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FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income $ 13,240 $ 12,249
Adjustments to reconcile net income to net cash provided by operating activities    
(Recapture of provision) provision for loan losses (400) 300
Loss on sale of OREO property, net 0 207
Net amortization of premiums and discounts on investments 720 1,100
Gain on sale of investments available-for-sale (27) (32)
Depreciation of premises and equipment 2,153 2,158
Loss on disposal of premises and equipment 1 1
Deferred federal income taxes 217 235
Allocation of ESOP shares 1,372 1,696
Stock compensation expense 770 708
BOLI income (1,004) (1,107)
Annuity income (10) (24)
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other assets 279 (354)
Decrease in right of use asset 739 759
Increase in advance payments from borrowers for taxes and insurance 142 411
(Increase) decrease in accrued interest receivable (1,228) 223
Decrease in lease liability (719) (736)
Increase (decrease) in accrued interest payable 216 (99)
Increase in other liabilities 11,531 743
Net cash provided by operating activities 27,992 18,438
Cash flows from investing activities:    
Proceeds from sales and call of investments 11,089 20,042
Principal repayments on investments 16,729 20,028
Purchases of investments available-for-sale (95,687) (84,203)
Net increase in loans receivable (63,222) (3,179)
Proceeds from sales of OREO properties 0 247
Purchases of premises and equipment (906) (2,020)
(Purchase) sale of FHLB stock (2,047) 945
Proceeds from BOLI death benefit settlement 0 1,086
Purchase of BOLI (72) (2,155)
Net cash used in investing activities (134,116) (49,209)
Cash flows from financing activities:    
Net increase in deposits 12,566 63,841
Advances from the FHLB 196,000 25,000
Repayments of advances from the FHLB (146,000) (50,000)
Proceeds from stock options exercises 454 344
Net share settlement of stock awards (226) (38)
Repurchase and retirement of common stock (1,398) (11,384)
Dividends paid (4,343) (4,090)
Net cash provided by financing activities 57,053 23,673
Cash and cash equivalents:    
Net decrease in cash and cash equivalents (49,071) (7,098)
Cash and cash equivalents at beginning of year 73,391 80,489
Cash and cash equivalents at end of year 24,320 73,391
Cash paid during the period for:    
Interest 10,673 8,918
Federal income taxes 2,485 3,190
Noncash transactions:    
Change in unrealized loss on investments available-for-sale (18,346) (1,668)
Change in unrealized gain on cash flow hedge 8,994 4,316
Initial recognition of right-of-use asset for new leases 368 758
Initial recognition of lease liability for new leases $ 368 $ 758