December 31, 2021, were 10.3% and 15.5%, respectively, compared to 10.2% and 15.5%, respectively, at September 30, 2021, and 10.3% and 15.6%, respectively at December 31, 2020.
|
•
|
Based on management's evaluation of the adequacy of the ALLL including the estimated impact of the COVID-19 pandemic, the Bank recorded a $600,000 provision for loan losses during the quarter, bringing the total provision for loan losses to $300,000 for the year.
|
Dec 31, 2021 |
Sep 30, 2021 |
Dec 31, 2020 |
Three Month Change |
One Year Change | ||||||||||||||||
Deposits:
|
(Dollars in thousands)
| |||||||||||||||||||
Noninterest-bearing demand
|
$
|
117,751
|
$
|
115,311
|
$
|
91,285
|
$
|
2,440
|
$
|
26,466
| ||||||||||
Interest-bearing demand
|
97,907
|
104,761
|
108,182
|
(6,854
|
)
|
(10,275
|
)
| |||||||||||||
Savings
|
23,146
|
23,024
|
19,221
|
122
|
3,925
| |||||||||||||||
Money market
|
624,543
|
596,911
|
465,369
|
27,632
|
159,174
| |||||||||||||||
Certificates of deposit, retail
|
294,127
|
301,729
|
409,576
|
(7,602
|
)
|
(115,449
|
)
| |||||||||||||
Total deposits
|
$
|
1,157,474
|
$
|
1,141,736
|
$
|
1,093,633
|
$
|
15,738
|
$
|
63,841
|
December 31, 2021
| ||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Total
| |||||||||||||||||||
(Dollars in thousands)
| ||||||||||||||||||||||||
King County
| ||||||||||||||||||||||||
Renton
|
$
|
44,550
|
$
|
46,485
|
$
|
14,948
|
$
|
316,781
|
$
|
251,860
|
$
|
674,624
| ||||||||||||
Landing
|
6,060
|
3,218
|
180
|
24,056
|
3,620
|
37,134
| ||||||||||||||||||
Woodinville
|
3,625
|
6,814
|
1,017
|
19,585
|
4,974
|
36,015
| ||||||||||||||||||
Bothell
|
2,590
|
1,726
|
86
|
8,453
|
1,158
|
14,013
| ||||||||||||||||||
Crossroads
|
14,094
|
4,129
|
45
|
69,687
|
4,622
|
92,577
| ||||||||||||||||||
Kent
|
6,022
|
8,148
|
2
|
20,268
|
282
|
34,722
| ||||||||||||||||||
Kirkland
|
5,449
|
333
|
12
|
6,834
|
25
|
12,653
| ||||||||||||||||||
Issaquah
|
1,326
|
367
|
17
|
4,532
|
100
|
6,342
| ||||||||||||||||||
Total King County
|
83,716
|
71,220
|
16,307
|
470,196
|
266,641
|
908,080
| ||||||||||||||||||
Snohomish County
| ||||||||||||||||||||||||
Mill Creek
|
5,854
|
3,559
|
694
|
18,781
|
7,101
|
35,989
| ||||||||||||||||||
Edmonds
|
13,839
|
6,809
|
1,103
|
41,513
|
8,954
|
72,218
| ||||||||||||||||||
Clearview
|
5,799
|
4,610
|
1,380
|
24,925
|
1,290
|
38,004
| ||||||||||||||||||
Lake Stevens
|
3,552
|
6,878
|
1,904
|
33,122
|
4,500
|
49,956
| ||||||||||||||||||
Smokey Point
|
3,476
|
4,205
|
1,727
|
33,550
|
5,639
|
48,597
| ||||||||||||||||||
Total Snohomish County
|
32,520
|
26,061
|
6,808
|
151,891
|
27,484
|
244,764
| ||||||||||||||||||
Pierce County
| ||||||||||||||||||||||||
University Place
|
1,058
|
51
|
8
|
481
|
2
|
1,600
| ||||||||||||||||||
Gig Harbor
|
457
|
575
|
23
|
1,975
|
-
|
3,030
| ||||||||||||||||||
Total Pierce County
|
1,515
|
626
|
31
|
2,456
|
2
|
4,630
| ||||||||||||||||||
Total deposits
|
$
|
117,751
|
$
|
97,907
|
$
|
23,146
|
$
|
624,543
|
$
|
294,127
|
$
|
1,157,474
|
September 30, 2021
| ||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Total
| |||||||||||||||||||
(Dollars in thousands)
| ||||||||||||||||||||||||
King County
| ||||||||||||||||||||||||
Renton
|
$
|
42,332
|
$
|
44,237
|
$
|
14,585
|
$
|
315,592
|
$
|
256,310
|
$
|
673,056
| ||||||||||||
Landing
|
8,918
|
3,448
|
229
|
25,029
|
4,718
|
42,342
| ||||||||||||||||||
Woodinville
|
3,769
|
7,020
|
813
|
19,829
|
5,141
|
36,572
| ||||||||||||||||||
Bothell
|
3,122
|
2,412
|
102
|
7,905
|
1,359
|
14,900
| ||||||||||||||||||
Crossroads
|
10,161
|
7,598
|
63
|
67,111
|
4,790
|
89,723
| ||||||||||||||||||
Kent
|
6,494
|
8,827
|
2
|
20,544
|
298
|
36,165
| ||||||||||||||||||
Kirkland
|
6,206
|
393
|
6
|
6,278
|
25
|
12,908
| ||||||||||||||||||
Issaquah
|
842
|
857
|
26
|
4,247
|
100
|
6,072
| ||||||||||||||||||
Total King County
|
81,844
|
74,792
|
15,826
|
466,535
|
272,741
|
911,738
| ||||||||||||||||||
Snohomish County
| ||||||||||||||||||||||||
Mill Creek
|
5,844
|
2,697
|
1,305
|
19,005
|
7,213
|
36,064
| ||||||||||||||||||
Edmonds
|
14,724
|
7,311
|
1,226
|
39,765
|
9,076
|
72,102
| ||||||||||||||||||
Clearview
|
5,031
|
6,268
|
1,321
|
21,254
|
1,721
|
35,595
| ||||||||||||||||||
Lake Stevens
|
3,185
|
8,913
|
2,110
|
22,961
|
4,775
|
41,944
| ||||||||||||||||||
Smokey Point
|
3,072
|
3,908
|
1,198
|
25,752
|
6,201
|
40,131
| ||||||||||||||||||
Total Snohomish County
|
31,856
|
29,097
|
7,160
|
128,737
|
28,986
|
225,836
| ||||||||||||||||||
Pierce County
| ||||||||||||||||||||||||
University Place
|
1,204
|
31
|
12
|
362
|
2
|
1,611
| ||||||||||||||||||
Gig Harbor
|
407
|
841
|
26
|
1,277
|
-
|
2,551
| ||||||||||||||||||
Total Pierce County
|
1,611
|
872
|
38
|
1,639
|
2
|
4,162
| ||||||||||||||||||
Total deposits
|
$
|
115,311
|
$
|
104,761
|
$
|
23,024
|
$
|
596,911
|
$
|
301,729
|
$
|
1,141,736
|
Dec 31,
|
Sep 30,
|
Dec 31,
|
Three Month |
One Year | |||||
2021
|
2021
|
2020
|
Change
|
Change
| |||||
(Dollars in thousands)
| |||||||||
Nonperforming loans:
| |||||||||
Multifamily
|
$ ─
|
$ ─
|
$ 2,104
|
$ ─
|
$ (2,104)
| ||||
Total nonperforming loans
|
─
|
─
|
2,104
|
─
|
(2,104)
| ||||
OREO
|
─
|
─
|
454
|
─
|
(454)
| ||||
Total nonperforming assets (1) |
$ ─
|
$ ─
|
$ 2,558
|
$ ─
|
$ (2,558)
| ||||
Nonperforming assets as a percent
| |||||||||
of total assets
|
0.00%
|
0.00%
|
0.18%
|
Assets
|
Dec 31, 2021 |
Sep 30, 2021 |
Dec 31, 2020 |
Three Month Change |
One Year Change | |||||||||||||||
Cash on hand and in banks
|
$
|
7,246
|
$
|
7,243
|
$
|
7,995
|
0.0
|
%
|
(9.4
|
)%
| ||||||||||
Interest-earning deposits with banks
|
66,145
|
71,869
|
72,494
|
(8.0
|
)
|
(8.8
|
)
| |||||||||||||
Investments available-for-sale, at fair value
|
168,948
|
178,061
|
127,551
|
(5.1
|
)
|
32.5
| ||||||||||||||
Annuity held-to-maturity
|
2,432
|
2,425
|
2,418
|
0.3
|
0.6
| |||||||||||||||
Loans receivable, net of allowance of $15,657,
$15,057, and $15,174 respectively
|
1,103,461
|
1,101,669
|
1,100,582
|
0.2
|
0.3
| |||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
5,465
|
6,465
|
6,410
|
(15.5
|
)
|
(14.7
|
)
| |||||||||||||
Accrued interest receivable
|
5,285
|
5,681
|
5,508
|
(7.0
|
)
|
(4.0
|
)
| |||||||||||||
Deferred tax assets, net
|
850
|
746
|
1,641
|
13.9
|
(48.2
|
)
| ||||||||||||||
Other real estate owned ("OREO")
|
-
|
-
|
454
|
n/a
|
(100.0
|
)
| ||||||||||||||
Premises and equipment, net
|
22,440
|
22,628
|
22,579
|
(0.8
|
)
|
(0.6
|
)
| |||||||||||||
Bank owned life insurance ("BOLI"), net
|
35,210
|
34,994
|
33,034
|
0.6
|
6.6
| |||||||||||||||
Prepaid expenses and other assets
|
3,628
|
2,975
|
1,643
|
21.9
|
120.8
| |||||||||||||||
Right of use asset ("ROU"), net
|
3,646
|
3,838
|
3,647
|
(5.0
|
)
|
(0.0
|
)
| |||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
| |||||||||||||||
Core deposit intangible, net
|
684
|
719
|
824
|
(4.9
|
)
|
(17.0
|
)
| |||||||||||||
Total assets
|
$
|
1,426,329
|
$
|
1,440,202
|
$
|
1,387,669
|
(1.0
|
)
|
2.8
| |||||||||||
Liabilities and Stockholders' Equity
| ||||||||||||||||||||
Deposits
| ||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
117,751
|
$
|
115,311
|
$
|
91,285
|
2.1
|
%
|
29.0
|
%
| ||||||||||
Interest-bearing deposits
|
1,039,723
|
1,026,425
|
1,002,348
|
1.3
|
3.7
| |||||||||||||||
Total deposits
|
1,157,474
|
1,141,736
|
1,093,633
|
1.4
|
5.8
| |||||||||||||||
Advances from the FHLB
|
95,000
|
120,000
|
120,000
|
(20.8
|
)
|
(20.8
|
)
| |||||||||||||
Advance payments from borrowers for taxes and
insurance
|
2,909
|
5,075
|
2,498
|
(42.7
|
)
|
16.5
| ||||||||||||||
Lease liability, net
|
3,805
|
3,994
|
3,783
|
(4.7
|
)
|
0.6
| ||||||||||||||
Accrued interest payable
|
112
|
206
|
211
|
(45.6
|
)
|
(46.9
|
)
| |||||||||||||
Other liabilities
|
9,150
|
7,735
|
11,242
|
18.3
|
(18.6
|
)
| ||||||||||||||
Total liabilities
|
1,268,450
|
1,278,746
|
1,231,367
|
(0.8
|
)
|
3.0
| ||||||||||||||
Commitments and contingencies
| ||||||||||||||||||||
Stockholders' Equity
| ||||||||||||||||||||
Preferred stock, $0.01 par value; authorized
10,000,000 shares; no shares issued or
outstanding
|
-
|
-
|
-
|
n/a
|
n/a
| |||||||||||||||
Common stock, $0.01 par value; authorized
90,000,000 shares; issued and outstanding
9,125,759 shares at December 31, 2021,
9,483,081 shares at September 30, 2021, and
9,736,875 shares at December 31, 2020
|
91
|
95
|
97
|
(4.2
|
)
|
(6.2
|
)
| |||||||||||||
Additional paid-in capital
|
72,298
|
78,311
|
82,095
|
(7.7
|
)
|
(11.9
|
)
| |||||||||||||
Retained earnings
|
86,162
|
84,402
|
78,003
|
2.1
|
10.5
| |||||||||||||||
Accumulated other comprehensive income
(loss), net of tax
|
174
|
(223
|
)
|
(1,918
|
)
|
(178.0
|
)
|
(109.1
|
)
| |||||||||||
Unearned Employee Stock Ownership Plan
("ESOP") shares
|
(846
|
)
|
(1,129
|
)
|
(1,975
|
)
|
(25.1
|
)
|
(57.2
|
)
| ||||||||||
Total stockholders' equity
|
157,879
|
161,456
|
156,302
|
(2.2
|
)
|
1.0
| ||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,426,329
|
$
|
1,440,202
|
$
|
1,387,669
|
(1.0
|
)%
|
2.8
|
%
|
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Quarter Ended
| ||||||||||||||||||||
Dec 31, 2021 |
Sep 30, 2021 |
Dec 31, 2020 |
Three Month Change |
One Year Change | ||||||||||||||||
Interest income
| ||||||||||||||||||||
Loans, including fees
|
$
|
12,398
|
$
|
12,508
|
$
|
13,042
|
(0.9
|
)%
|
(4.9
|
)%
| ||||||||||
Investments available-for-sale
|
800
|
814
|
707
|
(1.7
|
)
|
13.2
| ||||||||||||||
Investments held-to-maturity
|
4
|
4
|
6
|
0.0
|
(33.3
|
)
| ||||||||||||||
Interest-earning deposits with banks
|
19
|
24
|
7
|
(20.8
|
)
|
171.4
| ||||||||||||||
Dividends on FHLB Stock
|
85
|
84
|
81
|
1.2
|
4.9
| |||||||||||||||
Total interest income
|
13,306
|
13,434
|
13,843
|
(1.0
|
)
|
(3.9
|
)
| |||||||||||||
Interest expense
| ||||||||||||||||||||
Deposits
|
1,390
|
1,612
|
2,767
|
(13.8
|
)
|
(49.8
|
)
| |||||||||||||
FHLB advances and other borrowings
|
340
|
431
|
426
|
(21.1
|
)
|
(20.2
|
)
| |||||||||||||
Total interest expense
|
1,730
|
2,043
|
3,193
|
(15.3
|
)
|
(45.8
|
)
| |||||||||||||
Net interest income
|
11,576
|
11,391
|
10,650
|
1.6
|
8.7
| |||||||||||||||
Provision for loan losses
|
600
|
100
|
600
|
500.0
|
0.0
| |||||||||||||||
Net interest income after provision for loan
losses
|
10,976
|
11,291
|
10,050
|
(2.8
|
)
|
9.2
| ||||||||||||||
Noninterest income
| ||||||||||||||||||||
Net gain on sale of investments
|
32
|
-
|
-
|
n/a
|
n/a
| |||||||||||||||
BOLI income
|
216
|
377
|
204
|
(42.7
|
)
|
5.9
| ||||||||||||||
Wealth management revenue
|
104
|
64
|
170
|
62.5
|
(38.8
|
)
| ||||||||||||||
Deposit related fees
|
218
|
228
|
195
|
(4.4
|
)
|
11.8
| ||||||||||||||
Loan related fees
|
551
|
300
|
1,082
|
83.7
|
(49.1
|
)
| ||||||||||||||
Other
|
5
|
30
|
3
|
(83.3
|
)
|
66.7
| ||||||||||||||
Total noninterest income
|
1,126
|
999
|
1,654
|
12.7
|
(31.9
|
)
| ||||||||||||||
Noninterest expense
| ||||||||||||||||||||
Salaries and employee benefits
|
5,374
|
4,856
|
5,146
|
10.7
|
4.4
| |||||||||||||||
Occupancy and equipment
|
1,154
|
1,116
|
1,147
|
3.4
|
0.6
| |||||||||||||||
Professional fees
|
477
|
502
|
450
|
(5.0
|
)
|
6.0
| ||||||||||||||
Data processing
|
689
|
626
|
711
|
10.1
|
(3.1
|
)
| ||||||||||||||
OREO related expenses, net
|
1
|
207
|
1
|
(99.5
|
)
|
0.0
| ||||||||||||||
Regulatory assessments
|
100
|
121
|
142
|
(17.4
|
)
|
(29.6
|
)
| |||||||||||||
Insurance and bond premiums
|
110
|
106
|
106
|
3.8
|
3.8
| |||||||||||||||
Marketing
|
37
|
64
|
64
|
(42.2
|
)
|
(42.2
|
)
| |||||||||||||
Other general and administrative
|
774
|
735
|
668
|
5.3
|
15.9
| |||||||||||||||
Total noninterest expense
|
8,716
|
8,333
|
8,435
|
4.6
|
3.3
| |||||||||||||||
Income before federal income tax provision
|
3,386
|
3,957
|
3,269
|
(14.4
|
)
|
3.6
| ||||||||||||||
Federal income tax provision
|
643
|
758
|
622
|
(15.2
|
)
|
3.4
| ||||||||||||||
Net income
|
$
|
2,743
|
$
|
3,199
|
$
|
2,647
|
(14.3
|
)%
|
3.6
|
%
| ||||||||||
Basic earnings per share
|
$
|
0.30
|
$
|
0.34
|
$
|
0.28
| ||||||||||||||
Diluted earnings per share
|
$
|
0.29
|
$
|
0.34
|
$
|
0.28
| ||||||||||||||
Weighted average number of common shares
outstanding
|
9,129,724
|
9,314,456
|
9,573,950
| |||||||||||||||||
Weighted average number of diluted shares
outstanding
|
9,273,502
|
9,446,702
|
9,603,493
|
Year Ended December 31,
| ||||||||||||
2021
|
2020
|
One Year Change | ||||||||||
Interest income
| ||||||||||||
Loans, including fees
|
$
|
50,170
|
$
|
52,546
|
(4.5
|
)%
| ||||||
Investments available-for-sale
|
3,200
|
3,173
|
0.9
| |||||||||
Investments held-to-maturity
|
24
|
23
|
4.3
| |||||||||
Interest-earning deposits with banks
|
72
|
52
|
38.5
| |||||||||
Dividends on FHLB Stock
|
332
|
320
|
3.8
| |||||||||
Total interest income
|
53,798
|
56,114
|
(4.1
|
)
| ||||||||
Interest expense
| ||||||||||||
Deposits
|
7,216
|
14,005
|
(48.5
|
)
| ||||||||
FHLB advances
|
1,603
|
1,640
|
(2.3
|
)
| ||||||||
Total interest expense
|
8,819
|
15,645
|
(43.6
|
)
| ||||||||
Net interest income
|
44,979
|
40,469
|
11.1
| |||||||||
Provision for loan losses
|
300
|
1,900
|
(84.2
|
)
| ||||||||
Net interest income after provision for loan losses
|
44,679
|
38,569
|
15.8
| |||||||||
Noninterest income
| ||||||||||||
Net gain on sale of investments
|
32
|
86
|
(62.8
|
)
| ||||||||
BOLI
|
1,107
|
982
|
12.7
| |||||||||
Wealth management revenue
|
494
|
663
|
(25.5
|
)
| ||||||||
Deposit accounts related fees
|
872
|
755
|
15.5
| |||||||||
Loan related fees
|
1,265
|
1,947
|
(35.0
|
)
| ||||||||
Other
|
92
|
9
|
922.2
| |||||||||
Total noninterest income
|
3,862
|
4,442
|
(13.1
|
)
| ||||||||
Noninterest expense
| ||||||||||||
Salaries and employee benefits
|
20,237
|
20,039
|
1.0
| |||||||||
Occupancy and equipment
|
4,557
|
4,237
|
7.6
| |||||||||
Professional fees
|
1,899
|
1,707
|
11.2
| |||||||||
Data processing
|
2,692
|
2,822
|
(4.6
|
)
| ||||||||
OREO related expenses, net
|
209
|
9
|
2,222.2
| |||||||||
Regulatory assessments
|
456
|
547
|
(16.6
|
)
| ||||||||
Insurance and bond premiums
|
451
|
445
|
1.3
| |||||||||
Marketing
|
154
|
197
|
(21.8
|
)
| ||||||||
Other general and administrative
|
2,712
|
2,510
|
8.0
| |||||||||
Total noninterest expense
|
33,367
|
32,513
|
2.6
| |||||||||
Income before federal income tax provision
|
15,174
|
10,498
|
44.5
| |||||||||
Federal income tax provision
|
2,925
|
1,942
|
50.6
| |||||||||
Net income
|
$
|
12,249
|
$
|
8,556
|
43.2
|
%
| ||||||
Basic earnings per share
|
$
|
1.31
|
$
|
0.88
| ||||||||
Diluted earnings per share
|
$
|
1.29
|
$
|
0.88
| ||||||||
Weighted average number of common shares outstanding
|
9,340,997
|
9,734,493
| ||||||||||
Weighted average number of diluted shares outstanding
|
9,454,495
|
9,758,644
|
December 31, 2021
|
September 30, 2021
|
December 31, 2020
| ||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
| |||||||||||||||||||
(Dollars in thousands)
| ||||||||||||||||||||||||
Commercial real estate:
| ||||||||||||||||||||||||
Residential:
| ||||||||||||||||||||||||
Micro-unit apartments
|
$
|
-
|
0.0
|
%
|
$
|
8,220
|
0.7
|
%
|
$
|
11,366
|
1.0
|
%
| ||||||||||||
Other multifamily
|
130,146
|
11.6
|
135,586
|
12.2
|
125,328
|
11.2
| ||||||||||||||||||
Total multifamily residential
|
130,146
|
11.6
|
143,806
|
12.9
|
136,694
|
12.2
| ||||||||||||||||||
Non-residential:
| ||||||||||||||||||||||||
Office
|
90,727
|
8.1
|
89,622
|
8.0
|
84,311
|
7.5
| ||||||||||||||||||
Retail
|
138,463
|
12.4
|
124,439
|
11.1
|
114,117
|
10.2
| ||||||||||||||||||
Mobile home park
|
20,636
|
1.8
|
20,838
|
1.9
|
28,094
|
2.5
| ||||||||||||||||||
Hotel / motel
|
64,854
|
5.8
|
65,210
|
5.8
|
69,304
|
6.2
| ||||||||||||||||||
Nursing Home
|
12,713
|
1.1
|
12,784
|
1.1
|
12,868
|
1.2
| ||||||||||||||||||
Warehouse
|
17,724
|
1.6
|
16,999
|
1.5
|
17,484
|
1.6
| ||||||||||||||||||
Storage
|
32,990
|
2.9
|
33,163
|
3.0
|
33,671
|
3.0
| ||||||||||||||||||
Other non-residential
|
41,310
|
3.8
|
29,301
|
2.6
|
25,416
|
2.3
| ||||||||||||||||||
Total non-residential
|
419,417
|
37.5
|
392,356
|
35.0
|
385,265
|
34.5
| ||||||||||||||||||
Construction/land:
| ||||||||||||||||||||||||
One-to-four family residential
|
34,677
|
3.1
|
36,213
|
3.2
|
33,396
|
3.0
| ||||||||||||||||||
Multifamily
|
37,194
|
3.3
|
47,549
|
4.3
|
51,215
|
4.6
| ||||||||||||||||||
Commercial
|
6,189
|
0.6
|
6,189
|
0.6
|
5,783
|
0.5
| ||||||||||||||||||
Land development
|
15,395
|
1.4
|
11,337
|
1.0
|
1,813
|
0.2
| ||||||||||||||||||
Total construction/land
|
93,455
|
8.4
|
101,288
|
9.1
|
92,207
|
8.3
| ||||||||||||||||||
One-to-four family residential:
| ||||||||||||||||||||||||
Permanent owner occupied
|
185,320
|
16.6
|
184,990
|
16.6
|
206,323
|
18.5
| ||||||||||||||||||
Permanent non-owner occupied
|
199,796
|
17.8
|
197,686
|
17.7
|
175,637
|
15.7
| ||||||||||||||||||
Total one-to-four family residential
|
385,116
|
34.4
|
382,676
|
34.3
|
381,960
|
34.2
| ||||||||||||||||||
Business:
| ||||||||||||||||||||||||
Aircraft
|
6,079
|
0.5
|
6,322
|
0.6
|
10,811
|
0.9
| ||||||||||||||||||
Small Business Administration ("SBA")
|
839
|
0.1
|
862
|
0.1
|
928
|
0.1
| ||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
10,849
|
1.0
|
22,379
|
2.0
|
41,251
|
3.7
| ||||||||||||||||||
Other business
|
28,823
|
2.5
|
25,185
|
2.2
|
27,673
|
2.5
| ||||||||||||||||||
Total business
|
46,590
|
4.1
|
54,748
|
4.9
|
80,663
|
7.2
| ||||||||||||||||||
Consumer:
| ||||||||||||||||||||||||
Classic, collectible and other auto
|
35,861
|
3.2
|
32,819
|
2.9
|
29,359
|
2.6
| ||||||||||||||||||
Other consumer
|
8,951
|
0.8
|
9,665
|
0.9
|
11,262
|
1.0
| ||||||||||||||||||
Total consumer
|
44,812
|
4.0
|
42,484
|
3.8
|
40,621
|
3.6
| ||||||||||||||||||
Total loans
|
1,119,536
|
100.0
|
%
|
1,117,358
|
100.0
|
%
|
1,117,410
|
100.0
|
%
| |||||||||||||||
Less:
| ||||||||||||||||||||||||
Deferred loan fees, net
|
418
|
632
|
1,654
| |||||||||||||||||||||
ALLL
|
15,657
|
15,057
|
15,174
| |||||||||||||||||||||
Loans receivable, net
|
$
|
1,103,461
|
$
|
1,101,669
|
$
|
1,100,582
| ||||||||||||||||||
Concentrations of credit: (1) | ||||||||||||||||||||||||
Construction loans as % of total capital
|
59.7
|
%
|
67.1
|
%
|
61.6
|
%
| ||||||||||||||||||
Total non-owner occupied commercial real
estate as % of total capital
|
384.0
|
%
|
389.6
|
%
|
390.1
|
%
|
(Unaudited)
At or For the Quarter Ended
| ||||||||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
| ||||||||||||||||
2021
|
2021
|
2021
|
2021
|
2020
| ||||||||||||||||
(Dollars in thousands, except per share data)
| ||||||||||||||||||||
Performance Ratios:(1) | ||||||||||||||||||||
Return on assets
|
0.76
|
%
|
0.88
|
%
|
1.07
|
%
|
0.73
|
%
|
0.77
|
%
| ||||||||||
Return on equity
|
6.79
|
7.84
|
9.54
|
6.42
|
6.76
| |||||||||||||||
Dividend payout ratio
|
36.67
|
32.35
|
27.50
|
42.31
|
35.71
| |||||||||||||||
Equity-to-assets ratio
|
11.07
|
11.21
|
11.30
|
11.08
|
11.26
| |||||||||||||||
Tangible equity ratio (2) |
10.97
|
11.11
|
11.19
|
10.97
|
11.15
| |||||||||||||||
Net interest margin
|
3.40
|
3.33
|
3.36
|
3.31
|
3.29
| |||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
119.08
|
119.35
|
117.99
|
117.92
|
116.42
| |||||||||||||||
Efficiency ratio
|
68.62
|
67.26
|
66.92
|
70.63
|
68.55
| |||||||||||||||
Noninterest expense as a percent of
average total assets
|
2.42
|
2.30
|
2.31
|
2.36
|
2.46
| |||||||||||||||
Book value per common share
|
$
|
17.30
|
$
|
17.03
|
$
|
16.75
|
$
|
16.35
|
$
|
16.05
| ||||||||||
Tangible book value per share (2) |
17.13
|
16.86
|
16.58
|
16.17
|
15.88
| |||||||||||||||
Capital Ratios:(3) | ||||||||||||||||||||
Tier 1 leverage ratio
|
10.34
|
%
|
10.19
|
%
|
10.15
|
%
|
10.15
|
%
|
10.29
|
%
| ||||||||||
Common equity tier 1 capital ratio
|
14.23
|
14.25
|
14.45
|
14.36
|
14.32
| |||||||||||||||
Tier 1 capital ratio
|
14.23
|
14.25
|
14.45
|
14.36
|
14.32
| |||||||||||||||
Total capital ratio
|
15.48
|
15.50
|
15.70
|
15.62
|
15.57
| |||||||||||||||
Asset Quality Ratios:
| ||||||||||||||||||||
Nonperforming loans as a percent of total loans
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.18
|
%
|
0.19
|
%
| ||||||||||
Nonperforming assets as a percent of total assets
|
0.00
|
0.00
|
0.03
|
0.17
|
0.18
| |||||||||||||||
ALLL as a percent of total loans
|
1.40
|
1.35
|
1.35
|
1.39
|
1.36
| |||||||||||||||
Net (recoveries) charge-offs to average
loans receivable, net
|
0.00
|
(0.01
|
)
|
(0.01
|
)
|
(0.00
|
)
|
(0.00
|
)
| |||||||||||
Allowance for Loan Losses:
| ||||||||||||||||||||
ALLL, beginning of the quarter
|
$
|
15,057
|
$
|
14,878
|
$
|
15,502
|
$
|
15,174
|
$
|
14,568
| ||||||||||
Provision (recapture of provision)
|
600
|
100
|
(700
|
)
|
300
|
600
| ||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
(2
|
)
| ||||||||||||||
Recoveries
|
-
|
79
|
76
|
28
|
8
| |||||||||||||||
ALLL, end of the quarter
|
$
|
15,657
|
$
|
15,057
|
$
|
14,878
|
$
|
5,502
|
$
|
15,174
|
At or For the Quarter Ended
| ||||||||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
| ||||||||||||||||
2021
|
2021
|
2021
|
2021
|
2020
| ||||||||||||||||
(Dollars in thousands, except per share data)
| ||||||||||||||||||||
Yields and Costs: (1) | ||||||||||||||||||||
Yield on loans
|
4.44
|
%
|
4.54
|
%
|
4.64
|
%
|
4.66
|
%
|
4.61
|
%
| ||||||||||
Yield on investments available-for-sale
|
1.80
|
1.75
|
1.92
|
1.91
|
2.21
| |||||||||||||||
Yield on investments held-to-maturity
|
0.65
|
0.66
|
0.66
|
2.18
|
0.99
| |||||||||||||||
Yield on interest-earning deposits
|
0.13
|
0.14
|
0.10
|
0.09
|
0.11
| |||||||||||||||
Yield on FHLB stock
|
5.89
|
5.15
|
5.13
|
5.00
|
4.99
| |||||||||||||||
Yield on interest-earning assets
|
3.91
|
%
|
3.93
|
%
|
4.06
|
%
|
4.15
|
%
|
4.26
|
%
| ||||||||||
Cost of interest-bearing deposits
|
0.53
|
%
|
0.63
|
%
|
0.75
|
%
|
0.94
|
%
|
1.12
|
%
| ||||||||||
Cost of borrowings
|
1.33
|
1.42
|
1.37
|
1.41
|
1.40
| |||||||||||||||
Cost of interest-bearing liabilities
|
0.61
|
%
|
0.71
|
%
|
0.82
|
%
|
0.99
|
%
|
1.15
|
%
| ||||||||||
Cost of total deposits
|
0.48
|
%
|
0.56
|
%
|
0.68
|
%
|
0.85
|
%
|
1.03
|
%
| ||||||||||
Cost of funds
|
0.55
|
0.64
|
0.75
|
0.91
|
1.07
| |||||||||||||||
Average Balances:
| ||||||||||||||||||||
Loans
|
$
|
1,108,836
|
$
|
1,094,124
|
$
|
1,092,710
|
$
|
1,099,364
|
$
|
1,126,554
| ||||||||||
Investments available-for-sale
|
176,072
|
184,840
|
177,713
|
155,795
|
127,456
| |||||||||||||||
Investments held-to-maturity
|
2,428
|
2,421
|
2,415
|
2,413
|
2,410
| |||||||||||||||
Interest-earning deposits
|
56,800
|
68,618
|
64,035
|
52,336
|
26,092
| |||||||||||||||
FHLB stock
|
5,726
|
6,465
|
6,485
|
6,412
|
6,459
| |||||||||||||||
Total interest-earning assets
|
$
|
1,349,862
|
$
|
1,356,468
|
$
|
1,343,358
|
$
|
1,316,320
|
$
|
1,288,971
| ||||||||||
Interest-bearing deposits
|
$
|
1,032,090
|
$
|
1,016,540
|
$
|
1,018,083
|
$
|
996,295
|
$
|
985,945
| ||||||||||
Borrowings
|
101,522
|
120,000
|
120,494
|
120,000
|
121,218
| |||||||||||||||
Total interest-bearing liabilities
|
1,133,612
|
1,136,540
|
1,138,577
|
1,116,295
|
1,107,163
| |||||||||||||||
Noninterest-bearing deposits
|
119,142
|
121,256
|
110,207
|
99,013
|
83,719
| |||||||||||||||
Total deposits and borrowings
|
$
|
1,252,754
|
$
|
1,257,796
|
$
|
1,248,784
|
$
|
1,215,308
|
$
|
1,190,882
| ||||||||||
Average assets
|
$
|
1,430,199
|
$
|
1,436,801
|
$
|
1,424,126
|
$
|
1,394,213
|
$
|
1,366,061
| ||||||||||
Average stockholders' equity
|
160,183
|
161,892
|
160,189
|
157,856
|
155,765
|
At or For the Year Ended December 31,
| ||||||||||||||||||||
2021
|
2020
|
2019
|
2018
|
2017
| ||||||||||||||||
(Dollars in thousands, except per share data)
| ||||||||||||||||||||
Performance Ratios:
| ||||||||||||||||||||
Return on assets
|
0.86
|
%
|
0.63
|
%
|
0.80
|
%
|
1.21
|
%
|
0.76
|
%
| ||||||||||
Return on equity
|
7.65
|
5.50
|
6.73
|
9.86
|
5.94
| |||||||||||||||
Dividend payout ratio
|
33.59
|
45.45
|
33.65
|
21.53
|
32.93
| |||||||||||||||
Equity-to-assets ratio
|
11.07
|
11.26
|
11.65
|
12.28
|
11.79
| |||||||||||||||
Tangible equity ratio (1) |
10.97
|
11.15
|
11.53
|
12.13
|
11.63
| |||||||||||||||
Net interest margin
|
3.35
|
3.15
|
3.19
|
3.56
|
3.60
| |||||||||||||||
Average interest-earning assets to
average interest-bearing liabilities
|
118.59
|
115.62
|
113.44
|
114.28
|
114.07
| |||||||||||||||
Efficiency ratio
|
68.32
|
72.39
|
70.66
|
66.88
|
67.31
| |||||||||||||||
Noninterest expense as a percent of
average total assets
|
2.35
|
2.39
|
2.35
|
2.40
|
2.42
| |||||||||||||||
Book value per common share
|
$
|
17.30
|
$
|
16.05
|
$
|
15.25
|
$
|
14.35
|
$
|
13.27
| ||||||||||
Tangible book value per share (1) |
17.13
|
15.88
|
15.07
|
14.17
|
13.07
| |||||||||||||||
Capital Ratios: (2) | ||||||||||||||||||||
Tier 1 leverage ratio
|
10.34
|
%
|
10.29
|
%
|
10.27
|
%
|
10.37
|
%
|
10.20
|
%
| ||||||||||
Common equity tier 1 capital ratio
|
14.23
|
14.32
|
13.13
|
13.43
|
12.52
| |||||||||||||||
Tier 1 capital ratio
|
14.23
|
14.32
|
13.13
|
13.43
|
12.52
| |||||||||||||||
Total capital ratio
|
15.48
|
15.57
|
14.38
|
14.68
|
13.77
| |||||||||||||||
Asset Quality Ratios:
| ||||||||||||||||||||
Nonperforming loans as a percent of
total loans, net of undisbursed funds
|
0.00
|
%
|
0.19
|
%
|
0.01
|
%
|
0.07
|
%
|
0.02
|
%
| ||||||||||
Nonperforming assets as a percent of
total assets
|
0.00
|
0.18
|
0.04
|
0.10
|
0.05
| |||||||||||||||
ALLL as a percent of total loans, net
of undisbursed funds
|
1.40
|
1.36
|
1.18
|
1.29
|
1.28
| |||||||||||||||
Net charge-offs (recoveries) to
average loans receivable, net
|
(0.02
|
)
|
(0.00
|
)
|
(0.02
|
)
|
(0.45
|
)
|
(0.27
|
)
| ||||||||||
Allowance for Loan Losses:
| ||||||||||||||||||||
ALLL, beginning of the year
|
$
|
15,174
|
$
|
13,218
|
$
|
13,347
|
$
|
12,882
|
$
|
10,951
| ||||||||||
Provision (recapture of provision)
|
300
|
1,900
|
(300
|
)
|
(4,000
|
)
|
(400
|
)
| ||||||||||||
Charge-offs
|
-
|
(2
|
)
|
-
|
-
|
-
| ||||||||||||||
Recoveries
|
183
|
58
|
171
|
4,465
|
2,331
| |||||||||||||||
ALLL, end of the year
|
$
|
15,657
|
$
|
15,174
|
$
|
13,218
|
$
|
13,347
|
$
|
12,882
|
At or For the Year Ended December 31,
| ||||||||||||||||||||
2021
|
2020
|
2019
|
2018
|
2017
| ||||||||||||||||
(Dollars in thousands, except per share data)
| ||||||||||||||||||||
Yields and Costs:
| ||||||||||||||||||||
Yield on loans
|
4.57
|
%
|
4.69
|
%
|
5.15
|
%
|
5.13
|
%
|
4.96
|
%
| ||||||||||
Yield on investments available-for-sale
|
1.84
|
2.42
|
3.11
|
2.92
|
2.61
| |||||||||||||||
Yield on investments held-to-maturity
|
0.99
|
0.99
|
0.00
|
0.00
|
0.00
| |||||||||||||||
Yield on interest-earning deposits
|
0.12
|
0.21
|
2.15
|
1.74
|
1.07
| |||||||||||||||
Yield on FHLB stock
|
5.29
|
4.85
|
5.42
|
5.24
|
3.32
| |||||||||||||||
Yield on interest-earning assets
|
4.01
|
%
|
4.36
|
%
|
4.88
|
%
|
4.83
|
%
|
4.57
|
%
| ||||||||||
Cost of deposits
|
0.71
|
%
|
1.42
|
%
|
1.90
|
%
|
1.35
|
%
|
1.04
|
%
| ||||||||||
Cost of borrowings
|
1.39
|
1.31
|
2.09
|
1.92
|
1.30
| |||||||||||||||
Cost of interest-bearing liabilities
|
0.78
|
%
|
1.41
|
%
|
1.92
|
%
|
1.46
|
%
|
1.10
|
%
| ||||||||||
Cost of total deposits
|
0.64
|
%
|
1.32
|
%
|
1.81
|
%
|
1.28
|
%
|
0.99
|
%
| ||||||||||
Cost of funds
|
0.71
|
1.32
|
1.84
|
1.39
|
1.05
| |||||||||||||||
Average Balances:
| ||||||||||||||||||||
Loans
|
$
|
1,098,772
|
$
|
1,120,889
|
$
|
1,061,367
|
$
|
995,810
|
$
|
878,449
| ||||||||||
Investments available-for-sale
|
173,691
|
131,272
|
139,354
|
141,100
|
134,105
| |||||||||||||||
Investments held-to-maturity
|
2,419
|
2,312
|
-
|
-
|
-
| |||||||||||||||
Interest-earning deposits
|
60,482
|
25,108
|
13,634
|
11,628
|
22,194
| |||||||||||||||
FHLB stock
|
6,271
|
6,600
|
6,684
|
8,748
|
8,914
| |||||||||||||||
Total interest-earning assets
|
$
|
1,341,635
|
$
|
1,286,181
|
$
|
1,221,039
|
$
|
1,157,286
|
$
|
1,043,662
| ||||||||||
Deposits
|
$
|
1,015,852
|
$
|
987,069
|
$
|
946,484
|
$
|
828,965
|
$
|
722,666
| ||||||||||
Borrowings
|
115,466
|
125,392
|
129,899
|
183,667
|
192,227
| |||||||||||||||
Total interest-bearing liabilities
|
1,131,318
|
1,112,461
|
1,076,383
|
1,012,632
|
914,893
| |||||||||||||||
Noninterest-bearing deposits
|
112,484
|
75,388
|
48,434
|
49,461
|
39,127
| |||||||||||||||
Total deposits and borrowings
|
$
|
1,243,802
|
$
|
1,187,849
|
$
|
1,124,817
|
$
|
1,062,093
|
$
|
954,020
| ||||||||||
Average assets
|
$
|
1,421,476
|
$
|
1,361,604
|
$
|
1,294,164
|
$
|
1,227,396
|
$
|
1,108,656
| ||||||||||
Average stockholders' equity
|
160,041
|
155,587
|
154,092
|
151,145
|
142,647
|
Quarter Ended
| ||||||||||||||||||||
Dec 31, 2021
|
Sep 30, 2021
|
Jun 30, 2021
|
Mar 31, 2021
|
Dec 31, 2020
| ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: | ||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
157,879
|
$
|
161,456
|
$
|
161,621
|
$
|
158,443
|
$
|
156,302
| ||||||||||
Less:
| ||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
| |||||||||||||||
Core deposit intangible, net
|
684
|
719
|
754
|
789
|
824
| |||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
156,306
|
$
|
159,848
|
$
|
159,978
|
$
|
156,765
|
$
|
154,589
| ||||||||||
Total assets (GAAP)
|
$
|
1,426,329
|
$
|
1,440,202
|
$
|
1,430,703
|
$
|
1,430,226
|
$
|
1,387,669
| ||||||||||
Less:
| ||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
| |||||||||||||||
Core deposit intangible, net
|
684
|
719
|
754
|
789
|
824
| |||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,424,756
|
$
|
1,438,594
|
$
|
1,429,060
|
$
|
1,428,548
|
$
|
1,385,956
| ||||||||||
Common shares outstanding at period end
|
9,125,759
|
9,483,081
|
9,651,180
|
9,692,610
|
9,736,875
| |||||||||||||||
Equity-to-assets ratio (GAAP)
|
11.07
|
%
|
11.21
|
%
|
11.30
|
%
|
11.08
|
%
|
11.26
|
%
| ||||||||||
Tangible equity ratio (Non-GAAP)
|
10.97
|
11.11
|
11.19
|
10.97
|
11.15
| |||||||||||||||
Book value per common share (GAAP)
|
$
|
17.30
|
$
|
17.03
|
$
|
16.75
|
$
|
16.35
|
$
|
16.05
| ||||||||||
Tangible book value per share (Non-GAAP)
|
17.13
|
16.86
|
16.58
|
16.17
|
15.88
|
Year Ended December 31,
| ||||||||||||||||||||
2021 |
2020 |
2019 |
2018 |
2017 | ||||||||||||||||
(Dollars in thousands, except per share data)
| ||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: | ||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
157,879
|
$
|
156,302
|
$
|
156,319
|
$
|
153,738
|
$
|
142,634
| ||||||||||
Less:
| ||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
| |||||||||||||||
Core deposit intangible
|
684
|
824
|
968
|
1,116
|
1,266
| |||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
156,306
|
$
|
154,589
|
$
|
154,462
|
$
|
151,733
|
$
|
140,479
| ||||||||||
Total assets (GAAP)
|
1,426,329
|
1,387,669
|
1,341,885
|
1,252,424
|
1,210,229
| |||||||||||||||
Less:
| ||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
| |||||||||||||||
Core deposit intangible
|
684
|
824
|
968
|
1,116
|
1,266
| |||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,424,756
|
$
|
1,385,956
|
$
|
1,340,028
|
$
|
1,250,419
|
$
|
1,208,074
| ||||||||||
Common shares outstanding at period end
|
9,125,759
|
9,736,875
|
10,252,953
|
10,710,656
|
10,748,437
| |||||||||||||||
Equity-to-assets ratio (GAAP)
|
11.07
|
%
|
11.26
|
%
|
11.65
|
%
|
12.28
|
%
|
11.79
|
%
| ||||||||||
Tangible equity ratio (Non-GAAP)
|
10.97
|
11.15
|
11.53
|
12.13
|
11.63
| |||||||||||||||
Book value per common share (GAAP)
|
$
|
17.30
|
$
|
16.05
|
$
|
15.25
|
$
|
14.35
|
$
|
13.27
| ||||||||||
Tangible book value per share (Non-GAAP)
|
17.13
|
15.88
|
15.07
|
14.17
|
13.07
|
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Disclaimer
First Financial Northwest Inc. published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 19:17:12 UTC.