FFNW posts Q1 net loss of $1.1M on pension annuity and merger costs

First Financial Northwest, Inc.

2024-Q1 EPS reported -$0.12 revenue$787,000

Net loss of $1.1M ($0.12 diluted loss) vs net income of $1.2M in Q4 2023 and $2.1M in Q1 2023.
Recognized $1.2M pretax expense for single premium group annuity to settle frozen defined benefit plan.
Incurred $767K pretax expenses related to pending asset sale to Global Federal Credit Union.
Net interest margin improved slightly to 2.55% from 2.54% linked quarter; loan yield rose to 5.88%.
Credit quality strong with $201K nonaccrual loans (0.02% of loans); $175K recapture of provision for credit losses.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

First Financial Northwest, Inc. reported the quarter ended March 31, 2023 results: net income net income of $2.1 million, or $0.23 per diluted share.

Period: the quarter ended March 31, 2023
Net income: net income of $2.1 million, or $0.23 per diluted share
Result: reported results

Exact text from the filing

First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported a net loss of $1.1 million, or $0.12 per diluted share, for the quarter ended March 31, 2024, compared to net income of $1.2 million, or $0.13 per diluted share, for the quarter ended December 31, 2023, and net income of $2.1 million, or $0.23 per diluted share, for the quarter ended March 31, 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

First Financial Northwest, Inc. reported the quarter ended December 31, 2023 results: net income net income of $1.2 million, or $0.13 per diluted share.

Period: the quarter ended December 31, 2023
Net income: net income of $1.2 million, or $0.13 per diluted share
Result: reported results

Exact text from the filing

First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported a net loss of $1.1 million, or $0.12 per diluted share, for the quarter ended March 31, 2024, compared to net income of $1.2 million, or $0.13 per diluted share, for the quarter ended December 31, 2023

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

First Financial Northwest, Inc. reported the quarter ended March 31, 2024 results: net income a net loss of $1.1 million, or $0.12 per diluted share.

Period: the quarter ended March 31, 2024
Net income: a net loss of $1.1 million, or $0.12 per diluted share
Result: reported results

Exact text from the filing

First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported a net loss of $1.1 million, or $0.12 per diluted share, for the quarter ended March 31, 2024

View on SEC.gov

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Source: SEC EDGAR

accession 0000939057-24-000091

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