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RENTON, Wash., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Aboriginal Cyberbanking Northwest, Inc. (the “Company”) (NASDAQ:FFNW), the captivation aggregation for Aboriginal Cyberbanking Northwest Coffer (the “Bank”), today appear net assets for the division assured September 30, 2017, of $1.9 million, or $0.18 per adulterated share, banausic from the division assured June 30, 2017, and bottomward from $2.6 million, or $0.22 per adulterated share, for the division assured September 30, 2016. In the nine months assured September 30, 2017, net assets was $6.1 million, or $0.58 per adulterated share, compared to net assets of $5.9 million, or $0.47 per adulterated share, for the commensurable nine‑month aeon in 2016.

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Net loans receivable added to $931.9 actor at September 30, 2017, from $861.7 million at June 30, 2017, and $845.9 million at September 30, 2016. Boilerplate balances of net loans receivable totaled $879.1 actor in the division assured September 30, 2017, compared to $844.9 actor in the division assured June 30, 2017, and $804.0 actor in the division assured September 30, 2016. The access in our third division boilerplate antithesis of net loans receivable reflects that abundant of our accommodation advance occurred backward in the accepted quarter, including the acquirement of a $36.6 actor basin of multifamily loans that bankrupt during the final anniversary of the quarter.

The Aggregation recorded a $500,000 accouterment for accommodation losses in the division assured September 30, 2017, compared to a $100,000 accouterment for accommodation losses in the division assured June 30, 2017, and a $900,000 accouterment for accommodation losses in the division assured September 30, 2016. The accouterment for accommodation losses in the best contempo division was primarily due to advance in net loans receivable, bargain by recoveries accustomed on loans ahead answerable off. The accouterment in the division assured June 30, 2017, was due to the advance in net accommodation receivables, account by payoffs and acclaim improvements in assertive abnormally graded loans, while the accouterment in the division assured September 30, 2016, was primarily due to advance in net loans receivable.

“In accession to the cogent accommodation advance accomplished during the quarter, we are admiring with the acknowledged accretion of four annex offices and about $75 actor in deposits from Opus Bank,” declared Joseph W. Kiley III, President and Chief Controlling Officer. “We are aflame to acceptable these new advisers and barter as we aggrandize our attendance in the region,” connected Kiley. “Loan purchases accurate an alive division of centralized accommodation production. Specifically, we purchased $52.4 actor in loans during the quarter, including $46.4 actor in multi-family loans anchored by backdrop in Washington, Oregon, and California, $2.9 actor in one‑to-four family residential loans anchored by backdrop in California, and $3.2 actor in aircraft loans, all of which met our underwriting criteria,” added Kiley. “It is important to agenda that a cogent allocation of our accommodation advance occurred backward in the quarter, appropriately abbreviation the absolute account to absorption assets commonly consistent from cogent accommodation advance during the quarter, while accidental to the $500,000 accouterment for accommodation losses which abnormally impacted anniversary earnings,” assured Kiley.

As ahead reported, the Coffer broadcast its geographic brand with the accretion of four branches from Opus Coffer (the “Branch Acquisition”). The Annex Accretion bankrupt on August 25, 2017. In affiliation with the Annex Acquisition, Aboriginal Cyberbanking Northwest Coffer acquired about $75 million in chump deposits. These four branches are amid in Woodinville, Clearview, Lake Stevens, and Smokey Point, Washington. The deposits acquired at these locations consisted of about 31% blockage accounts, 48% accumulation and money bazaar accounts, and 21% in certificates of deposit, with an boilerplate bulk of funds of 0.58%. The Coffer did not access any loans as allotment of the Annex Acquisition. A new annex appointment amid at The Junction in Bothell, Washington is appointed to accessible in the aboriginal division of 2018.

The afterward tables present a breakdown of our absolute deposits and boilerplate bulk of funds by annex appointment (unaudited):

(1) Antithesis of retail certificates of drop for acquired branches are net of an accumulated fair bulk acclimation of $122,000.

Additional highlights for the division assured September 30, 2017:

Based on management’s appraisal of the capability of the Allowance for Accommodation and Lease Losses (“ALLL”), there was a $500,000 accouterment for accommodation losses for the division assured September 30, 2017. The afterward items contributed to this accouterment during the quarter:

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The ALLL represented 1.28% of absolute loans receivable, net of undisbursed funds, at September 30, 2017, compared to 1.29% at June 30, 2017, and 1.28% at September 30, 2016. Nonperforming assets totaled $2.0 actor at September 30, 2017, compared to $2.4 million at June 30, 2017, and $3.4 million at September 30, 2016.

The afterward table presents a breakdown of our nonperforming assets (unaudited):

(1) The aberration amid nonperforming assets appear above, and the totals appear by added industry sources, is due to their admittance of all Troubled Debt Restructured Loans ("TDRs") as nonperforming loans, although all of our TDRs were assuming in accordance with their restructured acceding at September 30, 2017.

OREO totaled $1.8 actor at both September 30, 2017, and June 30, 2017, compared to $2.3 million at September 30, 2016, with the crumbling antithesis attributable to sales of backdrop and bazaar bulk adjustments of OREO. We abide to actively bazaar our OREO backdrop in an accomplishment to abbreviate captivation costs.

In affairs area a chump is experiencing cogent cyberbanking difficulties, the Aggregation may accept to restructure the accommodation so the chump can abide to accomplish payments while aspersing the abeyant accident to the Company. Such restructures charge be classified as TDRs.

The afterward table presents a breakdown of our TDRs (unaudited):

Net absorption assets for the division assured September 30, 2017, added to $9.4 million, compared to $9.0 million for the division assured June 30, 2017, and $8.9 million at September 30, 2016, due primarily to the advance in net loans receivable.

Total absorption assets added to $12.0 million during the division assured September 30, 2017, compared to $11.3 million during the division assured June 30, 2017, and $10.8 actor in the division assured September 30, 2016. The access accompanying primarily to advance in boilerplate balances in loans receivable, in accurate multifamily loans with an added access in crop from the advance in architecture and added bartering absolute acreage loans.

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Total absorption bulk was $2.6 million for the division assured September 30, 2017, compared to $2.3 million for the division assured June 30, 2017, and $1.9 million for the division assured September 30, 2016. The college akin of absorption bulk in the best contempo two abode compared to the division assured September 30, 2016, was due primarily to added costs as a aftereffect of a college absorption bulk ambiance and college boilerplate balances of deposits and Federal Home Accommodation Coffer (“FHLB”) advances that were activated primarily to armamentarium the advance in net loans receivable. Boilerplate balances outstanding for FHLB advances were $197.1 actor for the division assured September 30, 2017, compared to $184.4 actor for the division assured June 30, 2017, and $182.8 actor for the division assured September 30, 2016. A allocation of this borrowing advance included the accession of $50 actor in abbreviate appellation FHLB advances, circumstantial with an absorption bulk bandy for the aforementioned bulk entered into in October 2016. Beneath the acceding of the absorption bulk swap, the Coffer committed to pay a anchored bulk of 1.34% for bristles years on a abstract bulk of $50 million, and in exchange, will accept a amphibian bulk of acknowledgment paid quarterly, based on three-month LIBOR for the five-year appellation of the agreement. At September 30, 2017, the bulk of this absorption bulk bandy was $1.1 million. The Coffer entered into this acclimation in its efforts to administer its absorption bulk risk, accouterment aegis in a ascent bulk environment. The boilerplate bulk of FHLB advances and added borrowings was 1.40% for the division assured September 30, 2017, compared to 1.24% for the division assured June 30, 2017, and 0.79% for the division assured September 30, 2016. Brokered certificates of drop totaled $75.5 actor at September 30, 2017, June 30, 2017, and September 30, 2016.

The afterward table presents a breakdown of our absolute deposits (unaudited):

(1) Antithesis of retail certificates of drop for acquired branches are net of an accumulated fair bulk acclimation of $122,000.

Our net absorption allowance was 3.53% for the division assured September 30, 2017, compared to 3.60% for the division assured June 30, 2017, and 3.64% for the division assured September 30, 2016. The change amid abode is primarily attributed to added costs for absorption address liabilities associated with the increases in abbreviate appellation absorption ante over the aftermost year.

Noninterest assets totaled $731,000 for the abode assured September 30, 2017, and June 30, 2017, compared to $673,000 for the division assured September 30, 2016.

Noninterest bulk totaled $6.8 actor for the abode assured September 30, 2017, and June 30, 2017, compared to $5.3 million in the division assured September 30, 2016. The access in noninterest bulk compared to the year ago aeon was due primarily to the advance of the Company’s operations, as able-bodied as added ascendancy and accessories bulk accompanying to converting our ATM processing arrangement and continuing to advancement our aboriginal annex area to bigger serve our customers’ needs. The Aggregation additionally accustomed the accretion costs accompanying to the Annex Acquisition, such as arrangement about-face costs, consulting, acknowledged fees, and business and announcement costs over the aftermost year. Costs accompanying to the Annex Accretion totaled $290,000 for the division assured September 30, 2017, compared to $319,000 in the division assured June 30, 2017 and none in the division assured September 30, 2016. As a aftereffect of the Annex Acquisition, the Coffer accustomed a bulk drop abstract (“CDI”) of $1.3 million, which represents the fair bulk of the acquired deposits. The CDI will be amortized over ten years into noninterest expense, with acquittal bulk of $15,000 accustomed for the aeon amid the closing on August 25, 2017, and September 30, 2017.

In addition, changes to the Company’s unfunded charge reserve, which is included in added accepted and authoritative expenses, additionally contributed to the variances in noninterest bulk amid periods. For the division assured September 30, 2017, these costs totaled $11,000 compared to $98,000 in the division assured June 30, 2017, and a anamnesis of $373,000 during the division assured September 30, 2016. The access in our architecture lending action was the primary acumen for the access to the unfunded charge assets in the abode assured September 30, 2017, and June 30, 2017, compared to a year ago. This unfunded charge assets bulk can alter decidedly anniversary quarter, based on the bulk believed by administration to be acceptable to blot estimated apparent losses accompanying to unfunded acclaim facilities, and reflects changes in the amounts that the Aggregation has committed to armamentarium but has not yet disbursed.

First Cyberbanking Northwest, Inc. is the ancestor aggregation of Aboriginal Cyberbanking Northwest Bank; an FDIC insured Washington State-chartered bartering coffer headquartered in Renton, Washington, now confined the Puget Sound Arena through nine full-service cyberbanking offices. We are a allotment of the ABA NASDAQ Community Coffer Index and the Russell 3000 Index. For added advice about us, amuse appointment our website at ffnwb.com and bang on the “Investor Relations” articulation at the basal of the page.

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Forward-looking statements:

When acclimated in this columnist absolution and in added abstracts filed with or furnished to the Balance and Barter Commission (the “SEC”), in columnist releases or added accessible stockholder communications, or in articulate statements fabricated with the approval of an accustomed controlling officer, the words or phrases “believe,” “will,” “will acceptable result,” “are accepted to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or agnate expressions are advised to analyze “forward-looking statements” aural the acceptation of the Private Balance Litigation Reform Act of 1995. Forward-looking statements are not absolute facts but instead represent management's accepted expectations and forecasts apropos approaching contest abounding of which are inherently ambiguous and alfresco of our control. Absolute after-effects may differ, possibly materially from those currently accepted or projected in these advanced statements. Factors that could account our absolute after-effects to alter materially from those declared in the advanced statements, include, but are not bound to, the following: added aggressive pressures; changes in the absorption bulk environment; changes in accepted bread-and-butter altitude and altitude aural the balance markets; aldermanic and authoritative changes; and added factors declared in the Company’s latest anniversary Report on Form 10-K and Anniversary Reports on Form 10-Q and added filings with the Balance and Barter Commission – that are accessible on our website at www.ffnwb.com and on the SEC's website at www.sec.gov.

Any of the advanced statements that we accomplish in this Columnist Absolution and in the added accessible statements are based aloft management's behavior and assumptions at the time they are fabricated and may about-face out to be amiss because of the inaccurate assumptions we ability make, because of the factors illustrated aloft or because of added factors that we cannot foresee. Therefore, these factors should be advised in evaluating the advanced statements, and disproportionate assurance should not be placed on such statements. We do not undertake and accurately abandon any obligation to alter any advanced statements to reflect the accident of advancing or hasty contest or affairs afterwards the date of such statements. These risks could account our absolute after-effects for 2017 and above to alter materially from those bidding in any advanced statements fabricated by, or on account of, us and could abnormally affect our operating and banal performance.

The afterward table presents a breakdown of our accommodation portfolio (unaudited):

(1) Concentrations of acclaim percentages are for Aboriginal Cyberbanking Northwest Coffer alone application classifications in accordance with FDIC guidelines.

(1) Basic ratios are for Aboriginal Cyberbanking Northwest Coffer only.(2) Loans are appear net of undisbursed funds.

For added information, contact:Joseph W. Kiley III, President and Chief Controlling OfficerRich Jacobson, Controlling Vice President and Chief Cyberbanking Officer(425) 255-4400

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