First Financial Northwest (FFNW) Approves 1.5M Share Buyback
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First Financial Northwest, Inc. (the “Company”) (NASDAQ: FFNW), the holding company for First Savings Bank Northwest (the “Bank”), announced that the Company’s Board of Directors authorized the repurchase of 1,500,000 shares of the Company’s common stock, or 12.5% of its outstanding shares. The repurchase will be conducted by a pre-arranged stock trading plan for the purpose of repurchasing a limited number of shares of the Company’s common stock in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
Rule 10b5-1 allows a company to adopt a written, pre-arranged stock trading plan at a time when it does not have material, non-public information and avoid concerns about whether it had material, non-public information at the time of the repurchase transactions pursuant to the plan.
Repurchases under the Company’s 10b5-1 plan will be administered through an independent broker. The plan will cover the repurchase of shares commencing no earlier than September 16, 2016, and expiring no later than March 17, 2017. Repurchases are subject to SEC requirements as well as certain price, market volume, and timing constraints specified in the plan.
The Company recently repurchased $18.1 million, or approximately 9.7%, of its common stock outstanding as of June 30, 2016 through a tender offer, which ended on August 9, 2016.
“We are pleased to be in a position to deploy excess capital by repurchasing additional shares, which is consistent with our long-term plan to enhance shareholder value,” said Joseph W. Kiley III, President and Chief Executive Officer of the Company and the Bank.
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