|**For Immediate Release**
For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
First Financial Northwest, Inc.
Reports Net Income for the Fourth Quarter of $3.9 Million or $0.25 Per Share and $24.5 Million or $1.47
Per Share for the Year Ended December 31, 2013
Renton, Washington – January 30, 2014 - First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Savings Bank Northwest (the “Bank”), today reported net income for the quarter ended December 31, 2013 of $3.9 million, or $0.25 per diluted share, compared to a net income of $2.6 million, or $0.16 per diluted share for the quarter ended September 30, 2013 and net income of $1.5 million, or $0.09 per diluted share for the comparable quarter in 2012. For the year ended December 31, 2013, net income was $24.5 million or $1.47 per diluted share, compared to $2.7 million, or $0.15 per diluted share for the year ended December 31, 2012.
“Net income of $3.9 million for the fourth quarter is a significant improvement for our Company. Our efforts to reduce nonperforming assets are reflected in our nonperforming loan totals which declined to $4.0 million at December 31, 2013, compared to $9.4 million at September 30, 2013 and $22.8 million at December 31, 2012. Another bright spot for 2013 was the decline in other real estate owned (“OREO”) to $11.5 million at year end, from $12.6 million at September 30, 2013 and $17.3 million at the end of 2012,” stated Joseph W. Kiley III, President and Chief Executive Officer.
“In addition, despite significant loan prepayment activity as a result of the low interest rate environment throughout most of 2013, we increased net loans receivable to $663.2 million at December 31, 2013, a $12.7 million increase from $650.5 million one year earlier, including increasing the amount of higher yielding non-residential loans,” continued Kiley. “We are also pleased with the improvement in the Company’s stock price per share which closed at $10.37 on December 31, 2013 compared to $7.55 on December 31, 2012 and $5.90 on December 31, 2011. The Company’s market capitalization (as measured by multiplying shares outstanding by closing share price) increased to $170 million at December 31, 2013 compared to $142 million at December 31, 2012 and $111 million at December 31, 2011. This increase occurred even with the reduction in shares outstanding primarily as a product of our share repurchase programs conducted in 2013, through which we repurchased 2.7 million shares,” concluded Kiley.
The following information was filed by First Financial Northwest, Inc. (FFNW) on Thursday, January 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.