PackageTrendsPeer
Letter portraitLegal landscape

First Sound Bank

Seattle, WA · Cert 57799

FDIC · 1 branch

Q1 2024

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, not published for this institution and quartern/a

Basis

Quarter: Q1 2024, the quarter ended March 31, 2024, on both parts.

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

Balance sheet: as filed at quarter end.

Peer group

No peer standings are published for this institution and quarter.

Peer groups below the disclosure floor are suppressed.

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 Sound Bank

Seattle, WA · Cert 57799

FDIC · 1 branch

Q1 2024

$154.8MAssets
$135.2MLoans
$112.0MDeposits
$14.9MEquity
Loan mix
80%RE $81.6M19%C&I $18.9M1%Consumer $1.3MQ1 2023Q1 2024
Deposit mix
53%Interest-bearing $59.2M47%Noninterest $52.7MQ1 2023Q1 2024

NIM

3.29%Q1 ’224.62%Q1 ’235.11%Q1 ’24-3%-15%

Non-interest income vs. expense

3.02%Q1 ’222.73%Q1 ’233.24%Q1 ’24-12%+25%

Market Position · Seattle-Tacoma-Bellevue, WA · 2023 SOD (annual) · 0.1% share · #37 of 48 inst. · $0.1B of $145.3B

Executive Summary

  • Earnings: ROA of -0.51%, down 93 bps year over year; NIM at 2.55%.
  • Asset quality: problem loans at 1.02% of loans (+3 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 9.37%, up 57 bps from a year ago.
  • Funding: loans stand at 120.78% of deposits as of Q1 2024.

Financial Results

Return on Assets (YTD, annualized)

-0.51%-93 bps YoY

Net Interest Margin (YTD, annualized)

2.55%-46 bps YoY

Efficiency Ratio (YTD, annualized)

124.02%+3,728 bps YoY

Tier 1 Leverage Ratio

9.37%+57 bps YoY

Year to date, annualized, through each quarter.

MetricQ1 2023Q2 2023Q3 2023Q4 2023Q1 2024YoY ΔTrend
Earnings
Return on Assets0.41%0.37%0.14%0.06%-0.51%-93 bps
Return on Equity4.77%4.14%1.60%0.62%-5.42%-1,019 bps
Net Interest Margin3.01%3.05%2.99%2.97%2.55%-46 bps
Efficiency Ratio86.74%87.95%95.26%98.05%124.02%+3,728 bps
Non-Interest Burden2.53%2.62%2.82%2.88%3.15%+62 bps
Growth
Asset Growth (YoY)16.77%3.20%-0.33%-6.09%-11.41%-2,817 bps
Loan Growth (YoY)16.28%8.27%4.37%-5.83%-5.65%-2,193 bps
Deposit Growth (YoY)35.25%-0.28%3.37%-9.00%-26.43%-6,169 bps
Asset Quality
Nonperforming Loans / Loans0.99%0.96%1.00%1.00%1.02%+3 bps
Net Charge-Offs / Loans-0.01%0.00%0.00%0.00%0.00%+1 bps
Allowance / Loans1.14%1.15%1.18%1.19%1.17%+3 bps
Allowance Coverage of NPLs1.2x1.2x1.2x1.2x1.2x0.0x
Capital
Tier 1 Leverage Ratio8.81%9.14%9.51%9.41%9.37%+57 bps
Total Risk-Based Capital8.81%9.14%9.51%9.41%9.37%+57 bps
Equity / Assets8.56%9.43%9.32%9.36%9.62%+107 bps
Liquidity & Funding
Loans / Deposits94.17%125.25%113.15%114.21%120.78%+2,660 bps
Liquid Assets / Assets11.11%2.29%6.69%7.18%4.69%-641 bps
CRE / Total Capitaln/an/an/an/an/an/an/a