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Letter portraitLegal landscapeQuarterYTD

1st Security Bank of Washington

Mountlake Terrace, WA · Cert 57633 · FS Bcorp Inc.

SI · FDIC · 30 branches

Q2 2026

$3.2BAssets
$2.7BLoans
$2.5BDeposits
$362.9MEquity
Loan mix
70%RE $1.9B8%C&I $0.2B22%Consumer $0.6BQ2 2025Q2 2026
Deposit mix
73%Interest-bearing $1.8B27%Noninterest $0.7BQ2 2025Q2 2026

NIM

6.18%Q2 ’246.21%Q2 ’256.22%Q2 ’260%+1%

Non-interest income vs. expense

3.19%Q2 ’243.23%Q2 ’253.19%Q2 ’26+6%-4%

Market Position · Seattle-Tacoma-Bellevue, WA · 2026 SOD (annual) · 0.8% share · #14 of 43 inst. · $1.1B of $143.1B

4.0% Snohomish
18.5% Grays Harbor
9.3% Clallam
25.0% Jefferson

Executive Summary

  • Earnings: ROA of 1.11%, up 5 bps year over year; NIM at 4.22%.
  • Asset quality: problem loans at 0.58% of loans (-13 bps YoY), with net charge-offs at 0.57%.
  • Capital: tier 1 leverage ratio of 11.44%, up 26 bps from a year ago.
  • Funding: loans stand at 109.14% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.11%+5 bps YoY

Net Interest Margin (quarter, annualized)

4.22%+4 bps YoY

Efficiency Ratio (quarter, annualized)

62.96%-198 bps YoY

Tier 1 Leverage Ratio

11.44%+26 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.06%1.22%1.15%1.08%1.11%+5 bps
Return on Equity9.59%11.25%10.54%9.77%9.86%+27 bps
Net Interest Margin4.18%4.28%4.26%4.15%4.22%+4 bps
Efficiency Ratio64.94%61.37%60.98%63.16%62.96%-198 bps
Non-Interest Burden2.57%2.44%2.39%2.47%2.47%-10 bps
Growth
Asset Growth (YoY)7.98%8.03%5.53%4.48%0.09%-789 bps
Loan Growth (YoY)4.95%4.87%5.35%5.81%0.85%-411 bps
Deposit Growth (YoY)6.85%10.45%14.06%0.97%-3.96%-1,082 bps
Asset Quality
Nonperforming Loans / Loans0.71%0.69%0.69%0.67%0.58%-13 bps
Net Charge-Offs / Loans0.18%0.60%0.30%0.32%0.57%+39 bps
Allowance / Loans1.21%1.13%1.18%1.20%1.16%-5 bps
Allowance Coverage of NPLs1.7x1.6x1.7x1.8x2.0x+0.3x
Capital
Tier 1 Leverage Ratio11.18%10.96%10.96%11.16%11.44%+26 bps
Total Risk-Based Capital14.06%13.81%13.96%13.81%14.01%-5 bps
Equity / Assets10.86%10.82%10.94%11.08%11.42%+56 bps
Liquidity & Funding
Loans / Deposits103.94%98.77%100.28%102.06%109.14%+520 bps
Liquid Assets / Assets1.57%2.50%1.50%1.86%1.63%+6 bps
CRE / Total Capitaln/a290%293%297%n/an/a