|
|
|
||
State or other jurisdiction of
Incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
||
|
|
|||
(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
(17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4 (c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on
which registered
|
||
|
|
|
|
FIRST FINANCIAL NORTHWEST, INC.
|
|
|
|
|
DATE: January 28, 2021
|
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
|
•
|
Demand deposits increased $80.7 million for the year ended December 31, 2020.
|
•
|
The strong growth in retail deposits allowed the Bank to reduce its brokered certificates of deposit by $94.5 million in
2020 to none at December 31, 2020.
|
•
|
The Company’s book value per share was $16.05 at December 31, 2020, compared to $15.62 at September 30, 2020, and $15.25 at
December 31, 2019.
|
•
|
The Company repurchased 544,626 shares during the year at an average price of $10.44 per share, an amount equal to
approximately 5.3% of shares outstanding at the beginning of 2020.
|
•
|
The Company paid regular quarterly cash dividends to shareholders totaling $0.40 per share for the year.
|
•
|
The Bank’s Tier 1 leverage and total capital ratios at December 31, 2020, were 10.3% and 15.6%, respectively, compared to
10.0% and 15.3%, at September 30, 2020, and 10.3% and 14.4% at December 31, 2019.
|
•
|
Based on management’s evaluation of the adequacy of the Allowance for Loan and Lease Losses (“ALLL”) and taking into account
the estimated future impact of the COVID-19 pandemic, the Bank recorded a $600,000 provision for loan losses during the quarter, bringing the total provision for loan losses to $1.9 million for the year.
|
Dec 31,
2020 |
Sep 30,
2020 |
Dec 31,
2019 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Deposits:
|
(Dollars in thousands)
|
|||||||||||||||||||
Noninterest-bearing demand
|
$
|
91,285
|
$
|
82,376
|
$
|
52,849
|
$
|
8,909
|
$
|
38,436
|
||||||||||
Interest-bearing demand
|
108,182
|
110,856
|
65,897
|
(2,674
|
)
|
42,285
|
||||||||||||||
Statement savings
|
19,221
|
19,292
|
17,447
|
(71
|
)
|
1,774
|
||||||||||||||
Money market
|
465,369
|
428,512
|
377,766
|
36,857
|
87,603
|
|||||||||||||||
Certificates of deposit, retail (1)
|
409,576
|
418,646
|
425,103
|
(9,070
|
)
|
(15,527
|
)
|
|||||||||||||
Certificates of deposit, brokered
|
–
|
10,000
|
94,472
|
(10,000
|
)
|
(94,472
|
)
|
|||||||||||||
Total deposits
|
$
|
1,093,633
|
$
|
1,069,682
|
$
|
1,033,534
|
$
|
23,951
|
$
|
60,099
|
December 31, 2020
|
||||||||||||||||||||||||||||
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
|
$
|
36,932
|
$
|
47,964
|
$
|
13,696
|
$
|
243,940
|
$
|
325,803
|
$
|
–
|
$
|
668,335
|
||||||||||||||
Landing
|
5,300
|
3,199
|
22
|
14,024
|
8,108
|
–
|
30,653
|
|||||||||||||||||||||
Woodinville
|
3,054
|
7,040
|
688
|
14,270
|
9,790
|
–
|
34,842
|
|||||||||||||||||||||
Bothell
|
2,153
|
1,760
|
53
|
5,502
|
3,233
|
–
|
12,701
|
|||||||||||||||||||||
Crossroads
|
6,719
|
5,249
|
58
|
56,836
|
10,994
|
–
|
79,856
|
|||||||||||||||||||||
Kent (1)
|
5,047
|
8,607
|
–
|
23,052
|
1,077
|
–
|
37,783
|
|||||||||||||||||||||
Kirkland (1)
|
5,205
|
113
|
30
|
3,757
|
–
|
–
|
9,105
|
|||||||||||||||||||||
Total King County
|
64,410
|
73,932
|
14,547
|
361,381
|
359,005
|
–
|
873,275
|
|||||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||||||
Mill Creek
|
3,176
|
2,765
|
1,411
|
14,823
|
9,289
|
–
|
31,464
|
|||||||||||||||||||||
Edmonds
|
12,074
|
13,735
|
351
|
30,807
|
19,989
|
–
|
76,956
|
|||||||||||||||||||||
Clearview
|
5,367
|
6,690
|
1,012
|
17,902
|
5,346
|
–
|
36,317
|
|||||||||||||||||||||
Lake Stevens
|
3,057
|
7,419
|
835
|
14,593
|
4,669
|
–
|
30,573
|
|||||||||||||||||||||
Smokey Point
|
2,788
|
3,237
|
1,005
|
21,575
|
11,278
|
–
|
39,883
|
|||||||||||||||||||||
Total Snohomish County
|
26,462
|
33,846
|
4,614
|
99,700
|
50,571
|
–
|
215,193
|
|||||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||||||
University Place
|
377
|
215
|
15
|
1,578
|
–
|
–
|
2,185
|
|||||||||||||||||||||
Gig Harbor
|
36
|
189
|
45
|
2,710
|
–
|
–
|
2,980
|
|||||||||||||||||||||
Total Pierce County
|
413
|
404
|
60
|
4,288
|
–
|
–
|
5,165
|
|||||||||||||||||||||
Total retail deposits
|
91,285
|
108,182
|
19,221
|
465,369
|
409,576
|
–
|
1,093,633
|
|||||||||||||||||||||
Brokered deposits
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||
Total deposits
|
$
|
91,285
|
$
|
108,182
|
$
|
19,221
|
$
|
465,369
|
$
|
409,576
|
–
|
$
|
1,093,633
|
September 30, 2020
|
||||||||||||||||||||||||||||
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
|
$
|
35,066
|
$
|
47,957
|
$
|
14,677
|
$
|
235,680
|
$
|
335,675
|
$
|
–
|
$
|
669,055
|
||||||||||||||
Landing
|
3,209
|
3,193
|
37
|
16,398
|
8,251
|
–
|
31,088
|
|||||||||||||||||||||
Woodinville
|
3,086
|
6,608
|
703
|
12,589
|
8,514
|
–
|
31,500
|
|||||||||||||||||||||
Bothell
|
2,270
|
2,104
|
54
|
4,675
|
3,290
|
–
|
12,393
|
|||||||||||||||||||||
Crossroads
|
6,755
|
8,085
|
48
|
50,304
|
11,076
|
–
|
76,268
|
|||||||||||||||||||||
Kent (1)
|
5,452
|
8,277
|
–
|
13,802
|
1,070
|
–
|
28,601
|
|||||||||||||||||||||
Kirkland (1)
|
4,534
|
56
|
1
|
2,627
|
–
|
–
|
7,218
|
|||||||||||||||||||||
Total King County
|
60,372
|
76,280
|
15,520
|
336,075
|
367,876
|
–
|
856,123
|
|||||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||||||
Mill Creek
|
3,713
|
3,236
|
856
|
14,695
|
10,675
|
–
|
33,175
|
|||||||||||||||||||||
Edmonds
|
5,853
|
13,865
|
485
|
28,229
|
19,300
|
–
|
67,732
|
|||||||||||||||||||||
Clearview
|
6,102
|
6,478
|
853
|
18,014
|
4,881
|
–
|
36,328
|
|||||||||||||||||||||
Lake Stevens
|
3,264
|
7,346
|
703
|
13,520
|
4,356
|
–
|
29,189
|
|||||||||||||||||||||
Smokey Point
|
2,733
|
3,137
|
875
|
16,173
|
11,558
|
–
|
34,476
|
|||||||||||||||||||||
Total Snohomish County
|
21,665
|
34,062
|
3,772
|
90,631
|
50,770
|
–
|
200,900
|
|||||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||||||
University Place (1)
|
339
|
514
|
–
|
1,806
|
–
|
–
|
2,659
|
|||||||||||||||||||||
Total Pierce County
|
339
|
514
|
–
|
1,806
|
–
|
–
|
2,659
|
|||||||||||||||||||||
Total retail deposits
|
82,376
|
110,856
|
19,292
|
428,512
|
418,646
|
–
|
1,059,682
|
|||||||||||||||||||||
Brokered deposits
|
–
|
–
|
–
|
–
|
–
|
10,000
|
10,000
|
|||||||||||||||||||||
Total deposits
|
$
|
82,376
|
$
|
110,856
|
$
|
19,292
|
$
|
428,512
|
$
|
418,646
|
$
|
10,000
|
$
|
1,069,682
|
Dec 31,
|
Sep 30,
|
Dec 31,
|
|
Three Month |
One
Year |
||||||||||||||
2020
|
2020
|
2019
|
|
Change
|
Change
|
||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||
Nonperforming loans:
|
|||||||||||||||||||
One-to-four family residential
|
$
|
─ |
$
|
─ |
$
|
95
|
$ |
─ |
$
|
(95
|
)
|
||||||||
Multifamily
|
2,104
|
2,104
|
─
|
─ |
2,104
|
||||||||||||||
Total nonperforming loans
|
2,104
|
2,104
|
95
|
─ |
2,009
|
||||||||||||||
Other real estate owned (“OREO”)
|
454
|
454
|
454
|
─ |
─
|
||||||||||||||
Total nonperforming assets (1)
|
$
|
2,558
|
$
|
2,558
|
$
|
549
|
$ |
─ |
$
|
2,009
|
|||||||||
Nonperforming assets as a
|
|||||||||||||||||||
percent of total assets
|
0.18
|
%
|
0.19
|
%
|
0.04
|
%
|
As of December 31, 2020
|
||||||||||||||||||||
Balance of
loans with modifications
of 4-6 months
|
Balance of
loans with modifications
of greater
than 6 months
|
Total balance
of loans with modifications granted
|
Total loans
|
Modifications
as % of total
loans in each category
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
One-to-four family residential
|
$
|
745
|
$
|
1,027
|
$
|
1,772
|
$
|
381,960
|
0.5
|
%
|
||||||||||
Multifamily
|
-
|
2,347
|
2,347
|
136,694
|
1.7
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Office
|
-
|
-
|
-
|
84,311
|
-
|
|||||||||||||||
Retail
|
-
|
3,972
|
3,972
|
114,117
|
3.5
|
|||||||||||||||
Mobile home park
|
-
|
-
|
-
|
28,094
|
-
|
|||||||||||||||
Hotel/motel
|
-
|
30,501
|
30,501
|
69,304
|
44.0
|
|||||||||||||||
Nursing home
|
-
|
6,368
|
6,368
|
12,868
|
49.5
|
|||||||||||||||
Warehouse
|
-
|
-
|
-
|
17,484
|
-
|
|||||||||||||||
Storage
|
-
|
-
|
-
|
33,671
|
-
|
|||||||||||||||
Other non-residential
|
-
|
-
|
-
|
25,416
|
-
|
|||||||||||||||
Total commercial real estate
|
-
|
40,841
|
40,841
|
385,265
|
10.6
|
|||||||||||||||
Construction/land
|
-
|
-
|
-
|
92,207
|
-
|
|||||||||||||||
Business:
|
||||||||||||||||||||
Aircraft
|
-
|
-
|
-
|
10,811
|
-
|
|||||||||||||||
SBA
|
-
|
-
|
-
|
928
|
-
|
|||||||||||||||
PPP
|
-
|
-
|
-
|
41,251
|
-
|
|||||||||||||||
Other business
|
-
|
-
|
-
|
27,673
|
-
|
|||||||||||||||
Total business
|
-
|
-
|
-
|
80,663
|
-
|
|||||||||||||||
Consumer:
|
||||||||||||||||||||
Classic/collectible auto
|
-
|
190
|
190
|
29,359
|
0.6
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
11,262
|
-
|
|||||||||||||||
Total consumer
|
-
|
190
|
190
|
40,621
|
0.5
|
|||||||||||||||
Total loans with COVID‑19
pandemic modifications
|
$
|
745
|
$
|
44,405
|
$
|
45,150
|
$
|
1,117,410
|
4.0
|
%
|
As of December 31, 2020
|
||||||||||||||||||||
LTV 0-60%
|
LTV 61-75%
|
LTV 76%+
|
Total
|
Average LTV
|
||||||||||||||||
Category: (1)
|
(Dollars in thousands)
|
|||||||||||||||||||
One-to-four family
|
$
|
236,286
|
$
|
147,465
|
$
|
31,605
|
$
|
415,356
|
40.07
|
%
|
||||||||||
Church
|
1,372
|
-
|
-
|
1,372
|
46.39
|
|||||||||||||||
Classic/collectible auto
|
5,006
|
11,776
|
12,577
|
29,359
|
67.56
|
|||||||||||||||
Gas station
|
3,507
|
-
|
508
|
4,015
|
51.02
|
|||||||||||||||
Hotel / motel
|
58,532
|
10,772
|
-
|
69,304
|
59.59
|
|||||||||||||||
Marina
|
7,781
|
-
|
-
|
7,781
|
37.88
|
|||||||||||||||
Mobile home park
|
20,054
|
7,665
|
375
|
28,094
|
39.71
|
|||||||||||||||
Nursing home
|
12,868
|
-
|
-
|
12,868
|
20.87
|
|||||||||||||||
Office
|
59,808
|
24,108
|
4,303
|
88,219
|
46.81
|
|||||||||||||||
Other non-residential
|
9,971
|
2,277
|
-
|
12,248
|
42.85
|
|||||||||||||||
Retail
|
77,733
|
36,384
|
-
|
114,117
|
49.89
|
|||||||||||||||
Storage
|
24,378
|
11,169
|
-
|
35,547
|
44.05
|
|||||||||||||||
Warehouse
|
15,577
|
1,907
|
-
|
17,484
|
43.63
|
Assets
|
Dec 31,
2020 |
Sep 30,
2020 |
Dec 31,
2019 |
Three
Month Change |
One
Year Change |
|||||||||||||||
Cash on hand and in banks
|
$
|
7,995
|
$
|
7,440
|
$
|
10,094
|
7.5
|
%
|
(20.8
|
)%
|
||||||||||
Interest-earning deposits with banks
|
72,494
|
18,674
|
12,896
|
288.2
|
462.1
|
|||||||||||||||
Investments available-for-sale, at fair value
|
127,551
|
126,020
|
136,601
|
1.2
|
(6.6
|
)
|
||||||||||||||
Annuity held-to-maturity
|
2,418
|
2,406
|
-
|
0.5
|
n/a
|
|||||||||||||||
Loans receivable, net of allowance of $15,174,
$14,568, and $13,218 respectively |
1,100,582
|
1,133,984
|
1,108,462
|
(2.9
|
)
|
(0.7
|
)
|
|||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
6,410
|
6,410
|
7,009
|
0.0
|
(8.5
|
)
|
||||||||||||||
Accrued interest receivable
|
5,508
|
5,676
|
4,138
|
(3.0
|
)
|
33.1
|
||||||||||||||
Deferred tax assets, net
|
1,641
|
1,879
|
1,501
|
(12.7
|
)
|
9.3
|
||||||||||||||
Other real estate owned ("OREO")
|
454
|
454
|
454
|
0.0
|
0.0
|
|||||||||||||||
Premises and equipment, net
|
22,579
|
22,409
|
22,466
|
0.8
|
0.5
|
|||||||||||||||
Bank owned life insurance ("BOLI")
|
33,034
|
32,830
|
31,982
|
0.6
|
3.3
|
|||||||||||||||
Prepaid expenses and other assets
|
1,643
|
1,704
|
2,216
|
(3.6
|
)
|
(25.9
|
)
|
|||||||||||||
Right of use asset ("ROU")
|
3,647
|
3,834
|
2,209
|
(4.9
|
)
|
65.1
|
||||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
|
|||||||||||||||
Core deposit intangible
|
824
|
860
|
968
|
(4.2
|
)
|
(14.9
|
)
|
|||||||||||||
Total assets
|
$
|
1,387,669
|
$
|
1,365,469
|
$
|
1,341,885
|
1.6
|
3.4
|
||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
91,285
|
82,376
|
52,849
|
10.8
|
72.7
|
|||||||||||||||
Interest-bearing deposits
|
1,002,348
|
987,306
|
980,685
|
1.5
|
2.2
|
|||||||||||||||
Total deposits
|
1,093,633
|
1,069,682
|
1,033,534
|
2.2
|
5.8
|
|||||||||||||||
Advances from the FHLB
|
120,000
|
120,000
|
137,700
|
0.0
|
(12.9
|
)
|
||||||||||||||
Advance payments from borrowers for taxes and
insurance |
2,498
|
4,742
|
2,921
|
(47.3
|
)
|
(14.5
|
)
|
|||||||||||||
Lease liability
|
3,783
|
3,942
|
2,279
|
(4.0
|
)
|
66.0
|
||||||||||||||
Accrued interest payable
|
211
|
197
|
285
|
7.1
|
(26.0
|
)
|
||||||||||||||
Other liabilities
|
11,242
|
12,128
|
8,847
|
(7.3
|
)
|
27.1
|
||||||||||||||
Total liabilities
|
1,231,367
|
1,210,691
|
1,185,566
|
1.7
|
3.9
|
|||||||||||||||
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 |
||||||||||||||||||||
9,736,875 shares at December 31, 2020,
9,911,607 shares at September 30, 2020, |
||||||||||||||||||||
and 10,252,953 shares at December 31, 2019
|
97
|
99
|
103
|
(2.0
|
)
|
(5.8
|
)
|
|||||||||||||
Additional paid-in capital
|
82,095
|
83,839
|
87,370
|
(2.1
|
)
|
(6.0
|
)
|
|||||||||||||
Retained earnings
|
78,003
|
76,300
|
73,321
|
2.2
|
6.4
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(1,918
|
)
|
(3,203
|
)
|
(1,371
|
)
|
(40.1
|
)
|
39.9
|
|||||||||||
Unearned Employee Stock Ownership Plan
("ESOP") shares |
(1,975
|
)
|
(2,257
|
)
|
(3,104
|
)
|
(12.5
|
)
|
(36.4
|
)
|
||||||||||
Total stockholders' equity
|
156,302
|
154,778
|
156,319
|
1.0
|
(0.0
|
)
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,387,669
|
$
|
1,365,469
|
$
|
1,341,885
|
1.6
|
%
|
3.4
|
%
|
Quarter Ended
|
||||||||||||||||||||
Dec 31,
2020 |
Sep 30,
2020 |
Dec 31,
2019 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
13,042
|
$
|
12,847
|
$
|
13,852
|
1.5
|
%
|
(5.8
|
)%
|
||||||||||
Investments available-for-sale
|
707
|
751
|
995
|
(5.9
|
)
|
(28.9
|
)
|
|||||||||||||
Investments held-to-maturity
|
6
|
6
|
-
|
0.0
|
n/a
|
|||||||||||||||
Interest-earning deposits with banks
|
7
|
8
|
47
|
(12.5
|
)
|
(85.1
|
)
|
|||||||||||||
Dividends on FHLB Stock
|
81
|
82
|
72
|
(1.2
|
)
|
12.5
|
||||||||||||||
Total interest income
|
13,843
|
13,694
|
14,966
|
1.1
|
(7.5
|
)
|
||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
2,767
|
3,206
|
4,807
|
(13.7
|
)
|
(42.4
|
)
|
|||||||||||||
FHLB advances and other borrowings
|
426
|
400
|
461
|
6.5
|
(7.6
|
)
|
||||||||||||||
Total interest expense
|
3,193
|
3,606
|
5,268
|
(11.5
|
)
|
(39.4
|
)
|
|||||||||||||
Net interest income
|
10,650
|
10,088
|
9,698
|
5.6
|
9.8
|
|||||||||||||||
Provision for loan losses
|
600
|
700
|
-
|
(14.3
|
)
|
n/a
|
||||||||||||||
Net interest income after provision for loan losses
|
10,050
|
9,388
|
9,698
|
7.1
|
3.6
|
|||||||||||||||
Noninterest income
|
||||||||||||||||||||
Net gain on sale of investments
|
-
|
18
|
71
|
(100.0
|
)
|
(100.0
|
)
|
|||||||||||||
BOLI income
|
204
|
269
|
301
|
(24.2
|
)
|
(32.2
|
)
|
|||||||||||||
Wealth management revenue
|
170
|
145
|
177
|
17.2
|
(4.0
|
)
|
||||||||||||||
Deposit related fees
|
195
|
201
|
178
|
(3.0
|
)
|
9.6
|
||||||||||||||
Loan related fees
|
1,082
|
376
|
782
|
187.8
|
38.4
|
|||||||||||||||
Other
|
3
|
2
|
14
|
50.0
|
(78.6
|
)
|
||||||||||||||
Total noninterest income
|
1,654
|
1,011
|
1,523
|
63.6
|
8.6
|
|||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
5,146
|
4,880
|
5,048
|
5.5
|
1.9
|
|||||||||||||||
Occupancy and equipment
|
1,147
|
987
|
1,024
|
16.2
|
12.0
|
|||||||||||||||
Professional fees
|
450
|
371
|
428
|
21.3
|
5.1
|
|||||||||||||||
Data processing
|
711
|
731
|
638
|
(2.7
|
)
|
11.4
|
||||||||||||||
OREO related expenses, net
|
1
|
1
|
1
|
0.0
|
0.0
|
|||||||||||||||
Regulatory assessments
|
142
|
134
|
21
|
6.0
|
576.2
|
|||||||||||||||
Insurance and bond premiums
|
106
|
116
|
87
|
(8.6
|
)
|
21.8
|
||||||||||||||
Marketing
|
64
|
41
|
59
|
56.1
|
8.5
|
|||||||||||||||
Other general and administrative
|
668
|
606
|
665
|
10.2
|
0.5
|
|||||||||||||||
Total noninterest expense
|
8,435
|
7,867
|
7,971
|
7.2
|
5.8
|
|||||||||||||||
Income before federal income tax provision
|
3,269
|
2,532
|
3,250
|
29.1
|
0.6
|
|||||||||||||||
Federal income tax provision
|
622
|
450
|
635
|
38.2
|
(2.0
|
)
|
||||||||||||||
Net income
|
$
|
2,647
|
$
|
2,082
|
$
|
2,615
|
27.1
|
%
|
1.2
|
%
|
||||||||||
Basic earnings per share
|
$
|
0.28
|
$
|
0.22
|
$
|
0.26
|
||||||||||||||
Diluted earnings per share
|
$
|
0.28
|
$
|
0.21
|
$
|
0.26
|
||||||||||||||
Weighted average number of common shares
outstanding |
9,573,950
|
9,661,498
|
9,934,768
|
|||||||||||||||||
Weighted average number of diluted shares
outstanding |
9,603,493
|
9,675,567
|
10,032,979
|
Year Ended December 31
|
||||||||||||||||||||
2020
|
2019
|
2018
|
One
Year Change |
Two
Year Change |
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
52,546
|
$
|
54,636
|
$
|
51,127
|
(3.8
|
)%
|
2.8
|
%
|
||||||||||
Investments available-for-sale
|
3,173
|
4,329
|
4,126
|
(26.7
|
)
|
(23.1
|
)
|
|||||||||||||
Investments held-to-maturity
|
23
|
-
|
-
|
n/a
|
n/a
|
|||||||||||||||
Interest-earning deposits with banks
|
52
|
293
|
202
|
(82.3
|
)
|
(74.3
|
)
|
|||||||||||||
Dividends on FHLB Stock
|
320
|
362
|
458
|
(11.6
|
)
|
(30.1
|
)
|
|||||||||||||
Total interest income
|
56,114
|
59,620
|
55,913
|
(5.9
|
)
|
0.4
|
||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
14,005
|
17,996
|
11,218
|
(22.2
|
)
|
24.8
|
||||||||||||||
FHLB advances
|
1,640
|
2,716
|
3,520
|
(39.6
|
)
|
(53.4
|
)
|
|||||||||||||
Total interest expense
|
15,645
|
20,712
|
14,738
|
(24.5
|
)
|
6.2
|
||||||||||||||
Net interest income
|
40,469
|
38,908
|
41,175
|
4.0
|
(1.7
|
)
|
||||||||||||||
Provision (recapture of provision) for loan losses
|
1,900
|
(300
|
)
|
(4,000
|
)
|
(733.3
|
)
|
(147.5
|
)
|
|||||||||||
Net interest income after provision
(recapture of provision) for loan losses |
38,569
|
39,208
|
45,175
|
(1.6
|
)
|
(14.6
|
)
|
|||||||||||||
Noninterest income
|
||||||||||||||||||||
Net gain (loss) on sale of investments
|
86
|
151
|
(20
|
)
|
(43.0
|
)
|
(530.0
|
)
|
||||||||||||
BOLI
|
982
|
994
|
814
|
(1.2
|
)
|
20.6
|
||||||||||||||
Wealth management revenue
|
663
|
879
|
611
|
(24.6
|
)
|
8.5
|
||||||||||||||
Deposit accounts related fees
|
755
|
733
|
681
|
3.0
|
10.9
|
|||||||||||||||
Loan related fees
|
1,947
|
1,344
|
768
|
44.9
|
153.5
|
|||||||||||||||
Other
|
9
|
40
|
24
|
(77.5
|
)
|
(62.5
|
)
|
|||||||||||||
Total noninterest income
|
4,442
|
4,141
|
2,878
|
7.3
|
54.3
|
|||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
20,039
|
19,595
|
19,302
|
2.3
|
3.8
|
|||||||||||||||
Occupancy and equipment
|
4,237
|
3,712
|
3,283
|
14.1
|
29.1
|
|||||||||||||||
Professional fees
|
1,707
|
1,690
|
1,538
|
1.0
|
11.0
|
|||||||||||||||
Data processing
|
2,822
|
2,031
|
1,392
|
38.9
|
102.7
|
|||||||||||||||
OREO related expenses, net
|
9
|
34
|
7
|
(73.5
|
)
|
28.6
|
||||||||||||||
Regulatory assessments
|
547
|
307
|
502
|
78.2
|
9.0
|
|||||||||||||||
Insurance and bond premiums
|
445
|
375
|
443
|
18.7
|
0.5
|
|||||||||||||||
Marketing
|
197
|
339
|
344
|
(41.9
|
)
|
(42.7
|
)
|
|||||||||||||
Other general and administrative
|
2,510
|
2,335
|
2,650
|
7.5
|
(5.3
|
)
|
||||||||||||||
Total noninterest expense
|
32,513
|
30,418
|
29,461
|
6.9
|
10.4
|
|||||||||||||||
Income before federal income tax provision
|
10,498
|
12,931
|
18,592
|
(18.8
|
)
|
(43.5
|
)
|
|||||||||||||
Federal income tax provision
|
1,942
|
2,562
|
3,693
|
(24.2
|
)
|
(47.4
|
)
|
|||||||||||||
Net income
|
$
|
8,556
|
$
|
10,369
|
$
|
14,899
|
(17.5
|
)%
|
(42.6
|
)%
|
||||||||||
Basic earnings per share
|
$
|
0.88
|
$
|
1.04
|
$
|
1.44
|
||||||||||||||
Diluted earnings per share
|
$
|
0.88
|
$
|
1.03
|
$
|
1.43
|
||||||||||||||
Weighted average number of common
shares outstanding |
9,734,493
|
9,976,056
|
10,306,835
|
|||||||||||||||||
Weighted average number of diluted
shares outstanding |
9,758,644
|
10,075,906
|
10,424,187
|
December 31, 2020
|
September 30, 2020
|
December 31, 2019
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Micro-unit apartments
|
$
|
11,366
|
1.0
|
%
|
$
|
11,422
|
1.0
|
%
|
$
|
13,809
|
1.2
|
%
|
||||||||||||
Other multifamily
|
125,328
|
11.2
|
131,197
|
11.4
|
159,106
|
14.2
|
||||||||||||||||||
Total multifamily residential
|
136,694
|
12.2
|
142,619
|
12.4
|
172,915
|
15.4
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Office
|
84,311
|
7.5
|
81,566
|
7.1
|
100,744
|
9.0
|
||||||||||||||||||
Retail
|
114,117
|
10.2
|
121,338
|
10.6
|
133,094
|
11.8
|
||||||||||||||||||
Mobile home park
|
28,094
|
2.5
|
25,510
|
2.2
|
26,099
|
2.3
|
||||||||||||||||||
Hotel / motel
|
69,304
|
6.2
|
69,157
|
6.0
|
42,971
|
3.8
|
||||||||||||||||||
Nursing Home
|
12,868
|
1.2
|
12,868
|
1.1
|
11,831
|
1.1
|
||||||||||||||||||
Warehouse
|
17,484
|
1.6
|
17,512
|
1.5
|
17,595
|
1.6
|
||||||||||||||||||
Storage
|
33,671
|
3.0
|
36,093
|
3.1
|
37,190
|
3.3
|
||||||||||||||||||
Other non-residential
|
25,416
|
2.3
|
25,724
|
2.3
|
25,628
|
2.3
|
||||||||||||||||||
Total non-residential
|
385,265
|
34.5
|
389,768
|
33.9
|
395,152
|
35.2
|
||||||||||||||||||
Construction/land:
|
||||||||||||||||||||||||
One-to-four family residential
|
33,396
|
3.0
|
45,231
|
4.0
|
44,491
|
4.0
|
||||||||||||||||||
Multifamily
|
51,215
|
4.6
|
47,547
|
4.1
|
40,954
|
3.6
|
||||||||||||||||||
Commercial
|
5,783
|
0.5
|
5,475
|
0.5
|
19,550
|
1.7
|
||||||||||||||||||
Land development
|
1,813
|
0.2
|
1,345
|
0.1
|
8,670
|
0.8
|
||||||||||||||||||
Total construction/land
|
92,207
|
8.3
|
99,598
|
8.7
|
113,665
|
10.1
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
206,323
|
18.5
|
214,250
|
18.6
|
210,898
|
18.8
|
||||||||||||||||||
Permanent non-owner occupied
|
175,637
|
15.7
|
177,621
|
15.4
|
161,630
|
14.4
|
||||||||||||||||||
Total one-to-four family residential
|
381,960
|
34.2
|
391,871
|
34.0
|
372,528
|
33.2
|
||||||||||||||||||
Business
|
||||||||||||||||||||||||
Aircraft
|
10,811
|
0.9
|
11,735
|
1.0
|
14,012
|
1.3
|
||||||||||||||||||
Small Business Administration ("SBA")
|
928
|
0.1
|
819
|
0.1
|
362
|
0.0
|
||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
41,251
|
3.7
|
52,045
|
4.5
|
-
|
0.0
|
||||||||||||||||||
Other business
|
27,673
|
2.5
|
21,181
|
1.8
|
23,405
|
2.1
|
||||||||||||||||||
Total business
|
80,663
|
7.2
|
85,780
|
7.4
|
37,779
|
3.4
|
||||||||||||||||||
Consumer
|
||||||||||||||||||||||||
Classic/collectible auto
|
29,359
|
2.6
|
27,784
|
2.4
|
18,454
|
1.7
|
||||||||||||||||||
Other consumer
|
11,262
|
1.0
|
13,061
|
1.2
|
11,745
|
1.0
|
||||||||||||||||||
Total consumer
|
40,621
|
3.6
|
40,845
|
3.6
|
30,199
|
2.7
|
||||||||||||||||||
Total loans
|
1,117,410
|
100.0
|
%
|
1,150,481
|
100.0
|
%
|
1,122,238
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Deferred loan fees, net
|
1,654
|
1,929
|
558
|
|||||||||||||||||||||
ALLL
|
15,174
|
14,568
|
13,218
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
1,100,582
|
$
|
1,133,984
|
$
|
1,108,462
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
61.6
|
%
|
68.4
|
%
|
81.9
|
%
|
||||||||||||||||||
Total non-owner occupied commercial
real estate as % of total capital |
390.1
|
%
|
407.1
|
%
|
449.7
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2020
|
2020
|
2020
|
2020
|
2019
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:
(1)
|
||||||||||||||||||||
Return on assets
|
0.77
|
%
|
0.60
|
%
|
0.63
|
%
|
0.51
|
%
|
0.79
|
%
|
||||||||||
Return on equity
|
6.76
|
5.34
|
5.59
|
4.30
|
6.64
|
|||||||||||||||
Dividend payout ratio
|
35.71
|
45.45
|
45.45
|
58.82
|
34.62
|
|||||||||||||||
Equity-to-assets ratio
|
11.26
|
11.34
|
10.86
|
11.50
|
11.65
|
|||||||||||||||
Tangible equity ratio (2)
|
11.15
|
11.22
|
10.74
|
11.38
|
11.53
|
|||||||||||||||
Net interest margin
|
3.29
|
3.07
|
3.12
|
3.11
|
3.09
|
|||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities |
116.42
|
116.08
|
115.96
|
113.78
|
113.50
|
|||||||||||||||
Efficiency ratio
|
68.55
|
70.88
|
73.18
|
77.60
|
71.04
|
|||||||||||||||
Noninterest expense as a percent of average
total assets |
2.46
|
2.26
|
2.33
|
2.51
|
2.40
|
|||||||||||||||
Book value per common share
|
$
|
16.05
|
$
|
15.62
|
$
|
15.32
|
$
|
15.03
|
$
|
15.25
|
||||||||||
Tangible book value per share
|
15.88
|
15.44
|
15.14
|
14.85
|
15.07
|
|||||||||||||||
Capital Ratios: (3)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.29
|
%
|
10.03
|
%
|
10.02
|
%
|
10.25
|
%
|
10.27
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.32
|
14.01
|
13.70
|
13.42
|
13.13
|
|||||||||||||||
Tier 1 capital ratio
|
14.32
|
14.01
|
13.70
|
13.42
|
13.13
|
|||||||||||||||
Total capital ratio
|
15.57
|
15.26
|
14.95
|
14.67
|
14.38
|
|||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Nonperforming loans as a percent of total loans
|
0.19
|
%
|
0.18
|
%
|
0.19
|
%
|
0.20
|
%
|
0.01
|
%
|
||||||||||
Nonperforming assets as a percent of total assets
|
0.18
|
0.19
|
0.19
|
0.20
|
0.04
|
|||||||||||||||
ALLL as a percent of total loans
|
1.36
|
1.27
|
1.20
|
1.22
|
1.18
|
|||||||||||||||
Net (recoveries) charge-offs to average loans
receivable, net |
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
(0.00
|
)
|
(0.01
|
)
|
||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||
ALLL, beginning of the quarter
|
$
|
14,568
|
$
|
13,836
|
$
|
13,530
|
$
|
13,218
|
$
|
13,161
|
||||||||||
Provision (Recapture of provision)
|
600
|
700
|
300
|
300
|
-
|
|||||||||||||||
Charge-offs
|
(2
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Recoveries
|
8
|
32
|
6
|
12
|
57
|
|||||||||||||||
ALLL, end of the quarter
|
$
|
15,174
|
$
|
14,568
|
$
|
13,836
|
$
|
13,530
|
$
|
13,218
|
At or For the Quarter Ended
|
||||||||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2020
|
2020
|
2020
|
2020
|
2019
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs: (1)
|
||||||||||||||||||||
Yield on loans
|
4.61
|
%
|
4.49
|
%
|
4.72
|
%
|
4.94
|
%
|
5.05
|
%
|
||||||||||
Yield on investments available-for-sale
|
2.21
|
2.32
|
2.41
|
2.72
|
2.85
|
|||||||||||||||
Yield on investments held-to-maturity
|
0.99
|
0.99
|
1.52
|
0.00
|
0.00
|
|||||||||||||||
Yield on interest-earning deposits
|
0.11
|
0.10
|
0.10
|
1.18
|
1.61
|
|||||||||||||||
Yield on FHLB stock
|
4.99
|
4.95
|
4.84
|
4.62
|
4.84
|
|||||||||||||||
Yield on interest-earning assets
|
4.26
|
%
|
4.16
|
%
|
4.37
|
%
|
4.67
|
%
|
4.78
|
%
|
||||||||||
Cost of interest-bearing deposits
|
1.12
|
%
|
1.27
|
%
|
1.49
|
%
|
1.81
|
%
|
1.94
|
%
|
||||||||||
Cost of borrowings
|
1.40
|
1.28
|
1.08
|
1.48
|
1.66
|
|||||||||||||||
Cost of interest-bearing liabilities
|
1.15
|
%
|
1.27
|
%
|
1.44
|
%
|
1.77
|
%
|
1.91
|
%
|
||||||||||
Cost of total deposits
|
1.03
|
%
|
1.18
|
%
|
1.38
|
%
|
1.72
|
%
|
1.84
|
%
|
||||||||||
Cost of funds
|
1.07
|
1.19
|
1.34
|
1.69
|
1.82
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,126,554
|
$
|
1,137,742
|
$
|
1,122,913
|
$
|
1,096,091
|
$
|
1,087,558
|
||||||||||
Investments available-for-sale
|
127,456
|
128,885
|
133,038
|
135,765
|
138,331
|
|||||||||||||||
Investments held-to-maturity
|
2,410
|
2,399
|
2,378
|
2,061
|
-
|
|||||||||||||||
Interest-earning deposits
|
26,092
|
32,701
|
30,989
|
10,555
|
11,572
|
|||||||||||||||
FHLB stock
|
6,459
|
6,592
|
6,736
|
6,615
|
5,897
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,288,971
|
$
|
1,308,319
|
$
|
1,296,054
|
$
|
1,251,087
|
$
|
1,243,358
|
||||||||||
Interest-bearing deposits
|
$
|
985,945
|
$
|
1,002,518
|
$
|
989,549
|
$
|
970,062
|
$
|
985,532
|
||||||||||
Borrowings
|
121,218
|
124,543
|
128,154
|
127,707
|
109,895
|
|||||||||||||||
Total interest-bearing liabilities
|
1,107,163
|
1,127,061
|
1,117,703
|
1,097,769
|
1,095,427
|
|||||||||||||||
Noninterest-bearing deposits
|
83,719
|
81,694
|
82,750
|
53,199
|
50,951
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,190,882
|
$
|
1,208,755
|
$
|
1,200,453
|
$
|
1,150,968
|
$
|
1,146,378
|
||||||||||
Average assets
|
$
|
1,366,061
|
$
|
1,383,736
|
$
|
1,371,269
|
$
|
1,324,845
|
$
|
1,317,586
|
||||||||||
Average stockholders' equity
|
155,765
|
154,988
|
154,115
|
157,492
|
156,147
|
At or For the Year Ended December 31,
|
||||||||||||||||||||
2020
|
2019
|
2018
|
2017
|
2016
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on assets
|
0.63
|
%
|
0.80
|
%
|
1.21
|
%
|
0.76
|
%
|
0.88
|
%
|
||||||||||
Return on equity
|
5.50
|
6.73
|
9.86
|
5.94
|
5.55
|
|||||||||||||||
Dividend payout ratio
|
45.45
|
33.65
|
21.53
|
32.93
|
32.02
|
|||||||||||||||
Equity-to-assets
|
11.26
|
11.65
|
12.28
|
11.79
|
13.31
|
|||||||||||||||
Tangible equity ratio (1)
|
11.15
|
11.53
|
12.13
|
11.63
|
13.31
|
|||||||||||||||
Net interest margin
|
3.15
|
3.19
|
3.56
|
3.60
|
3.60
|
|||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities |
115.62
|
113.44
|
114.28
|
114.07
|
117.11
|
|||||||||||||||
Efficiency ratio
|
72.39
|
70.66
|
66.88
|
67.31
|
62.27
|
|||||||||||||||
Noninterest expense as a percent of average
total assets |
2.39
|
2.35
|
2.40
|
2.42
|
2.27
|
|||||||||||||||
Book value per common share
|
$
|
16.05
|
$
|
15.25
|
$
|
14.35
|
$
|
13.27
|
$
|
12.63
|
||||||||||
Tangible book value per share (1)
|
15.88
|
15.07
|
14.17
|
13.07
|
12.63
|
|||||||||||||||
Capital Ratios: (2)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.29
|
%
|
10.27
|
%
|
10.37
|
%
|
10.20
|
%
|
11.17
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.32
|
13.13
|
13.43
|
12.52
|
14.38
|
|||||||||||||||
Tier 1 capital ratio
|
14.32
|
13.13
|
13.43
|
12.52
|
14.38
|
|||||||||||||||
Total capital ratio
|
15.57
|
14.38
|
14.68
|
13.77
|
15.63
|
|||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Nonperforming loans as a percent of total loans,
net of undisbursed funds |
0.19
|
%
|
0.01
|
%
|
0.07
|
%
|
0.02
|
%
|
0.10
|
%
|
||||||||||
Nonperforming assets as a percent of total assets
|
0.18
|
0.04
|
0.10
|
0.05
|
0.31
|
|||||||||||||||
ALLL as a percent of total loans, net of
undisbursed funds |
1.36
|
1.18
|
1.29
|
1.28
|
1.32
|
|||||||||||||||
Net charge-offs (recoveries) to average loans
receivable, net |
(0.00
|
)
|
(0.02
|
)
|
(0.45
|
)
|
(0.27
|
)
|
(0.02
|
)
|
||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||
ALLL, beginning of the year
|
$
|
13,218
|
$
|
13,347
|
$
|
12,882
|
$
|
10,951
|
$
|
9,463
|
||||||||||
Provision (recapture of provision)
|
1,900
|
(300
|
)
|
(4,000
|
)
|
(400
|
)
|
1,300
|
||||||||||||
Charge-offs
|
(2
|
)
|
-
|
-
|
-
|
(83
|
)
|
|||||||||||||
Recoveries
|
58
|
171
|
4,465
|
2,331
|
271
|
|||||||||||||||
ALLL, end of the year
|
$
|
15,174
|
$
|
13,218
|
$
|
13,347
|
$
|
12,882
|
$
|
10,951
|
At or For the Year Ended December 31,
|
||||||||||||||||||||
2020
|
2019
|
2018
|
2017
|
2016
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs:
|
||||||||||||||||||||
Yield on loans
|
4.69
|
%
|
5.15
|
%
|
5.13
|
%
|
4.96
|
%
|
4.99
|
%
|
||||||||||
Yield on investments available-for-sale
|
2.42
|
3.11
|
2.92
|
2.61
|
2.31
|
|||||||||||||||
Yield on investments held-to-maturity
|
0.99
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||||||||||
Yield on interest-earning deposits
|
0.21
|
2.15
|
1.74
|
1.07
|
0.52
|
|||||||||||||||
Yield on FHLB stock
|
4.85
|
5.42
|
5.24
|
3.32
|
2.62
|
|||||||||||||||
Yield on interest-earning assets
|
4.36
|
%
|
4.88
|
%
|
4.83
|
%
|
4.57
|
%
|
4.39
|
%
|
||||||||||
Cost of deposits
|
1.42
|
%
|
1.90
|
%
|
1.35
|
%
|
1.04
|
%
|
0.94
|
%
|
||||||||||
Cost of borrowings
|
1.31
|
2.09
|
1.92
|
1.30
|
0.86
|
|||||||||||||||
Cost of interest-bearing liabilities
|
1.41
|
%
|
1.92
|
%
|
1.46
|
%
|
1.10
|
%
|
0.92
|
%
|
||||||||||
Cost of total deposits
|
1.32
|
%
|
1.81
|
%
|
1.28
|
%
|
0.99
|
%
|
0.90
|
%
|
||||||||||
Cost of funds
|
1.32
|
1.84
|
1.39
|
1.05
|
0.89
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,120,889
|
$
|
1,061,367
|
$
|
995,810
|
$
|
878,449
|
$
|
765,948
|
||||||||||
Investments available-for-sale
|
131,272
|
139,354
|
141,100
|
134,105
|
132,372
|
|||||||||||||||
Investments held-to-maturity
|
2,312
|
-
|
-
|
-
|
-
|
|||||||||||||||
Interest-earning deposits
|
25,108
|
13,634
|
11,628
|
22,194
|
45,125
|
|||||||||||||||
FHLB stock
|
6,600
|
6,684
|
8,748
|
8,914
|
7,714
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,286,181
|
$
|
1,221,039
|
$
|
1,157,286
|
$
|
1,043,662
|
$
|
951,159
|
||||||||||
Deposits
|
$
|
987,069
|
$
|
946,484
|
$
|
828,965
|
$
|
722,666
|
$
|
648,324
|
||||||||||
Borrowings
|
125,392
|
129,899
|
183,667
|
192,227
|
163,893
|
|||||||||||||||
Total interest-bearing liabilities
|
1,112,461
|
1,076,383
|
1,012,632
|
914,893
|
812,217
|
|||||||||||||||
Noninterest-bearing deposits
|
75,388
|
48,434
|
49,461
|
39,127
|
27,596
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,187,849
|
$
|
1,124,817
|
$
|
1,062,093
|
$
|
954,020
|
$
|
839,813
|
||||||||||
Average assets
|
$
|
1,361,604
|
$
|
1,294,164
|
$
|
1,227,396
|
$
|
1,108,656
|
$
|
1,010,243
|
||||||||||
Average stockholders' equity
|
155,587
|
154,092
|
151,145
|
142,647
|
160,192
|
Quarter Ended
|
||||||||||||||||||||
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020 |
Mar 31,
2020
|
Dec 31,
2019 |
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: |
||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
156,302
|
$
|
154,778
|
$
|
153,976
|
$
|
153,092
|
$
|
156,319
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible
|
824
|
860
|
896
|
932
|
968
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
154,589
|
$
|
153,029
|
$
|
152,191
|
$
|
151,271
|
$
|
154,462
|
||||||||||
|
||||||||||||||||||||
Total assets (GAAP)
|
1,387,669
|
1,365,469
|
1,418,355
|
1,331,213
|
1,341,885
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible
|
824
|
860
|
896
|
932
|
968
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,385,956
|
$
|
1,363,720
|
$
|
1,416,570
|
$
|
1,329,392
|
$
|
1,340,028
|
||||||||||
|
||||||||||||||||||||
Common shares outstanding at period end
|
9,736,875
|
9,911,607
|
10,048,961
|
10,184,411
|
10,252,953
|
|||||||||||||||
|
||||||||||||||||||||
Equity to assets ratio
|
11.26
|
%
|
11.34
|
%
|
10.86
|
%
|
11.50
|
%
|
11.65
|
%
|
||||||||||
Tangible equity ratio
|
11.15
|
11.22
|
10.74
|
11.38
|
11.53
|
|||||||||||||||
Book value per share
|
$
|
16.05
|
$
|
15.62
|
$
|
15.32
|
$
|
15.03
|
$
|
15.25
|
||||||||||
Tangible book value per share
|
15.88
|
15.44
|
15.14
|
14.85
|
15.07
|
|||||||||||||||
ALLL on loans to total loans receivable, excluding PPP loans: | ||||||||||||||||||||
Allowance for loan losses
|
$
|
15,174
|
$
|
14,568
|
$
|
13,836
|
$
|
13,530
|
$
|
13,218
|
||||||||||
Total loans (GAAP)
|
$
|
1,117,410
|
$
|
1,150,481
|
$
|
1,154,132
|
$
|
1,105,959
|
$
|
1,122,238
|
||||||||||
Less:
|
||||||||||||||||||||
PPP loans
|
41,251
|
52,045
|
51,661
|
-
|
-
|
|||||||||||||||
Total loans excluding PPP loans (Non-GAAP)
|
$
|
1,076,159
|
$
|
1,098,436
|
$
|
1,102,471
|
1,105,959
|
1,122,238
|
||||||||||||
ALLL as a percent of total loans
|
1.36
|
%
|
1.27
|
%
|
1.20
|
%
|
1.22
|
%
|
1.18
|
%
|
||||||||||
ALLL as a percent of total loans excluding
PPP loans |
1.41
|
%
|
1.33
|
%
|
1.25
|
1.22
|
1.18
|
Year Ended December 31,
|
||||||||||||||||||||
2020 |
2019 |
2018 |
2017 |
2016 |
||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Pre-tax, pre-provision income: | ||||||||||||||||||||
Net income (GAAP)
|
$
|
8,556
|
$
|
10,369
|
$
|
14,899
|
$
|
8,479
|
$
|
8,892
|
||||||||||
Plus:
|
||||||||||||||||||||
Federal income tax provision
|
1,942
|
2,562
|
3,693
|
4,942
|
3,712
|
|||||||||||||||
Provision (recapture of provision) for loan
losses
|
1,900
|
(300
|
)
|
(4,000
|
)
|
(400
|
)
|
1,300
|
||||||||||||
Pre-tax, pre-provision income (Non-GAAP)
|
$
|
12,398
|
$
|
12,631
|
$
|
14,592
|
$
|
13,021
|
$
|
13,904
|
Tangible equity to tangible assets and tangible book value per share: |
||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
156,302
|
$
|
156,319
|
$
|
153,738
|
$
|
142,634
|
$
|
138,125
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
-
|
|||||||||||||||
Core deposit intangible
|
824
|
968
|
1,116
|
1,266
|
-
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
154,589
|
$
|
154,462
|
$
|
151,733
|
$
|
140,479
|
$
|
138,125
|
||||||||||
|
||||||||||||||||||||
Total assets (GAAP)
|
1,387,669
|
1,341,885
|
1,252,424
|
1,210,229
|
1,037,584
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
-
|
|||||||||||||||
Core deposit intangible
|
824
|
968
|
1,116
|
1,266
|
-
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,385,956
|
$
|
1,340,028
|
$
|
1,250,419
|
$
|
1,208,074
|
$
|
1,037,584
|
||||||||||
|
||||||||||||||||||||
Common shares outstanding at period end
|
9,736,875
|
10,252,953
|
10,710,656
|
10,748,437
|
10,938,251
|
|||||||||||||||
|
||||||||||||||||||||
Equity to assets ratio
|
11.26
|
%
|
11.65
|
%
|
12.28
|
%
|
11.79
|
%
|
13.31
|
%
|
||||||||||
Tangible equity ratio
|
11.15
|
11.53
|
12.13
|
11.63
|
13.31
|
|||||||||||||||
Book value per share
|
$
|
16.05
|
$
|
15.25
|
$
|
14.35
|
$
|
13.27
|
$
|
12.63
|
||||||||||
Tangible book value per share
|
15.88
|
15.07
|
14.17
|
13.07
|
12.63
|
|||||||||||||||
ALLL on loans to total loans receivable, excluding PPP loans: |
Allowance for loan losses
|
$
|
15,174
|
$
|
13,218
|
$
|
13,347
|
$
|
12,882
|
$
|
10,951
|
||||||||||
Total loans (GAAP)
|
$
|
1,117,410
|
$
|
1,122,238
|
$
|
1,037,429
|
$
|
1,002,694
|
$
|
828,161
|
||||||||||
Less:
|
||||||||||||||||||||
PPP loans
|
41,251
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total loans excluding PPP loans (Non-GAAP)
|
$
|
1,076,159
|
$
|
1,122,238
|
$
|
1,037,429
|
$
|
1,002,694
|
$
|
828,161
|
||||||||||
ALLL as a percent of total loans
|
1.36
|
%
|
1.18
|
%
|
1.29
|
%
|
1.28
|
%
|
1.32
|
%
|
||||||||||
ALLL as a percent of total loans excluding
PPP loans |
1.41
|
%
|
1.18
|
%
|
1.29
|
1.28
|
1.32
|
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Document and Entity Information |
Jan. 28, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 28, 2021 |
Entity Registrant Name | First Financial Northwest, Inc. |
Entity Incorporation, State or Country Code | WA |
Entity File Number | 001-33652 |
Entity Tax Identification Number | 26-0610707 |
Entity Address, Address Line One | 201 Wells Avenue South |
Entity Address, City or Town | Renton |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98057 |
City Area Code | 425 |
Local Phone Number | 255-4400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001401564 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | FFNW |
Security Exchange Name | NASDAQ |
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