FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash flows from operating activities |
|
|
|
| Net income |
$ 8,892,000
|
$ 9,160,000
|
$ 10,687,000
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
| (Recapture of provision) provision for loan losses |
1,300,000
|
(2,200,000)
|
(2,100,000)
|
| OREO market value adjustments |
257,000
|
41,000
|
393,000
|
| Loss (gain) on sale of OREO property, net |
87,000
|
(526,000)
|
86,000
|
| Net amortization of premiums and discounts on investments |
908,000
|
1,104,000
|
1,389,000
|
| Gain (Loss) on Sale of Investments |
(50,000)
|
(92,000)
|
20,000
|
| Depreciation of premises and equipment |
1,076,000
|
809,000
|
755,000
|
| Loss on sale of premises and equipment |
3,000
|
0
|
11,000
|
| Deferred federal income taxes |
1,548,000
|
4,170,000
|
5,602,000
|
| Allocation of ESOP shares |
1,605,000
|
1,400,000
|
1,216,000
|
| Stock compensation expense |
621,000
|
440,000
|
384,000
|
| Bank Owned Life Insurance Income |
(844,000)
|
(533,000)
|
(123,000)
|
| Changes in operating assets and liabilities: |
|
|
|
| Prepaid expenses and other assets |
(105,000)
|
270,000
|
(567,000)
|
| Advance payments from borrowers for taxes and insurance |
465,000
|
87,000
|
(139,000)
|
| Accrued interest receivable |
(179,000)
|
297,000
|
433,000
|
| Accrued interest payable |
96,000
|
(7,000)
|
54,000
|
| Other liabilities |
1,589,000
|
2,295,000
|
484,000
|
| Net cash provided by operating activities |
17,269,000
|
16,715,000
|
18,585,000
|
| Cash flows from investing activities |
|
|
|
| Proceeds from sales and call of investments |
26,437,000
|
27,327,000
|
6,430,000
|
| Principal repayments on investments |
15,852,000
|
18,651,000
|
20,818,000
|
| Purchases of investments |
(44,561,000)
|
(57,290,000)
|
(2,109,000)
|
| Net increase in loans receivable |
(131,271,000)
|
(19,075,000)
|
(508,000)
|
| Capital expenditures related to OREO |
0
|
0
|
(120,000)
|
| Proceeds from sales of OREO properties |
988,000
|
6,246,000
|
3,646,000
|
| Payments to Acquire Life Insurance Policies |
0
|
(20,000,000)
|
0
|
| Purchase of BOLI |
(1,833,000)
|
(1,781,000)
|
(209,000)
|
| Payments for (Proceeds from) Federal Home Loan Bank Stock |
(1,894,000)
|
608,000
|
272,000
|
| Net cash provided in investing activities |
(136,282,000)
|
(45,314,000)
|
28,220,000
|
| Cash flows from financing activities |
|
|
|
| Net increase in deposits |
42,069,000
|
61,280,000
|
2,062,000
|
| Advances from the FHLB |
525,000,000
|
0
|
16,500,000
|
| Repayments of Federal Home Loan Bank Borrowings |
479,000,000
|
10,000,000
|
0
|
| Proceeds from stock options exercises |
298,000
|
935,000
|
3,611,000
|
| Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures |
(98,000)
|
0
|
0
|
| Repurchase and retirement of common stock |
(40,812,000)
|
(18,717,000)
|
(17,566,000)
|
| Dividends paid |
(2,803,000)
|
(3,237,000)
|
(2,938,000)
|
| Net cash provided by financing activities |
44,654,000
|
30,261,000
|
1,669,000
|
| Cash and cash equivalents: |
|
|
|
| Net (decrease) increase in cash and cash equivalents |
(74,359,000)
|
1,662,000
|
48,474,000
|
| Cash and cash equivalents at beginning of year |
105,711,000
|
104,049,000
|
55,575,000
|
| Cash and cash equivalents at end of year |
31,352,000
|
105,711,000
|
104,049,000
|
| Cash paid during the period for: |
|
|
|
| Interest |
7,411,000
|
6,757,000
|
6,187,000
|
| Federal income taxes |
2,730,000
|
228,000
|
309,000
|
| Noncash transactions: |
|
|
|
| Loans transferred to OREO, net of deferred loan fees and allowance for loan and lease losses (“ALLL”) |
0
|
141,000
|
1,823,000
|
| Change in unrealized loss on investments available-for-sale |
(1,719,000)
|
(1,108,000)
|
2,558,000
|
| Unrealized Gain (Loss) on Derivatives and Commodity Contracts |
$ 1,333,000
|
$ 0
|
$ 0
|