First Financial Northwest ( (FFNW) ) has realeased its Q3 earnings. Here is a breakdown of the information First Financial Northwest presented to its investors.
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First Financial Northwest, Inc., a commercial bank holding company based in Renton, Washington, operates primarily in the financial services sector, providing a range of banking products and services through its subsidiary, First Financial Northwest Bank.
In its third-quarter 2024 earnings report, First Financial Northwest, Inc. reported a net loss of $608,000, or $(0.07) per diluted share, marking a significant downturn from the previous quarter’s net income of $1.6 million. This loss was primarily attributed to a $1.6 million provision for credit losses related to two specific loans.
The company’s total interest income saw a modest increase to $19.4 million, supported by higher interest on deposits, though offset by decreased loan and investment income. Deposits grew by $79.2 million, primarily through retail certificates of deposit, enabling a reduction in Federal Home Loan Bank advances from $176 million to $100 million. Despite economic pressures, the bank maintained strong credit quality with nonaccrual loans at just 0.07% of total loans.
Looking ahead, while First Financial Northwest faces challenges from credit provisions and interest rate pressures, the management remains focused on maintaining strong credit quality and optimizing its financial position through strategic adjustments in its deposit and loan portfolios.