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First Financial Northwest, Inc. Reports Net Income Of $2.6 Million Or $0.16 Per Share For The Third Quarter Of 2013

Stocks in this article: FFNW

RENTON, Wash., Oct. 24, 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 September 30, 2013 of $2.6 million or $0.16 per diluted share, compared to net income of $16.4 million, or $0.95 per diluted share for the quarter ended June 30, 2013 and a net loss of $791,000, or $0.04 per diluted share for the comparable quarter in 2012. For the nine months ended September 30, 2013, net income was $20.5 million or $1.21 per diluted share, compared to $1.2 million or $0.07 per diluted share for the comparable period in 2012.

As reported previously, during the quarter ended June 30, 2013, the Company reversed most of the valuation allowance on its deferred tax asset ("DTA") reflecting its return to profitability and its expectations of sustainable profitability for future periods. The reversal of the DTA valuation allowance, combined with the Company's pre-tax income of $2.6 million, resulted in a net tax benefit of $13.8 million. During the quarter ended September 30, 2013, the Company reversed an additional $135,000 of its DTA valuation allowance and expects to reverse the small remainder of its DTA valuation allowance in the final quarter of 2013.

"During the quarter, we continued to see improvement in our credit quality metrics, with nonperforming assets declining to $22.0 million at September 30, 2013 from $28.8 million at June 30, 2013 and $42.8 million at September 30, 2012. We are pleased to report continued success disposing of our other real estate owned ("OREO"), which decreased to $12.6 million at September 30, 2013 compared to $19.2 million at September 30, 2012, a 34.4% decline over the past 12 months," stated Joseph W. Kiley III, President and Chief Executive Officer.

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