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First Financial Northwest, Inc. (FFNW) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

First Financial Northwest, Inc.

CIK: 1401564 Ticker: FFNW
Exhibit 99.1
 
For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
(425) 255-4400


First Financial Northwest, Inc.
Reports First Quarter Net Income of $6.8 Million or $0.66 per Diluted Share

Renton, Washington – April 26, 2018 - First Financial Northwest, Inc. (the "Company") (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the "Bank"), today reported net income for the quarter ended March 31, 2018, of $6.8 million, or $0.66 per diluted share, compared to net income of $2.4 million, or $0.23  per diluted share, for the quarter ended December 31, 2017, and $2.3 million, or $0.22 per diluted share, for the quarter ended March 31, 2017.

Net loans receivable increased to $991.1 million at March 31, 2018, compared to $988.7 million at December 31, 2017, and $838.8 million at March 31, 2017. Internal loan growth in the first quarter was partially offset by a $20.0 million repayment received on a $22.0 million construction/land development loan. The average balance of net loans receivable totaled $985.8 million for the quarter ended March 31, 2018, compared to $963.1 million for the quarter ended December 31, 2017, and $825.3 million for the quarter ended March 31, 2017.

The Company had a $4.0 million recapture of provision for loan losses in the quarter ended March 31, 2018, compared to a recapture of provision for loan losses of $1.2 million in the quarter ended December 31, 2017, and a provision for loan losses of $200,000 in the quarter ended March 31, 2017. The recapture of provision in the quarter ended March 31, 2018, was due primarily to $4.3 million in recoveries received during that quarter of loans previously charged off, while the recapture of provision for loan losses in the quarter ended December 31, 2017, was due primarily to $2.0 million in recoveries during the quarter of loans previously charged off. The provision recaptures were partially offset by increases to the allowance for loan losses related to higher loan balances. The provision for loan losses in the quarter ended March 31, 2017, was primarily due to the increase in net loans receivable during the quarter.

"As a result of strategies we employed to encourage certain borrowers to repay us for amounts previously charged off, we are off to a great start to 2018. These amounts were charged off during the downturn in our economy as a result of the financial crisis, and I am pleased that we were able to negotiate repayment of these debts during this time of economic strength in the region," stated Joseph W. Kiley III, President and Chief Executive Officer. "In addition, I am very pleased to report that our deposit base grew by $23.7 million during the current quarter, including a $5.3 million increase in checking account deposits. This is an area of extensive focus as we work to transform the Bank from a traditional savings bank to a full service community bank. If you have not visited one of our offices to see the technology we have deployed and meet our team of talented bankers, I encourage you to stop in to enjoy this new bank branch experience for yourself.  I am also happy to report that we opened our tenth branch office in a development known as 'The Junction' in Bothell. This new branch office is a continuation of our strategy to expand our network, augmenting our efforts to grow our franchise and meet the deposit and lending needs of our communities."


 
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The following information was filed by First Financial Northwest, Inc. (FFNW) on Thursday, April 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
First Financial Northwest, Inc. And Subsidiaries Consolidated Balance Sheets
First Financial Northwest, Inc. And Subsidiaries Consolidated Balance Sheets (parenthetical)
First Financial Northwest, Inc. And Subsidiaries Consolidated Income Statements
First Financial Northwest, Inc. And Subsidiaries Consolidated Statements Of Cash Flows
First Financial Northwest, Inc. And Subsidiaries Consolidated Statements Of Comprehensive Income
First Financial Northwest, Inc. And Subsidiaries Consolidated Statements Of Stockholders' Equity
First Financial Northwest, Inc. And Subsidiaries Consolidated Statemetns Of Stockholders' Equity (parentheticals)
Basis Of Presentation
Branch Acquisition
Branch Acquisition (narrative) (details)
Branch Acquisition (noninterest Expense) (details)
Branch Acquisition (pro Forma Information) (details)
Derivatives
Derivatives (details)
Derivatives (tables)
Description Of Business
Description Of Business (narrative) (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share: Schedule Of Earnings Per Share Reconciliation (details)
Earnings Per Share: Schedule Of Earnings Per Share Reconciliation (tables)
Fair Value
Fair Value (details)
Fair Value (tables)
Fair Value: Balance Sheet Grouping (details)
Fair Value: Schedule Of Balances Of Assets And Liabilities, Measured At Fair Value On A Non-recurring Basis (details)
Fair Value: Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis (details)
Fair Value: Schedule Of Quantitative Information About Level 3 Fair Value Measurements On A Nonrecurring Basis (details)
Investments
Investments (tables)
Investments: Available-for-sale Securities (details)
Investments: Narrative (details)
Investments: Schedule Of Available For Sale Securities In Continuous Unrealized Loss Positions (details)
Investments: Schedule Of Available For Sale Securities, Debt Maturities (details)
Loans Receivable
Loans Receivable Loans Receivable: Schedule Of Non Accrual Loans By Type (details)
Loans Receivable: Average Recorded Investment And Interest Income Recognized (details)
Loans Receivable: Financing Receivables, Aging Of Loans (details)
Loans Receivable: Financing Receivables, Summary Of Loans By Type And Risk Category (details)
Loans Receivable: Narratives (details)
Loans Receivable: Schedule Of Accounts, Notes, Loans And Financing Receivable (details)
Loans Receivable: Schedule Of Accounts, Notes, Loans And Financing Receivable (tables)
Loans Receivable: Schedule Of Allowance For Loan And Lease Losses, Roll Forward (details)
Loans Receivable: Schedule Of Impaired Financing Receivables (details)
Loans Receivable: Troubled Debt Restructurings On Financing Receivables (details)
Other Real Estate Owned
Other Real Estate Owned (details)
Other Real Estate Owned (tables)
Other Real Estate Owned - Other Real Estate, Roll Forward (details)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (policies)
Revenue Recognition (details)
Revenue Recognition (tables)
Revenue Recognition Disaggregation Of Revenue (details)
Revenue Recognition Revenue Recognition
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Narrative (details)
Stock-based Compensation Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award (details)

Material Contracts, Statements, Certifications & more

First Financial Northwest, Inc. provided additional information to their SEC Filing as exhibits

Ticker: FFNW
CIK: 1401564
Form Type: 10-Q Quarterly Report
Accession Number: 0000939057-18-000244
Submitted to the SEC: Tue May 08 2018 5:01:58 PM EST
Accepted by the SEC: Tue May 08 2018
Period: Saturday, March 31, 2018
Industry: State Commercial Banks

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