Core Insights - Kuehn Law is investigating potential claims related to proposed mergers to ensure shareholder interests are protected [1] Group 1: Proposed Mergers - First Financial Northwest Bank is set to be acquired by Global Federal Credit Union for $231.2 million in cash [2] - HashiCorp Inc. has agreed to a merger with IBM at a price of $35.00 per share in cash [3] - Surmodics, Inc. will be acquired by GTCR for $43.00 per share in cash [4] Group 2: Shareholder Involvement - Kuehn Law emphasizes the importance of shareholder participation in maintaining the integrity of financial markets [4] - Shareholders are encouraged to contact Kuehn Law for assistance, as the firm covers all case costs [4]

RENTON, Wash., May 28, 2024 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the "Company") (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the "Bank"), today announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per share on the Company's outstanding common stock. The cash dividend will be payable on June 21, 2024, to shareholders of record on June 7, 2024. First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-33652 FIRST FINANCIAL NORTHWEST, INC. (Exact name of registrant as specified in its charter) Washington 26-0610707 ...

First Financial Northwest (FFNW) reported $9.69 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 18.7%. EPS of -$0.12 for the same period compares to $0.23 a year ago.The reported revenue represents a surprise of -2.40% over the Zacks Consensus Estimate of $9.93 million. With the consensus EPS estimate being $0.09, the EPS surprise was -233.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

First Financial Northwest (FFNW) came out with a quarterly loss of $0.12 per share versus the Zacks Consensus Estimate of $0.09. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -233.33%. A quarter ago, it was expected that this bank would post earnings of $0.14 per share when it actually produced earnings of $0.13, delivering a surprise of -7.14%.Over the last four quarters, the company has s ...

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. Announces First Quarter 2024 Results; Reports Withdrawal from Legacy Defined Benefit Plan and Purchase of Single Premium Group Annuity Renton, Washington – April 30, 2024 - First Financial Northwest, Inc. (the "Company") (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank ...

RENTON, Wash., April 30, 2024 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the "Company") (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the "Bank"), today reported a net loss of $1.1 million, or $0.12 per diluted share, for the quarter ended March 31, 2024, compared to net income of $1.2 million, or $0.13 per diluted share, for the quarter ended December 31, 2023, and net income of $2.1 million, or $0.23 per diluted share, for the quarter ended March 31, 2023. "Our first ...

```markdown Part I [Business](index=9&type=section&id=Item%201.%20Business) First Financial Northwest, Inc. is a bank holding company with $1.51 billion in assets, pending acquisition Financial Highlights as of December 31, 2023 | Metric | Amount (Billions) | | :--- | :--- | | Total Assets | $1.51 | | Net Loans | $1.18 | | Deposits | $1.19 | | Stockholders' Equity | $0.162 | - On January 10, 2024, the company entered into a Purchase and Assumption (P&A) Agreement with Global Federal Credit Union, which will acquire most assets and liabilities for **$231.2 million** in cash, followed by liquidation[26](index=26&type=chunk)[27](index=27&type=chunk) [General](index=9&type=section&id=Item%201.%20Business%20-%20General) First Financial Northwest, Inc. is a Washington-based bank holding company funding diverse loans through public deposits [Market Area](index=10&type=section&id=Item%201.%20Business%20-%20Market%20Area) The company serves Washington's Puget Sound Region, which saw slight home price increases and low unemployment in 2023 Puget Sound Region Economic Indicators (December 2023) | County | Unemployment Rate | Median Home Sales Price | Y/Y Price Change | | :--- | :--- | :--- | :--- | | King | 3.5% | $775,000 | +5.4% | | Pierce | 5.5% | $526,000 | +5.2% | | Snohomish | 3.6% | $675,000 | -0.6% | | Kitsap | 4.7% | $540,000 | +9.0% | [Lending Activities](index=11&type=section&id=Item%201.%20Business%20-%20Lending%20Activities) The company's $1.18 billion net loan portfolio is concentrated in residential and commercial real estate, 87.2% in Washington Loan Portfolio Composition as of December 31, 2023 | Loan Category | Amount ($ millions) | % of Total Loans | | :--- | :--- | :--- | | One-to-four family residential | $513.2 | 43.1% | | Commercial real estate | $377.9 | 31.6% | | Multifamily | $138.1 | 11.6% | | Construction/land | $60.9 | 5.1% | | Consumer | $72.0 | 6.1% | | Business | $29.1 | 2.5% | | **Total Loans** | **$1,191.2** | **100.0%** | - The company's single largest lending relationship totaled **$25.2 million**, well within the regulatory limit of **$34.8 million**[37](index=37&type=chunk) - The consumer loan portfolio is significantly composed of purchased indirect loans for classic and collectible cars, totaling **$58.6 million**, which is **81.4%** of the total consumer loan portfolio[68](index=68&type=chunk) Loan Originations and Purchases (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Total Loans Originated | $181,156 | $271,403 | | Total Loan Purchases & Participations | $22,019 | $49,961 | | **Total Originations & Purchases** | **$203,175** | **$321,364** | [Asset Quality](index=20&type=section&id=Item%201.%20Business%20-%20Asset%20Quality) The company maintains strong asset quality with minimal nonperforming assets and a $15.3 million Allowance for Credit Losses - Nonaccrual loans were minimal at **$220,000** (**0.02%** of total loans) at year-end 2023, compared to **$193,000** at year-end 2022[85](index=85&type=chunk)[102](index=102&type=chunk) - The company had no Other Real Estate Owned (OREO) properties at the end of both 2023 and 2022[86](index=86&type=chunk) Classified Loans (Substandard) | Loan Type | Dec 31, 2023 ($ thousands) | Dec 31, 2022 ($ thousands) | | :--- | :--- | :--- | | One-to-four family residential | $293 | $0 | | Multifamily | $1,590 | $1,630 | | Commercial real estate | $44,020 | $45,411 | | Consumer | $220 | $201 | | **Total** | **$46,123** | **$47,242** | Allowance for Credit Losses (ACL) Summary | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | ACL Balance | $15.3 million | $15.2 million | | ACL as % of Total Loans | 1.28% | 1.29% | | (Recapture) of Provision for Credit Losses | ($208,000) | ($434,000) | [Investment Activities](index=24&type=section&id=Item%201.%20Business%20-%20Investment%20Activities) The company's $207.9 million investment portfolio primarily holds mortgage-backed securities and government obligations for liquidity Available-for-Sale Investment Portfolio by Type (Dec 31, 2023) | Security Type | Carrying Value ($ thousands) | Weighted-Avg Yield | | :--- | :--- | :--- | | Mortgage-backed securities | $76,830 | 4.00% | | U.S. government agencies | $69,957 | 3.94% | | Municipal bonds | $31,849 | 2.10% | | Corporate bonds | $29,279 | 4.77% | | **Total** | **$207,915** | **3.80%** | - At year-end 2023, **123 securities** were in an unrealized loss position, with declines primarily attributed to changes in market interest rates rather than credit losses[118](index=118&type=chunk) [Deposit Activities and Other Sources of Funds](index=27&type=section&id=Item%201.%20Business%20-%20Deposit%20Activities%20and%20Other%20Sources%20of%20Funds) Deposits total $1.19 billion, primarily money market and CDs, supplemented by brokered deposits and FHLB advances Deposit Composition as of December 31, 2023 | Deposit Type | Amount ($ thousands) | % of Total | | :--- | :--- | :--- | | Money market | $529,411 | 44.3% | | Certificates of deposit, retail | $357,153 | 29.9% | | Brokered deposits | $130,790 | 11.0% | | Noninterest bearing demand | $100,899 | 8.4% | | Interest-bearing demand | $56,968 | 4.8% | | Savings | $18,886 | 1.6% | | **Total Deposits** | **$1,194,107** | **100.0%** | - At year-end 2023, deposit accounts with balances greater than the **$250,000** FDIC insurance limit totaled **$513.3 million**, representing **43.0%** of total deposits[125](index=125&type=chunk) - The company utilizes interest rate swaps to manage risk, with **eight agreements** outstanding with an aggregate notional amount of **$115.0 million** at year-end 2023[136](index=136&type=chunk) [Human Capital](index=31&type=section&id=Item%201.%20Business%20-%20Human%20Capital) The company employed 142 full-time, non-unionized employees as of December 31, 2023, with diverse representation and benefits Workforce Demographics by EEOC Job Classification (Dec 31, 2023) | Job Classification | % Female | % Minority | | :--- | :--- | :--- | | Executive / Senior level officers | 46.2% | 46.2% | | Mid-level officers and managers | 54.2% | 31.3% | | Professionals | 45.5% | 36.4% | | Administrative support | 86.8% | 47.4% | | **Total** | **58.5%** | **38.7%** | [How We Are Regulated](index=31&type=section&id=Item%201.%20Business%20-%20How%20We%20Are%20Regulated) The company and its bank subsidiary are regulated by the Federal Reserve, Washington DFI, and FDIC, maintaining 'well capitalized' status - The Bank is required to meet minimum capital ratios and exceeded all requirements to be considered **'well capitalized'** under FDIC guidelines as of December 31, 2023[161](index=161&type=chunk)[163](index=163&type=chunk) - The Bank's commercial real estate lending concentration was **316.8%** of regulatory capital at year-end 2023, exceeding the **300%** supervisory criterion, which may subject it to further supervisory analysis[173](index=173&type=chunk) - The Bank received an **'outstanding' rating** during its most recent Community Reinvestment Act (CRA) examination[181](index=181&type=chunk) [Risk Factors](index=41&type=page&id=Item%201A.%20Risk%20Factors) The company faces macroeconomic, lending concentration, interest rate, cybersecurity, and regulatory risks - A **significant** portion of the loan portfolio (**87.2%**) is concentrated in Washington state, making the business susceptible to downturns in the local and regional economy[215](index=215&type=chunk) - The commercial real estate loan portfolio represents **316.8%** of total capital, exceeding the **300%** regulatory guidance threshold, which may subject the company to additional regulatory scrutiny[230](index=230&type=chunk) - The company is exposed to interest rate risk, as changes in rates can adversely affect net interest margin, with the balance sheet being **liability-sensitive**[242](index=242&type=chunk)[244](index=244&type=chunk) - Cybersecurity risks are **significant**, as a breach could jeopardize confidential information, cause operational disruptions, and result in financial losses and reputational damage[262](index=262&type=chunk)[263](index=263&type=chunk) [Cybersecurity](index=53&type=section&id=Item%201C.%20Cybersecurity) The company integrates cybersecurity into its risk management using a 'three lines of defense' model and industry frameworks - The cybersecurity program is structured around a **'three lines of defense' model**: business unit operations, independent risk management oversight, and internal audit validation[282](index=282&type=chunk) - The company's Information Security Program is designed with reference to established frameworks from the **FFIEC** and the **NIST**[284](index=284&type=chunk) - Oversight is provided by the Board's **ACR Committee**, which receives regular reports on the status of the Information Security Program from the Chief Risk Officer and the Information Security Officer[287](index=287&type=chunk)[290](index=290&type=chunk) [Properties](index=54&type=section&id=Item%202.%20Properties) The company owns its corporate office and one branch, leasing 13 additional retail branches in Washington - The company owns its corporate headquarters at 201 Wells Avenue South, Renton, Washington, and one other branch property, leasing **13 additional branch locations**[291](index=291&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ, with 43 consecutive quarterly dividends and a recent stock repurchase authorization - The company's common stock is traded on **NASDAQ** under the symbol **'FFNW'**[295](index=295&type=chunk) - A stock repurchase plan authorizing the buyback of up to **457,000 shares** was approved in August 2023, with no shares repurchased during the fourth quarter of 2023[298](index=298&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income decreased to $6.3 million in 2023 due to a $7.8 million decline in net interest income from margin compression Key Performance Indicators | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Income | $6.3 million | $13.2 million | | Diluted EPS | $0.69 | $1.45 | | Net Interest Income | $40.5 million | $48.4 million | | Net Interest Margin | 2.82% | 3.53% | [Comparison of Financial Condition at December 31, 2023 and December 31, 2022](index=59&type=section&id=Item%207.%20MD%26A%20-%20Comparison%20of%20Financial%20Condition) Total assets remained stable at $1.51 billion, with net loan growth funded by increased deposits Balance Sheet Changes (2022 vs 2023) | Account | Change ($ millions) | % Change | | :--- | :--- | :--- | | Net Loans Receivable | +$8.8 | +0.8% | | Investments AFS | -$9.9 | -4.5% | | Total Deposits | +$24.1 | +2.1% | | FHLB Advances | -$20.0 | -13.8% | | Total Stockholders' Equity | +$1.3 | +0.8% | - The increase in deposits was primarily driven by a **$94.6 million** rise in retail certificates of deposit, reflecting promotions during the year[338](index=338&type=chunk)[339](index=339&type=chunk) [Comparison of Operating Results for the Years Ended December 31, 2023 and 2022](index=63&type=section&id=Item%207.%20MD%26A%20-%20Comparison%20of%20Operating%20Results) Net income fell by 52.4% to $6.3 million in 2023, driven by a 16.2% decrease in net interest income from higher interest expense - Net interest income decreased by **$7.8 million** (**16.2%**) due to a **$26.7 million** increase in interest expense that significantly outpaced the **$18.9 million** increase in interest income[347](index=347&type=chunk) - The average cost of interest-bearing liabilities rose sharply to **3.05%** in 2023 from **0.95%** in 2022, while the average yield on interest-earning assets increased more slowly to **5.44%** from **4.33%**[347](index=347&type=chunk)[351](index=351&type=chunk) - A recapture of the provision for credit losses of **$208,000** was recorded in 2023, compared to a **$434,000** recapture in 2022[354](index=354&type=chunk)[355](index=355&type=chunk) - Noninterest expense was nearly flat, increasing just **0.1%**, as a **$767,000** decrease in salaries and benefits was offset by a **$360,000** increase in regulatory assessments and a **$304,000** increase in other general and administrative expenses[361](index=361&type=chunk)[363](index=363&type=chunk) [Asset and Liability Management and Market Risk](index=69&type=section&id=Item%207.%20MD%26A%20-%20Asset%20and%20Liability%20Management%20and%20Market%20Risk) The company is liability-sensitive, with a 100 basis point rate increase projected to decrease net interest income by 2.71% Interest Rate Simulation Impact on Net Interest Income (Next 12 Months) | Rate Change (Basis Points) | % Change in Net Interest Income | | :--- | :--- | | +400 | (11.26)% | | +200 | (5.75)% | | +100 | (2.71)% | | Base | 0.00% | | -100 | +2.13% | | -200 | +7.70% | - At December 31, 2023, **63.5%** of net loans were adjustable-rate, with **$410.8 million** (**54.3%**) of these at their contractual interest rate floor[376](index=376&type=chunk) [Liquidity and Capital Resources](index=71&type=section&id=Item%207.%20MD%26A%20-%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity from deposits and FHLB advances, exceeding all 'well capitalized' regulatory requirements - Primary liquidity sources are customer deposits, loan and investment repayments, and FHLB advances[384](index=384&type=chunk) - As of December 31, 2023, the Bank was categorized as **'well capitalized'** under regulatory standards, with a total capital ratio of **16.15%** (**10.00%** required) and a Tier 1 leverage ratio of **10.18%** (**5.00%** required)[393](index=393&type=chunk)[394](index=394&type=chunk) [Financial Statements and Supplementary Data](index=73&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements for 2023 and 2022, with an unqualified auditor's opinion - The independent auditor's report from Moss Adams LLP provides an **unqualified opinion**, stating the financial statements are presented fairly in all material respects in conformity with GAAP[401](index=401&type=chunk) - A change in accounting principle was noted due to the adoption of ASC Topic 326 (CECL) for credit losses, effective January 1, 2023, resulting in a one-time, net-of-tax charge of **$395,000** to retained earnings[402](index=402&type=chunk)[494](index=494&type=chunk) [Controls and Procedures](index=126&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2023[664](index=664&type=chunk) - Management's assessment concluded that the company's internal control over financial reporting was **effective** as of December 31, 2023, based on the COSO framework[667](index=667&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=127&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 Proxy Statement - Information for this section is incorporated by reference from the company's 2024 Proxy Statement[674](index=674&type=chunk) [Executive Compensation](index=128&type=section&id=Item%2011.%20Executive%20Compensation) Details on executive and director compensation are incorporated by reference from the company's 2024 Proxy Statement - Information for this section is incorporated by reference from the company's 2024 Proxy Statement[679](index=679&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=128&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the 2024 Proxy Statement - Information for this section is incorporated by reference from the company's 2024 Proxy Statement[680](index=680&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=128&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2024 Proxy Statement - Information for this section is incorporated by reference from the company's 2024 Proxy Statement[684](index=684&type=chunk) [Principal Accountant Fees and Services](index=129&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the 2024 Proxy Statement - Information for this section is incorporated by reference from the company's 2024 Proxy Statement[685](index=685&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=130&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists exhibits filed with the Form 10-K, including the P&A Agreement and various corporate documents ```

RENTON, Wash., Feb. 12, 2024 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the "Company") (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the "Bank"), today announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per share on the Company's outstanding common stock. The cash dividend will be payable on March 28, 2024, to shareholders of record on March 15, 2024. First Financial Northwest, Inc. is the parent company of First Financial Northwest B ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-33652 FIRST FINANCIAL NORTHWEST, INC. (Exact name of registrant as specified in its charter) Washington 26-061 ...