This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

First Financial Northwest, Inc. Reports Financial Results For The Third Quarter Of 2012

RENTON, Wash., Oct. 19, 2012 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the "Company") (Nasdaq:FFNW), the holding company for First Savings Bank Northwest (the "Bank"), today reported a net loss for the quarter ended September 30, 2012 of $791,000, or $0.04 per diluted share, a decrease of $2.2 million from the quarter ended June 30, 2012 and $1.4 million from the comparable quarter in 2011. For the nine months ended September 30, 2012, net income was $1.2 million or $0.07 per diluted share, as compared to $3.3 million, or $0.19 per diluted share for the comparable period in 2011.

"We continue to work toward consistent profitability, quarter over quarter. Unfortunately, this quarter we experienced two events that prevented us from meeting our goal. The first was the continued high cost of our proxy contest litigation, which totaled $264,000 this quarter and $868,000 year-to-date. In addition, while we believe that the economy in our market area is continuing to recover, our OREO properties decreased $1.2 million in market value during the quarter because several of these properties declined in value. These two events reduced an otherwise profitable quarter with earnings of $630,000 to a loss of $791,000. We continue to aggressively convert our nonearning assets to performing assets but are always susceptible to local economic and property-specific factors affecting the valuation of our foreclosed properties," stated Victor Karpiak, Chairman, President and Chief Executive Officer of First Financial Northwest, Inc.

"Our nonperforming assets declined during the quarter to $42.8 million, from $44.8 million last quarter. We continue to maintain our strong capital position with Tier 1 capital of 15.16%. While our third quarter financial results were less than expected, we continue to remain focused on reducing nonperforming assets and improving operating efficiencies in order to maintain sustained profitability. I believe the proper foundation is in place in order to realize a bright future," stated Joseph W. Kiley, President and Chief Executive Officer of First Savings Bank Northwest. "We believe the addition of Joe's leadership skills and solid banking experience will assist us in continuing to improve the Bank's performance," stated Victor Karpiak.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,879.55 -256.17 -1.41%
S&P 500 2,077.01 -24.03 -1.14%
NASDAQ 4,940.0350 -42.7740 -0.86%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs