2014 Q4 Form 10-Q Financial Statement

#000093905714000459 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0K $190.0K $200.0K
YoY Change 0.0% -5.0% -20.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.609M $1.517M $1.804M
YoY Change -5.02% -15.91% -38.76%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.584M $4.197M $2.477M
YoY Change 7.2% 69.44% -395.23%
Income Tax $1.640M $1.460M -$140.0K
% Of Pretax Income 35.78% 34.79% -5.65%
Net Earnings $2.940M $2.735M $2.612M
YoY Change -25.27% 4.71% -430.21%
Net Earnings / Revenue
Basic Earnings Per Share $0.20 $0.19 $0.16
Diluted Earnings Per Share $0.20 $0.19 $0.16
COMMON SHARES
Basic Shares Outstanding 15.38M shares 14.46M shares 15.98M shares
Diluted Shares Outstanding 14.59M shares 16.12M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $104.0M $55.63M $22.60M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $16.73M $16.86M $17.49M
YoY Change -3.22% -3.61% -4.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.300M $10.10M $14.80M
YoY Change -43.92% -31.76% 1380.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $937.0M $915.4M $891.7M
YoY Change 1.74% 2.66% -8.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $100.0K $5.200M
YoY Change 0.0% -98.08% 2500.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.0K $100.0K $5.200M
YoY Change 0.0% -98.08% 2500.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.100M $4.600M $4.700M
YoY Change 13.89% -2.13% 2.17%
Total Long-Term Liabilities $4.100M $4.600M $4.700M
YoY Change 13.89% -2.13% 2.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.0K $100.0K $5.200M
Total Long-Term Liabilities $4.100M $4.600M $4.700M
Total Liabilities $755.6M $733.6M $706.0M
YoY Change 2.57% 3.9% -10.41%
SHAREHOLDERS EQUITY
Retained Earnings $36.97M $34.74M $25.89M
YoY Change 26.52% 34.17%
Common Stock $151.0K $155.0K $168.0K
YoY Change -7.93% -7.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $181.4M $181.8M $185.6M
YoY Change
Total Liabilities & Shareholders Equity $937.0M $915.4M $891.7M
YoY Change 1.74% 2.66% -8.37%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $2.940M $2.735M $2.612M
YoY Change -25.27% 4.71% -430.21%
Depreciation, Depletion And Amortization $190.0K $190.0K $200.0K
YoY Change 0.0% -5.0% -20.0%
Cash From Operating Activities $2.530M $6.640M $3.660M
YoY Change -40.89% 81.42% 4.87%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$20.00K $0.00
YoY Change 500.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $26.38M -$3.300M $1.300M
YoY Change -909.2% -353.85% -104.79%
Cash From Investing Activities $26.31M -$3.310M $1.290M
YoY Change -909.54% -356.59% -104.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.59M 11.61M -15.85M
YoY Change -38.67% -173.25% -41.43%
NET CHANGE
Cash From Operating Activities 2.530M 6.640M 3.660M
Cash From Investing Activities 26.31M -3.310M 1.290M
Cash From Financing Activities 19.59M 11.61M -15.85M
Net Change In Cash 48.43M 14.94M -10.90M
YoY Change 46.89% -237.06% -78.53%
FREE CASH FLOW
Cash From Operating Activities $2.530M $6.640M $3.660M
Capital Expenditures -$60.00K -$20.00K $0.00
Free Cash Flow $2.590M $6.660M $3.660M
YoY Change -39.63% 81.97% 3.39%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q3 us-gaap Information Technology And Data Processing
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us-gaap Information Technology And Data Processing
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554000 USD
CY2013Q3 us-gaap Interest And Dividend Income Securities Available For Sale
InterestAndDividendIncomeSecuritiesAvailableForSale
533000 USD
us-gaap Interest And Dividend Income Securities Available For Sale
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1743000 USD
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us-gaap Interest And Fee Income Loans And Leases
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us-gaap Interest Income Expense After Provision For Loan Loss
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us-gaap Marketing Expense
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">First Financial Northwest, Inc. (&#8220;First Financial Northwest&#8221;), a Washington corporation, was formed on June 1, 2007 for the purpose of becoming the holding company for First Savings Bank Northwest (&#8220;First Savings Bank&#8221; or &#8220;the Bank&#8221;) in connection with the conversion from a mutual holding company structure to a stock holding company structure completed on October 9, 2007. First Financial Northwest's business activities generally are limited to passive investment activities and oversight of its investment in First Savings Bank. Accordingly, the information presented in the consolidated financial statements and accompanying data, relates primarily to First Savings Bank. First Financial Northwest is a savings and loan holding company and is subject to regulation by the Federal Reserve Bank of San Francisco (&#8220;FRB&#8221;). First Savings Bank is regulated by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) and the Washington State Department of Financial Institutions (&#8220;DFI&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">First Savings Bank is a community-based savings bank primarily serving King, and to a lesser extent, Pierce, Snohomish and Kitsap counties, Washington, through one full-service banking office located in Renton, Washington. First Savings Bank's business consists of attracting deposits from the public and utilizing these deposits to originate one-to-four family residential, multifamily, commercial real estate, business, consumer, and construction/land development loans. The Bank's current business strategy emphasizes commercial real estate, construction, one-to-four family residential, and multifamily lending.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As used throughout this report, the terms "we," "our," "us," or the "Company" refer to First Financial Northwest, Inc. and its consolidated subsidiary First Savings Bank Northwest, unless the context otherwise requires.</font></div></div>
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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1907000 USD
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16063000 USD
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us-gaap Noninterest Expense
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16572000 USD
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342000 USD
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us-gaap Noninterest Income
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379000 USD
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us-gaap Noninterest Income Other
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417000 USD
us-gaap Noninterest Income Other
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362000 USD
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186000 USD
CY2013Q3 us-gaap Noninterest Income Other
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us-gaap Occupancy Net
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us-gaap Occupancy Net
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136000 USD
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136000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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678000 USD
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us-gaap Other General And Administrative Expense
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1052000 USD
CY2013Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
167000 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1160000 USD
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4649000 USD
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3625000 USD
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12600000 USD
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10114000 USD
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OtherRealEstate
9819000 USD
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OtherRealEstate
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OtherRealEstate
11465000 USD
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us-gaap Other Real Estate Additions
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120000 USD
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68000 USD
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60000 USD
us-gaap Other Real Estate Valuation Adjustments
OtherRealEstateValuationAdjustments
356000 USD
us-gaap Other Real Estate Valuation Adjustments
OtherRealEstateValuationAdjustments
348000 USD
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135000 USD
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CY2014Q3 us-gaap Other Tax Expense Benefit
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us-gaap Other Tax Expense Benefit
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147000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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PreferredStockParOrStatedValuePerShare
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Prepaid Expense And Other Assets
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3581000 USD
us-gaap Prepayment Fees On Advances Net
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CY2014Q3 us-gaap Prepayment Fees On Advances Net
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0 USD
us-gaap Prepayment Fees On Advances Net
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Proceeds From Dividends Received
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74010000 USD
us-gaap Proceeds From Federal Home Loan Bank Advances
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16500000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3335000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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21189000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
15942000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
40155000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
6380000 USD
us-gaap Proceeds From Sale Of Federal Reserve Stock
ProceedsFromSaleOfFederalReserveStock
202000 USD
us-gaap Proceeds From Sale Of Federal Reserve Stock
ProceedsFromSaleOfFederalReserveStock
198000 USD
us-gaap Proceeds From Sale Of Other Real Estate
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11890000 USD
us-gaap Proceeds From Sale Of Other Real Estate
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3149000 USD
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452000 USD
us-gaap Professional Fees
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1208000 USD
us-gaap Professional Fees
ProfessionalFees
1195000 USD
CY2014Q3 us-gaap Professional Fees
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457000 USD
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17291000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
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16859000 USD
CY2013Q3 us-gaap Provision For Loan And Lease Losses
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CY2014Q3 us-gaap Provision For Loan And Lease Losses
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us-gaap Provision For Loan And Lease Losses
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100000 USD
us-gaap Provision For Loan And Lease Losses
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CY2014Q3 us-gaap Real Estate Owned Valuation Allowance Amounts Applied
RealEstateOwnedValuationAllowanceAmountsApplied
60000 USD
us-gaap Real Estate Owned Valuation Allowance Amounts Applied
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348000 USD
us-gaap Real Estate Owned Valuation Allowance Amounts Applied
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356000 USD
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34739000 USD
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dei Entity Filer Category
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dei Entity Registrant Name
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First Financial Northwest, Inc.

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