RENTON, Wash., June 23, 2008 (PRIME NEWSWIRE) -- First Financial Northwest, Inc. (the "Company") (Nasdaq:FFNW), the parent company of First Savings Bank Northwest ("Bank"), announced today that its Board of Directors has authorized the repurchase of up to 914,112 shares of its common stock. The shares to be repurchased represent 4% of the Company's total outstanding shares. The shares will be used to fund the Company's 2008 Equity Incentive Plan that was approved by the Company's shareholders at the reconvened Annual Meeting of Shareholders that was held on June 20, 2008.
The Company may repurchase shares in open market purchases or in privately negotiated transactions as permitted under Securities Exchange Act of 1934 Rule 10b-18. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. The Company currently has 22,852,800 shares of common stock outstanding.
First Financial Northwest, Inc. is a savings and loan holding company headquartered in Renton, Washington. It is the parent company of First Savings Bank Northwest; a Washington chartered stock savings bank that was originally organized in 1923. The Company serves the Puget Sound Region of Washington that includes King, Snohomish and Pierce Counties, through its full-service banking office. The Company is part of the America's Community Bankers NASDAQ Index. For additional information about the Company and the Bank, please visit our website at www.fsbnw.com and click on the "Investor Relations" section.
Forward Looking Statements:
Statements in this report regarding future events, performance or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA") and are made pursuant to the safe harbors of the PSLRA. Actual results could be materially different from those expressed or implied by the forward-looking statements. Factors that could cause results to differ include but are not limited to, regulatory capital requirements, future earnings and cash flow of the Company, regulatory changes and general economic conditions. Additional factors that could cause actual results to differ materially are disclosed in First Financial Northwest, Inc.'s recent filings with the SEC, including but not limited to Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements are accurate only as of the date released, and we do not undertake any responsibility to update or revise any forward-looking statements to reflect subsequent events or circumstances.