Core Viewpoint - First Financial Northwest, Inc. reported a net income of $1.2 million for Q4 2024, a significant recovery from a net loss of $608,000 in Q3 2024, and consistent with the net income of $1.2 million in Q4 2023. However, the total net income for the year 2024 decreased to $1.1 million from $6.3 million in 2023 [1][6]. Financial Performance - The improved performance in Q4 2024 was primarily due to a $1.3 million recapture of provision for credit losses, contrasting with a provision of $1.6 million in the previous quarter [2]. - Net loans receivable increased by $14.0 million in Q4 2024, totaling $1.14 billion, while nonaccrual loans remained low at $842,000, representing 0.07% of the total loan portfolio of $1.16 billion [3][6]. Deposits and Funding - Total deposits decreased by $36.0 million to $1.13 billion at December 31, 2024, compared to $1.17 billion at September 30, 2024, and a decrease of $62.7 million from $1.19 billion at December 31, 2023. The decline was mainly due to decreases in noninterest-bearing demand deposits and money market deposits [4][7]. - Federal Home Loan Bank (FHLB) advances increased to $110.0 million at December 31, 2024, from $100.0 million at September 30, 2024, but decreased from $125.0 million at December 31, 2023 [5]. Interest Income and Expense - Net interest income for Q4 2024 was $8.4 million, slightly down from $8.5 million in Q3 2024 and $9.3 million in Q4 2023. The decrease was attributed to declines in interest from earning assets [11]. - Total interest income decreased to $19.0 million in Q4 2024 from $19.4 million in Q3 2024 and $20.3 million in Q4 2023, primarily due to a decline in interest income from interest-earning deposits [12][13]. Noninterest Income and Expense - Noninterest income for Q4 2024 totaled $658,000, down from $677,000 in Q3 2024 but up from $633,000 in Q4 2023. The decrease was mainly due to lower loan and deposit-related fees [17]. - Noninterest expense increased to $8.9 million in Q4 2024 from $8.5 million in Q3 2024, primarily due to increased salaries and employee benefits [18]. Capital Ratios - The Bank's Tier 1 leverage and total capital ratios improved to 11.2% and 16.7% respectively at December 31, 2024, compared to 10.9% and 16.7% at September 30, 2024 [6].
First Financial Northwest, Inc. Reports Net Income of $1.2 Million or $0.13 per Diluted Share for the Fourth Quarter and $1.1 Million or $0.12 per Diluted Share for the Year Ended December 31, 2024