This Day On The Street
Continue to site
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

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

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
Only $9.95
14-Days Free
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 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs