First Financial Northwest, Inc. Declares Quarterly Cash Dividend of $0.13 per Share; Announces Adoption of New Stock Repurchase Plan
07 Août 2023 - 10:10PM
First Financial Northwest, Inc. (the “Company”)
(NASDAQ GS: FFNW), the holding company for First
Financial Northwest Bank (the “Bank”), today announced that its
Board of Directors has declared a quarterly cash dividend of $0.13
per share on the Company’s outstanding common stock. The cash
dividend will be payable on September 22, 2023, to shareholders of
record on September 8, 2023.
The Company also announced that its Board of
Directors has authorized the repurchase of up to 5% of the
Company’s outstanding common stock, or approximately 457,000
shares, on the open market or in privately negotiated transactions,
in accordance with Rule 10b-18 of the Securities Exchange Act of
1934. The new stock repurchase plan will commence on or about
August 10, 2023, and will expire no later than March 16, 2024. The
extent to which the Company repurchases its shares and the timing
of such repurchases will depend upon market conditions and other
corporate considerations. As a result, there can be no assurance as
to the exact number of shares, if any, that will be repurchased
under the plan.
First Financial Northwest, Inc. is the parent
company of First Financial Northwest Bank; an FDIC insured
Washington State-chartered commercial bank headquartered in Renton,
Washington, serving the Puget Sound Region through
15 full-service banking offices. For additional information
about us, please visit our website at ffnwb.com and click on the
“Investor Relations” link at the bottom of the page.
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: potential adverse impacts to economic conditions in our
local market areas, other markets where the Company has lending
relationships, or other aspects of the Company’s business
operations or financial markets, including, without limitation, as
a result of employment levels, labor shortages and the effects of
inflation, a potential recession or slowed economic growth caused
by increasing political instability from acts of war including
Russia’s invasion of Ukraine, as well as supply chain disruptions;
higher inflation and the impact of current and future monetary
policies of the Federal Reserve in response thereto; increased
competitive pressures; changes in the interest rate environment;
legislative and regulatory changes; the impact of bank failures or
adverse developments at other banks and related negative press
about the banking industry in general on investor and depositor
sentiment; and other factors described in the Company’s latest
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
and other reports filed with or furnished to the Securities and
Exchange Commission – that are available on our website at
www.ffnwb.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 2023 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.
For more information, contact:Joseph W. Kiley
III, President and Chief Executive OfficerRich Jacobson, Executive
Vice President and Chief Financial Officer(425) 255-4400
First Financial Northwest (NASDAQ:FFNW)
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