RENTON, Wash. - First Financial Northwest , Inc. (NASDAQ:FFNW), the parent company of First Financial Northwest Bank, has announced a quarterly cash dividend of $0.13 per share on its common stock. Shareholders on record as of June 7, 2024, will be eligible for the dividend, which is payable on June 21, 2024.
First Financial Northwest Bank operates as a commercial bank insured by the FDIC and is based in Renton, Washington. The bank serves the Puget Sound Region through 15 full-service banking offices. The company's investor relations information is available on its website.
The announcement comes amid a pending transaction with Global Federal Credit Union, where Global will acquire most of the assets and assume most of the liabilities of the bank. This forward-looking statement is part of a definitive purchase and assumption agreement (P&A Agreement) and is subject to various conditions, including regulatory and shareholder approvals.
The company's forward-looking statements also address expectations of the business environment and projections of future performance. These statements involve risks and uncertainties, and actual results may differ materially from those currently expected.
Factors that could impact results include potential changes in the P&A Agreement, regulatory approvals, economic conditions, interest rate environment, inflation, government policies, competitive pressures, and legislative and regulatory changes, among others. These factors are detailed in the company's filings with the Securities and Exchange Commission, which are publicly available.
This report is based on a press release statement from First Financial Northwest, Inc. and does not include any speculative information. The information provided is intended for factual reporting only.
InvestingPro Insights
As First Financial Northwest, Inc. (NASDAQ:FFNW) positions itself for a strategic transaction with Global Federal Credit Union, shareholders have a couple of key financial metrics and trends to consider. According to InvestingPro data, the company's market cap stands at a modest $192.45 million, reflecting a community bank scale in a competitive banking landscape. Notably, the company has a high price-to-earnings (P/E) ratio of 62.34, suggesting that investors are paying a premium for its earnings as of Q1 2024.
Investors may also be intrigued by the company's dividend track record. An InvestingPro Tip highlights that First Financial Northwest has raised its dividend for 7 consecutive years, showcasing a commitment to returning value to shareholders. Moreover, the bank has maintained dividend payments for 12 consecutive years, which could be a reassuring sign for income-focused investors, especially in an uncertain economic environment.
Despite a challenging revenue environment with a decline of 17.98% in the last twelve months as of Q1 2024, the bank has managed to deliver a substantial 109.2% one-year price total return, buoyed by a large price uptick over the last six months of 85.19%. This performance could be indicative of market optimism about the bank's future prospects post-acquisition or a reflection of its operational resilience.
For those looking to delve deeper into the financials and future outlook of First Financial Northwest, further InvestingPro Tips are available, offering insights such as analyst earnings revisions and profitability predictions. In fact, there are additional tips listed on InvestingPro, which can be accessed through the company's specific page at https://www.investing.com/pro/FFNW. To enhance your investment analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a richer, data-driven investment decision-making tool.
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