First Financial Northwest, Inc. - FORM 8-K - EX-99 - EXHIBIT 99.1 FOR THE FORM 8-K FOR THE EVENT ON JULY 23, 2015

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8-K - FIRST FINANCIAL NORTHWEST, INC. FORM 8-K FOR THE EVENT ON JULY 23, 2015 - First Financial Northwest, Inc.	ffnw8k72315.htm

Exhibit 99.1

**For Immediate Release**

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

First Financial Northwest, Inc.

Reports Second Quarter Net Income of $2.4 Million or $0.17 per Diluted Share

Renton, Washington – July 23, 2015 - First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Savings Bank Northwest (the “Bank”), today reported net income for the quarter ended June 30, 2015, of $2.4 million, or $0.17 per diluted share, compared to net income of $2.2 million, or $0.16 per diluted share for the quarter ended March 31, 2015, and $2.4 million, or $0.16 per diluted share for the second quarter in 2014.

An increase in the recapture of the provision for loan losses contributed significantly to net income in the current quarter as compared to the quarter ended March 31, 2015, and the same quarter last year. Specifically, the Company recognized a $500,000 recapture of provision for loan losses in the quarter ended June 30, 2015, compared to recaptures of $100,000 in the quarters ended March 31, 2015, and June 30, 2014. The larger recapture of provision for loan losses in the quarter ended June 30, 2015, was primarily related to recoveries of amounts previously charged off totaling $595,000.

“The improvement in the local real estate economy, and the related improvements in credit quality, provided us with additional recoveries during the quarter. In addition, we anticipate that the ongoing strengthening of the Pacific Northwest economy will provide us with opportunities on both the lending and deposit gathering sides of the business going forward,” stated Joseph W. Kiley III, President and Chief Executive Officer.

“As noted in our earnings release last quarter, our employees are working diligently on our core data processor project, with the conversion scheduled to occur in August 2015. This change will significantly enhance our ability to utilize technological advancements and will provide us a better platform for growth along with an ability to offer more efficient banking services to our customers. I am very pleased with the progress made by our entire team of employees on this project and am truly thankful for their efforts to contribute to our success and provide an improved experience for our customers going forward,” concluded Kiley.

Highlights for the quarter ended June 30, 2015:

·	Share repurchases totaled 371,757 shares during the quarter under the current share repurchase plan, at an average price of $11.95 per share, leaving 1,120,643 shares available to be repurchased under the plan which runs through October 28, 2015.

·	The Company’s book value per share at June 30, 2015, increased to $12.20 from $12.10 at March 31, 2015, and $11.60 at June 30, 2014.

The Bank’s Tier 1 leverage and total risk-based capital ratios at June 30, 2015, were 11.7% and 18.5%, respectively, compared to 11.6% and 18.6% at March 31, 2015, and 18.9% and 29.3%, at June 30, 2014. The changes from the higher levels at June 30, 2014, are primarily a result of $70 million in dividends paid by the Bank to the Company in 2014.

Based on management’s evaluation of the adequacy of the allowance for loan and lease losses ("ALLL"), there was a $500,000 recapture of provision for loan losses for the quarter ended June 30, 2015. The following items contributed to this recapture during the quarter:

·	The Bank received recoveries of amounts previously charged off totaling $595,000 contributing to the Company’s ALLL balances.

·	Delinquent loans (loans over 30 days past due) remained low at $3.6 million at June 30, 2015, compared to $3.6 million at March 31, 2015, and $2.6 million at June 30, 2014.

·	Nonperforming loans remained low at $2.4 million at June 30, 2015, compared to $2.7 million at March 31, 2015, and $2.3 million at June 30, 2014.

·	Nonperforming loans as a percentage of total loans remained low at 0.36% at June 30, 2015, compared to 0.39% at March 31, 2015, and 0.33 % at June 30, 2014.

The ALLL represented 439% of nonperforming loans and 1.58% of net loans receivable at June 30, 2015, compared to 393% and 1.54%, respectively, at March 31, 2015, and 519% and 1.73% respectively at June 30, 2014.

Nonperforming assets totaled $6.8 million at June 30, 2015, compared to $8.3 million at March 31, 2015, and $12.4 million at June 30, 2014. Recent sales of Other Real Estate Owned (“OREO”) contributed significantly to the decline in the Company’s nonperforming assets.

The following table presents a breakdown of our nonperforming assets:

	June 30,			March 31,			June 30,			Three Month			One Year
	2015			2015			2014			Change			Change
	(Dollars in thousands)
Nonperforming loans:
One-to-four family residential	$	252		$	494		$	1,380		$	(242	)	$	(1,128	)
Multifamily		1,683			1,683			222			-			1,461
Commercial real estate		407			425			701			(18	)		(294	)
Consumer		73			74			-			(1	)		73
Total nonperforming loans		2,415			2,676			2,303			(261	)		112

OREO		4,416			5,575			10,114			(1,159	)		(5,698	)

Total nonperforming assets (1)	$	6,831		$	8,251		$	12,417		$	(1,420	)	$	(5,586	)

Nonperforming assets as a
percent of total assets		0.72	%		0.86	%		1.38	%

(1) The difference between nonperforming assets reported above, and the totals reported by other industry sources, is due to their inclusion of all Troubled Debt Restructured Loans ("TDRs") as nonperforming loans, although all of our TDRs were performing in accordance with their restructured terms at June 30, 2015.

The following table presents a breakdown of our OREO by county and property type at June 30, 2015:

	County								Number		Percent of
	Pierce		Kitsap		All Other		Total OREO		of Properties		Total OREO
	(Dollars in thousands)
OREO:
Commercial real estate (1)	$	2,430	$	754	$	877	$	4,061		8		92.0	%
Construction/land development		200		-		155		355		2		8.0

Total OREO	$	2,630	$	754	$	1,032	$	4,416		10		100.0	%

(1) Of the eight properties classified as commercial real estate, five are office/retail buildings and three are undeveloped lots.

OREO decreased to $4.4 million at June 30, 2015, compared to $5.6 million at March 31, 2015, and $10.1 million at June 30, 2014, as sales and write-downs of OREO exceeded transfers of properties into OREO during the quarter and the preceding 12 months. We continue to actively market our OREO properties in an effort to minimize their holding costs.

The following table presents a breakdown of our TDRs:

	June 30, 2015			March 31, 2015			June 30, 2014			Three Month Change			One Year Change
	(Dollars in thousands)
Nonperforming TDRs:
One-to-four family residential	$	-		$	-		$	458		$	-		$	(458	)

Performing TDRs:
One-to-four family residential		38,189			40,943			45,366			(2,754	)	$	(7,177	)
Multifamily		1,609			2,163			2,192			(554	)	$	(583	)
Commercial real estate		7,765			8,241			9,182			(476	)	$	(1,417	)
Consumer		43			43			43			-		$	-

Total performing TDRs		47,606			51,390			56,783			(3,784	)	$	(9,177	)

Total TDRs	$	47,606		$	51,390		$	57,241		$	(3,784	)	$	(9,635	)

% TDRs classified as performing		100.0	%		100.0	%		99.2	%

During the second quarter of 2015, TDRs decreased to $47.6 million, compared to $51.4 million at March 31, 2015, and $57.2 million at June 30, 2014. In circumstances where a customer is experiencing significant financial difficulties, the Company may elect to restructure the loan so the customer can continue to make payments while minimizing the potential loss to the Bank. At June 30, 2015, all of the Company’s TDRs were performing in accordance with their repayment terms.

Net interest income for the second quarter of 2015 was $7.6 million, compared to $7.5 million in the first quarter of 2015, and $8.2 million in the second quarter of 2014. This decrease from the same quarter last year was largely due to a decline in the yield on our loan portfolio. In addition, during the second quarter of 2014 a significant amount of our longer term, relatively high interest rate certificates of deposit matured and re-priced, resulting in an increase in net interest income. However, the vast majority of those higher interest rate deposits have now re-priced to current market rates and a similar benefit is not expected in 2015.

Interest income for both the first and second quarters of 2015 was $9.2 million, compared to $9.7 million in the quarter ended June 30, 2014. This decrease was due in large part to prepayments received on higher yielding loans in recent quarters, resulting in a decline in the Company’s average balances of loans and a decline in our loan portfolio yield. The decline in average loan yields reflects a trend that we believe is likely to continue in 2015 as the Bank continues to face significant competition and pricing pressures for quality loan production in this prolonged low-interest rate environment.

Interest expense totaled $1.7 million for the quarter ended June 30, 2015, as compared to $1.6 million in the quarter ended March 31, 2015, and $1.5 million for the quarter ended June 30, 2014, despite the 6.7% increase in interest-bearing deposits over the prior year.

Brokered deposits totaled $66.1 million at both June 30, 2015, and March 31, 2015, versus none at June 30, 2014. These brokered deposits were obtained with maturities ranging from four to six years in an effort to help mitigate the Bank’s interest rate risk in a rising rate environment; however, this interest rate risk protection came at a cost to current earnings as the rates paid on these longer term deposits are higher than shorter term deposit rates.

Our net interest margin was 3.42% for the quarter ended June 30, 2015, compared to 3.40% for the quarter ended March 31, 2015, and 3.86% in the quarter ended June 30, 2014. This decline from the prior year period, as discussed above, was due in large part to repayments of higher yielding loans in recent quarters and, to a lesser extent, the increased interest expense associated with the acquisition of longer term brokered deposits.

Noninterest income for the quarter ended June 30, 2015, totaled $357,000, compared to $91,000 in the quarter ended March 31, 2015, and $88,000 in the quarter ended June 30, 2014. The primary contributor to the increase in the current quarter was the purchase of $20 million in Bank Owned Life Insurance (“BOLI”) in April 2015. This purchase resulted in $136,000 of tax-free, noninterest income during the quarter ended June 30, 2015. Also contributing to the increase in the current quarter was a sale of an investment property that contributed an additional $95,000 to noninterest income.

Noninterest expense for the quarter ended June 30, 2015, increased to $4.9 million from $4.3 million in the quarter ended March 31, 2015, and $4.7 million during the quarter ended June 30, 2014. The increase from the prior quarter was primarily attributable to the recognition of a $529,000 gain in the quarter ended March 31, 2015, related to the sale of one of our larger OREO properties.

First Financial Northwest, Inc. is the parent company of First Savings Bank Northwest, a Washington chartered stock savings bank headquartered in Renton, Washington, serving the Puget Sound Region through its full-service banking office. We are a part of the ABA NASDAQ Community Bank Index. For additional information about us, please visit our website at www.fsbnw.com and click on the “Investor Relations” section.

Forward-looking statements:

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: increased competitive pressures; changes in the interest rate environment; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission-which are available on our website at www.fsbnw.com and on the SEC's website at www.sec.gov.

Any of the forward-looking statements that we make in this Press Release and in the other public statements are based upon management's beliefs and assumptions at the time they are made and 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. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2015 and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands, except share data)
(Unaudited)
Assets	June 30, 2015			March 31, 2015			June 30, 2014			Three Month Change			One Year Change

Cash on hand and in banks	$	5,550		$	5,313		$	5,036			4.5	%		10.2	%
Interest-earning deposits		101,424			114,973			35,650			(11.8	)		184.5
Investments available-for-sale, at fair value		116,913			118,110			128,844			(1.0	)		(9.3	)
Loans receivable, net of allowance of $10,603, $10,508, and 11,951, respectively		659,273			668,714			676,455			(1.4	)		(2.5	)
Premises and equipment, net		16,934			16,841			17,024			0.6			(0.5	)
Federal Home Loan Bank ("FHLB") stock, at cost		6,537			6,672			6,884			(2.0	)		(5.0	)
Accrued interest receivable		3,033			3,106			3,564			(2.4	)		(14.9	)
Deferred tax assets, net		6,195			7,049			11,427			(12.1	)		(45.8	)
Other real estate owned ("OREO")		4,416			5,575			10,114			(20.8	)		(56.3	)
Other receivable		2			4,038			1			(100.0	)		100.0
Bank owned life insurance		22,932			2,796			2,652			720.2			764.7
Prepaid expenses and other assets		1,223			1,817			1,180			(32.7	)		3.6
Total assets	$	944,432		$	955,004		$	898,831			(1.1	)%		5.1	%

Liabilities and Stockholders' Equity

Deposits
Interest-bearing deposits	$	603,177		$	611,266		$	565,211			(1.3	)%		6.7	%
Noninterest-bearing deposits		20,531			19,738			9,908			4.0			107.2
Total Deposits		623,708			631,004			575,119			(1.2	)		8.4
Advances from the FHLB		135,500			135,500			135,500			0.0			0.0
Advance payments from borrowers for taxes and insurance		1,581			3,075			1,583			(48.6	)		(0.1	)
Accrued interest payable		145			151			105			(4.0	)		38.1
Investment trade payable		578			-			-			n/a			n/a
Other liabilities		5,349			4,452			4,040			20.1			32.4
Total liabilities	$	766,861		$	774,182		$	716,347			(0.9	)%		7.1	%

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
14,552,324 shares at June 30, 2015, 14,949,081 at March 31, 2015,
and 15,730,979 shares at June 30, 2014		146			150			157			(2.7	)%		(7.0	)%
Additional paid-in capital		146,240			150,826			159,495			(3.0	)		(8.3	)
Retained earnings, substantially restricted		39,900			38,355			32,724			4.0			21.9
Accumulated other comprehensive loss, net of tax		(533	)		(45	)		(582	)		1,084.4			(8.4	)
Unearned Employee Stock Ownership Plan shares		(8,182	)		(8,464	)		(9,310	)		(3.3	)		(12.1	)
Total stockholders' equity		177,571			180,822			182,484			(1.8	)		(2.7	)
Total liabilities and stockholders' equity	$	944,432		$	955,004		$	898,831			(1.1	)%		5.1	%


FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Income Statements
(Dollars in thousands, except share data)
(Unaudited)
	Quarter Ended
	June 30, 2015			March 31, 2015			June 30, 2014			Three Month Change			One Year Change
Interest income
Loans, including fees	$	8,658		$	8,576		$	9,087			1.0	%		(4.7	)%
Investments available-for-sale		495			512			585			(3.3	)		(15.4	)
Interest-earning deposits with banks		65			64			22			1.6			195.5
Dividends on FHLB Stock		3			2			1			50.0			200.0
Total interest income		9,221			9,154			9,695			0.7			(4.9	)
Interest expense
Deposits		1,333			1,314			1,238			1.4			7.7
FHLB advances		320			318			279			0.6			14.7
Total interest expense		1,653			1,632			1,517			1.3			9.0
Net interest income		7,568			7,522			8,178			0.6			(7.5	)
Recapture of provision for loan losses		(500	)		(100	)		(100	)		400.0			400.0
Net interest income after recapture of provision for loan losses		8,068			7,622			8,278			5.9			(2.5	)

Noninterest income
Net loss on sale of investments		-			-			(20	)		n/a			(100.0	)
Other		357			91			108			292.3			230.6
Total noninterest income		357			91			88			292.3			305.7

Noninterest expense
Salaries and employee benefits		3,251			3,414			2,860			(4.8	)		13.7
Occupancy and equipment		314			338			332			(7.1	)		(5.4	)
Professional fees		458			354			394			29.4			16.2
Data processing		188			160			154			17.5			22.1
(Gain) Loss on sale of OREO property, net		(2	)		(529	)		36			(99.6	)		(105.6	)
OREO market value adjustments		(46	)		50			92			(192.0	)		(150.0	)
OREO related expenses (gain), net		41			(48	)		78			(185.4	)		(47.4	)
Regulatory assessments		116			116			104			-			11.5
Insurance and bond premiums		89			92			103			(3.3	)		(13.6	)
Marketing		54			33			37			63.6			45.9
Other general and administrative		411			310			512			32.6			(19.7	)
Total noninterest expense		4,874			4,290			4,702			13.6			3.7
Income before federal income tax provision		3,551			3,423			3,664			3.7			(3.1	)
Federal income tax provision		1,183			1,194			1,297			(0.9	)		(8.8	)
Net income	$	2,368		$	2,229		$	2,367			6.2	%		0.0	%

Basic earnings per share	$	0.17		$	0.16		$	0.16
Diluted earnings per share	$	0.17		$	0.16		$	0.16
Weighted average number of common shares outstanding		13,756,336			14,036,959			15,042,712
Weighted average number of diluted shares outstanding		13,916,314			14,199,715			15,120,938

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Income Statements
(Dollars in thousands, except share data)
(Unaudited)
	Six Months Ended
	June 30,
	2015			2014			Year Over Year
Interest income
Loans, including fees	$	17,234		$	18,113			(4.9	)%
Investments available-for-sale		1,007			1,189			(15.3	)
Interest-earning deposits with banks		129			42			207.1
Dividends on FHLB Stock		5			3			66.7
Total interest income		18,375			19,347			(5.0	)
Interest expense
Deposits		2,647			2,585			2.4
FHLB advances		638			530			20.4
Total interest expense		3,285			3,115			5.5
Net interest income		15,090			16,232			(7.0	)
Recapture of provision for loan losses		(600	)		(600	)		-
Net interest income after recapture of provision for loan losses		15,690			16,832			(6.8	)

Noninterest income
Net loss on sale of investments		-			(20	)		(100.0	)
Other		448			176			154.5
Total noninterest income		448			156			187.2

Noninterest expense
Salaries and employee benefits		6,665			5,745			16.0
Occupancy and equipment		652			688			(5.2	)
Professional fees		812			751			8.1
Data processing		348			322			8.1
(Gain) Loss on sale of OREO property, net		(531	)		107			(596.3	)
OREO market value adjustments		4			288			(98.6	)
OREO related expenses, net		(7	)		139			(105.0	)
Regulatory assessments		232			182			27.5
Insurance and bond premiums		181			206			(12.1	)
Marketing		87			62			40.3
Other general and administrative		721			736			(2.0	)
Total noninterest expense		9,164			9,226			(0.7	)
Income before federal income tax provision		6,974			7,762			(10.2	)
Federal income tax provision		2,377			2,750			(13.6	)
Net income	$	4,597		$	5,012			(8.3	)%

Basic earnings per share	$	0.33		$	0.33
Diluted earnings per share	$	0.33		$	0.33
Weighted average number of common shares outstanding		13,895,872			15,146,999
Weighted average number of diluted shares outstanding		14,057,198			15,224,155

The following table presents a breakdown of our loan portfolio (unaudited):

	June 30, 2015					March 31, 2015					June 30, 2014
	Amount		Percent			Amount		Percent			Amount		Percent
	(Dollars in thousands)
One-to-four family residential:
Permanent owner occupied	$	152,764		21.9	%	$	158,541		22.3	%	$	154,661		22.0	%
Permanent non- owner occupied		105,046		15.1			106,809		15.0			117,404		16.7
Construction non- owner occupied		-		0.0			500		0.1			-		0.0
		257,810		37.0			265,850		37.4			272,065		38.7
Multifamily:
Permanent		120,758		17.3			117,359		16.5			122,332		17.4
Construction		2,265		0.3			4,450		0.6			7,445		1.1
		123,023		17.6			121,809		17.1			129,777		18.5
Commercial real estate:
Permanent		233,652		33.5			238,227		33.5			253,291		36.0
Construction		-		-			6,100		0.9			6,100		0.9
Land		7,598		1.1			5,370		0.8			1,601		0.2
		241,250		34.6			249,697		35.2			260,992		37.1
Construction/land development: (1)
One-to-four family residential		30,448		4.4			28,810		4.1			11,431		1.6
Multifamily		19,438		2.8			19,452		2.7			12,858		1.8
Commercial		4,300		0.6			4,300		0.6			956		0.1
Land development		8,013		1.1			8,673		1.2			6,386		0.9
		62,199		8.9			61,235		8.6			31,631		4.4

Business		6,275		0.9			5,313		0.8			897		0.1
Consumer		7,051		1.0			6,716		0.9			8,149		1.2
Total loans		697,608		100.0	%		710,620		100.0	%		703,511		100.0	%
Less:
Loans in Process ("LIP")		25,182					28,788					12,380
Deferred loan fees, net		2,550					2,610					2,725
ALLL		10,603					10,508					11,951
Loans receivable, net	$	659,273				$	668,714				$	676,455

(1)

Excludes construction loans that will convert to permanent loans. The Company considers these loans to be "rollovers" in that one loan is originated for both the construction loan and permanent financing. These construction loans are classified according to the underlying collateral categories in the table above, instead of in the construction/land development category. At June 30, 2015, March 31, 2015, and March 31, 2014, $7.6 million, $5.4 million, and $1.6 million respectively, of commercial real estate loans secured by raw land were not included in the construction/land development category because the Company classifies raw land or buildable lots when it does not intend to finance the construction, as commercial real estate land loans.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Key Financial Ratios
	At or For the Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2015			2015			2014			2014			2014
	(Dollars in thousands, except per share data)
Performance Ratios:
Return on assets		1.00	%		0.96	%		1.27	%		1.21	%		1.05	%
Return on equity		5.28			4.94			6.73			5.98			5.08
Dividend payout ratio		35.29			37.97			24.42			26.32			31.25
Equity-to-assets ratio		18.80			18.93			19.36			19.86			20.30
Interest rate spread		3.26			3.23			3.46			3.69			3.71
Net interest margin		3.42			3.40			3.61			3.84			3.86
Average interest-earning assets to average interest-bearing liabilities		120.01			121.74			120.92			121.36			121.39
Efficiency ratio		61.50			56.35			58.49			53.63			56.88
Noninterest expense as a percent of average total assets		2.06			1.84			2.06			1.99			2.09
Book value per common share	$	12.20		$	12.10		$	11.96		$	11.76		$	11.60

Capital Ratios: (1)
Tier 1 leverage ratio		11.70	%		11.64	%		11.79	%		18.98	%		18.91	%
Common equity tier 1 capital ratio		17.26			17.33			n/a			n/a			n/a
Tier 1 capital ratio		17.26			17.33			18.30			27.93			28.05
Total capital ratio		18.52			18.59			19.56			29.18			29.31

Asset Quality Ratios: (2)
Nonperforming loans as a percent of total loans		0.36			0.39			0.20			0.23			0.33
Nonperforming assets as a percent of total assets		0.72			0.86			1.13			1.24			1.38
ALLL as a percent of total loans		1.58			1.54			1.55			1.67			1.73
ALLL as a percent of nonperforming loans		439.05			392.68			783.50			741.73			518.93
Net charge-offs (recoveries) to average loans receivable, net		(0.09	)		(0.02	)		-			-			0.01

Allowance for Loan Losses:
ALLL, beginning of the quarter	$	10,508		$	10,491		$	11,660		$	11,951		$	12,093
Recapture of provision		(500	)		(100	)		(1,200	)		(300	)		(100	)
Charge-offs		-			(340	)		-			(9	)		(80	)
Recoveries		595			457			31			18			38
ALLL, end of the quarter	$	10,603		$	10,508		$	10,491		$	11,660		$	11,951

Nonperforming Assets:
Nonperforming loans (2) (3):
Nonaccrual loans	$	2,415		$	2,676		$	1,339		$	1,572		$	1,845
Nonaccrual TDRs		-			-			-			-			458
Total nonperforming loans		2,415			2,676			1,339			1,572			2,303
OREO		4,416			5,575			9,283			9,819			10,114
Total nonperforming assets	$	6,831		$	8,251		$	10,622		$	11,391		$	12,417

Performing TDRs	$	47,606		$	51,390		$	54,241		$	55,802		$	56,783
______________________
(1) Capital ratios are for First Savings Bank Northwest only.
(2) Loans are reported net of undisbursed funds.
(3) There were no loans 90 days or more past due and still accruing interest.

First Financial Northwest, Inc. - FORM 8-K - EX-99 - EXHIBIT 99.1 FOR THE FORM 8-K FOR THE EVENT ON JULY 23, 2015 - July 27, 2015

Attached files

First Financial Northwest, Inc. Reports