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Net interest income for the quarter ended March 31, 2009, remained relatively unchanged at $8.2 million, as compared to the same period in 2008. Total interest income for the first quarter of 2009 decreased $519,000, or 3.0%, to $16.8 million from $17.3 million for the quarter ended March 31, 2008. The decline in interest income was primarily the result of foregone interest on nonperforming loans during the first quarter of 2009 of $1.1 million and to lesser extent the general decline in market interest rates, which completely offset the increase in interest income resulting from the net increase in our net loan balance over the last year. Our foregone interest for the three months ended March 31, 2008 was immaterial. Interest earned on federal funds sold and interest-bearing deposits totaled $2,000 for the quarter ended March 31, 2009, a decrease of $534,000 from the same quarter in 2008. Cash, federal funds sold and interest-bearing deposits decreased to $37.4 million at March 31, 2009 from $85.2 million at March 31, 2008. During the first quarter of 2008, we sold a portion of our tax-exempt investment portfolio and the $62.6 million in proceeds were included in our interest-bearing deposits at March 31, 2008. These proceeds were subsequently invested in higher-yielding assets later in 2008. Our average interest-earning assets at March 31, 2009 increased $65.6 million compared to March 31, 2008. Our average net loan balance increased $133.3 million and the average balance of federal funds sold and interest-bearing deposits decreased $61.5 million as compared to the first quarter of last year. The yield on these average assets declined to 5.61% during the quarter ended March 31, 2009 from 6.12% for the same quarter in 2008. The yield on net loans receivable declined to 5.85% from 6.70% or 85 basis points, 43 basis points of which related to foregone interest in the loan portfolio with the balance of the decrease due to the general decline in interest rates. The yield on federal funds sold and interest-bearing deposits dropped to 0.08% from 3.02% reflecting the decline in interest rates over the last year.
Total interest expense for the quarter ended March 31, 2009 decreased $533,000 or 5.9% to $8.6 million from $9.1 million compared to the first quarter of 2008. Total average interest-bearing liabilities increased $91.0 million during the first quarter of 2009 as compared to the same quarter in 2008. Average deposits increased $55.6 million while the average cost of funds for deposits decreased to 3.68% from 4.36% or 68 basis points for the first quarter of 2009 as a result of the general decline in interest rates. At the same time, the average balance of advances from the Federal Home Loan Bank of Seattle ("FHLB") increased $35.4 million. The related average cost of those funds declined 33 basis points to 3.45%. While total average interest-bearing liabilities increased $91.0 million, the favorable drop in interest rates allowed us to lower our average cost of funds to 3.65% from 4.29% on a year-over-year comparison. The decline in interest rates contributed to an increase in our interest rate spread to 1.96% for the first quarter of 2009 from 1.83% for the same quarter in 2008. Our net interest margin for the quarter was negatively affected primarily by foregone interest on our nonperforming loans, resulting in a net interest margin of 2.74% for the first quarter of 2009 as compared to 2.89% for the same period in 2008.
During the quarter ended March 31, 2009, management evaluated the adequacy of the allowance for loan losses and concluded that a provision of $1.7 million was required for the quarter. In the comparable quarter in 2008, no provision for loan losses was established as management concluded the allowance was adequate at the time and no loans were charged-off during that quarter. Management calculates additions to the allowance for loan losses based on several factors that could affect the loan portfolio. Some of the factors include growth in the loan portfolio, delinquency rates and the effects of the economic environment. Although, the loan portfolio, net of undisbursed funds, declined by $6.8 million from the fourth quarter of 2008 our total nonperforming loans, net of undisbursed funds, as of March 31, 2009 increased to $80.2 million compared to $58.6 million at December 31, 2008 resulting in the increase in the provision for loan losses. The largest increase in nonaccrual nonperforming loans, net of undisbursed funds, was primarily related to the construction/land development loans which increased from $44.0 million at December 31, 2008 to $50.4 million at March 31, 2009 and a $10.6 million increase in loans 90 days or more past due and still accruing. Loans 90 days or more delinquent and still accruing are loans that are well collateralized, in the process of collection and management believes all principal and interest will be received. With the housing markets continuing to deteriorate and showing limited signs of stabilizing in the near future, we continue to aggressively monitor our real estate loan portfolio, including our construction/land development loan portfolio. Included in the provision was a $186,000 reserve for unfunded commitments which is included in other liabilities on the balance sheet. During the first quarter of 2009, collateral-dependent loans of $4.2 million were charged-off as a result of our recent FDIC examination. Specific reserves had been established for these loans in prior quarters, therefore the charge-offs had no impact on the earnings for the quarter. At March 31, 2009, the allowance for loan losses was $14.3 million compared to $17.0 million at December 31, 2008. The decline in the allowance for loan losses was due to the $4.2 million charge-off recorded in the first quarter of 2009.
Noninterest income decreased $1.2 million, or 90.5% during the first quarter of 2009 as compared to the same quarter in 2008. The decrease was primarily attributable to the $1.4 million gain on sale of investments that was realized in the first quarter of 2008. These sales were the result of our taking advantage of favorable market conditions to sell the majority of our tax-exempt investment portfolio. Investment sales in the first quarter of 2009 generated $76,000 in net gains.
Noninterest expense increased $2.1 million, or 71.8% in the first quarter of 2009 as compared to the same quarter in 2008. Salaries and employee benefits expense increased $1.3 million, or 72.6% during the first quarter of 2009 compared to the same quarter in 2008. This increase was primarily the result of additional staff and related employee benefits expense incurred as a result of us building our infrastructure throughout 2008 to accommodate growth and operate more effectively as a publicly-traded Company. Included in these benefits was $515,000 of expenses related to the equity incentive plan which was implemented in the third quarter last year, consequently these expenses did not exist in the first quarter of 2008. In addition, our FDIC and OTS assessments increased $652,000 for the three months ended March 31, 2009 compared to the same period in 2008. The increase was primarily due to increased FDIC insurance premiums.
At March 31, 2009, total assets increased $17.3 million to $1.3 billion from December 31, 2008. Federal funds sold and interest-bearing deposits increased $32.5 million at March 31, 2009 from December 31, 2008. This increase was primarily due to $6.9 million in proceeds from investment sales and the net growth in deposits during the quarter. Our loan portfolio, net of the allowance for loan losses, remained relatively unchanged decreasing $4.0 million or 0.4% during the quarter ended March 31, 2009 from December 31, 2008. Loan originations totaled: $12.6 million in one-to-four family mortgages; $800,000 and $3.4 million in commercial real estate and multifamily loans, respectively; and $1.1 million in consumer loans. Included in the one-to-four family residential loan originations are $3.3 million of permanent loans on completed projects where the builder has paid-off the construction loan and entered into a permanent loan to finance the home while it is being leased by a third party. This practice is used to help our builders maintain adequate levels of liquidity. We also originated $4.3 million in construction related loans to our merchant builders so they could continue to complete their projects and utilize their existing land inventory. We are concentrating on working with our existing builders and have not expanded our customer base for this loan type. The following table presents a breakdown of our loan portfolio:
At March 31, At December 31,
2009 2008
------------------- -------------------
Amount Percent Amount Percent
---------- ------- ---------- -------
(Dollars in thousands)
Real Estate:
One-to-four family
residential $ 504,663 44.96% $ 512,446 45.05%
Multifamily residential 103,886 9.26 100,940 8.87
Commercial 259,925 23.16 260,727 22.92
Construction/land development 240,813 21.46 250,512 22.02
---------- ------- ---------- -------
Total real estate 1,109,287 98.84 1,124,625 98.86
Consumer:
Home equity 12,698 1.13 12,566 1.11
Savings account 159 0.01 205 0.02
Other 216 0.02 156 0.01
---------- ------- ---------- -------
Total consumer 13,073 1.16 12,927 1.14
---------- ------- ---------- -------
Total loans 1,122,360 100.00% 1,137,552 100.00%
======= =======
Less:
Loans in process 74,175 82,541
Deferred loan fees 2,705 2,848
Allowance for loan losses 14,294 16,982
---------- ----------
Loans receivable, net $1,031,186 $1,035,181
========== ==========
At March 31, 2009, nonperforming loans, net of the undisbursed portion, totaled $80.2 million. These loans represented 7.65% of total loans and 6.36% of total assets at the end of the first quarter in 2009. The following table presents a breakdown of our nonperforming loans:
March 31, Dec. 31, Amount of % of
2009 2008 Change Change
--------- --------- --------- ---------
(Dollars in thousands)
One-to-four family
residential(1) $ 16,633 $ 10,837 $ 5,796 53.48%
Commercial real estate 9,383 3,762 5,621 149.42
Construction/land
development 54,146 44,043 10,103 22.94
Consumer 50 -- 50 100.00
--------- --------- --------- ---------
Total nonperforming loans $ 80,212 $ 58,642 $ 21,570 36.78%
========= ========= ========= =========
(1) The majority of these loans are related to our merchant builders
rental properties
Our nonperforming assets have increased $21.6 million during the first quarter of 2009. This increase was the result of the continued weakening of the Washington State economy. Unemployment has climbed to 9.2% and real estate market values continue to decline. Until these indicators begin to stabilize we will continue to see increases in delinquencies and nonperforming assets. The nonperforming construction/land development loans are located predominately in King County. The majority of our nonperforming one-to-four family loans are construction loans that have been converted to permanent loans. The underlying homes are used as rental properties to enhance the builder's cash flow. We did not have any real estate owned at March 31, 2009.
Total liabilities increased $24.1 million, or 2.5%, to $978.4 million at March 31, 2009 from $954.3 million at December 31, 2008. Deposits increased $29.7 million during the quarter to $821.2 million at March 31, 2009 as a result of our practice of competitively pricing our deposit products and our enhanced marketing efforts. Advances from the FHLB totaled $148.2 million at the end of March 31, 2009, compared to $156.2 million at December 31, 2008, an $8.0 million, or 5.1% decrease.
Our total equity decreased $6.7 million, or 2.3%, to $283.4 million at March 31, 2009 from $290.1 million at December 31, 2008. This decrease was primarily the result of the cost for the repurchase of our stock of $7.5 million and cash dividends paid during the quarter of $1.7 million. These decreases were partially offset by net income for the quarter of $1.2 million, an increase in accumulated other comprehensive income of $511,000, an increase in additional paid in capital for the equity incentive plan of $515,000 and the affect of the quarterly release of the Employee Stock Ownership Plan (ESOP) shares of $234,000.
We plan to remodel our facility at 207 Wells Avenue South. The purpose of this remodel is to develop an adjoining facility which will serve as our loan center. By housing all lending staff in one location we expect future benefits to outweigh current expenditures through increased efficiencies in our lending operations, process management and credit administration. The project is expected to take nine to 12 months at a cost of approximately $8.5 million and is expected to begin in the second quarter of 2009.
First Financial Northwest, Inc. is a Washington corporation headquartered in Renton, Washington. It is the parent company of First Savings Bank Northwest; a Washington chartered stock savings bank that was originally organized in 1923. We serve the Puget Sound Region of Washington that includes King, Snohomish, Pierce and Kitsap Counties, through our full-service banking office. We are a part of the ABA NASDAQ Community Bank Index as well as the Russell 3000 Index. For additional information about us, please visit our website at www.fsbnw.com and click on the "Investor Relations" section.
Forward-looking statements:
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs that may be impacted by deterioration in the housing and commercial real estate markets and may lead to increased losses and nonperforming assets in our loan portfolio, and may result in our allowance for loan losses not being adequate to cover actual losses, and require us to materially increase our reserves; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes and other properties and fluctuations in real estate values in our market areas; results of examinations of us by the Office of Thrift Supervision and our bank subsidiary by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risk associated with the loans on our balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; computer systems on which we depend could fail or experience a security breach; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our branch expansion strategy; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; our ability to manage loan delinquency rates; costs and effects of litigation, including settlements and judgments; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; legislative or regulatory changes that adversely affect our business including changes in regulatory polices and principles, including the interpretation of regulatory capital or other rules; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of war or any terrorist activities; other economic, competitive, governmental, regulatory, and technological factors affecting our operations; pricing, products and services; and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008. Any of the forward-looking statements that we make in this Press Release and in the other public statements we make may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed in any forward-looking statements made by or on our behalf. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We undertake no responsibility to update or revise any forward-looking statements.
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands, except share data)
(Unaudited)
Three One
March 31, Dec. 31, March 31, Month Year
Assets 2009 2008 2008 Change Change
---------- ---------- ---------- -------- -------
Cash on hand and
in banks $ 2,532 $ 3,366 $ 6,718 (24.78)% (62.31)%
Interest-bearing
deposits 31,776 600 72,434 5,196.00 (56.13)
Federal funds sold 3,105 1,790 6,055 73.46 (48.72)
Investments
available for
sale 140,644 149,323 146,488 (5.81) (3.99)
Loans receivable,
net of allowance
of $14,294,
$16,982 and
$7,971 1,031,186 1,035,181 923,593 (0.39) 11.65
Premises and
equipment, net 13,182 13,026 13,156 1.20 0.20
Federal Home Loan
Bank stock, at
cost 7,413 7,413 4,850 0.00 52.85
Accrued interest
receivable 5,794 5,532 4,915 4.74 17.88
Deferred tax
assets, net 8,577 9,266 6,146 (7.44) 39.55
Goodwill 14,206 14,206 14,206 0.00 0.00
Prepaid expenses
and other assets 3,367 4,737 4,397 (28.92) (23.43)
---------- ---------- ---------- -------- -------
Total assets $1,261,782 $1,244,440 $1,202,958 1.39% 4.89%
========== ========== ========== ======== =======
Liabilities and
Stockholders'
Equity
Deposits $ 821,186 $ 791,483 $ 765,265 3.75% 7.31%
Advances from the
Federal Home
Loan Bank 148,150 156,150 110,000 (5.12) 34.68
Advance payments
from borrowers
for taxes and
insurance 4,758 2,745 5,528 73.33 (13.93)
Accrued interest
payable 494 478 84 3.35 488.10
Federal income
tax payable 94 336 1,814 (72.02) (94.82)
Other liabilities 3,736 3,140 4,828 18.98 (22.62)
---------- ---------- ---------- -------- -------
Total
liabilities 978,418 954,332 887,519 2.52 10.24
Commitments and
contingencies
Stockholders'
Equity
Preferred stock,
$0.01 par value;
authorized
10,000,000
shares, no
shares issued or
outstanding -- -- -- -- --
Common stock,
$0.01 par value;
authorized
90,000,000
shares; issued
and outstanding
20,363,120;
21,293,368 and
22,852,800
shares at
March 31, 2009,
December 31,
2008 and
March 31, 2008 204 213 229 (4.23) (10.92)
Additional
paid-in capital 195,110 202,167 224,170 (3.49) (12.96)
Retained
earnings,
substantially
restricted 101,887 102,358 107,241 (0.46) (4.99)
Accumulated other
comprehensive
income, net 1,398 887 313 57.61 346.65
Unearned Employee
Stock Ownership
Plan (ESOP)
shares (15,235) (15,517) (16,514) (1.82) (7.74)
---------- ---------- ---------- -------- -------
Total
stockholders'
equity 283,364 290,108 315,439 (2.32) (10.17)
---------- ---------- ---------- -------- -------
Total
liabilities
and
stockholders'
equity $1,261,782 $1,244,440 1,202,958 1.39% 4.89%
========== ========== ========== ======== =======
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Dollars in thousands, except share data)
(Unaudited)
Three Months Ended
-------------------------------- Three One
March 31, Dec. 31, March 31, Month Year
2009 2008 2008 Change Change
--------- --------- --------- ------- -------
Interest income
Loans, including
fees $ 15,123 $ 15,101 $ 15,069 0.15% 0.36%
Investments
available for
sale 1,625 1,840 1,653 (11.68) (1.69)
Federal funds
sold and
interest-bearing
deposits with
banks 2 11 536 (81.82) (99.63)
Dividends on
Federal Home
Loan Bank stock -- (17) 11 (100.00) (100.00)
--------- --------- --------- ------- -------
Total interest
income $ 16,750 $ 16,935 $ 17,269 (1.09)% (3.01)%
--------- --------- --------- ------- -------
Interest expense
Deposits 7,329 7,710 8,079 (4.94) (9.28)
Federal Home Loan
Bank advances 1,246 1,159 1,029 7.51 21.09
--------- --------- --------- ------- -------
Total interest
expense $ 8,575 $ 8,869 $ 9,108 (3.31)% (5.85)%
--------- --------- --------- ------- -------
Net interest
income 8,175 8,066 8,161 1.35 0.17
Provision for loan
losses 1,730 5,500 -- (68.55) 100.00
--------- --------- --------- ------- -------
Net interest
income after
provision for
loan losses $ 6,445 $ 2,566 $ 8,161 151.17% (21.03)%
--------- --------- --------- ------- -------
Noninterest income
(loss)
Net gain (loss)
on sale of
investments 76 (51) 1,373 (249.02) (94.46)
Other-than-
temporary
impairment loss
on investments -- (1,017) -- (100.00) (100.00)
Other 54 55 (10) (1.82) (640.00)
--------- --------- --------- ------- -------
Total
noninterest
income (loss) $ 130 $ (1,013) $ 1,363 (112.83)% (90.46)%
--------- --------- --------- ------- -------
Noninterest
expense
Salaries and
employee
benefits 3,039 2,796 1,761 8.69 72.57
Occupancy and
equipment 350 301 294 16.28 19.05
Professional fees 307 366 295 (16.12) 4.07
Data processing 144 135 113 6.67 27.43
FDIC/OTS
assessments 682 167 30 308.38 2173.33
Other general and
administrative 436 472 393 (7.63) 10.94
--------- --------- --------- ------- -------
Total
noninterest
expense $ 4,958 $ 4,237 $ 2,886 17.02% 71.79%
--------- --------- --------- ------- -------
Income (loss)
before
provision
(benefit) for
federal income
taxes 1,617 (2,684) 6,638 (160.25) (75.64)
Provision
(benefit) for
federal income
taxes 421 (305) 2,166 (238.03) (80.56)
--------- --------- --------- ------- -------
Net income
(loss) $ 1,196 $ (2,989) $ 4,472 (140.01)% (73.26)%
========= ========= ========= ======= =======
Basic earnings
(loss) per
share $ 0.06 $ (0.14) $ 0.21 N/A% N/A%
========= ========= ========= ======= =======
Diluted earnings
(loss) per
share $ 0.06 $ (0.14) $ 0.21 N/A% N/A%
========= ========= ========= ======= =======
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Key Financial Ratios
At or For the Three Months Ended
--------------------------------
March 31, Dec. 31, March 31,
2009 2008 2008
--------- --------- ---------
(Dollars in thousands, except
share data)
Performance Ratios:
-------------------
Return (loss) on assets(1) 0.39% (0.96)% 1.52%
Return (loss) on equity(2) 1.66 (3.97) 5.73
Equity-to-assets ratio(3) 23.15 24.26 26.59
Interest rate spread(4) 1.96 1.85 1.83
Net interest margin(5) 2.74 2.71 2.89
Tangible equity to tangible assets(6) 21.57 22.43 25.34
Average interest-earning assets to
average interest-bearing liabilities 126.95 128.63 132.82
Efficiency ratio(7) 59.70 60.07 30.30
Noninterest expense as a percent of
average total assets 1.60 1.37 0.98
Book value per common share(8) $ 13.92 $ 13.62 $ 13.80
Capital Ratios(9):
------------------
Tier 1 leverage 15.65% 15.61% 16.35%
Tier 1 risk-based 23.14 23.04 24.94
Total risk-based 24.40 24.30 25.98
Asset Quality Ratios (10):
--------------------------
Nonaccrual and 90 days or more past
due loans as a percent of total loans 7.65% 5.56% 2.65%
Nonperforming assets as a percent of
total assets 6.36 4.71 2.06
Allowance for losses as a percent of
total loans 1.36 1.61 0.85
Allowance for losses as a percent of
nonperforming loans 17.82 28.96 32.14
Net charge-offs to average loans
receivable, net 0.41 0.04 --
Allowance for Loan Losses:
--------------------------
Allowance for loan losses, beginning
of the quarter $ 16,982 $ 11,837 $ 7,971
Provision 1,544 5,500 --
Charge-offs (4,232) (355) --
Recoveries -- -- --
--------- --------- ---------
Allowance for loan losses, end of the
quarter $ 14,924 $ 16,982 $ 7,971
Allowance for unfunded commitments,
beginning of the quarter $ -- $ -- $ --
Provision 186 -- --
--------- --------- ---------
Allowance for unfunded commitments,
end of the quarter $ 186 $ -- $ --
Total allowance for loan losses
including allowance for unfunded
commitments $ 14,480 $ 16,982 $ 7,971
========= ========= =========
Nonperforming Assets(10):
-------------------------
Nonperforming loans
90 days or more past due and still
accruing $ 12,657 $ 2,104 $ 1,367
Nonaccrual loans 51,041 35,720 --
Nonaccrual troubled debt
restructured loans 16,514 20,818 23,431
--------- --------- ---------
Total nonperforming loans $ 80,212 $ 58,642 $ 24,798
REO -- -- --
--------- --------- ---------
Total nonperforming assets (NPA) $ 80,212 $ 58,642 $ 24,798
========= ========= =========
Performing troubled debt restructured
loans $ 5,776 $ 2,226 $ --
========= ========= =========
-------------------------------------
(1) Net income divided by average total assets.
(2) Net income divided by average equity.
(3) Average equity divided by average total assets.
(4) Difference between weighted-average yield on interest-earning
assets and weighted-average cost of interest-bearing liabilities.
(5) Net interest margin is calculated as net interest income
divided by average interest-earning assets.
(6) Tangible equity is equity less goodwill and other
intangible assets.
(7) The efficiency ratio represents the ratio of noninterest expense
divided by the sum of net interest income and noninterest income.
(8) Outstanding shares divided by stockholders' equity.
(9) Capital ratios are for First Savings Bank Northwest only.
(10) Nonaccrual and nonperforming loans/assets and total loans are
calculated net of undisbursed funds.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: First Financial Northwest
First Financial Northwest, Inc.
Victor Karpiak
(425) 255-4400
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