Private company

First Financial Northwest, Inc.

First Financial Northwest, Inc. is a state commercial bank.1 It is headquartered in Renton, Washington.1

Last updated Oct 20, 2026.

Overview

  • IndustryState Commercial Banks1
  • HeadquartersRenton, Washington1
  • Business address201 Wells Avenue South, Renton, Wa 980572
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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First Financial Northwest, Inc. (“First Financial Northwest”), a Washington corporation, was formed on June 1, 2007, for the purpose of becoming the holding company for First Financial Northwest Bank (the “Bank”) in connection with the Bank’s conversion from a mutual holding company structure to a stock holding company structure which was completed on October 9, 2007. At December 31, 2024 , the Company had total assets of $1.42 billion, net loans of $1.14 billion, deposits of $1.13 billion and stockholders’ equity of $161.6 million. First Financial Northwest’s business activities generally are limited to passive investment activities and oversight of its investment in the Bank. Accordingly, the information set forth in this report, including consolidated financial statements and related data, relates primarily to the Bank.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

0.0%Net margin5
0.8%Revenue growth, 20246
0.0%Return on equity6
$711.0KFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Interest100¢$42.6M
  • Income tax0¢$156.0K
  • Profit0¢$1.1K

Out of $2.8M in revenue.65

Where each dollar of operating cash went, fiscal 2024

  • Capital spending15¢$414.0K
  • Dividends paid85¢$2.4M

Out of $1.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue78910116$2.8M in 2024−3% since 2018
0$2.0M$4.0M$6.0M2018: $2.9M$2.9M20182019: $4.1M$4.1M2019+44%2020: $4.4M$4.4M2020+7%2021: $3.9M$3.9M2021−13%2022: $3.2M$3.2M2022−16%2023: $2.8M$2.8M2023−15%2024: $2.8M$2.8M2024+1%
Net income789105$1.1K in 2024−100% since 2018
0$5.0M$10.0M$15.0M2018: $14.9M$14.9M20182019: $10.4M$10.4M2019−30%2020: $8.6M$8.6M2020−17%2021: $12.2M$12.2M2021+43%2022: $13.2K$13.2K2022−100%2023: $6.3K$6.3K2023−52%2024: $1.1K$1.1K2024−83%
Fiscal year2018201920202021202220232024
Revenue$2.9M7$4.1M8$4.4M9$3.9M10$3.2M11$2.8M6$2.8M6
Interest$14.7M7$20.7M8$15.6M9$8.8M10$10.9M11$37.6M6$42.6M6
Income tax$3.7M7$2.6M8$1.9M9$2.9M10$3.2M11$1.6M6-$156.0K6
Net income$14.9M7$10.4M8$8.6M9$12.2M10$13.2K5$6.3K5$1.1K5
Earnings per share$1.447$1.048$0.889$1.3110$1.4711$0.696$0.126
Earnings per share (diluted)$1.437$1.038$0.889$1.2910$1.4511$0.696$0.126
Shares (weighted, basic)9.3M shares109.0M shares119.1M shares69.2M shares6
Shares (weighted, diluted)9.5M shares109.1M shares119.2M shares69.2M shares6

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Corporate structure

First Financial Northwest, Inc. sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of First Financial Northwest, Inc.

  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on First Financial Northwest, Inc., latest Apr 9, 2026 (4 filings since Feb 8, 2022)
  • RENAISSANCE TECHNOLOGIES LLC Filed SCHEDULE 13G/A on First Financial Northwest, Inc., latest Feb 12, 2026 (4 filings since Feb 11, 2022)
  • Western Standard LLC Filed SCHEDULE 13G/A on First Financial Northwest, Inc., latest Feb 14, 2025 (2 filings since Oct 18, 2024)
  • Strategic Value Investors LP Filed SCHEDULE 13G/A on First Financial Northwest, Inc., latest Feb 12, 2025 (2 filings since Feb 14, 2024)
  • Principal Financial Group Filed SC 13G/A on First Financial Northwest, Inc., latest Nov 14, 2024 (2 filings since Feb 9, 2024)
  • BlackRock Filed SC 13G on First Financial Northwest, Inc., latest Nov 8, 2024 (2 filings since Oct 24, 2024)
  • First Financial Northwest, Inc. Renton, Washington

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What First Financial Northwest, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$40.3M6 Dec 31, 2024$40.3M6 Dec 31, 2023+0.2%
Accumulated depreciation$22.5M6 Dec 31, 2024$20.8M6 Dec 31, 2023+7.8%
Property and equipment, net$18.2M6 Dec 31, 2024$19.7M6 Dec 31, 2023−7.6%
Operating-lease assets (leased space)$2.4M6 Dec 31, 2024$2.6M6 Dec 31, 2023−9.9%

Investments

ItemLatestA year beforeChange
Debt securities held to maturity$2.5M6 Dec 31, 2024$2.5M6 Dec 31, 2023+0.5%
Loans, net of allowance$1.1B6 Dec 31, 2024$1.2B6 Dec 31, 2023−3.0%
Deposits held (banks)$1.1B6 Dec 31, 2024$1.2B6 Dec 31, 2023−5.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$889.0K6 Dec 31, 2024$889.0K6 Dec 31, 20230%
Intangible assets, net (excluding goodwill)$295.0K6 Dec 31, 2024$419.0K6 Dec 31, 2023−29.6%

Properties, in its own words

The corporate office for the Company is located at 201 Wells Avenue South, Renton, Washington and is owned by us. The Bank’s full-service retail operation is also at this location. In addition, the Bank owns a retail office located at 17424 SR 9, Snohomish, Washington. At December 31, 2024, the Bank had 13 leased locations in Washington currently in operation: Mill Creek, Edmonds, “The Landing” in Renton, Bellevue, Bothell, Woodinville, Smokey Point, Lake Stevens, Kent, Kirkland, University Place, Gig Harbor, and Issaquah. The lending division operations of the Bank are at our owned location at 207 Wells Avenue South, Renton, Washington. The lease terms for our branch properties are for an initial term of three to five years with the option to extend for additional three to five year periods. In the opinion of management, all properties are adequately covered by insurance, are in a good state of repair and are appropriately designed for their present and future use. For additional information on our lease commitments, see Note 9 - “Leases” of the Notes to Consolidated Financial Statements in Item 8 of this report.

Item 2 of the 10-K filed Mar 20, 2025.4

Leadership

Who has led First Financial Northwest, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Victor Karpiak2007–2013
  2. Joseph W. Kiley Iii.2012–2024

Chair

  1. Victor Karpiak2007

President

  1. Victor Karpiak2007–2013
  2. Joseph W. Kiley Iii.2012–2024

Chief financial officer

  1. Victor Karpiak2007
  2. Kari A. Stenslie2008–2011
  3. Richard P. Jacobson2014–2025
  4. Joseph W. Kiley Iii.2021

Chief operating officer

  1. Roger Elmore2008
  2. Richard P. Jacobson2013
2010201520202025
Board members and other officers (35)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • First Financial Northwest, Inc. Washington3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Apr 21, 20258-K Other events56
  2. Apr 11, 20258-K Completed an acquisition or sale; Listing notice or transfer; Other events57
  3. Mar 31, 20258-K Executive or director change58
  4. Mar 17, 20258-K Other events59
  5. Mar 12, 20258-K Other events60
  6. Jan 28, 20258-K Results of operations61
  7. Dec 12, 20248-K Regulation FD disclosure62
  8. Oct 29, 20248-K Results of operations63
  9. Aug 12, 20248-K Regulation FD disclosure64
  10. Jul 25, 20248-K Results of operations65
  11. Jul 24, 20248-K Shareholder vote66
  12. May 29, 20248-K Shareholder vote67
  13. Sep 20, 2012New chief executive Joseph W. Kiley Iii. becomes CEO16
  14. Aug 23, 2007New chief executive Victor Karpiak becomes CEO17

Calendar

When it reported results

  1. Jan 28, 2025Reported quarterly or annual results61
  2. Oct 29, 2024Reported quarterly or annual results63
  3. Jul 25, 2024Reported quarterly or annual results65
  4. Apr 30, 2024Reported quarterly or annual results68
  5. Jan 29, 2024Reported quarterly or annual results69
  6. Jan 25, 2024Reported quarterly or annual results70
  7. Oct 26, 2023Reported quarterly or annual results71
  8. Jul 27, 2023Reported quarterly or annual results72

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

159 filings to the SEC since October 2021: 5 annual reports, 10 quarterly reports, 45 major events, 62 insider forms, 19 large holders, 18 other. The latest 20:

  1. Apr 9, 2026SCHEDULE 13G/A EDGAR
  2. Feb 12, 2026SCHEDULE 13G/A EDGAR
  3. May 1, 202515-12G EDGAR
  4. Apr 29, 202510-K/A EDGAR
  5. Apr 21, 20258-K EDGAR
  6. Apr 21, 202525 EDGAR
  7. Apr 11, 20258-K EDGAR
  8. Apr 11, 20254 PRIMARY DOCUMENT EDGAR
  9. Mar 31, 20258-K EDGAR
  10. Mar 20, 202510-K EDGAR
  11. Mar 17, 20258-K EDGAR
  12. Mar 13, 2025EFFECT EDGAR
  13. Mar 13, 2025S-8 POS EDGAR
  14. Mar 13, 2025S-8 POS EDGAR
  15. Mar 13, 2025POS AM EDGAR
  16. Mar 12, 20258-K EDGAR
  17. Mar 7, 20254 PRIMARY DOCUMENT EDGAR
  18. Mar 7, 20254 PRIMARY DOCUMENT EDGAR
  19. Mar 7, 20254 PRIMARY DOCUMENT EDGAR
  20. Feb 21, 20254 PRIMARY DOCUMENT EDGAR

The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 0 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 6, 2022Soh SimonSenior VP/CCO of the BankSale5,749$14.90$85.7KForm 4
Aug 25, 2022Soh SimonSenior VP/CCO of the BankSale18,844$15.31$288.5KForm 4
Aug 24, 2022Soh SimonSenior VP/CCO of the BankSale7,573$15.36$116.3KForm 4
Aug 23, 2022Soh SimonSenior VP/CCO of the BankSale17,834$15.53$277.0KForm 4
Jun 9, 2022JACOBSON RICHARD PExecutive VP and CFOSale2,481$16.60$41.2KForm 4
Dec 13, 2021KILEY JOSEPH W IIIPresident and CEOSale15,000$15.99$239.8KForm 4
Dec 10, 2021KILEY JOSEPH W IIIPresident and CEOSale10,000$16.05$160.5KForm 4
Dec 9, 2021KILEY JOSEPH W IIIPresident and CEOSale10,000$16.27$162.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How First Financial Northwest, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFirst Financial Northwest, Inc.1
  • CIK0001401564
  • Employer ID (EIN)26-06107074
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inWashington4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address201 Wells Avenue South, Renton, WA 980571
  • Phone(425) 255-44001
  • Shares outstanding9,227,938 as of Apr 21, 20255
  • Public float$170.9M as of Jun 30, 20244
  • AuditorMoss Adams LLP, Spokane, Washington PCAOB ID 6594
  • On EDGAR sinceJun 6, 20071
  • Filings846 in all: 4 (284), 8-K (245), 10-Q (53), SC 13G/A (46), SC 13D/A (37), 3 (35), 10-K (18), DEF 14A (16)1
    All 44 form types

    SC 13G (11), UPLOAD (10), CORRESP (9), DEFA14A (9), 4/A (7), DFAN14A (6), 8-K/A (5), SCHEDULE 13G/A (5), EFFECT (4), SC 13D (4), 424B3 (3), S-8 (3), S-8 POS (3), SE (3), 11-K (2), ARS (2), DEFC14A (2), PRER14A (2), PRRN14A (2), S-1/A (2), S-3 (2), SC TO-I/A (2), 10-K/A (1), 10-Q/A (1), 15-12G (1), 25 (1), 8-A12B (1), CERTNAS (1), DEFM14A (1), DFRN14A (1), POS AM (1), PRE 14A (1), PREC14A (1), PREM14A (1), S-1 (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Mar 20, 2025
    Quarterly report (10-Q) Nov 7, 2024
    Proxy statement (DEF 14A) Apr 8, 2024
    Latest 8-K (8-K) Apr 21, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per share

From the cover page of the 10-K filed Mar 20, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks First Financial Northwest, Inc. names in Item 1A of its 10-K filed Mar 20, 2025: 37 risks under these headings, as written.4

  • Risks Related to Macroeconomic Conditions
  • Our business may be adversely affected by downturns in the national economy and in the economies in our market areas.
  • Monetary policy, inflation, deflation, and other external economic factors could adversely impact our financial performance and operations.
  • Risks Related to Our Lending
  • Our construction/land loans are based upon estimates of costs and the value of the completed project.
  • Our level of commercial and multifamily real estate loans may expose us to increased lending risks.
  • The level of our commercial real estate loan portfolio may subject us to additional regulatory scrutiny.
  • Expanding our commercial business portfolio may increase the Company’s exposure to risk.
  • Our non-owner occupied real estate loans may expose us to increased credit risk.
  • Our business may be adversely affected by credit risk associated with residential property.
  • To meet our growth objectives, we may originate or purchase loans outside of our market area which could affect the level of our net interest margin and nonperforming loans.
  • If the lead institutions on our loan participation agreements do not keep us informed about the changes in credit quality on the underlying loans in a timely manner, we could be subject to misstatement in our ACL, or possibly losses on these loans.
The other 27 risks
  • We engage in classic and collectible car financing transactions, in which high-value collateral is susceptible to potential catastrophic loss. Consequently, if any of these transactions becomes nonperforming, we could suffer a loss on some or all of our value in the assets.
  • Our ACL for loans may prove to be insufficient to absorb losses in our loan portfolio. Future additions to our ACL for loans, as well as charge-offs in excess of reserves, will reduce our earnings.
  • Risks Related to Market and Interest Rate Changes
  • Our results of operations, liquidity and cash flows are subject to interest rate risk.
  • If interest rate swaps we entered into prove ineffective, it could result in volatility in our operating results, including potential losses, which could have a material adverse effect on our results of operations and cash flows.
  • If we suffer losses on our interest rate contracts, our business, financial condition and prospects may be negatively affected, and our net income will decline.
  • We may incur losses on our securities portfolio.
  • Risks contained in our corporate bond portfolio from securities issued by other financial institutions could adversely impact our financial condition and results of operations.
  • Risks Related to our Business Strategy
  • Our branching strategy may cause our expenses to increase faster than revenues.
  • Risks Related to Regulatory and Compliance Matters
  • Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.
  • If our enterprise risk management framework is not effective at mitigating risk and loss to us, we could suffer unexpected losses and our results of operations could be materially adversely affected.
  • We are subject to an extensive body of accounting rules and best practices. Periodic changes to such rules may change the treatment and recognition of critical financial line items and affect our profitability.
  • Risks Related to Cybersecurity, Data and Fraud
  • We are subject to certain risks in connection with our use of technology.
  • Our security measures may not be sufficient to mitigate the risk of a cyber-attack.
  • Security breaches in our internet banking activities could further expose us to possible liability and damage our reputation.
  • Our security measures may not protect us from system failures or interruptions.
  • Our current and future uses of Artificial Intelligence (AI) and other emerging technologies may create additional risks.
  • We are subject to certain risks in connection with our data management or aggregation.
  • Our business may be adversely affected by an increasing prevalence of fraud and other financial crimes.
  • Risks Related to Our Business and Industry Generally
  • We rely on other companies to provide key components of our business infrastructure.
  • Ineffective liquidity management could adversely affect our financial results and condition.
  • Our growth or future losses may require us to raise additional capital in the future, but that capital may not be available when it is needed, or the cost of that capital may be very high.
  • We are dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects.
  • We rely on dividends from the Bank for substantially all of our revenue at the holding company level.
  • Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.
  • Risks Related to the Pending Global Transaction
  • Failure to complete the Global transaction could negatively impact the Company.
  • The Company will be subject to business uncertainties and contractual restrictions while the Global transaction is pending.
  • The P&A Agreement may be terminated in accordance with its terms and the Global transaction may not be completed.

Legal proceedings

From time to time, we are involved as plaintiff or defendant in various legal actions arising in the normal course of business. As of December 31, 2024, we were not involved in any significant litigation and do not anticipate incurring any material liability as a result of any such litigation.

The opening of Item 3, Legal Proceedings.4

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