First Financial Northwest is the holding company for First Financial Northwest Bank, a community bank based in Renton, Washington that serves the greater Puget Sound region through 15 branches across King, Snohomish, and Pierce counties. The bank's core business is taking in deposits and originating loans, almost entirely secured by real estate (~93% of total loans). The loan portfolio is anchored by one-to-four family residential mortgages (~44% of loans), followed by commercial real estate (~32%) and multifamily (~11%), with smaller books in construction/land, consumer, and business loans. An unusual niche is the bank's indirect consumer loans for classic and collectible cars, which make up ~81% of the consumer loan book and are underwritten on borrower creditworthiness rather than collateral value. Like most community banks, First Financial Northwest earns net interest income by funding loans with lower-cost deposits — money market accounts and CDs are the dominant deposit categories. Fee income is minimal. The bank supplements deposits with FHLB advances and uses interest rate swaps to manage rate risk. Notably, in January 2024, First Financial Northwest entered into an agreement for Global Federal Credit Union to acquire substantially all of the bank's assets and liabilities for $231.2M in cash. The deal has received regulatory and shareholder approvals and is expected to close in Q2 2025, after which the bank will be liquidated and First Financial Northwest will dissolve, distributing net proceeds to shareholders.