First Financial Northwest (FFNW) 2019年年度报告「NASDAQ」.pdf

1、Annual Report 2019unique.innovative.solutions.Dear Fellow Shareholders,As we reflect on 2019 in the context of the current global COVID-19 pandemic,there are several things that give us confidence that First Financial Northwest,Inc.(the“Company”)is wellpositioned to weather the storm and the ongoing

2、 uncertainty surrounding the duration,impact and government response to the crisis.One thing is certain:We remain committed to supporting our customers and communities and continuing to deliver on our longterm business strategy to operate and grow First Financial Northwest Bank(the“Bank”)as a wellca

3、pitalized and profitable community bank.At the end of 2019,the Bank had a solid foundation:wellcapitalized,a diverse loan portfolio that delivers historically strong credit quality,and,despite a challenging interest rate environment,a net interest margin that was beginning to show improvement toward

4、 the end of the year.We have also attracted a stable and growing deposit base and continue to have access to robust funding sources.2019 Financial Highlights:Net loans receivable increased$85.6 million to$1.11 billion;Total deposits increased by$94.5 million to$1.03 billion;Nonperforming assets rema

5、ined low at$549,000,or 0.04%of total assets;Book value per share increased to$15.25 from$14.35 in 2018;and Tier 1 leverage ratio and total capital ratio of 10.3%and 14.4%,respectively.In 2019,we opened two new offices in King County,one in Kent and the other in Kirkland,Washington,to enhance our mar

6、ket presence in the Puget Sound Region.We opened our 13th location and first office in Pierce County,at University Place,Washington,in the first quarter of 2020.The innovative and costefficient branch model we developed to implement our growth strategy has proven successful in attracting new custome