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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Financial Northwest, Inc. Reports Net Income Of $16.4 Million Or $0.95 Per Share For The Second Quarter Of 2013, Including The Reversal Of $13.8 Million Of The Deferred Tax Asset Valuation Allowance

RENTON, Wash., July 23, 2013 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (the "Company") (Nasdaq:FFNW), the holding company for First Savings Bank Northwest (the "Bank"), today reported net income for the quarter ended June 30, 2013 of $16.4 million or $0.95 per diluted share, which includes a $13.8 million tax benefit related to the reversal of the valuation allowance on deferred tax assets ("DTA"), compared to net income of $1.6 million, or $0.09 per diluted share for the quarter ended March 31, 2013 and net income of $1.4 million, or $0.08 per diluted share for the comparable quarter in 2012. For the six months ended June 30, 2013, net income was $17.9 million or $1.03 per diluted share, compared to $2.0 million or $0.11 per diluted share for the comparable period in 2012.

"Our second quarter results reflect our ongoing efforts to improve operating efficiencies and position the Company for the future. Our income from operations, before income taxes, for the quarter was $2.6 million, an increase of $939,000 from the first quarter of 2013, and $2.2 million from the comparable quarter one year ago. Steps we have taken during recent quarters to restructure our balance sheet have resulted in a 20 basis point increase in our net interest margin compared to the first quarter of 2013 and a 68 basis point increase from the same quarter of 2012. However, maintaining this improved margin into the future will be very challenging, if not impossible, in light of the current interest rate environment. Converting nonearning assets to earning assets continues to be our focus, including disposing of our other real estate owned ("OREO"), which has decreased 18% from December 31, 2012. This decrease has resulted in lower OREO expenses and dispositions of OREO have produced net gains during 2013 reflecting an improvement in our local real estate market.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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