k711.htm
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): July 11, 2008
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First Financial Northwest,
Inc.
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(Exact name of
registrant as specified in its
charter)
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Washington
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001-3365
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26-0610707
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State
or other jurisdiction of
incorporation
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Commission
File
Number
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(I.R.S.
Employer
Identification
No.)
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201 Wells Avenue South, Renton,
Washington
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98057
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(Address
of principal executive
offices)
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(Zip
Code)
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Registrant’s
telephone number (including area code) (425) 255-4400
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions.
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
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Item 8.01 Other
Events
On July
11, 2008, First Financial Northwest, Inc. (“Company”) issued a press release
announcing the company has been added to the Russell 3000 Index. In addition,
the Company also announced that it had determined that the decline in the net
asset value (NAV) of its $6.3 million (631,670 shares) investment in the AMF
Ultra-Short Mortgage Fund was considered to be an other-than-temporary
impairment. As a result of such determination, the Company
anticipates that it will recognize a non-cash charge of $623,045 related to this
impairment, or $0.027 per share, for the quarter ended June 30,
2008. The decline in the NAV reflects the volatility
experienced in the bond market for mortgage-related securities. A
listing of the investments held by the fund is available at www.amffunds.com.
The press release is attached as Exhibit 99.1 and incorporated by reference
herein.
Item 9.01 Financial
Statements and Exhibits
(d)
Exhibits
99.1
Press Release of First Financial Northwest, Inc. dated July 11,
2008
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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FIRST FINANCIAL
NORTHWEST, INC. |
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| Date: July
11, 2008 |
By: /s/Victor
Karpiak
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Victor
Karpiak |
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Chairman, President and Chief Executive
Officer
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Exhibit
99.1
Press
Release of First Financial Northwest, Inc. dated July 11, 2008
For more information, contact:
Victor
Karpiak: (425) 255-4400
FIRST
FINANCIAL NORTHWEST, INC. ADDED TO RUSSELL 3000 INDEX
Renton,
Washington – July 11, 2008 - First Financial Northwest, Inc. (the “Company”)
(NASDAQ GSM: FFNW), the holding company for First Savings Bank Northwest
(“Bank”), announced today it has been added to the Russell 3000 Index after the
Russell Investment Group reconstituted its comprehensive set of U.S. and global
equity indexes on June 27, 2008.
Russell
indexes are widely used by investment managers and institutional investors for
both index funds and as benchmarks for passive and active investment strategies.
The Company will hold its membership until Russell reconstitutes its indexes in
June 2009.
“We are
pleased with our inclusion in this index, which reflects our continued positive
momentum,” said Victor Karpiak, CEO of the Company. “Russell is an industry
leader for stock indexes and we expect our inclusion will generate greater
interest in our stock among institutional investors.”
The
annual reconstitution of the Russell 3000 captures the 3,000 largest U.S. stocks
as of the end of May, ranking them by total market capitalization. The largest
1,000 companies in this ranking comprise the Russell 1000, and the next 2,000
companies become the Russell 2000.
About
Russell Investment Group
Russell
Investment Group aims to improve financial security for people by providing
strategic advice, world-class implementation, state-of-the-art performance
benchmarks, and a range of institutional-quality investment products. With more
than $200 billion in assets under management, Russell serves individual,
institutional and advisor clients in more than 40 countries. Russell provides
access to some of the world’s best money managers. It helps investors put this
access to work in corporate defined benefit and defined contribution pals, and
in the life savings of individual investors. Russell’s indexes are unmanaged and
cannot be invested in directly. For more information on Russell Indexes, go to
www.russell.com.
Mutual
Fund Impairment Charge
The
Company also announced that it had determined that the decline in the net asset
value (NAV) of its $6.3 million (631,670 shares) investment in the AMF
Ultra-Short Mortgage Fund was considered to be an other-than-temporary
impairment. As a result of such determination, the Company
anticipates that it will recognize a non-cash charge of $623,045 related to this
impairment, or $0.027 per share, for the quarter ended June 30,
2008. The decline in the NAV reflects the volatility
experienced in the bond market for mortgage-related securities. A
listing of the investments held by the fund is available at www.amffunds.com.
About
the Company
First
Financial Northwest, Inc. is a Washington corporation 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. For additional information about the Company and the Bank, please visit
the website at www.fsbnw.com and
click on the “Investor Relations” section.
Forward-looking
statements:
Certain
matters discussed in this press release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements relate to, among other things, expectations of
the business environment in which the Company operates, projections of future
performance, perceived opportunities in the market, potential future credit
experience, and statements regarding the Company's mission and vision. These
forward-looking statements are based upon current management expectations and
may, therefore, involve risks and uncertainties. The Company's actual results,
performance, or achievements may differ materially from those suggested,
expressed, or implied by forward-looking statements as a result of a wide
variety or range of factors including, but not limited to, interest rate
fluctuations; economic conditions in the Company's primary market area; demand
for construction/land development, residential, commercial real
estate, consumer, and other types of loans; the credit risk of lending
activities, including changes in the level and trend of loan delinquencies and
write-offs; results of examinations by our banking
regulators; success of new products; competitive conditions between
banks and non-bank financial service providers; regulatory and accounting
changes; technological factors affecting operations; pricing of products and
services; and other risks detailed in the Company's reports filed with the
Securities and Exchange Commission. Accordingly, these factors should be
considered in evaluating forward-looking statements, and undue reliance should
not be placed on such statements. The Company undertakes no responsibility to
update or revise any forward-looking statement.