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First Financial Northwest, Inc. (FFNW) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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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 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

Renton, Washington – January 27, 2022 - 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 December 31, 2021, of $2.7 million, or $0.29 per diluted share, compared to $3.2 million, or $0.34 per diluted share, for the quarter ended September 30, 2021, and $2.6 million, or $0.28 per diluted share, for the quarter ended December 31, 2020. For the year ended December 31, 2021, net income was $12.2 million, or $1.29 per diluted share, compared to net income of $8.6 million, or $0.88 per diluted share, for the year ended December 31, 2020.

“The final quarter of 2021 showed continued improvement in our funding base, with our average cost of funds declining to 0.55% from 0.64% in the quarter ended September 30, 2021, and 1.07% in the quarter ended December 31, 2020,” stated Joseph W. Kiley, III, President and CEO. “If market interest rates remain low, we expect this decline to continue as we have approximately $145.3 million in retail certificates of deposit at a weighted average rate of 0.99% maturing in the next 12 months, and an additional $96.0 million maturing in the subsequent 12 to 24 months, at a weighted average rate of 1.72%. In the event that the Federal Reserve raises interest rates, the impact of repricing maturing CDs may be less significant than in the current low rate environment, but still favorable to our interest expense on CDs, although, as previously disclosed, the Bank’s interest rate profile is slightly asset sensitive and currently not anticipated to change,” continued Kiley.

“I was pleased to see continued loan growth despite $11.5 million in Paycheck Protection Program loan repayments and forgiveness. In addition, for the second consecutive quarter we had no nonperforming assets,” concluded Kiley.

Changes in the provision for loan losses were the primary contributors to the change in net income for the quarter ended December 31, 2021, compared to the quarter ended September 30, 2021. The Company recorded a $600,000 provision for loan losses in the quarter ended December 31, 2021, compared to a $100,000 provision for loan losses in the quarter ended September 30, 2021, and a provision for loan losses of $600,000 in the quarter ended December 31, 2020. The provision for loan losses in the quarter ended December 31, 2021, was due primarily to the growth in loans receivable, excluding the reduction in Paycheck Protection Program (“PPP”) loan balances that do not require an allowance for loan and lease losses (“ALLL”) due to their government guarantees. Credit downgrades on two relationships, both relating to commercial real estate loans secured by office buildings in King County that are either experiencing or are expected to have increased vacancies, also contributed to the fluctuation in the provision. Uncertainties about the timing to fill the current and expected vacancies resulted in the downgrades for both relationships. One loan in the amount of $4.7 million was
The following information was filed by First Financial Northwest, Inc. (FFNW) on Thursday, January 27, 2022 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.

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Inside First Financial Northwest, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
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 (Loss)
First Financial Northwest, Inc. And Subsidiaries Consolidated Statements Of Stockholders' Equity
First Financial Northwest, Inc. And Subsidiaries Consolidated Statemetns Of Stockholders' Equity (Parentheticals)
Accrued Interest Receivable
Accrued Interest Receivable (Details)
Accrued Interest Receivable (Tables)
Benefit Plans
Benefit Plans (Tables)
Benefit Plans 401(K) Plan (Details)
Benefit Plans Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award (Details)
Benefit Plans Employee Stock Ownership Plans (Details)
Benefit Plans Multiemployer Pension Plans (Details)
Benefit Plans Stock-Based Compensation - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Deposits
Deposits (Tables)
Deposits - Components Of Deposits (Details)
Deposits - Interest Expense On Deposit Liabilities (Details)
Deposits - Maturities Of Certificates Of Deposit (Details)
Deposits - Narrative (Details)
Derivatives
Derivatives (Tables)
Derivatives - Derivative Instruments, Gain (Loss) (Details)
Derivatives - Narrative (Details)
Derivatives - Schedule Of Derivative Instruments (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 Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Fair Value, By Balance Sheet Grouping (Details)
Fair Value Of Financial Instruments - Schedule Of Balances Of Assets And Liabilities, Measured At Fair Value On A Non-Recurring Basis (Details)
Fair Value Of Financial Instruments - Schedule Of Quantitative Information About Level 3 Fair Value Measurements On A Nonrecurring Basis (Details)
Fair Value Of Financial Instruments- Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis (Details)
Federal Income Taxes
Federal Income Taxes (Tables)
Federal Income Taxes - Narrative (Details)
Federal Income Taxes: Components Of The Income Tax Provision (Details)
Federal Income Taxes: Deferred Tax Assets And Liabilities (Details)
Federal Income Taxes: Reconciliation From Tax At The Statutory Rate To The Income Tax Provision (Details)
Investments
Investments (Tables)
Investments: Available-For-Sale Securities (Details)
Investments: Gain/Loss On Investments (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 - Lease Cost (Details)
Leases - Lease Liabilities (Details)
Leases - Narrative (Details)
Loans Receivable
Loans Receivable (Tables)
Loans Receivable Loans Receivable: Average Recorded Investment And Interest Income Recognized (Details)
Loans Receivable Loans Receivable: Schedule Of Loans By Maturity And Interest Rate Type (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: Non-Performing Loans, Foregone Interest, And Loans Committed (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 Non-Accrual Loans (Details)
Loans Receivable: Schedule Of Non-Performing Assets And Troubled Debt Restructured Loans (Details)
Loans Receivable: Troubled Debt Restructurings On Financing Receivables (Details)
Other Borrowings
Other Borrowings (Details)
Other Borrowings (Tables)
Other Real Estate Owned
Other Real Estate Owned (Details)
Other Real Estate Owned (Tables)
Other Real Estate Owned - Other Real Estate, Roll Forward (Details)
Parent Company Only Financial Statements
Parent Company Only Financial Statements (Tables)
Parent Company Only Financial Statements Condensed Parent Company Only Balance Sheet (Details)
Parent Company Only Financial Statements Condensed Parent Company Only Cash Flows (Details)
Parent Company Only Financial Statements Condensed Parent Company Only Income Statement (Details)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Regulatory Capital Requirements
Regulatory Capital Requirements (Details)
Regulatory Capital Requirements (Tables)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Premisis And Equipment (Details)
Summary Of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details)
Ticker: FFNW
CIK: 1401564
Form Type: 10-K Annual Report
Accession Number: 0000939057-22-000076
Submitted to the SEC: Fri Mar 11 2022 5:09:56 PM EST
Accepted by the SEC: Fri Mar 11 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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