Financial Performance - Net income for Q4 2024 was $1.2 million, or $0.13 per diluted share, compared to a net loss of $608,000 in Q3 2024[2]. - For the year ended December 31, 2024, net income was $1.1 million, or $0.12 per diluted share, down from $6.3 million, or $0.69 per diluted share in 2023[2][6]. - Net income for the quarter was $1,200,000, compared to a loss of $608,000 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 $0.12 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 $36.0 million to $1.13 billion at December 31, 2024, compared to $1.17 billion at September 30, 2024[7]. - Nonaccrual loans totaled $842,000, representing 0.07% of the total loan portfolio of $1.16 billion as of December 31, 2024[4][12]. - Net loans receivable increased to $1.14 billion at December 31, 2024, from $1.13 billion at September 30, 2024[12]. - Total loans amounted to $1,155,252 million as of December 31, 2024, a decrease from $1,191,231 million in December 2023[33]. - Nonaccrual loans amounted to $842,000 at December 31, 2024, a decrease from $853,000 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, 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 $8.5 million for the previous quarter and $9.3 million for the same quarter in 2023[15]. - Total interest income decreased by $419,000 to $19.0 million for the quarter ended December 31, 2024, compared to $19.4 million for the previous quarter and $20.3 million for the same quarter in 2023[16]. - Total interest expense was $10.6 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, 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 $77,370 million in 2024 from $78,158 million in 2023[32]. - Net interest income fell by 14.3% to $34,763 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, down from $677,000 for the previous quarter and up from $633,000 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 $8.9 million for the quarter ended December 31, 2024, compared to $8.5 million for the previous quarter and $8.4 million for the same quarter in 2023[22]. - Total noninterest expense rose by 2.9% to $36,693 million in 2024 compared to $35,666 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]. - Total stockholders' equity (GAAP) for 2024 is $161,555,000, a slight decrease from $161,660,000 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].
First Financial Northwest(FFNW) - 2024 Q4 - Annual Results