Washington
|
001-33652
|
26-0610707
|
||
State or other jurisdiction of
incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
||
201 Wells Avenue South, Renton, Washington
|
98057
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
[ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
|
[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
|
FIRST FINANCIAL NORTHWEST, INC.
|
|
|
DATE: April 26, 2018
|
By: /s/ Richard P. Jacobson
|
|
Richard P. Jacobson
|
|
Executive Vice President and
Chief Financial Officer
|
|
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
|
|
March 31, 2018
|
|||||||||||||||||||||||||||
|
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Statement
savings
|
Money
market
|
Certificates
of deposit, retail
|
Certificates
of deposit,
brokered
|
Total
|
|||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
King County:
|
||||||||||||||||||||||||||||
Renton
|
$
|
31,945
|
$
|
19,620
|
$
|
22,637
|
$
|
228,134
|
$
|
294,434
|
$
|
-
|
$
|
596,770
|
||||||||||||||
The Landing
|
3,176
|
980
|
59
|
11,571
|
8,096
|
-
|
23,822
|
|||||||||||||||||||||
Woodinville (1)
|
1,617
|
3,431
|
711
|
19,744
|
8,112
|
-
|
33,615
|
|||||||||||||||||||||
Bothell
|
31
|
-
|
-
|
-
|
-
|
-
|
31
|
|||||||||||||||||||||
Crossroads
|
1,074
|
6,388
|
82
|
25,104
|
7,006
|
-
|
39,654
|
|||||||||||||||||||||
Total King County
|
37,843
|
30,419
|
23,489
|
284,553
|
317,648
|
-
|
693,952
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Snohomish County:
|
||||||||||||||||||||||||||||
Mill Creek
|
1,395
|
2,314
|
710
|
14,814
|
6,313
|
-
|
25,546
|
|||||||||||||||||||||
Edmonds
|
1,632
|
1,305
|
45
|
17,619
|
5,747
|
-
|
26,348
|
|||||||||||||||||||||
Clearview (1)
|
3,881
|
3,225
|
1,080
|
7,408
|
1,734
|
-
|
17,328
|
|||||||||||||||||||||
Lake Stevens (1)
|
1,517
|
1,359
|
517
|
3,131
|
2,645
|
-
|
9,169
|
|||||||||||||||||||||
Smokey Point (1)
|
1,867
|
2,182
|
547
|
6,983
|
3,819
|
-
|
15,398
|
|||||||||||||||||||||
Total Snohomish County
|
10,292
|
10,385
|
2,899
|
49,955
|
20,258
|
-
|
93,789
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total retail deposits
|
48,135
|
40,804
|
26,388
|
334,508
|
337,906
|
-
|
787,741
|
|||||||||||||||||||||
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
75,488
|
75,488
|
|||||||||||||||||||||
Total deposits
|
$
|
48,135
|
$
|
40,804
|
$
|
26,388
|
$
|
334,508
|
$
|
337,906
|
$
|
75,488
|
$
|
863,229
|
|
December 31, 2017
|
|||||||||||||||||||||||||||
|
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Statement
savings
|
Money
market
|
Certificates
of deposit, retail
|
Certificates
of deposit,
brokered
|
Total
|
|||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
King County:
|
||||||||||||||||||||||||||||
Renton
|
$
|
30,005
|
$
|
18,099
|
$
|
25,095
|
$
|
225,714
|
$
|
298,819
|
$
|
-
|
$
|
597,732
|
||||||||||||||
The Landing
|
2,634
|
405
|
44
|
11,555
|
7,807
|
-
|
22,445
|
|||||||||||||||||||||
Woodinville (1)
|
1,904
|
3,124
|
685
|
20,527
|
7,072
|
-
|
33,312
|
|||||||||||||||||||||
Crossroads
|
606
|
5,413
|
81
|
13,831
|
945
|
-
|
20,876
|
|||||||||||||||||||||
Total King County
|
35,149
|
27,041
|
25,905
|
271,627
|
314,643
|
-
|
674,365
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Snohomish County:
|
||||||||||||||||||||||||||||
Mill Creek
|
1,721
|
2,931
|
355
|
14,325
|
5,652
|
-
|
24,984
|
|||||||||||||||||||||
Edmonds
|
1,300
|
1,119
|
30
|
17,576
|
4,932
|
-
|
24,957
|
|||||||||||||||||||||
Clearview (1)
|
3,960
|
3,631
|
1,247
|
7,009
|
1,724
|
-
|
17,571
|
|||||||||||||||||||||
Lake Stevens (1)
|
1,466
|
1,266
|
475
|
2,829
|
2,608
|
-
|
8,644
|
|||||||||||||||||||||
Smokey Point (1)
|
1,838
|
2,236
|
444
|
5,270
|
3,705
|
-
|
13,493
|
|||||||||||||||||||||
Total Snohomish County
|
10,285
|
11,183
|
2,551
|
47,009
|
18,621
|
-
|
89,649
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total retail deposits
|
45,434
|
38,224
|
28,456
|
318,636
|
333,264
|
-
|
764,014
|
|||||||||||||||||||||
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
75,488
|
75,488
|
|||||||||||||||||||||
Total deposits
|
$
|
45,434
|
$
|
38,224
|
$
|
28,456
|
$
|
318,636
|
$
|
333,264
|
$
|
75,488
|
$
|
839,502
|
·
|
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.
|
·
|
Deposits increased to $863.2 million at March 31, 2018, compared to $839.5 million at December 31, 2017, and $734.7 million at March 31, 2017. Excluding certificates of deposits, deposit balances increased $19.1 million during the quarter.
|
·
|
The Company's book value per share was $13.80 at March 31, 2018, compared to $13.27 at December 31, 2017, and $12.84 at March 31, 2017.
|
·
|
The Bank's Tier 1 leverage and total capital ratios at March 31, 2018, were 10.4% and 14.4%, respectively, compared to 10.2% and 13.8% at December 31, 2017, and 11.6% and 15.7% at March 31, 2017.
|
·
|
The Bank received a $20.0 million payment on its largest loan that had a balance of $22.0 million at December 31, 2017.
|
·
|
The Company received $4.3 million in recoveries during the quarter, primarily relating to balances from two customers, representing payment in full of loan balances previously charged off.
|
·
|
The Company's net loans receivable increased modestly during the quarter to $991.1 million at March 31, 2018, from $988.7 million at December 31, 2017, and was $838.8 million at March 31, 2017.
|
·
|
Delinquent loans (loans over 30 days past due) remained low at $225,000 at March 31, 2018, compared to $101,000 at December 31, 2017, and no delinquent loans at March 31, 2017.
|
·
|
Nonperforming loans totaled $175,000 at March 31, 2018, compared to $179,000 at December 31, 2017, and $602,000 at March 31, 2017.
|
·
|
Nonperforming loans as a percentage of total loans remained low at 0.02% at both March 31, 2018, and December 31, 2017, compared to 0.07% at March 31, 2017.
|
Mar 31,
|
Dec 31,
|
Mar 31,
|
Three
Month |
One
Year |
||||||||||||||||
2018
|
2017
|
2017
|
Change
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||
One-to-four family residential
|
$
|
125
|
$
|
128
|
$
|
545
|
$
|
(3
|
)
|
$
|
(420
|
)
|
||||||||
Consumer
|
50
|
51
|
57
|
(1
|
)
|
(7
|
)
|
|||||||||||||
Total nonperforming loans
|
175
|
179
|
602
|
(4
|
)
|
(427
|
)
|
|||||||||||||
OREO
|
483
|
483
|
2,281
|
-
|
(1,798
|
)
|
||||||||||||||
Total nonperforming assets (1)
|
$
|
658
|
$
|
662
|
$
|
2,883
|
$
|
(4
|
)
|
$
|
(2,225
|
)
|
||||||||
Nonperforming assets as a
|
||||||||||||||||||||
percent of total assets
|
0.05
|
%
|
0.05
|
%
|
0.27
|
%
|
Mar 31,
2018 |
Dec 31,
2017 |
Mar 31,
2017 |
Three
Month
Change
|
One Year
Change |
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonperforming TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
$
|
–
|
$
|
–
|
$
|
109
|
$
|
–
|
$
|
(109
|
)
|
|||||||||
Total nonperforming TDRs
|
–
|
–
|
109
|
–
|
(109
|
)
|
||||||||||||||
Performing TDRs:
|
||||||||||||||||||||
One-to-four family residential
|
11,904
|
13,434
|
21,790
|
(1,530
|
)
|
(9,886
|
)
|
|||||||||||||
Multifamily
|
1,128
|
1,134
|
1,152
|
(6
|
)
|
(24
|
)
|
|||||||||||||
Commercial real estate
|
3,173
|
3,194
|
3,683
|
(21
|
)
|
(510
|
)
|
|||||||||||||
Consumer
|
43
|
43
|
43
|
(0
|
)
|
(0
|
)
|
|||||||||||||
Total performing TDRs
|
16,248
|
17,805
|
26,668
|
(1,557
|
)
|
(10,420
|
)
|
|||||||||||||
Total TDRs
|
$
|
16,248
|
$
|
17,805
|
$
|
26,777
|
$
|
(1,557
|
)
|
$
|
(10,529
|
)
|
Mar 31,
2018 |
Dec 31,
2017 |
Mar 31,
2017 |
Three
Month Change |
One
Year
Change
|
||||||||||||||||
Deposits:
|
(Dollars in thousands)
|
|||||||||||||||||||
Noninterest-bearing
|
$
|
48,135
|
$
|
45,434
|
$
|
36,190
|
$
|
2,701
|
$
|
11,945
|
||||||||||
Interest-bearing demand
|
40,804
|
38,224
|
21,584
|
2,580
|
19,220
|
|||||||||||||||
Statement savings
|
26,388
|
28,456
|
27,415
|
(2,068
|
)
|
(1,027
|
)
|
|||||||||||||
Money market
|
334,508
|
318,636
|
218,578
|
15,872
|
115,930
|
|||||||||||||||
Certificates of deposit, retail (1)
|
337,906
|
333,264
|
355,452
|
4,642
|
(17,546
|
)
|
||||||||||||||
Certificates of deposit, brokered
|
75,488
|
75,488
|
75,488
|
-
|
-
|
|||||||||||||||
Total deposits
|
$
|
863,229
|
$
|
839,502
|
$
|
734,707
|
$
|
23,727
|
$
|
128,522
|
Assets
|
Mar 31,
2018
|
Dec 31,
2017
|
Mar 31,
2017
|
Three
Month
Change
|
One
Year
Change
|
|||||||||||||||
Cash on hand and in banks
|
$
|
6,595
|
$
|
9,189
|
$
|
6,066
|
(28.2
|
)%
|
8.7
|
%
|
||||||||||
Interest-earning deposits
|
13,954
|
6,942
|
20,007
|
101.0
|
(30.3
|
)
|
||||||||||||||
Investments available-for-sale, at fair value
|
142,872
|
132,242
|
129,662
|
8.0
|
10.2
|
|||||||||||||||
Loans receivable, net of allowance of $13,136,
$12,882 and $11,158 respectively
|
991,138
|
988,662
|
838,768
|
0.3
|
18.2
|
|||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
9,450
|
9,882
|
8,102
|
(4.4
|
)
|
16.6
|
||||||||||||||
Accrued interest receivable
|
3,981
|
4,084
|
3,389
|
(2.5
|
)
|
17.5
|
||||||||||||||
Deferred tax assets, net
|
1,362
|
1,211
|
2,907
|
12.5
|
(53.1
|
)
|
||||||||||||||
Other real estate owned ("OREO")
|
483
|
483
|
2,281
|
0.0
|
(78.8
|
)
|
||||||||||||||
Premises and equipment, net
|
21,208
|
20,614
|
18,912
|
2.9
|
12.1
|
|||||||||||||||
Bank owned life insurance ("BOLI"), net
|
29,276
|
29,027
|
27,534
|
0.9
|
6.3
|
|||||||||||||||
Prepaid expenses and other assets
|
3,922
|
5,738
|
2,892
|
(31.6
|
)
|
35.6
|
||||||||||||||
Goodwill
|
889
|
889
|
-
|
0.0
|
n/a
|
|||||||||||||||
Core deposit intangible
|
1,228
|
1,266
|
-
|
(3.0
|
)
|
n/a
|
||||||||||||||
Total assets
|
$
|
1,226,358
|
$
|
1,210,229
|
$
|
1,060,520
|
1.3
|
%
|
15.6
|
%
|
||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
48,135
|
$
|
45,434
|
$
|
36,190
|
5.9
|
%
|
33.0
|
%
|
||||||||||
Interest-bearing deposits
|
815,094
|
794,068
|
698,517
|
2.6
|
16.7
|
|||||||||||||||
Total Deposits
|
863,229
|
839,502
|
734,707
|
2.8
|
17.5
|
|||||||||||||||
Advances from the FHLB
|
200,000
|
216,000
|
171,500
|
(7.4
|
)
|
16.6
|
||||||||||||||
Advance payments from borrowers for taxes and insurance
|
4,478
|
2,515
|
4,092
|
78.1
|
9.4
|
|||||||||||||||
Accrued interest payable
|
270
|
326
|
237
|
(17.2
|
)
|
13.9
|
||||||||||||||
Other liabilities
|
9,626
|
9,252
|
8,235
|
4.0
|
16.9
|
|||||||||||||||
Total liabilities
|
1,077,603
|
1,067,595
|
918,771
|
0.9
|
17.3
|
|||||||||||||||
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
|
||||||||||||||||||||
shares 10,779,424 at March 31, 2018,
10,748,437 at December 31, 2017, and
|
||||||||||||||||||||
11,035,791 at March 31, 2017
|
108
|
107
|
110
|
0.9
|
%
|
(1.8
|
)%
|
|||||||||||||
Additional paid-in capital
|
94,527
|
94,173
|
98,186
|
0.4
|
(3.7
|
)
|
||||||||||||||
Retained earnings, substantially restricted
|
60,767
|
54,642
|
50,702
|
11.2
|
19.9
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(1,568
|
)
|
(928
|
)
|
(1,042
|
)
|
69.0
|
50.5
|
||||||||||||
Unearned Employee Stock Ownership Plan
("ESOP") shares
|
(5,079
|
)
|
(5,360
|
)
|
(6,207
|
)
|
(5.2
|
)
|
(18.2
|
)
|
||||||||||
Total stockholders' equity
|
148,755
|
142,634
|
141,749
|
4.3
|
4.9
|
|||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,226,358
|
$
|
1,210,229
|
$
|
1,060,520
|
1.3
|
%
|
15.6
|
%
|
Quarter Ended
|
||||||||||||||||||||
Mar 31,
2018
|
Dec 31,
2017
|
Mar 31,
2017
|
Three
Month
Change
|
One
Year
Change
|
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
13,042
|
$
|
12,269
|
$
|
10,027
|
6.3
|
%
|
30.1
|
%
|
||||||||||
Investments available-for-sale
|
929
|
903
|
845
|
2.9
|
9.9
|
|||||||||||||||
Interest-earning deposits with banks
|
38
|
43
|
44
|
(11.6
|
)
|
(13.6
|
)
|
|||||||||||||
Dividends on FHLB Stock
|
104
|
85
|
82
|
22.4
|
26.8
|
|||||||||||||||
Total interest income
|
14,113
|
13,300
|
10,998
|
6.1
|
28.3
|
|||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
2,276
|
2,117
|
1,691
|
7.5
|
34.6
|
|||||||||||||||
FHLB advances
|
853
|
795
|
445
|
7.3
|
91.7
|
|||||||||||||||
Total interest expense
|
3,129
|
2,912
|
2,136
|
7.5
|
46.5
|
|||||||||||||||
Net interest income
|
10,984
|
10,388
|
8,862
|
5.7
|
23.9
|
|||||||||||||||
(Recapture of provision) provision for loan losses
|
(4,000
|
)
|
(1,200
|
)
|
200
|
233.3
|
(2,100.0
|
)
|
||||||||||||
Net interest income after (recapture of provision)
provision for loan losses
|
14,984
|
11,588
|
8,662
|
29.3
|
73.0
|
|||||||||||||||
Noninterest income
|
||||||||||||||||||||
Net loss on sale of investments
|
-
|
(670
|
)
|
-
|
(100.0
|
)
|
n/a
|
|||||||||||||
BOLI
|
249
|
133
|
201
|
87.2
|
23.9
|
|||||||||||||||
Wealth management revenue
|
99
|
220
|
140
|
(55.0
|
)
|
(29.3
|
)
|
|||||||||||||
Deposit related fees
|
161
|
169
|
71
|
(4.7
|
)
|
126.8
|
||||||||||||||
Loan related fees
|
134
|
356
|
120
|
(62.4
|
)
|
11.7
|
||||||||||||||
Other
|
3
|
3
|
3
|
0.0
|
0.0
|
|||||||||||||||
Total noninterest income
|
646
|
211
|
535
|
206.2
|
20.7
|
|||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
4,662
|
4,673
|
4,285
|
(0.2
|
)
|
8.8
|
||||||||||||||
Occupancy and equipment
|
769
|
721
|
480
|
6.7
|
60.2
|
|||||||||||||||
Professional fees
|
328
|
430
|
439
|
(23.7
|
)
|
(25.3
|
)
|
|||||||||||||
Data processing
|
324
|
326
|
240
|
(0.6
|
)
|
35.0
|
||||||||||||||
OREO related expenses (reimbursements), net
|
1
|
(81
|
)
|
40
|
(101.2
|
)
|
(97.5
|
)
|
||||||||||||
Regulatory assessments
|
155
|
161
|
96
|
(3.7
|
)
|
61.5
|
||||||||||||||
Insurance and bond premiums
|
106
|
97
|
99
|
9.3
|
7.1
|
|||||||||||||||
Marketing
|
107
|
68
|
48
|
57.4
|
122.9
|
|||||||||||||||
Other general and administrative
|
575
|
674
|
341
|
(14.7
|
)
|
68.6
|
||||||||||||||
Total noninterest expense
|
7,027
|
7,069
|
6,068
|
(0.6
|
)
|
15.8
|
||||||||||||||
Income before federal income tax provision
|
8,603
|
4,730
|
3,129
|
81.9
|
174.9
|
|||||||||||||||
Federal income tax provision
|
1,761
|
2,324
|
785
|
(24.2
|
)
|
124.3
|
||||||||||||||
Net income
|
$
|
6,842
|
$
|
2,406
|
$
|
2,344
|
184.4
|
%
|
191.9
|
%
|
||||||||||
Basic earnings per share
|
$
|
0.67
|
$
|
0.24
|
$
|
0.23
|
||||||||||||||
Diluted earnings per share
|
$
|
0.66
|
$
|
0.23
|
$
|
0.22
|
||||||||||||||
Weighted average number of common shares
outstanding
|
10,210,828
|
10,184,804
|
10,319,722
|
|||||||||||||||||
Weighted average number of diluted shares
outstanding
|
10,336,566
|
10,313,114
|
10,504,046
|
March 31, 2018
|
December 31, 2017
|
March 31, 2017
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Micro-unit apartments
|
$
|
14,266
|
1.3
|
%
|
$
|
14,331
|
1.3
|
%
|
$
|
7,841
|
0.8
|
%
|
||||||||||||
Other multifamily
|
176,126
|
16.2
|
170,571
|
15.6
|
113,877
|
12.5
|
||||||||||||||||||
Total Multifamily
|
190,392
|
17.5
|
184,902
|
16.9
|
121,718
|
13.3
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Office
|
107,966
|
9.9
|
112,327
|
10.2
|
101,369
|
11.1
|
||||||||||||||||||
Retail
|
131,978
|
12.1
|
129,875
|
11.9
|
105,233
|
11.5
|
||||||||||||||||||
Mobile home park
|
20,783
|
1.9
|
19,970
|
1.8
|
20,519
|
2.2
|
||||||||||||||||||
Warehouse
|
22,611
|
2.1
|
22,701
|
2.1
|
21,575
|
2.4
|
||||||||||||||||||
Storage
|
32,031
|
2.9
|
32,201
|
2.9
|
35,290
|
3.9
|
||||||||||||||||||
Other non-residential
|
51,405
|
4.7
|
44,768
|
4.1
|
33,733
|
3.7
|
||||||||||||||||||
Total non-residential
|
366,774
|
33.6
|
361,842
|
33.0
|
317,719
|
34.8
|
||||||||||||||||||
Construction/land development:
|
||||||||||||||||||||||||
One-to-four family residential
|
97,779
|
9.0
|
87,404
|
8.0
|
58,447
|
6.4
|
||||||||||||||||||
Multifamily
|
85,773
|
7.9
|
108,439
|
9.9
|
108,801
|
11.9
|
||||||||||||||||||
Commercial
|
5,735
|
0.5
|
5,325
|
0.5
|
-
|
0.0
|
||||||||||||||||||
Land development
|
13,299
|
1.2
|
36,405
|
3.3
|
39,687
|
4.3
|
||||||||||||||||||
Total construction/land development
|
202,586
|
18.6
|
237,573
|
21.7
|
206,935
|
22.6
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
162,544
|
14.9
|
148,304
|
13.6
|
135,743
|
14.9
|
||||||||||||||||||
Permanent non-owner occupied
|
133,351
|
12.2
|
130,351
|
11.9
|
113,476
|
12.4
|
||||||||||||||||||
Total one-to-four family residential
|
295,895
|
27.1
|
278,655
|
25.5
|
249,219
|
27.3
|
||||||||||||||||||
Business:
|
||||||||||||||||||||||||
Aircraft
|
10,514
|
1.0
|
12,491
|
1.1
|
2,760
|
0.3
|
||||||||||||||||||
Other business
|
13,723
|
1.2
|
10,596
|
1.0
|
7,610
|
0.8
|
||||||||||||||||||
Total business
|
24,237
|
2.2
|
23,087
|
2.1
|
10,370
|
1.1
|
||||||||||||||||||
Consumer
|
11,131
|
1.0
|
9,133
|
0.8
|
7,878
|
0.9
|
||||||||||||||||||
Total loans
|
1,091,015
|
100.0
|
%
|
1,095,192
|
100.0
|
%
|
913,839
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Loans in Process ("LIP")
|
85,576
|
92,498
|
61,735
|
|||||||||||||||||||||
Deferred loan fees, net
|
1,165
|
1,150
|
2,178
|
|||||||||||||||||||||
ALLL
|
13,136
|
12,882
|
11,158
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
991,138
|
$
|
988,662
|
$
|
838,768
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
84.9
|
%
|
108.6
|
%
|
111.7
|
%
|
||||||||||||||||||
Total non-owner occupied commercial
real estate as % of total capital |
484.8
|
%
|
514.0
|
%
|
441.2
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2018
|
2017
|
2017
|
2017
|
2017
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on assets
|
2.28
|
%
|
0.80
|
%
|
0.66
|
%
|
0.70
|
%
|
0.91
|
%
|
||||||||||
Return on equity
|
19.16
|
6.70
|
5.13
|
5.22
|
6.76
|
|||||||||||||||
Dividend payout ratio
|
10.47
|
29.17
|
38.89
|
38.89
|
26.09
|
|||||||||||||||
Equity-to-assets ratio
|
12.13
|
11.79
|
12.10
|
13.27
|
13.37
|
|||||||||||||||
Interest rate spread
|
3.73
|
3.51
|
3.38
|
3.47
|
3.51
|
|||||||||||||||
Net interest margin
|
3.88
|
3.65
|
3.53
|
3.60
|
3.64
|
|||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
113.46
|
113.32
|
114.08
|
114.29
|
114.74
|
|||||||||||||||
Efficiency ratio
|
60.42
|
66.69
|
67.64
|
70.27
|
64.57
|
|||||||||||||||
Noninterest expense as a percent of average total
assets
|
2.34
|
2.34
|
2.42
|
2.57
|
2.35
|
|||||||||||||||
Book value per common share
|
$
|
13.80
|
$
|
13.27
|
$
|
13.08
|
$
|
13.00
|
$
|
12.84
|
||||||||||
Capital Ratios: (1)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.44
|
%
|
10.20
|
%
|
10.80
|
%
|
11.46
|
%
|
11.57
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
13.10
|
12.52
|
12.95
|
13.94
|
14.40
|
|||||||||||||||
Tier 1 capital ratio
|
13.10
|
12.52
|
12.95
|
13.94
|
14.40
|
|||||||||||||||
Total capital ratio
|
14.35
|
13.77
|
14.20
|
15.19
|
15.65
|
|||||||||||||||
Asset Quality Ratios: (2)
|
||||||||||||||||||||
Nonperforming loans as a percent of total loans
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.07
|
%
|
0.07
|
%
|
||||||||||
Nonperforming assets as a percent of total assets
|
0.05
|
0.05
|
0.17
|
0.22
|
0.27
|
|||||||||||||||
ALLL as a percent of total loans
|
1.31
|
1.28
|
1.28
|
1.29
|
1.31
|
|||||||||||||||
ALLL as a percent of nonperforming loans
|
7,508.90
|
7,196.65
|
6,545.95
|
1,935.68
|
1,853.49
|
|||||||||||||||
Net charge-offs (recoveries) to average loans
receivable, net
|
(0.43
|
)
|
(0.20
|
)
|
(0.04
|
)
|
(0.00
|
)
|
(0.00
|
)
|
||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||
ALLL, beginning of the quarter
|
$
|
12,882
|
$
|
12,110
|
$
|
11,285
|
$
|
11,158
|
$
|
10,951
|
||||||||||
Provision (Recapture of provision)
|
(4,000
|
)
|
(1,200
|
)
|
500
|
100
|
200
|
|||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Recoveries
|
4,254
|
1,972
|
325
|
27
|
7
|
|||||||||||||||
ALLL, end of the quarter
|
$
|
13,136
|
$
|
12,882
|
$
|
12,110
|
$
|
11,285
|
$
|
11,158
|
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2018
|
2017
|
2017
|
2017
|
2017
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Yields and Costs:
|
||||||||||||||||||||
Yield on loans
|
5.37
|
%
|
5.05
|
%
|
4.95
|
%
|
4.91
|
%
|
4.93
|
%
|
||||||||||
Yield on investments available-for-sale
|
2.65
|
2.52
|
2.59
|
2.69
|
2.66
|
|||||||||||||||
Yield on interest-earning deposits
|
1.32
|
1.23
|
1.27
|
1.00
|
0.74
|
|||||||||||||||
Yield on FHLB stock
|
4.40
|
3.42
|
2.91
|
2.89
|
4.14
|
|||||||||||||||
Yield on interest-earning assets
|
4.98
|
4.67
|
4.51
|
4.54
|
4.52
|
|||||||||||||||
Cost of deposits
|
1.15
|
1.08
|
1.05
|
1.03
|
1.00
|
|||||||||||||||
Cost of borrowings
|
1.66
|
1.46
|
1.40
|
1.24
|
1.05
|
|||||||||||||||
Cost of interest-bearing liabilities
|
1.25
|
1.16
|
1.13
|
1.07
|
1.01
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
985,799
|
$
|
963,097
|
$
|
879,075
|
$
|
844,853
|
$
|
825,251
|
||||||||||
Investments available-for-sale
|
142,236
|
141,962
|
132,959
|
132,375
|
128,993
|
|||||||||||||||
Interest-earning deposits
|
11,717
|
13,843
|
33,854
|
16,831
|
24,233
|
|||||||||||||||
FHLB stock
|
9,593
|
9,859
|
9,126
|
8,616
|
8,034
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,149,345
|
$
|
1,128,761
|
$
|
1,055,014
|
$
|
1,002,675
|
$
|
986,511
|
||||||||||
Deposits
|
$
|
804,451
|
$
|
780,671
|
$
|
727,702
|
$
|
692,922
|
$
|
688,298
|
||||||||||
Borrowings
|
208,544
|
215,418
|
197,098
|
184,357
|
171,500
|
|||||||||||||||
Total interest-bearing liabilities
|
$
|
1,012,995
|
$
|
996,089
|
$
|
924,800
|
$
|
877,279
|
$
|
859,798
|
||||||||||
Average assets
|
$
|
1,218,418
|
$
|
1,199,774
|
$
|
1,120,176
|
$
|
1,066,477
|
$
|
1,046,473
|
||||||||||
Average stockholders' equity
|
$
|
144,786
|
$
|
142,390
|
$
|
143,975
|
$
|
143,643
|
$
|
140,546
|