Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

FIRST FINANCIAL NORTHWEST, INC.

Condensed Balance Sheets



	December 31,
	2019		2018
	(In thousands)
Assets
Cash and cash equivalents	$	235	$	140
Interest-bearing deposits	18,456		22,362
Investment in subsidiaries	136,907		130,209
Receivable from subsidiaries	990		1,207
Other assets	46		52
Total assets	$	156,634	$	153,970

Liabilities and Stockholders’ Equity
Liabilities:
Payable to subsidiaries	$	128	$	47
Deferred tax liability, net	2		2
Other liabilities	185		183
Total liabilities	315		232
Stockholders’ equity	156,319		153,738
Total liabilities and stockholders’ equity	$	156,634	$	153,970

FIRST FINANCIAL NORTHWEST, INC.

Condensed Income Statements



	Year Ended December 31,
	2019			2018
	(In thousands)
Operating income:
Interest income:
Interest-bearing deposits with banks	$	153		$	157
Total operating income	153			157
Operating expenses:
Other expenses	1,732			1,557
Total operating expenses	1,732			1,557
Loss before benefit for federal income taxes and equity in undistributed earnings of subsidiaries	(1,579		)	(1,400		)
Federal income tax benefit	(363		)	(311		)
Loss before equity in undistributed loss of subsidiaries	(1,216		)	(1,089		)
Equity in undistributed earnings of subsidiaries	11,585			15,988
Net income	$	10,369		$	14,899

FIRST FINANCIAL NORTHWEST, INC.

Condensed Statements of Cash Flows



	Year Ended December 31,
	2019			2018
	(In thousands)
Cash flows from operating activities:
Net income	$	10,369		$	14,899
Adjustments to reconcile net income to net cash from operating
activities:
Equity in undistributed earnings of subsidiaries	(11,585		)	(15,988		)
Dividends received from subsidiary	6,525			10,858
ESOP, stock options, and restricted stock compensation	19			28
Change in deferred tax liability, net	—			(7		)
Change in receivables from subsidiaries	(9		)	7
Change in payables to subsidiaries	81			(50		)
Change in other assets	6			(5		)
Changes in other liabilities	2			(47		)
Net cash provided by operating activities	5,408			9,695
Cash flows from investing activities:
Investments in subsidiaries	277			334
ESOP loan repayment	1,354			2,833
Net cash provided in investing activities	1,631			3,167
Cash flows from financing activities:
Proceeds from exercise of stock options	21			1,365
Proceeds for vested awards	106			206
Net share settlement of stock awards	(93		)	(40		)
Repurchase and retirement of common stock	(7,406		)	(3,153		)
Dividends paid	(3,478		)	(3,198		)
Net cash used by financing activities	(10,850		)	(4,820		)
Net increase (decrease) in cash	(3,811		)	8,042
Cash and cash equivalents at beginning of year	22,502			14,460
Cash and cash equivalents at end of year	$	18,691		$	22,502