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First Fed Bank

Port Angeles, WA · Cert 28405 · First Northwest Bcorp

State charter, non-member · FDIC · 14 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks $1B-$10B in assets3

Basis

Quarter: Q2 2026, the quarter ended June 30, 2026, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

Banks $1B-$10B in assets (n=322 to 328). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

31

Q2 2024Q2 2026peer median (50)

Asset Quality

29

Q2 2024Q2 2026peer median (50)

Profitability

8

Q2 2024Q2 2026peer median (50)

Liquidity

11

Q2 2024Q2 2026peer median

Efficiency

2

Q2 2024Q2 2026peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

First Fed Bank

Port Angeles, WA · Cert 28405 · First Northwest Bcorp

State charter, non-member · FDIC · 14 branches

Q2 2026

$2.1BAssets
$1.6BLoans
$1.6BDeposits
$180.9MEquity
Loan mix
77%RE $1.2B4%C&I $0.1B19%Consumer $0.3BQ2 2025Q2 2026
Deposit mix
84%Interest-bearing $1.4B16%Noninterest $0.3BQ2 2025Q2 2026

NIM

4.99%Q2 ’244.94%Q2 ’254.89%Q2 ’26+2%+8%

Non-interest income vs. expense

2.62%Q2 ’242.86%Q2 ’253.08%Q2 ’26+51%+10%

Market Position · Bellingham, WA · 2026 SOD (annual) · 2.8% share · #12 of 14 inst. · $0.1B of $5.1B

40.3% Clallam
22.8% Jefferson
2.8% Whatcom
3.4% Kitsap

Executive Summary

  • Earnings: ROA of 0.20%, up 62 bps year over year; NIM at 2.89%.
  • Asset quality: problem loans at 1.28% of loans (+6 bps YoY), with net charge-offs at 0.04%.
  • Capital: tier 1 leverage ratio of 9.64%, up 50 bps from a year ago.
  • Funding: loans stand at 100.04% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

0.20%+62 bps YoY

Net Interest Margin (YTD, annualized)

2.89%+22 bps YoY

Efficiency Ratio (YTD, annualized)

94.71%+130 bps YoY

Tier 1 Leverage Ratio

9.64%+50 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets-0.42%-0.18%-0.10%0.15%0.20%+62 bps
Return on Equity-5.30%-2.25%-1.19%1.73%2.29%+760 bps
Net Interest Margin2.66%2.74%2.84%2.89%2.89%+22 bps
Efficiency Ratio93.41%95.10%93.13%95.55%94.71%+130 bps
Non-Interest Burden2.46%2.58%2.61%2.74%2.71%+25 bps
Growth
Asset Growth (YoY)-0.91%-6.27%-5.82%-1.98%-3.43%-252 bps
Loan Growth (YoY)-1.77%-6.14%-3.66%-1.64%-2.98%-120 bps
Deposit Growth (YoY)-3.17%-2.96%-5.25%-3.76%-2.70%+47 bps
Asset Quality
Nonperforming Loans / Loans1.23%0.83%1.39%1.33%1.28%+6 bps
Net Charge-Offs / Loans1.15%0.91%0.66%0.04%0.04%-111 bps
Allowance / Loans1.10%1.00%1.04%1.03%1.01%-9 bps
Allowance Coverage of NPLs0.9x1.2x0.8x0.8x0.8x-0.1x
Capital
Tier 1 Leverage Ratio9.13%9.32%9.51%9.59%9.64%+50 bps
Total Risk-Based Capital13.13%13.65%13.55%13.53%13.44%+32 bps
Equity / Assets7.92%8.49%8.59%8.48%8.59%+67 bps
Liquidity & Funding
Loans / Deposits100.32%97.51%101.64%101.27%100.04%-29 bps
Liquid Assets / Assets3.18%3.02%2.99%3.83%3.67%+49 bps
CRE / Total Capitaln/a377%374%368%n/an/a

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

First Fed Bank

Port Angeles, WA · Cert 28405 · Peer group: banks $1B-$10B in assets (n=322-328) · First Northwest Bcorp

State charter, non-member · FDIC · 14 branches

Q2 2026

$2.1BAssets
$1.6BLoans
$1.6BDeposits
$180.9MEquity

Executive Summary

  • Strongest standing: total risk-based capital ratio outperforms 41% of banks $1B-$10B in assets (rank 195 of 328).
  • Widest gap: efficiency ratio trails 98% of banks $1B-$10B in assets (rank 324 of 328).
  • Overall: at or above the peer median on 0 of 9 directional measures.

Return on Assets

0.20%

Rank 319 of 328

Net Interest Margin

2.89%

Rank 268 of 328

Efficiency Ratio

94.71%

Rank 324 of 328

Equity / Assets

8.59%

Rank 282 of 328

Non-interest income vs. expense

$7.6M$63.9MINCOMEEXPENSE
Unfavorable gap of $56.3M · efficiency ratio beats 2% of banks $1B-$10B in assets
Bank 94.71%Peer median 59.6%Q4 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets0.20%0.91%1.22%1.52%Beats 3%319 / 328
Return on Equity2.28%8.43%11.45%14.43%Beats 3%318 / 328
Net Interest Margin2.89%3.03%3.45%3.83%Beats 18%268 / 328
Efficiency Ratio94.71%51.61%59.56%67.53%Beats 2%324 / 328
Asset Quality
Nonperforming Loans / Loans1.28%0.24%0.51%1.03%Beats 20%260 / 322
Net Charge-Offs / Loans0.06%0.01%0.03%0.10%Beats 37%204 / 322
Capital
Tier 1 Capital Ratio12.40%11.75%13.15%15.47%Beats 38%203 / 328
Total Risk-Based Capital Ratio13.44%12.63%14.15%16.46%Beats 41%195 / 328
Equity / Assets8.59%9.15%10.33%12.01%Beats 14%282 / 328
Liquidity & Funding
Loans / Deposits100.04%76.63%87.92%95.36%86th pctl46 / 323
Loans / Assets76.66%65.18%74.15%79.98%62nd pctl126 / 328
Brokered Deposits / Depositsn/aNot reported for this institution