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First Financial Northwest, Inc. (FFNW) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

First Financial Northwest, Inc.

HISTORY TOOLS
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 Second Quarter Net Income of $3.8 Million or $0.40 per Diluted Share

Renton, Washington – July 27, 2021 - 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 June 30, 2021, of $3.8 million, or $0.40 per diluted share, compared to net income of $2.5 million, or $0.26 per diluted share, for the quarter ended March 31, 2021, and $2.1 million, or $0.22 per diluted share, for the quarter ended June 30, 2020. For the six months ended June 30, 2021, net income was $6.3 million, or $0.66 per diluted share, compared to net income of $3.8 million, or $0.39 per diluted share, for the comparable six‑month period in 2020.

“I am pleased to report that we have no nonperforming loans and no loans over 30 days delinquent at June 30, 2021. During the quarter, a $2.0 million nonperforming loan paid off and our credit team continues to work diligently to maintain our excellent credit quality,” stated Joseph W. Kiley III, President and CEO. “In addition, we saw a further reduction in our cost of funds, with the average cost of deposits decreasing to 0.68% in the quarter ended June 30, 2021, compared to 0.85% in the quarter ended March 31, 2021, and 1.38% in the quarter ended June 30, 2020,” continued Kiley. “If market interest rates remain low, we expect this decline to continue as we have approximately $172.1 million in certificates of deposit maturing in the next 12 months and an additional $84.5 million of certificates of deposit maturing in the subsequent 12 months, all at a weighted average rate of 1.46%,” continued Kiley.

“As a result of our quarterly analysis of our loan portfolio, we downgraded to special mention $6.5 million of loans where we are a participating lender. These loans are secured by medical rehabilitation facilities and we expect improvement as elective medical procedures are currently being undertaken that were not available during the pandemic. In addition, we further downgraded $10.5 million in loans made to a single lending relationship to substandard. These substandard loans were analyzed for impairment and the analysis showed that no losses are anticipated from these loans. We also upgraded loans totaling $2.9 million in the quarter. As a result, we recorded a recapture of provision for loan losses of $700,000 during the quarter, compared to a provision for loan losses of $300,000 in the quarter ended March 31, 2021,” concluded Kiley.

The following information was filed by First Financial Northwest, Inc. (FFNW) on Tuesday, July 27, 2021 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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First Financial Northwest, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside First Financial Northwest, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Income Statements
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Basis Of Presentation
Derivatives
Derivatives (Tables)
Derivatives - Derivative Instruments, Gain (Loss) (Details)
Derivatives - Narrative (Details)
Derivatives - Schedule Of Derivative Instruments (Details)
Description Of Business
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Narrative (Details)
Earnings Per Share: Schedule Of Earnings Per Share Reconciliation (Details)
Fair Value
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)
Leases
Leases (Tables)
Leases - Components Of Operating Leases (Details)
Leases - Maturity Of Leases (Details)
Leases - Narrative (Details)
Loans Receivable
Loans Receivable (Tables)
Loans Receivable - Financing Receivables, Aging Of Loans (Details)
Loans Receivable - Financing Receivables, Summary Of Loans By Type And Payment Activity (Details)
Loans Receivable - Financing Receivables, Summary Of Loans By Type And Risk Category (Details)
Loans Receivable - Narrative (Details)
Loans Receivable - Schedule Of Accounts, Notes, Loans And Financing Receivable (Details)
Loans Receivable - Schedule Of Allowance For Loan And Lease Losses, Roll Forward (Details)
Loans Receivable - Schedule Of Impaired Financing Receivables (Details)
Loans Receivable - Schedule Of Impaired Financing Receivables, Average Recorded Investment And Interest Income (Details)
Loans Receivable - Schedule Of Non Accrual Loans By Type (Details)
Loans Receivable - Troubled Debt Restructurings On Financing Receivables (Details)
Other Real Estate Owned
Other Real Estate Owned (Tables)
Other Real Estate Owned - Narrative (Details)
Other Real Estate Owned - Other Real Estate, Roll Forward (Details)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (Policies)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Nonvested Restricted Stock Shares Activity (Details)
Stock-Based Compensation Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: FFNW
CIK: 1401564
Form Type: 10-Q Quarterly Report
Accession Number: 0000939057-21-000226
Submitted to the SEC: Mon Aug 09 2021 5:19:04 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks

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