First Financial Northwest, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Charge-Offs
January 30, 2014 at 11:00 am EST
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First Financial Northwest, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $9.768 million compared to $9.748 million a year ago. Net interest income was $8.074 million compared to $7.038 million a year ago. Income before federal income tax provision was of $4.276 million compared to $1.511 million a year ago. Net income was $3.933 million or $0.25 per diluted share compared to $1.511 million or $0.09 per diluted share a year ago. Return on assets was 1.86% compared to 0.63% a year ago. Return on equity was 9.06% compared to 3.25% a year ago.
For the year, the company reported total interest income of $38.539 million compared to $41.466 million a year ago. Net interest income was $31.013 million compared to $29.220 million a year ago. Income before federal income tax provision was of $10.922 million compared to $1.714 million a year ago. Net income was $24.465 million or $1.47 per diluted share compared to $2.713 million or $0.15 per diluted share a year ago. Book value per common share was $11.25 compared to $9.95 a year ago. Return on assets was 2.73% compared to 0.27% a year ago. Return on equity was 13.12% compared to 1.47% a year ago.
The company reported charge-offs of $333,000 for the fourth quarter compared to $2.202 million a year ago.
First Financial Northwest, Inc. is the holding company for First Financial Northwest Bank (the Bank). The Bank focuses on its lending activities primarily on loans secured by commercial real estate, construction/land, first mortgages on one-to-four family residences, multifamily, and business lending. It offers secured consumer loans, including savings account loans, auto loans and home equity loans that include lines of credit and second mortgage term loans. It originates construction/land loans primarily to residential builders for the construction of single-family residences, condominiums, townhouses, multifamily properties and residential developments located in its market area. Its land development loans are generally made to builders for preparation of a building site. Its investment portfolio consists of mortgage-backed securities, municipal bonds, United States government agency obligations, and corporate bonds. It serves King, Snohomish, Pierce and Kitsap counties, Washington.
First Financial Northwest, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Charge-Offs