Tue, Apr 29, 8:12 PM (23 days ago)
**First Financial Northwest, Inc. (FFNW) 10-K/A Summary** **Financial Performance:** - **Revenue and Net Income:** Not explicitly stated in the provided text. - **Operating Expenses:** Mentioned in the context of executive compensation and performance metrics but not quantified. - **Earnings Per Share (EPS):** Not explicitly stated. **Strategic Overview:** - **Change in Control:** On April 11, 2024, Global Federal Credit Union (Global) acquired substantially all of First Financial Northwest Bank's assets and liabilities. The company received $228.7 million in cash from this transaction. - **Future Outlook:** The company does not anticipate holding an annual meeting of shareholders due to the acquisition. - **Risk Factors:** Not explicitly detailed in the provided text. **Financial Condition:** - **Market Position Changes:** The company's common stock was delisted from the Nasdaq Global Select Market on April 21, 2025, following the acquisition. - **Shareholder Information:** As of April 21, 2025, there were 9,227,938 shares of First Financial common stock outstanding. Major shareholders include Western Standard, LLC, First Financial Northwest Foundation, Dimensional Fund Advisors LP, Blackrock, Inc., and Renaissance Technologies LLC. **Executive Compensation:** - **Named Executive Officers:** Joseph W. Kiley III (President and CEO), Richard P. Jacobson (Executive Vice President, CFO, and COO), and Dalen D. Harrison (Executive Vice President and Chief Banking Officer). - **Compensation Details:** The summary compensation table shows total compensation for the named executive officers, including salary, stock awards, non-equity incentive plan compensation, and other compensation. - **Performance Metrics:** Compensation is tied to corporate performance goals such as operating expenses/average assets, net deposit growth, and pre-tax, pre-provision return on assets. **Director Compensation:** - **Board Composition:** The board consists of seven members, with five being independent directors. - **Compensation:** Directors received fees and other compensation, with details provided in the directors' compensation table. **Equity Compensation Plans:** - **2016 Equity Incentive Plan:** 833,252 shares remaining available for future issuance. **Principal Accounting Fees:** - **Audit and Related Fees:** Moss Adams LLP served as the independent registered public accounting firm, with fees detailed for audit, tax, and other services. **Conclusion:** First Financial Northwest, Inc. underwent a significant change in control with the acquisition by Global Federal Credit Union. The company's financial performance and future outlook are influenced by this transaction, with a focus on executive and director compensation tied to performance metrics. The delisting from the Nasdaq and the details of shareholder ownership are notable market position changes.