Comparing the current results to its competitors, First Financial Northwest Inc reported Revenue increase in the 4 quarter 2024 by 1534.76 % year on year. The sales growth was above First Financial Northwest Inc 's competitors' average revenue growth of 13.99 %, achieved in the same quarter.
First Financial Northwest Inc 's Comment on Competition and Industry Peers
We face competition in originating loans and attracting deposits within our primary
geographic market area. We compete by consistently delivering high-quality, personal
service to our customers that results in a high level of customer satisfaction.
Based on the most current FDIC Deposit Market Share Report, we ranked 16th
in terms of deposits with a deposit market share of 0.97%, among the 47 FDIC-insured
depository institutions located in King County. The top five banks in the market
(comprised of Bank of America, Wells Fargo Bank, U.S. Bank, J.P. Morgan Chase,
and Key Bank) controlled 75.5% of the King County deposit market.
Our competition for loans comes principally from commercial banks, mortgage
brokers, thrift institutions, credit unions, and finance companies. Several
other financial institutions, including those previously mentioned, compete
with us for banking business in our targeted market area. These institutions
have far more resources than we do and, as a result, are able to offer a broader
range of services, such as trust departments and enhanced retail services. Among
the advantages of some of these institutions are their ability to make larger
loans, finance extensive advertising campaigns, access lower cost funding sources,
and allocate their investable assets in regions of highest yield and demand.
The challenges posed by such large competitors may impact our ability to originate
loans, secure low cost deposits, and establish product pricing levels that support
our net interest margin goals that may limit our future growth and earnings
potential.
Due to outstanding performance in Overall company, revenue grew by 1534.76 % First Financial Northwest Inc improved its market share, to approximately 0.01 %.
Publicly Traded Peers of First Financial Northwest Inc
Park National Corporation Share Performance
+15.90%
This Quarter
Park National Corporation
Profile
Park National Corporation's business model is centered around providing financial services and solutions to individuals, businesses, and communities. They offer a range of banking products, including loans, deposits, and investment services, with a focus on building strong relationships with customers and supporting local communities.
Oak Valley Bancorp operates as a holding company for Oak Valley Community Bank, providing a range of financial services to individuals and businesses. It generates revenue primarily through interest income from loans and investments, as well as from fees and service charges.
Ohio Valley Banc Corp operates as the bank holding company for Ohio Valley Bank, providing a range of financial services to individuals, businesses, and government entities. Their business model focuses on offering personalized banking solutions, cultivating strong customer relationships, and utilizing their local market expertise to drive growth and profitability.
Old Second Bancorp Inc operates as a bank holding company that provides various banking products and services for individuals and businesses. They offer services such as commercial banking, retail banking, wealth management, and treasury management. Their business model revolves around delivering financial solutions to their customers while striving to generate sustainable growth and profitability within their market.
Orrstown Financial Services Inc operates as a holding company for Orrstown Bank, providing various financial services including commercial banking, consumer banking, and mortgage banking. The company primarily generates revenue through interest income obtained from loans and investments, as well as fees from its banking services.
Sources:
First Financial Northwest Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: publicly traded companies.
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