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First Financial Northwest(FFNW) - 2024 Q4 - Annual Results
FFNWFirst Financial Northwest(FFNW)2025-01-28 15:25

Financial Performance - Net income for Q4 2024 was 1.2million,or1.2 million, or 0.13 per diluted share, compared to a net loss of 608,000inQ32024[2].−FortheyearendedDecember31,2024,netincomewas608,000 in Q3 2024[2]. - For the year ended December 31, 2024, net income was 1.1 million, or 0.12perdilutedshare,downfrom0.12 per diluted share, down from 6.3 million, or 0.69perdilutedsharein2023[2][6].−Netincomeforthequarterwas0.69 per diluted share in 2023[2][6]. - Net income for the quarter was 1,200,000, compared to a loss of 608,000inthepreviousquarter,reflectingasignificantturnaround[30].−Basicearningspershareforthequarterwas608,000 in the previous quarter, reflecting a significant turnaround[30]. - Basic earnings per share for the quarter was 0.13, consistent with the previous year[30]. - Basic earnings per share decreased to 0.12in2024from0.12 in 2024 from 0.69 in 2023[32]. - Return on assets improved to 0.33% for the quarter ended December 31, 2024, compared to (0.17)% in the previous quarter[35]. - Return on assets decreased to 0.07% in 2024 from 0.41% in 2023[42]. - Return on equity fell to 0.66 in 2024 compared to 3.93 in 2023[42]. Loan and Deposit Activity - Total deposits decreased by 36.0millionto36.0 million to 1.13 billion at December 31, 2024, compared to 1.17billionatSeptember30,2024[7].−Nonaccrualloanstotaled1.17 billion at September 30, 2024[7]. - Nonaccrual loans totaled 842,000, representing 0.07% of the total loan portfolio of 1.16billionasofDecember31,2024[4][12].−Netloansreceivableincreasedto1.16 billion as of December 31, 2024[4][12]. - Net loans receivable increased to 1.14 billion at December 31, 2024, from 1.13billionatSeptember30,2024[12].−Totalloansamountedto1.13 billion at September 30, 2024[12]. - Total loans amounted to 1,155,252 million as of December 31, 2024, a decrease from 1,191,231millioninDecember2023[33].−Nonaccrualloansamountedto1,191,231 million in December 2023[33]. - Nonaccrual loans amounted to 842,000 at December 31, 2024, a decrease from 853,000atSeptember30,2024,andanincreasefrom853,000 at September 30, 2024, and an increase from 220,000 at December 31, 2023[14]. - Total deposits fell by 3.1% from the previous quarter to 1,131,400,000,anddecreasedby5.31,131,400,000, and decreased by 5.3% compared to the same period last year[28]. Interest Income and Expense - Net interest income for the quarter ended December 31, 2024, was 8.4 million, compared to 8.5millionforthepreviousquarterand8.5 million for the previous quarter and 9.3 million for the same quarter in 2023[15]. - Total interest income decreased by 419,000to419,000 to 19.0 million for the quarter ended December 31, 2024, compared to 19.4millionforthepreviousquarterand19.4 million for the previous quarter and 20.3 million for the same quarter in 2023[16]. - Total interest expense was 10.6millionforthequarterendedDecember31,2024,downfrom10.6 million for the quarter ended December 31, 2024, down from 11.0 million for both the previous quarter and the same quarter in 2023[18]. - Interest income from loans decreased by 0.9% quarter-over-quarter to 16,512,000,andby3.716,512,000, and by 3.7% year-over-year[30]. - Interest expense on deposits increased by 2.1% quarter-over-quarter to 9,956,000[30]. - Total interest income decreased by 1.0% to 77,370millionin2024from77,370 million in 2024 from 78,158 million in 2023[32]. - Net interest income fell by 14.3% to 34,763millionin2024comparedto34,763 million in 2024 compared to 40,543 million in 2023[32]. Noninterest Income and Expense - Noninterest income for the quarter ended December 31, 2024, totaled 658,000,downfrom658,000, down from 677,000 for the previous quarter and up from 633,000forthesamequarterin2023[21].−Noninterestincomedecreasedby2.8633,000 for the same quarter in 2023[21]. - Noninterest income decreased by 2.8% quarter-over-quarter to 658,000, with wealth management revenue increasing by 109.5%[30]. - Noninterest expense increased to 8.9millionforthequarterendedDecember31,2024,comparedto8.9 million for the quarter ended December 31, 2024, compared to 8.5 million for the previous quarter and 8.4millionforthesamequarterin2023[22].−Totalnoninterestexpenseroseby2.98.4 million for the same quarter in 2023[22]. - Total noninterest expense rose by 2.9% to 36,693 million in 2024 compared to 35,666millionin2023[32].CapitalandRatios−Tier1leverageandtotalcapitalratioswere11.235,666 million in 2023[32]. Capital and Ratios - Tier 1 leverage and total capital ratios were 11.2% and 16.7% at December 31, 2024, compared to 10.9% and 16.7% at September 30, 2024[12]. - The allowance for credit losses (ACL) was 1.30% of total loans receivable as of December 31, 2024, down from 1.42% at September 30, 2024, and up from 1.28% at December 31, 2023[13]. - The efficiency ratio increased to 98.20% from 92.96% in the prior quarter, indicating a decline in operational efficiency[35]. - Total capital ratio increased to 16.65% in 2024 from 16.15% in 2023[42]. Asset Management - Total assets decreased by 1.8% quarter-over-quarter to 1,424,889,000 and by 5.3% year-over-year[28]. - Cash on hand and in banks increased by 13.2% quarter-over-quarter to 9,535,000[28].−Totalstockholders′equity(GAAP)for2024is9,535,000[28]. - Total stockholders' equity (GAAP) for 2024 is 161,555,000, a slight decrease from 161,660,000in2023[50].−Tangibleassets(Non−GAAP)for2024are161,660,000 in 2023[50]. - Tangible assets (Non-GAAP) for 2024 are 1,423,705,000, down from $1,503,774,000 in 2023[50]. Future Transactions - The company is preparing for the sale of the Bank to Global Federal Credit Union, pending final regulatory approval[5]. - The company is in a pending transaction with Global Federal Credit Union to acquire substantially all of the assets and assume substantially all of the liabilities of the Bank[24].