Washington
|
001-33652
|
26-0610707
|
||
State or other jurisdiction of
Incorporation
|
Commission
File Number
|
(I.R.S. Employer
Identification No.)
|
||
201 Wells Avenue South,
Renton, Washington
|
98057
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4 (c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on
which registered
|
||
Common Stock, par value $0.01 per share
|
FFNW
|
The NASDAQ Stock Market LLC
|
|
FIRST FINANCIAL NORTHWEST, INC.
|
|
|
|
|
DATE: April 30, 2024
|
By: /s/ Joseph W. Kiley III
|
|
Joseph W. Kiley III
President and Chief Executive Officer
|
|
For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
Rich Jacobson, Executive Vice President and Chief Financial Officer
(425) 255-4400
|
•
|
Net loans receivable totaled $1.14 billion at March 31, 2024, down $33.0 million from the prior quarter end.
|
•
|
Book value per share was $17.46 at March 31, 2024, compared to $17.61 at December 31, 2023, and $17.45 at March 31, 2023.
|
•
|
Incurred a net loss of $1.1 million for the quarter ended March 31, 2024, compared to net income of $1.2 million and
$2.1 million for the quarters ended December 31, 2023, and March 31, 2023, respectively.
|
•
|
Paid a quarterly cash dividend to shareholders of $0.13 per share.
|
•
|
The Bank’s Tier 1 leverage and total capital ratios were 10.4% and 16.2% at March 31, 2024, compared to 10.2% and 16.2% at
December 31, 2023, and 10.2% and 15.6% at March 31, 2023, respectively.
|
•
|
Credit quality remained strong with nonaccrual loans totaling $201,000, or 0.02% of total loans.
|
•
|
Recorded a $175,000 recapture of provision for credit losses in the current quarter, compared to no provision for credit
losses in the prior quarter and a $338,000 provision for credit losses in the comparable quarter in 2023.
|
Mar 31,
2024 |
Dec 31,
2023 |
Mar 31,
2023 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Deposits:
|
(Dollars in thousands)
|
|||||||||||||||||||
Noninterest-bearing demand
|
$
|
100,846
|
$
|
100,899
|
$
|
110,780
|
$
|
(53
|
)
|
$
|
(9,934
|
)
|
||||||||
Interest-bearing demand
|
58,489
|
56,968
|
86,183
|
1,521
|
(27,694
|
)
|
||||||||||||||
Savings
|
19,314
|
18,886
|
21,871
|
428
|
(2,557
|
)
|
||||||||||||||
Money market
|
535,594
|
529,411
|
483,945
|
6,183
|
51,649
|
|||||||||||||||
Certificates of deposit, retail
|
366,507
|
357,153
|
332,935
|
9,354
|
33,572
|
|||||||||||||||
Brokered deposits
|
86,146
|
130,790
|
191,414
|
(44,644
|
)
|
(105,268
|
)
|
|||||||||||||
Total deposits
|
$
|
1,166,896
|
$
|
1,194,107
|
$
|
1,227,128
|
$
|
(27,211
|
)
|
$
|
(60,232
|
)
|
March 31, 2024
|
||||||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail |
Brokered
deposits
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||||||
Renton
|
$
|
34,134
|
$
|
17,394
|
$
|
12,802
|
$
|
263,834
|
$
|
249,288
|
$
|
-
|
$
|
577,452
|
||||||||||||||
Landing
|
3,759
|
767
|
98
|
7,019
|
9,571
|
-
|
21,214
|
|||||||||||||||||||||
Woodinville
|
2,137
|
2,207
|
1,011
|
10,707
|
10,866
|
-
|
26,928
|
|||||||||||||||||||||
Bothell
|
3,025
|
947
|
32
|
1,835
|
5,158
|
-
|
10,997
|
|||||||||||||||||||||
Crossroads
|
12,007
|
3,320
|
35
|
25,107
|
17,689
|
-
|
58,158
|
|||||||||||||||||||||
Kent
|
5,875
|
5,579
|
6
|
25,543
|
7,207
|
-
|
44,210
|
|||||||||||||||||||||
Kirkland
|
8,804
|
1,861
|
155
|
65,870
|
2,055
|
-
|
78,745
|
|||||||||||||||||||||
Issaquah
|
1,435
|
373
|
113
|
2,781
|
6,053
|
-
|
10,755
|
|||||||||||||||||||||
Total King County
|
71,176
|
32,448
|
14,252
|
402,696
|
307,887
|
-
|
828,459
|
|||||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||||||
Mill Creek
|
5,241
|
2,327
|
685
|
12,600
|
8,426
|
-
|
29,279
|
|||||||||||||||||||||
Edmonds
|
9,838
|
9,487
|
576
|
29,314
|
13,054
|
-
|
62,269
|
|||||||||||||||||||||
Clearview
|
4,802
|
4,646
|
1,452
|
39,865
|
9,076
|
-
|
59,841
|
|||||||||||||||||||||
Lake Stevens
|
3,841
|
4,134
|
1,165
|
18,769
|
14,043
|
-
|
41,952
|
|||||||||||||||||||||
Smokey Point
|
2,661
|
4,415
|
1,167
|
29,411
|
10,800
|
-
|
48,454
|
|||||||||||||||||||||
Total Snohomish County
|
26,383
|
25,009
|
5,045
|
129,959
|
55,399
|
-
|
241,795
|
|||||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||||||
University Place
|
2,034
|
63
|
1
|
1,748
|
1,487
|
-
|
5,333
|
|||||||||||||||||||||
Gig Harbor
|
1,253
|
969
|
16
|
1,191
|
1,734
|
-
|
5,163
|
|||||||||||||||||||||
Total Pierce County
|
3,287
|
1,032
|
17
|
2,939
|
3,221
|
-
|
10,496
|
|||||||||||||||||||||
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
86,146
|
86,146
|
|||||||||||||||||||||
Total deposits
|
$
|
100,846
|
$
|
58,489
|
$
|
19,314
|
$
|
535,594
|
$
|
366,507
|
$
|
86,146
|
$
|
1,166,896
|
December 31, 2023
|
||||||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market |
Certificates
of deposit,
retail
|
Brokered
deposits
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||||||
Renton
|
$
|
32,707
|
$
|
16,280
|
$
|
12,637
|
$
|
317,003
|
$
|
241,983
|
$
|
-
|
$
|
620,610
|
||||||||||||||
Landing
|
2,789
|
1,658
|
104
|
12,447
|
9,842
|
-
|
26,840
|
|||||||||||||||||||||
Woodinville
|
1,909
|
2,292
|
1,000
|
9,491
|
10,671
|
-
|
25,363
|
|||||||||||||||||||||
Bothell
|
3,380
|
840
|
33
|
1,892
|
4,738
|
-
|
10,883
|
|||||||||||||||||||||
Crossroads
|
11,075
|
3,873
|
45
|
27,564
|
14,958
|
-
|
57,515
|
|||||||||||||||||||||
Kent
|
7,267
|
5,086
|
4
|
16,424
|
7,706
|
-
|
36,487
|
|||||||||||||||||||||
Kirkland
|
9,341
|
1,989
|
137
|
12,233
|
2,032
|
-
|
25,732
|
|||||||||||||||||||||
Issaquah
|
1,646
|
1,696
|
57
|
2,417
|
6,213
|
-
|
12,029
|
|||||||||||||||||||||
Total King County
|
70,114
|
33,714
|
14,017
|
399,471
|
298,143
|
-
|
815,459
|
|||||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||||||
Mill Creek
|
4,985
|
2,333
|
850
|
13,672
|
8,309
|
-
|
30,149
|
|||||||||||||||||||||
Edmonds
|
11,455
|
5,386
|
460
|
26,458
|
14,375
|
-
|
58,134
|
|||||||||||||||||||||
Clearview
|
4,614
|
4,964
|
1,541
|
17,597
|
9,243
|
-
|
37,959
|
|||||||||||||||||||||
Lake Stevens
|
3,849
|
4,919
|
940
|
24,009
|
12,633
|
-
|
46,350
|
|||||||||||||||||||||
Smokey Point
|
2,665
|
4,333
|
1,060
|
44,484
|
11,750
|
-
|
64,292
|
|||||||||||||||||||||
Total Snohomish County
|
27,568
|
21,935
|
4,851
|
126,220
|
56,310
|
-
|
236,884
|
|||||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||||||
University Place
|
2,205
|
67
|
3
|
2,496
|
1,172
|
-
|
5,943
|
|||||||||||||||||||||
Gig Harbor
|
1,012
|
1,252
|
15
|
1,224
|
1,528
|
-
|
5,031
|
|||||||||||||||||||||
Total Pierce County
|
3,217
|
1,319
|
18
|
3,720
|
2,700
|
-
|
10,974
|
|||||||||||||||||||||
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
130,790
|
130,790
|
|||||||||||||||||||||
Total deposits
|
$
|
100,899
|
$
|
56,968
|
$
|
18,886
|
$
|
529,411
|
$
|
357,153
|
$
|
130,790
|
$
|
1,194,107
|
Assets
|
Mar 31,
2024 |
Dec 31,
2023 |
Mar 31,
2023 |
Three
Month Change |
One
Year Change |
|||||||||||||||
Cash on hand and in banks
|
$
|
8,789
|
$
|
8,391
|
$
|
9,618
|
4.7
|
%
|
(8.6
|
)%
|
||||||||||
Interest-earning deposits with banks
|
40,272
|
22,138
|
70,998
|
81.9
|
(43.3
|
)
|
||||||||||||||
Investments available-for-sale, at fair value
|
180,376
|
207,915
|
214,948
|
(13.2
|
)
|
(16.1
|
)
|
|||||||||||||
Investments held-to-maturity, at amortized cost
|
2,451
|
2,456
|
2,439
|
(0.2
|
)
|
0.5
|
||||||||||||||
Loans receivable, net of allowance of $14,996,
$15,306, and $16,028 respectively
|
1,142,909
|
1,175,925
|
1,184,750
|
(2.8
|
)
|
(3.5
|
)
|
|||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
6,078
|
6,527
|
8,203
|
(6.9
|
)
|
(25.9
|
)
|
|||||||||||||
Accrued interest receivable
|
7,176
|
7,359
|
7,011
|
(2.5
|
)
|
2.4
|
||||||||||||||
Deferred tax assets, net
|
2,399
|
2,648
|
2,990
|
(9.4
|
)
|
(19.8
|
)
|
|||||||||||||
Premises and equipment, net
|
19,323
|
19,667
|
20,732
|
(1.7
|
)
|
(6.8
|
)
|
|||||||||||||
Bank owned life insurance ("BOLI"), net
|
38,058
|
37,653
|
36,647
|
1.1
|
3.9
|
|||||||||||||||
Prepaid expenses and other assets
|
16,827
|
10,478
|
11,336
|
60.6
|
48.4
|
|||||||||||||||
Right of use asset ("ROU"), net
|
2,415
|
2,617
|
3,194
|
(7.7
|
)
|
(24.4
|
)
|
|||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
|
|||||||||||||||
Core deposit intangible, net
|
388
|
419
|
516
|
(7.4
|
)
|
(24.8
|
)
|
|||||||||||||
Total assets
|
$
|
1,468,350
|
$
|
1,505,082
|
$
|
1,574,271
|
(2.4
|
)
|
(6.7
|
)
|
||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
100,846
|
$
|
100,899
|
$
|
110,780
|
(0.1
|
)
|
(9.0
|
)
|
||||||||||
Interest-bearing deposits
|
1,066,050
|
1,093,208
|
1,116,348
|
(2.5
|
)
|
(4.5
|
)
|
|||||||||||||
Total deposits
|
1,166,896
|
1,194,107
|
1,227,128
|
(2.3
|
)
|
(4.9
|
)
|
|||||||||||||
Advances from the FHLB
|
115,000
|
125,000
|
160,000
|
(8.0
|
)
|
(28.1
|
)
|
|||||||||||||
Advance payments from borrowers for taxes and
insurance
|
5,649
|
2,952
|
5,447
|
91.4
|
3.7
|
|||||||||||||||
Lease liability, net
|
2,598
|
2,806
|
3,374
|
(7.4
|
)
|
(23.0
|
)
|
|||||||||||||
Accrued interest payable
|
1,134
|
2,739
|
749
|
(58.6
|
)
|
51.4
|
||||||||||||||
Other liabilities
|
16,890
|
15,818
|
17,928
|
6.8
|
(5.8
|
)
|
||||||||||||||
Total liabilities
|
1,308,167
|
1,343,422
|
1,414,626
|
(2.6
|
)
|
(7.5
|
)
|
|||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||
Preferred stock, $0.01 par value; authorized
10,000,000 shares; no shares issued or outstanding
|
-
|
-
|
-
|
n/a
|
n/a
|
|||||||||||||||
Common stock, $0.01 par value; authorized
90,000,000 shares; issued and outstanding
9,174,425 shares at March 31 2024,
9,179,510 shares at December 31 2023, and
9,148,086 shares at March 31 2023
|
92
|
92
|
92
|
0.0
|
0.0
|
|||||||||||||||
Additional paid-in capital
|
72,871
|
73,035
|
72,445
|
(0.2
|
)
|
0.6
|
||||||||||||||
Retained earnings
|
93,938
|
96,206
|
95,597
|
(2.4
|
)
|
(1.7
|
)
|
|||||||||||||
Accumulated other comprehensive loss, net of tax
|
(6,718
|
)
|
(7,673
|
)
|
(8,489
|
)
|
(12.4
|
)
|
(20.9
|
)
|
||||||||||
Total stockholders' equity
|
160,183
|
161,660
|
159,645
|
(0.9
|
)
|
0.3
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,468,350
|
$
|
1,505,082
|
$
|
1,574,271
|
(2.4
|
)%
|
(6.7
|
)%
|
Quarter Ended
|
||||||||||||||||||||
Mar 31,
2024 |
Dec 31,
2023 |
Mar 31,
2023 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
16,966
|
$
|
17,143
|
$
|
16,029
|
(1.0
|
)%
|
5.8
|
%
|
||||||||||
Investments
|
2,064
|
2,143
|
2,105
|
(3.7
|
)
|
(1.9
|
)
|
|||||||||||||
Interest-earning deposits with banks
|
486
|
880
|
236
|
(44.8
|
)
|
105.9
|
||||||||||||||
Dividends on FHLB Stock
|
127
|
121
|
130
|
5.0
|
(2.3
|
)
|
||||||||||||||
Total interest income
|
19,643
|
20,287
|
18,500
|
(3.2
|
)
|
6.2
|
||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
9,916
|
10,281
|
6,332
|
(3.6
|
)
|
56.6
|
||||||||||||||
FHLB advances and other borrowings
|
827
|
731
|
912
|
13.1
|
(9.3
|
)
|
||||||||||||||
Total interest expense
|
10,743
|
11,012
|
7,244
|
(2.4
|
)
|
48.3
|
||||||||||||||
Net interest income
|
8,900
|
9,275
|
11,256
|
(4.0
|
)
|
(20.9
|
)
|
|||||||||||||
(Recapture of provision) provision for credit losses
|
(175
|
)
|
-
|
338
|
n/a
|
(151.8
|
)
|
|||||||||||||
Net interest income after (recapture of provision)
provision for credit losses
|
9,075
|
9,275
|
10,918
|
(2.2
|
)
|
(16.9
|
)
|
|||||||||||||
Noninterest income
|
||||||||||||||||||||
BOLI income
|
351
|
255
|
308
|
37.6
|
14.0
|
|||||||||||||||
Wealth management revenue
|
95
|
60
|
45
|
58.3
|
111.1
|
|||||||||||||||
Deposit related fees
|
221
|
234
|
223
|
(5.6
|
)
|
(0.9
|
)
|
|||||||||||||
Loan related fees
|
58
|
60
|
91
|
(3.3
|
)
|
(36.3
|
)
|
|||||||||||||
Other
|
62
|
24
|
(2
|
)
|
158.3
|
NM
|
||||||||||||||
Total noninterest income
|
787
|
633
|
665
|
24.3
|
18.3
|
|||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
6,763
|
4,822
|
5,461
|
40.3
|
23.8
|
|||||||||||||||
Occupancy and equipment
|
1,226
|
1,231
|
1,165
|
(0.4
|
)
|
5.2
|
||||||||||||||
Professional fees
|
1,300
|
431
|
417
|
201.6
|
211.8
|
|||||||||||||||
Data processing
|
786
|
718
|
686
|
9.5
|
14.6
|
|||||||||||||||
Regulatory assessments
|
166
|
196
|
101
|
(15.3
|
)
|
64.4
|
||||||||||||||
Insurance and bond premiums
|
132
|
113
|
130
|
16.8
|
1.5
|
|||||||||||||||
Marketing
|
64
|
70
|
77
|
(8.6
|
)
|
(16.9
|
)
|
|||||||||||||
Other general and administrative
|
894
|
858
|
918
|
4.2
|
(2.6
|
)
|
||||||||||||||
Total noninterest expense
|
11,331
|
8,439
|
8,955
|
34.3
|
26.5
|
|||||||||||||||
(Loss) income before federal income tax (benefit)
provision
|
(1,469
|
)
|
1,469
|
2,628
|
(200.0
|
)
|
(155.9
|
)
|
||||||||||||
Federal income tax (benefit) provision
|
(393
|
)
|
275
|
506
|
(242.9
|
)
|
(177.7
|
)
|
||||||||||||
Net (loss) income
|
$
|
(1,076
|
)
|
$
|
1,194
|
$
|
2,122
|
(190.1
|
)%
|
(150.7
|
)%
|
|||||||||
Basic (loss) earnings per share
|
$
|
(0.12
|
)
|
$
|
0.13
|
$
|
0.23
|
|||||||||||||
Diluted (loss) earnings per share
|
$
|
(0.12
|
)
|
$
|
0.13
|
$
|
0.23
|
|||||||||||||
Weighted average number of common shares
outstanding
|
9,159,339
|
9,151,892
|
9,104,371
|
|||||||||||||||||
Weighted average number of diluted shares
outstanding
|
9,159,339
|
9,176,724
|
9,173,276
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Multifamily
|
$
|
134,386
|
11.6
|
%
|
$
|
138,149
|
11.6
|
%
|
$
|
143,332
|
11.9
|
%
|
||||||||||||
Total multifamily residential
|
134,386
|
11.6
|
138,149
|
11.6
|
143,332
|
11.9
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Retail
|
118,958
|
10.4
|
124,172
|
10.4
|
130,788
|
11.0
|
||||||||||||||||||
Office
|
72,303
|
6.2
|
72,778
|
6.1
|
79,793
|
6.6
|
||||||||||||||||||
Hotel / motel
|
57,263
|
4.9
|
63,597
|
5.3
|
67,165
|
5.6
|
||||||||||||||||||
Storage
|
32,834
|
2.8
|
33,033
|
2.8
|
33,604
|
2.8
|
||||||||||||||||||
Mobile home park
|
23,351
|
2.0
|
21,701
|
1.8
|
21,992
|
1.8
|
||||||||||||||||||
Warehouse
|
19,086
|
1.6
|
19,218
|
1.6
|
19,780
|
1.6
|
||||||||||||||||||
Nursing Home
|
11,538
|
1.0
|
11,610
|
1.0
|
12,260
|
1.0
|
||||||||||||||||||
Other non-residential
|
32,041
|
2.8
|
31,750
|
2.6
|
43,523
|
3.7
|
||||||||||||||||||
Total non-residential
|
367,374
|
31.7
|
377,859
|
31.6
|
408,905
|
34.1
|
||||||||||||||||||
Construction/land:
|
||||||||||||||||||||||||
One-to-four family residential
|
43,411
|
3.7
|
47,149
|
4.0
|
53,948
|
4.5
|
||||||||||||||||||
Multifamily
|
5,266
|
0.5
|
4,004
|
0.3
|
(131
|
)
|
0.0
|
|||||||||||||||||
Commercial
|
-
|
0.0
|
-
|
0.0
|
-
|
0.0
|
||||||||||||||||||
Land development
|
8,330
|
0.7
|
9,771
|
0.8
|
9,786
|
0.8
|
||||||||||||||||||
Total construction/land
|
57,007
|
4.9
|
60,924
|
5.1
|
63,603
|
5.3
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
283,398
|
24.5
|
284,471
|
23.9
|
242,477
|
20.2
|
||||||||||||||||||
Permanent non-owner occupied
|
223,302
|
19.3
|
228,752
|
19.2
|
240,183
|
20.0
|
||||||||||||||||||
Total one-to-four family residential
|
506,700
|
43.8
|
513,223
|
43.1
|
482,660
|
40.2
|
||||||||||||||||||
Business:
|
||||||||||||||||||||||||
Aircraft
|
1,907
|
0.2
|
1,945
|
0.1
|
2,052
|
0.1
|
||||||||||||||||||
Small Business Administration ("SBA")
|
1,778
|
0.2
|
1,794
|
0.3
|
499
|
0.1
|
||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
395
|
0.0
|
473
|
0.0
|
707
|
0.1
|
||||||||||||||||||
Other business
|
16,344
|
1.4
|
24,869
|
2.1
|
28,401
|
2.3
|
||||||||||||||||||
Total business
|
20,424
|
1.8
|
29,081
|
2.5
|
31,659
|
2.6
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Classic, collectible and other auto
|
58,003
|
5.0
|
58,618
|
5.0
|
59,962
|
5.0
|
||||||||||||||||||
Other consumer
|
14,011
|
1.2
|
13,377
|
1.1
|
10,657
|
0.9
|
||||||||||||||||||
Total consumer
|
72,014
|
6.2
|
71,995
|
6.1
|
70,619
|
5.9
|
||||||||||||||||||
Total loans
|
1,157,905
|
100.0
|
%
|
1,191,231
|
100.0
|
%
|
1,200,778
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
ACL
|
14,996
|
15,306
|
16,028
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
1,142,909
|
$
|
1,175,925
|
$
|
1,184,750
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
36.3
|
%
|
38.3
|
%
|
44.9
|
%
|
||||||||||||||||||
Total non-owner occupied commercial
real estate as % of total capital |
307.2
|
%
|
316.8
|
%
|
347.7
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2024
|
2023
|
2023
|
2023
|
2023
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:
(1)
|
||||||||||||||||||||
Return on assets
|
(0.29
|
)%
|
0.31
|
%
|
0.39
|
%
|
0.39
|
%
|
0.57
|
%
|
||||||||||
Return on equity
|
(2.67
|
)
|
2.97
|
3.71
|
3.74
|
5.31
|
||||||||||||||
Dividend payout ratio
|
(108.33
|
)
|
100.00
|
79.26
|
79.90
|
56.52
|
||||||||||||||
Equity-to-assets ratio
|
10.91
|
10.74
|
10.44
|
10.39
|
10.14
|
|||||||||||||||
Tangible equity ratio (2)
|
10.83
|
10.66
|
10.36
|
10.31
|
10.06
|
|||||||||||||||
Net interest margin
|
2.55
|
2.54
|
2.69
|
2.84
|
3.22
|
|||||||||||||||
Average interest-earning assets to average interest-
bearing liabilities
|
116.40
|
115.84
|
116.94
|
116.27
|
117.78
|
|||||||||||||||
Efficiency ratio
|
116.97
|
85.17
|
84.49
|
85.57
|
75.12
|
|||||||||||||||
Noninterest expense as a percent of average total
assets
|
3.05
|
2.18
|
2.29
|
2.50
|
2.42
|
|||||||||||||||
Book value per common share
|
$
|
17.46
|
$
|
17.61
|
$
|
17.35
|
$
|
17.35
|
$
|
17.45
|
||||||||||
Tangible book value per share (2)
|
17.32
|
17.47
|
17.20
|
17.20
|
17.30
|
|||||||||||||||
Capital Ratios: (3)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.41
|
%
|
10.18
|
%
|
10.25
|
%
|
10.02
|
%
|
10.24
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.98
|
14.90
|
14.75
|
14.49
|
14.33
|
|||||||||||||||
Tier 1 capital ratio
|
14.98
|
14.90
|
14.75
|
14.49
|
14.33
|
|||||||||||||||
Total capital ratio
|
16.24
|
16.15
|
16.00
|
15.75
|
15.59
|
|||||||||||||||
Asset Quality Ratios:
(4)
|
||||||||||||||||||||
Nonaccrual loans as a percent of total loans
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
||||||||||
ACL as a percent of total loans
|
1.30
|
1.28
|
1.29
|
1.31
|
1.33
|
|||||||||||||||
Net charge-offs to average loans receivable, net
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||||||||||
|
||||||||||||||||||||
Allowance for Credit Losses:
|
||||||||||||||||||||
ACL, beginning of the quarter
|
$
|
15,306
|
$
|
15,306
|
$
|
15,606
|
$
|
16,028
|
$
|
15,227
|
||||||||||
Beginning balance adjustment from adoption of
Topic 326
|
-
|
-
|
-
|
-
|
500
|
|||||||||||||||
(Recapture of provision) provision
|
(300
|
)
|
-
|
(300
|
)
|
(400
|
)
|
300
|
||||||||||||
Charge-offs
|
(10
|
)
|
-
|
-
|
(22
|
)
|
-
|
|||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
1
|
|||||||||||||||
ACL, end of the quarter
|
$
|
14,996
|
$
|
15,306
|
$
|
15,306
|
$
|
15,606
|
$
|
16,028
|
||||||||||
Allowance for unfunded commitments
|
||||||||||||||||||||
Beginning balance
|
$
|
439
|
$
|
439
|
$
|
439
|
$
|
286
|
$
|
248
|
||||||||||
Provision for credit losses
|
125
|
-
|
-
|
153
|
38
|
|||||||||||||||
Ending balance
|
$
|
564
|
$
|
439
|
$
|
439
|
$
|
439
|
$
|
286
|
||||||||||
Provision for credit losses
|
||||||||||||||||||||
ACL - loans
|
$
|
(300
|
)
|
$
|
-
|
$
|
(300
|
)
|
$
|
(400
|
)
|
$
|
300
|
|||||||
Allowance for unfunded commitments
|
125
|
-
|
-
|
153
|
38
|
|||||||||||||||
Total
|
$
|
(175
|
)
|
$
|
-
|
$
|
(300
|
)
|
$
|
(247
|
)
|
$
|
338
|
At or For the Quarter Ended
|
||||||||||||||||||||
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
||||||||||||||||
2024
|
2023
|
2023
|
2023
|
2023
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs: (1)
|
||||||||||||||||||||
Yield on loans
|
5.88
|
%
|
5.83
|
%
|
5.73
|
%
|
5.71
|
%
|
5.56
|
%
|
||||||||||
Yield on investments
|
4.11
|
4.11
|
3.98
|
3.93
|
3.88
|
|||||||||||||||
Yield on interest-earning deposits
|
5.28
|
5.32
|
5.18
|
4.91
|
4.40
|
|||||||||||||||
Yield on FHLB stock
|
7.79
|
7.29
|
6.57
|
7.06
|
7.30
|
|||||||||||||||
Yield on interest-earning assets
|
5.62
|
%
|
5.56
|
%
|
5.46
|
%
|
5.43
|
%
|
5.29
|
%
|
||||||||||
Cost of interest-bearing deposits
|
3.69
|
%
|
3.62
|
%
|
3.33
|
%
|
3.06
|
%
|
2.41
|
%
|
||||||||||
Cost of borrowings
|
2.65
|
2.40
|
2.42
|
2.55
|
2.69
|
|||||||||||||||
Cost of interest-bearing liabilities
|
3.58
|
%
|
3.50
|
%
|
3.24
|
%
|
3.01
|
%
|
2.44
|
%
|
||||||||||
Cost of total deposits (2)
|
3.38
|
%
|
3.31
|
%
|
3.03
|
%
|
2.78
|
%
|
2.17
|
%
|
||||||||||
Cost of funds (3)
|
3.31
|
3.23
|
2.97
|
2.76
|
2.23
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,160,156
|
$
|
1,167,339
|
$
|
1,171,483
|
$
|
1,182,939
|
$
|
1,168,539
|
||||||||||
Investments
|
202,106
|
206,837
|
211,291
|
215,113
|
219,969
|
|||||||||||||||
Interest-earning deposits
|
37,032
|
65,680
|
40,202
|
50,691
|
21,729
|
|||||||||||||||
FHLB stock
|
6,554
|
6,584
|
6,820
|
6,814
|
7,219
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,405,848
|
$
|
1,446,440
|
$
|
1,429,796
|
$
|
1,455,557
|
$
|
1,417,456
|
||||||||||
Interest-bearing deposits
|
$
|
1,082,168
|
$
|
1,127,690
|
$
|
1,097,324
|
$
|
1,126,598
|
$
|
1,065,827
|
||||||||||
Borrowings
|
125,604
|
120,978
|
125,402
|
125,275
|
137,600
|
|||||||||||||||
Total interest-bearing liabilities
|
$
|
1,207,772
|
$
|
1,248,668
|
$
|
1,222,726
|
$
|
1,251,873
|
$
|
1,203,427
|
||||||||||
Noninterest-bearing deposits
|
99,173
|
102,869
|
109,384
|
111,365
|
115,708
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,306,945
|
$
|
1,351,537
|
$
|
1,332,110
|
$
|
1,363,238
|
$
|
1,319,135
|
||||||||||
Average assets
|
$
|
1,495,753
|
$
|
1,538,955
|
$
|
1,522,224
|
$
|
1,547,321
|
$
|
1,509,297
|
||||||||||
Average stockholders' equity
|
161,823
|
159,659
|
160,299
|
159,764
|
162,016
|
Quarter Ended | ||||||||||||||||||||
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: |
||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
160,183
|
$
|
161,660
|
$
|
159,235
|
$
|
158,715
|
$
|
159,645
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
388
|
419
|
451
|
484
|
516
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
158,906
|
$
|
160,352
|
$
|
157,895
|
$
|
157,342
|
$
|
158,240
|
||||||||||
|
||||||||||||||||||||
Total assets (GAAP)
|
$
|
1,468,350
|
$
|
1,505,082
|
$
|
1,525,568
|
$
|
1,528,079
|
$
|
1,574,271
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
388
|
419
|
451
|
484
|
516
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,467,073
|
$
|
1,503,774
|
$
|
1,524,228
|
$
|
1,526,706
|
$
|
1,572,866
|
||||||||||
|
||||||||||||||||||||
Common shares outstanding at period end
|
9,174,425
|
9,179,510
|
9,179,510
|
9,148,086
|
9,148,086
|
|||||||||||||||
|
||||||||||||||||||||
Equity-to-assets ratio (GAAP)
|
10.91
|
%
|
10.74
|
%
|
10.44
|
%
|
10.39
|
%
|
10.14
|
%
|
||||||||||
Tangible equity-to-tangible assets ratio (Non‑GAAP)
|
10.83
|
10.66
|
10.36
|
10.31
|
10.06
|
|||||||||||||||
Book value per common share (GAAP)
|
$
|
17.46
|
$
|
17.61
|
$
|
17.35
|
$
|
17.35
|
$
|
17.45
|
||||||||||
Tangible book value per share (Non-GAAP)
|
17.32
|
17.47
|
17.20
|
17.20
|
17.30
|