Tuesday, First Financial Northwest, the holding company for First Financial Northwest Bank, became the latest bank to report it is giving back to its employees after tax reform passed.
Late last month, after President Donald Trump signed the tax reform bill into law, several large financial institutions announced that they planned to raise employee wages and make other investments thanks to the law reducing the corporate tax rate down from 35% to 21%.
Included among that list are BB&T Corp., Bank of America, PNC Financial Services, Wells Fargo, Fifth Third Bancorp, and U.S. Bank.
First Financial Northwest announced it has given all of its non-executive employees a $1,000 after-tax bonus, regardless of their role or tenure with the company.
The company announced this bonus is in response to the signing of the Tax Cuts and Jobs Act of 2017 in order to share the tax cut with its 138 non-executive employees.
“Our employees drive the success of our company, delivering unique, innovative solutions to our customers and building long-term banking relationships in our communities,” President and CEO Joseph Kiley wrote in a note to employees. “We pride ourselves on providing excellent benefits, competitive salaries and the opportunity for participation in the company's long-term success. The expected tax savings give us an opportunity to invest even more in our team.”
While other banks increased their minimum wage to $15 per hour after tax reform was passed, First Financial Northwest explained its company already has a minimum wage of $15 per hour.