First Financial Northwest Bank Mortgage Rates, Fees & Info

Renton, WA

LEI: 5493003K18C4JU5UJ328

Tax ID: 91-0383363

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Financial Northwest Bank is a smaller bank specializing in Home Purchase and Refi loans. First Financial Northwest Bank has a high proportion of conventional loans. Their top markets include Seattle, Ellensburg, Portland, Kennewick, and Aberdeen among others. First Financial Northwest Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

188

Origination Dollar Volume (All Markets)

$113,150,000

Employee count

143

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 159 $101,345,000 $637,390 $0 0.00%
Ellensburg, WA (FHA|USDA|VA) 2 $3,100,000 $1,550,000 $0 0.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 11 $2,915,000 $265,000 $0 0.00%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $0 0.00%
Aberdeen, WA (FHA|USDA|VA) 5 $1,295,000 $259,000 $0 0.00%
WENATCHEE, WA (FHA|USDA|VA) 1 $705,000 $705,000 $0 0.00%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 3 $655,000 $218,333 $0 0.00%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $595,000 $198,333 $0 0.00%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
Oak Harbor, WA (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%

First Financial Northwest Bank's top markets include Seattle, Ellensburg, Portland, Kennewick, and Aberdeen among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 188 $113,150,000 $601,862 $0 0.00%

For the 2021 period, First Financial Northwest Bank's most frequently originated loan type of loans were Conventional, with 188 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 103 $61,555,000 $597,621 $0 0.00%
Refi 46 $34,300,000 $745,652 $0 0.00%
Cash Out Refi 38 $17,090,000 $449,737 $0 0.00%
Home Improvement 1 $205,000 $205,000 $0 0.00%

For the 2021, First Financial Northwest Bank's most frequently cited loan purpose of loans were Home Purchase, with 103 originations. The 2nd most popular reason of loans were Refi, with 46 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 188 $113,150,000 $601,862 $0 0.00%

For the 2021, First Financial Northwest Bank's most frequently cited loan length of loans were Other, with 188 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 76 $20,540,000 $270,263 $0 0.00%
$400k-600k 36 $17,690,000 $491,389 $0 0.00%
$600k-1MM 28 $22,520,000 $804,286 $0 0.00%
$1MM+ 27 $48,735,000 $1,805,000 $0 0.00%
$100k-200k 20 $3,580,000 $179,000 $0 0.00%
$100,000 or less 1 $85,000 $85,000 $0 0.00%

2021 saw First Financial Northwest Bank place emphasis on $200k-400k loans with 76 originations, totaling $20,540,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 47 $44,825,000 $953,723 $0 0.00%
$150k-250k 30 $15,930,000 $531,000 $0 0.00%
$100k-150k 14 $6,130,000 $437,857 $0 0.00%
$75k-100k 7 $2,195,000 $313,571 $0 0.00%
$50k-75k 3 $925,000 $308,333 $0 0.00%
$50k or less 2 $390,000 $195,000 $0 0.00%

First Financial Northwest Bank lent most frequently to those with incomes in the $250k+ range, with 47 originations. The second most popular income band? $150k-250k, with 30 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 188 $113,150,000 $601,862 $0 0.00%

First Financial Northwest Bank lent most frequently to those with DTI ratios of Exempt%, with 188 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 76 $54,770,000 $720,658 $0 0.00%
Not applicable 85 $42,755,000 $503,000 $0 0.00%
White 19 $9,605,000 $505,526 $0 0.00%
Not provided 4 $3,400,000 $850,000 $0 0.00%
Black 1 $1,325,000 $1,325,000 $0 0.00%
Chinese 3 $1,295,000 $431,667 $0 0.00%

Approval Rates

Total approvals of all applications
95.03%

First Financial Northwest Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
83.74%

First Financial Northwest Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 188 $113,150,000 $601,862

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
188 $113,150,000 $601,862

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST FINANCIAL BANCORP Conventional home mortgage Trouble during payment process 1 25.0%
FIRST FINANCIAL BANCORP Other type of mortgage Trouble during payment process 1 25.0%
FIRST FINANCIAL BANCORP Home equity loan or line of credit (HELOC) Trouble during payment process 1 25.0%
FIRST FINANCIAL BANCORP Conventional home mortgage Struggling to pay mortgage 1 25.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Financial Northwest Bank 1002 Park Avenue, Suite F Renton, WA 98057 Full Service B&M $38,909
First Financial Northwest Bank 5500 Olympic Drive #c102 Gig Harbor, WA 98335 Full Service B&M $2,315
First Financial Northwest Bank 15600 Ne 8th Street, Suite K-8 Bellevue, WA 98008 Full Service B&M $79,218
First Financial Northwest Bank 17512 Sr 9 Se Snohomish, WA 98296 Full Service B&M $36,490
First Financial Northwest Bank 17641 Garden Way, Ne Woodinville, WA 98072 Full Service Retail $36,254
First Financial Northwest Bank 184 Sunset Ave Edmonds, WA 98020 Full Service B&M $75,987
First Financial Northwest Bank 18505 Bothell Way Bothell, WA 98011 Full Service B&M $13,920
First Financial Northwest Bank 201 Wells Avenue South Renton, WA 98057 Full Service B&M $702,919
First Financial Northwest Bank 207 W Kent Station Street 106 Kent, WA 98032 Full Service B&M $38,437
First Financial Northwest Bank 240 Nw Gilman Blvd. Suite 1 Issaquah, WA 98027 Full Service B&M $1,900
First Financial Northwest Bank 2609 172nd St Ne Marysville, WA 98271 Full Service Retail $41,060
First Financial Northwest Bank 303 91st Ave Ne Suite 502 Lake Stevens, WA 98258 Full Service Retail $38,093
First Financial Northwest Bank 3555 Market Pl W Ste 1 University Place, WA 98466 Full Service B&M $1,694
First Financial Northwest Bank 432 Central Way Kirkland, WA 98033 Full Service B&M $12,158
First Financial Northwest Bank 15021 Main Street, Suite F Mill Creek, WA 98012 Full Service B&M $34,476

For 2021, First Financial Northwest Bank had 15 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $54,867
Net interest income $46,032
Total noninterest income $2,986
Gross Fiduciary activities income $0
Service charges on deposit accounts $249
Trading account gains and fees $0
Additional Noninterest Income $2,737
Pre-tax net operating income $16,852
Securities gains (or losses, -) $32
Income before extraordinary items $13,582
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $13,582
Minority interest net income $0
Net income $13,582
Sale, conversion, retirement of capital stock, net $483
Net operating income $13,556

First Financial Northwest Bank's gross interest income from loans was $54,867,000.
First Financial Northwest Bank's net interest income from loans was $46,032,000.
First Financial Northwest Bank's fee based income from loans was $249,000.
First Financial Northwest Bank's net income from loans was $13,582,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $8,835
Provision for credit losses $300
Total noninterest expense $31,866
Salaries and employee benefits $19,701
Premises and equipment expense $4,092
Additional noninterest expense $8,073
Applicable income taxes $3,302
Net charge-offs $-183
Cash dividends $6,708

First Financial Northwest Bank's interest expense for loans was $8,835,000.
First Financial Northwest Bank's payroll and benefits expense were $19,701,000.
First Financial Northwest Bank's property, plant and equipment expenses $4,092,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,171,110
Deposits held in domestic offices $1,171,110
Deposits by Individuals, partnerships, and corporations $1,108,791
Deposits by U.S. Government $1
Deposits by States and political subdivisions in the U.S. $60,579
Deposits by Commercial banks and other depository institutions in U.S. $1,739
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $221,151
Demand deposits $221,151
Nontransaction accounts $949,959
Money market deposit accounts (MMDAs) $632,686
Other savings deposits (excluding MMDAs) $23,146
Total time deposits $294,127
Total time and savings deposits $949,959
Noninterest-bearing deposits $125,092
Interest-bearing deposits $1,046,018
Retail deposits $1,095,226
IRAs and Keogh plan accounts $43,154
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,426,468
Cash & Balances due from depository institutions $73,391
Interest-bearing balances $66,145
Total securities $171,380
Federal funds sold & reverse repurchase $0
Net loans and leases $1,103,461
Loan and leases loss allowance $15,657
Trading account assets $0
Bank premises and fixed assets $25,548
Other real estate owned $0
Goodwill and other intangibles $1,573
All other assets $51,115

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,426,468
Total Liabilities $1,276,905
Total deposits $1,171,110
Interest-bearing deposits $1,046,018
Deposits held in domestic offices $1,171,110
% insured (estimated) $66
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $95,000
Subordinated debt $0
All other liabilities $10,795

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,103,461
Loan and leases loss allowance $15,657
Total loans and leases (domestic) $1,119,118
All real estate loans $1,035,535
Real estate loans in domestic offices $1,035,535
Construction and development loans $97,535
Residential 1-4 family construction $38,993
Other construction, all land development and other land $58,542
Loans secured by nonfarm nonresidential properties $419,744
Nonfarm nonresidential secured by owner-occupied properties $37,773
Commercial real estate & other non-farm, non-residential $381,971
Multifamily residential real estate $130,150
1-4 family residential loans $388,106
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $23,802
To non-U.S. addressees $0
Loans to individuals $37,723
Credit card loans $0
Related Plans $461
Consumer Auto Loans $37,257
Other loans to individuals $5
All other loans & leases $22,058
Loans to foreign governments and official institutions $0
Other loans $19,823
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $18,142
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,014
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

First Financial Northwest Bank had $1,103,461,000 of loans outstanding in 2021. $1,035,535,000 of loans were in real estate loans. $97,535,000 of loans were in development loans. $130,150,000 of loans were in multifamily mortgage loans. $388,106,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $37,257,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 79 $36,310 $459,620
Nonfarm, nonresidential loans - <$100k 3 $22 $7,333
Nonfarm, nonresidential loans - $100-250k 7 $823 $117,571
Nonfarm, nonresidential loans - $250k-1MM 69 $35,465 $513,986
Commercial & Industrial, US addressed loans - <$1MM 104 $14,012 $134,731
Commercial & Industrial, US addressed loans - <$100k 47 $1,082 $23,021
Commercial & Industrial, US addressed loans - $100-250k 29 $4,280 $147,586
Commercial & Industrial, US addressed loans - $250k-1MM 28 $8,650 $308,929