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1 Investor Presentation 2025 Fourth Quarter February 2026
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2 Forward Looking Statement Certain matters discussed in this investor presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as "believes," "expects," "anticipates," "estimates," or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets, including potential recessionary and other unfavorable conditions and trends relating to housing markets, unemployment levels, interest rates and inflationary pressures, among other things; legislative, regulatory, and policy changes; legal proceedings, regulatory investigations and their resolution; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the section entitled "Risk Factors," and other filings with the Securities and Exchange Commission ("SEC"),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that we make in this investor presentation and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company's operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance. Presentation Information provided in this investor presentation is sourced from Company documents unless otherwise noted. Financial data is as of December 31, 2025, unless otherwise noted. Financial information contained in this presentation is unaudited. Within the charts and tables presented, certain segments, columns, and rows may not sum to totals shown due to rounding. This presentation contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP and are not necessarily comparable to non - GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are included at the end of this presentation. Non-GAAP Measures
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3 Net interest margin rose 9 bps LQ to 3.00% Cost of deposits dropped 8 bps LQ to 2.12% Recorded a $466,000 provision for credit losses on loans compared to a recapture of $620,000 in prior quarter Recorded a $1.7 million reimbursement from the Bank’s insurance carrier to offset costs associated with legal matters Legal expenses lower by $922,000 versus LQ Recorded $681,000 in expenses related to the upcoming branch closure on April 30, 2026 Fourth Quarter 2025 Results
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4 2025 Fourth Quarter Financial Summary • Adjusted PPNR* of $478,000, increased $138,000 compared to $340,000 LQ and decreased $952,000 from $1.4 million in the PYQPPNR* • Loans decreased by $4.2 million, or 0.3% • Growth in C&I, CRE and consumer offset by further declines in multifamily, construction and residential mortgages Loans • Customer deposits decreased by $36.4 million, or 2.4%, partly due to fluctuations in normal flows of client funds • Brokered deposits decreased $17.9 million, or 17.1% • Loan to deposit ratio rose to 101.8% from 98.2% LQ Deposits • TCE / Tangible Assets* increased to 7.40% versus 7.26% in LQ • TBV/share increased 1.8% to $16.47 versus $16.18 in LQCapital * Non-GAAP reconciliation provided at the end of this presentation
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5 Fourth Quarter 2025 GAAP Results Selected Financial Data ($ in thousands, except for per share data) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Net Interest Income 14,690$ 14,569$ 14,193$ 13,847$ 14,137$ 14,020$ 14,234$ 13,929$ 14,195$ Provision for Credit Losses 564 (673) (361) 7,786 3,655 3,134 8,739 970 1,152 Total Noninterest Income 3,690 2,002 2,171 3,777 1,300 1,779 7,347 2,188 (2,930) Total Revenue 18,380 16,571 16,363 17,624 15,437 15,800 21,581 16,117 11,265 Total Noninterest Expense 16,902 17,389 12,766 19,999 14,232 15,848 15,609 14,303 16,990 Income (Loss) before Taxes 914 (146) 3,958 (10,161) (2,450) (3,183) (2,767) 843 (6,876) Net Income (Loss) 382 802 3,661 (9,036) (2,810) (1,980) (2,220) 396 (5,522) Earnings Per Share 0.04 0.09 0.42 (1.03) (0.32) (0.23) (0.25) 0.04 (0.62) Total Assets 2,107,895 2,111,373 2,195,363 2,171,430 2,232,006 2,255,486 2,215,962 2,240,020 2,201,797 Gross Loans Receivable (ex HFS) 1,629,015 1,624,027 1,665,562 1,658,142 1,695,635 1,736,386 1,697,107 1,710,731 1,660,028 Allowance for Credit Losses on Loans & Leases (16,987) (16,203) (18,345) (20,569) (20,449) (21,970) (19,343) (17,958) (17,510) All Other Assets 495,867 503,548 548,146 533,857 556,820 541,069 538,198 547,247 559,279 Total Liabilities 1,950,631 1,956,844 2,045,630 2,024,939 2,078,124 2,094,697 2,057,081 2,079,514 2,038,457 Total Deposits 1,599,101 1,653,327 1,654,636 1,666,068 1,688,026 1,711,641 1,708,289 1,666,624 1,676,892 Borrowings 308,143 259,625 344,108 307,091 336,014 334,994 302,575 371,455 320,936 Other Liabilities 43,388 43,892 46,886 51,779 54,084 48,061 46,218 41,435 40,630 Total Shareholders' Equity 157,264 154,528 149,733 146,491 153,882 160,789 158,881 160,506 163,340 Net Interest Margin 3.00% 2.91% 2.83% 2.76% 2.73% 2.71% 2.76% 2.76% 2.84% Effective Tax Rate 58.27% 649.77% 7.50% 11.07% -14.67% 37.79% 19.78% 53.00% 19.70% Noninterest Expense to Average Assets 3.22% 3.23% 2.37% 3.73% 2.57% 2.85% 2.83% 2.66% 3.17%
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6 Strong Capital and Liquidity Positions Capital and Liquidity Ratios Bank (1) 9.5% leverage capital 12.5% CET1 capital 13.6% total risk-based capital 8.5% TCE/TA Company 13.2% primary liquidity 37.0% total liquidity Cash & Borrowings Combined $771 million cash and available borrowings (2) 12.8% cash as a % of total assets 36.6% cash and borrowings immediately available as a % of total assets 101.8% loan to deposit ratio 1 – Bank ratios, preliminary and subject to finalization of the FDIC call report filing 2 – Includes Federal Reserve Board, Federal Home Loan Bank, Pacific Coast Bankers Bank, line of credit and wholesale funding capacities
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7 Continuing to Reduced Brokered Deposits ($ in millions) Brokered deposit balances decreased $17.9 million from prior quarter; $96.4 million from peak in Q4 2024
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8 Repricing Time Deposits Benefits Margin Based on current maturities within the portfolio and assuming no further interest rate adjustments in the Fed Funds Rate, there are $450.8 million of time deposits repricing in next 12 months • $380.4 million of customer time deposits are repricing at an average rate of ~32 basis points lower based on current rates with expected savings of $613,000 of interest expense • $70.4 million of brokered time deposits are repricing at an average rate of ~35 basis points lower based on current rates with expected savings of $208,000 of interest expense • Total of $821,000 of expected interest expense savings in the next 12 months Schedule of Maturing Certificate of Deposits ($ in thousands) Brokered Time Deposits Maturity Quarter Balance Maturity Rate Current Rate Variance Q1 2026 22,390 4.27% 3.95% -0.32% Q2 2026 40,505 4.59% 3.95% -0.64% Q3 2026 - 0.00% 0.00% 0.00% Q4 2026 7,475 2.82% 3.95% 1.13% Total Brokered 70,370 4.30% 3.95% -0.35% Customer Time Deposits Maturity Quarter Balance Maturity Rate Current Rate Variance Q1 2026 98,960 3.64% 3.30% -0.34% Q2 2026 58,179 3.53% 3.25% -0.28% Q3 2026 108,800 3.70% 3.34% -0.36% Q4 2026 114,503 3.73% 3.46% -0.27% Total Customer 380,441 3.67% 3.35% -0.32%
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9 Average Deposits & Recent NIM Trends ($ in millions) NIM expansion over the past four quarters stemmed from lower deposit costs
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10 Credit Trends – Risk Ratings Nonperforming loans totaled increased $9.2 million to $22.6 million at December 31, 2025, compared to a quarter earlier, as a $6.3 million CRE loan and four SBA loans totaling $4.7 million were placed on to nonaccrual. The commercial loans that were placed on nonaccrual are fully supported by collateral and SBA guarantees. Loans by Risk Rating ($ in Millions) Q4 2025 Balance % of Total Q3 2025 Balance % of Total Q2 2025 Balance % of Total Q1 2025 Balance % of Total Q4 2024 Balance % of Total Pass (Grades 1-3) $1,480.7 90.94% $1,496.7 92.21% $1,555.3 93.43% $1,545.9 93.26% $1,574.6 92.85% Watch (Grade 4) $98.1 6.03% $88.9 5.48% $68.3 4.10% $68.8 4.15% $67.5 3.98% Special Mention (Grade 5) $26.6 1.63% $13.7 0.84% $10.2 0.61% $11.3 0.68% $11.1 0.65% Substandard (Grade 6) $22.8 1.40% $23.9 1.47% $30.9 1.86% $31.6 1.91% $42.5 2.51% Doubtful (Grade 7) - 0.00% - 0.00% - 0.00% - 0.00% - 0.00% Loss (Grade 8) - 0.00% - 0.00% - 0.00% - 0.00% - 0.00% Total Loans $1,628.1 $1,623.1 $1,664.7 $1,657.6 $1,695.8 Non-performing Loans $22.6 $13.4 $20.4 $20.4 $30.5 % of Total Loans 1.39% 0.82% 1.22% 1.23% 1.80%
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11 Credit Trends – Allowance for Credit Losses The allowance for credit losses on loans ("ACLL") increased $784,000 to $17.0 million at December 31, 2025, from $16.2 million at September 30, 2025. The ACLL as a percentage of total loans was 1.04% at December 31, 2025, an increase from 1.00% at September 30, 2025, and a decrease from 1.21% one year earlier. A $466,000 provision expense for the quarter ended December 31, 2025, was the result of $318,000 in net recoveries, partially offset by a $636,000 increase in the overall pooled loan reserve, driven by increased loss factors applied to commercial real estate and commercial business loans, and reserves on individually analyzed loans totaling $151,000.
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12 Classified Assets Continue to Trend Lower 1 – Relationships less than $2.5 million. Prior periods also include relationships no longer itemized. • CRE – Condo is a $5.1 million construction loan, which became a classified loan in the fourth quarter of 2022 • CRE – Office is a $6.3 million commercial real estate loan, which became a classified loan in the third quarter of 2024 • CRE – Gas Station is a $3.4 million commercial real estate loan, which became classified in the second quarter of 2025 • SBA loan - 75% guaranty is a $2.7 million commercial business loan that carries a 75% SBA guarantee, which became classified in the fourth quarter of 2023 • During the fourth quarter of 2025, net charge-offs totaling $1.7 million related to the 4 itemized relationships were recorded • The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loan for the CRE – Condo relationship Amortized Cost of Classified Assets ($ in Thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 CRE – Condo $ 5,139 $ 6,029 $ 8,120 $ 8,120 $ 11,384 CRE – Office 6,306 6,656 6,676 6,695 6,402 CRE – Gas Station 3,435 3,435 4,091 - - SBA loan - 75% guaranty 2,686 3,059 3,149 3,225 3,307 All other classified loans 1 5,209 4,674 8,901 13,559 21,450 Total Classified Assets $ 22,775 $ 23,853 $ 30,937 $ 31,599 $ 42,543
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13 Credit Quality – Classified Asset Summary Updates on relationships no longer itemized: • Recovered $2.2 million during Q4 2025 of Commercial – Equipment Loans previously charged off • Monitoring the CRE – Warehouse bankruptcy proceedings for potential future recoveries Classified Assets Schedule as of December 31, 2025 ($ in Thousands) Amortized Cost % Total Assets Status • Condo project located in Bellevue, WA CRE – Condo $ 5,139 0.24% • 18 unit mixed-use project, 11 units sold, 2 units under contract - • Office Building in Fremont, WA CRE – Office 6,306 0.30% • New master lease signed for entire space - • 2 gas stations near Canadian border CRE – Gas Station 3,435 0.16% • Credit restructured with additional collateral pledge - • Working capital loan collateralized by business assets SBA loan - 75% guaranty 2,686 0.13% • SBA guarantee covers $2.0 million of the outstanding balance All other classified loans 5,209 0.25% Total Classified Assets $ 22,775 1.08%
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14 2026 Strategic Pillars Process & Data Improvement to Drive Efficiencies Establish a disciplined enterprise-wide approach to data, analytics and process design for scalable growth and an efficient operating platform Build Resilient Core Deposit Base Strengthen and diversify the Bank’s core funding base with a focus on relationship- based deposits Grow the Organic Loan Portfolio Continued focus on high-quality loan growth through relationship-based lending in core markets
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15 First Fed Executive Team Curt Queyrouze President and CEO Phyllis Nomura Chief Financial Officer David Edelstein Chief Innovation Officer Kyle Henderson Chief Credit Officer Allison Mahaney Chief Legal Officer
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16 16 Thank You! Contact Curt Queyrouze President and CEO curt.queyrouze@ourfirstfed.com Phyllis Nomura EVP | CFO phyllis.nomura@ourfirstfed.com
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17 17 Appendix
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18 Bank holding company for First Fed, an innovative community bank with $2.1 billion in assets as of December 31, 2025 First Fed is a Washington state-chartered commercial bank, headquartered in Port Angeles where it was founded in 1923 12 full-service branches: 6 in Clallam and Jefferson Counties, 2 in Kitsap county, 3 in Whatcom County, 1 in King County Full-service bank offering consumer, mortgage, and commercial solutions leveraging both in-person and digital delivery channels in our emerging and legacy markets FNWB NASDAQ ticker symbol N∘1 Deposit Market Share in Clallam County About First Northwest Bancorp (FNWB)
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19 Established Community Bank in Puget Sound Established Puget Sound Banking Markets Emerging Puget Sound Banking Markets • County Deposits & Demographics as of June 30, 2025 • Clallam County branches includes online and admin location • Loan growth areas of focus: • CRE • Commercial • SBA • Digital and in-branch focused on home equity loans and lines of credit County Market Rank Number of Branches Deposits in Market ($M) Deposit Market Share (%) % of Franchise Clallam * 1 8 1,162 41.2% 70.6% Jefferson 2 1 205 22.5% 11.7% Market Total 35 3,734 County Market Rank Number of Branches Deposits in Market ($M) Deposit Market Share (%) % of Franchise King 33 1 31 0.1% 1.9% Kitsap 9 2 113 2.7% 6.9% Whatcom 12 3 147 2.9% 8.9% Market Total 509 114,765
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20 Leading Deposit Market Share Source: FDIC: Deposit data as of June 30, 2025 Kitsap County, WA Clallam County, WA Whatcom County, WA Jefferson County, WA Rank Institution # Branches Deposits ($M) Market Share (%) 1 FIRST NORTHWEST BANCORP 8 1,162 41.2 2 SOUND FINANCIAL BANCORP, INC. 3 460 16.3 3 JPMORGAN CHASE & CO. 2 267 9.4 4 FS BANCORP, INC. 2 247 8.8 5 U.S. BANCORP 2 164 5.8 6 WELLS FARGO & COMPANY 1 138 4.9 7 COLUMBIA BANKING SYSTEM, INC. 2 118 4.2 8 KEYCORP 2 109 3.9 9 OLYMPIC BANCORP, INC. 2 97 3.4 10 WAFD, INC. 1 59 2.1 Total For Institutions In Market 25 2,821 Rank Institution # Branches Deposits ($M) Market Share (%) 1 FS BANCORP, INC. 2 226 24.8 2 FIRST NORTHWEST BANCORP 1 205 22.5 3 OLYMPIC BANCORP, INC. 2 170 18.6 4 JPMORGAN CHASE & CO. 1 114 12.5 5 U.S. BANCORP 2 75 8.2 6 WELLS FARGO & COMPANY 1 74 8.1 7 SOUND FINANCIAL BANCORP, INC. 1 49 5.3 Total For Institutions In Market 10 913 Rank Institution # Branches Deposits ($M) Market Share (%) 1 PEOPLES BANCORP 9 1,228 23.8 2 BANK OF AMERICA CORPORATION 2 567 11.0 3 JPMORGAN CHASE & CO. 4 566 11.0 4 BANNER CORPORATION 5 513 10.0 5 U.S. BANCORP 4 506 9.8 6 WAFD, INC. 5 462 9.0 7 WELLS FARGO & COMPANY 2 355 6.9 8 KEYCORP 4 202 3.9 9 COLUMBIA BANKING SYSTEM, INC. 3 186 3.6 10 PACIFIC FINANCIAL CORPORATION 3 173 3.4 11 HERITAGE FINANCIAL CORPORATION 2 169 3.3 12 FIRST NORTHWEST BANCORP 3 147 2.9 Total For Institutions In Market 48 5,150 Rank Institution # Branches Deposits ($M) Market Share (%) 1 BANK OF AMERICA CORPORATION 4 1,010 23.6 2 OLYMPIC BANCORP, INC. 10 884 20.7 3 JPMORGAN CHASE & CO. 5 772 18.1 4 WELLS FARGO & COMPANY 4 424 9.9 5 COLUMBIA BANKING SYSTEM, INC. 4 255 6.0 6 U.S. BANCORP 3 187 4.4 7 KEYCORP 4 170 4.0 8 LIBERTY NORTHWEST BANCORP, INC. 1 157 3.7 9 FIRST NORTHWEST BANCORP 2 113 2.7 10 WAFD, INC. 3 85 2.0 Total For Institutions In Market 45 4,271
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21 Balance Sheet Activity ($ in Millions) Total Loans and LeasesTotal Assets Total EquityTotal Deposits 1 - CAGR calculated from first period to last period shown in chart
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22 Performance Metrics ROAA (%)Net Income (Loss) ($ in Thousands) Net Interest Margin (%)Efficiency Ratio (%)
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23 Performance Metrics Earnings per ShareReturn on Avg. Equity Historical CE and TCE Ratios *Historical Book Value per Share * Non-GAAP reconciliation provided at the end of this presentation
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24 Net Interest Income and Margin ($ in Thousands)
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25 Loan Portfolio Composition • Most recent quarter yield on loans of 5.54% compared to 5.59% from PYQ • Construction and Land Development is comprised of Land 9.96%, 1-4 Family construction 10.51%, and Commercial construction 79.53% • Commercial real estate (excluding Multi-Family) is comprised of 71.46% Nonowner Occupied and 28.54% Owner Occupied • Total loans decreased 3.99%, or $67.7 million, over PYQ Loans by Type ($ in Thousands) Q4 2025 % of Total Change from Q4 2024 Q4 2024 Commercial Real Estate $403,269 24.8% $11,968 $391,301 1-4 Family 377,024 23.2% (18,647) 395,671 Construction and Land Development 61,652 3.8% (16,776) 78,428 Multi-Family 289,380 17.8% (44,232) 333,612 Auto 141,128 8.7% 12,218 128,909 Other Consumer 204,198 12.5% 6,619 197,579 C&I 129,962 8.0% (21,223) 151,185 Deferred Fees 21,499 1.3% 2,362 19,137 Total Loans, excluding ACLL & Derivatives $1,628,111 100.0% ($67,711) $1,695,823
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26 Core Deposit Composition • Cost of total deposits down 8 basis points from LQ and down 46 basis points from PYQ • During the fourth quarter, total customer deposit balances decreased $36.3 million and brokered deposit balances decreased $17.9 million • The current rate environment continues to contribute to greater competition for deposits 1 - Core deposits is a Non-GAAP financial metric defined as total deposits less brokered CDs Q4 2025 Deposits by Type ($ in Thousands) Q4 2025 Balance % of Total Change from one year ago Noninterest Checking $245,759 15.4% ($10,658) Interest Checking 143,168 9.0% (21,723) Savings 239,258 15.0% 34,204 Money Market 451,143 28.2% 37,321 Certificate of Deposit 433,263 27.1% (31,658) Brokered CDs 86,510 5.4% (96,410) Deposits $1,599,101 100.0% ($88,925) Core Deposits 1 $1,512,590 94.6% $7,485
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27 Securities Portfolio • Maturities totaling $5.9 million and regular principal payments totaling $8.8 million were partially offset by a $2.4 million reduction of net unrealized losses during the current quarter • 100% available-for-sale securities 4.26% Investment Portfolio Characteristics as of: Q4 2025 Q4 2024 Book Value $295.8 million $376.3 million Market Value $270.3 million $340.3 million Effective Duration 4.6 years 3.9 years Average Life 6.5 years 6.9 years Portfolio Yield 4.3% 4.6% Unrealized Gain/Loss on Investments, net of tax ($20.1) million ($28.2) million
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28 Bank Level Capital Ratios Leverage Ratio (as reported on FFIEC Form 051) 2Equity/Total Assets, Tangible CE/Tangible Assets 1 Total RBC Ratio (as reported on FFIEC Form 051) 2Tier 1 Capital Ratio (as reported on FFIEC Form 051) 2 1 - Non-GAAP reconciliation provided at the end of this presentation 2 - Current Period capital ratios are preliminary and subject to finalization of the FDIC Call Report
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29 Non-GAAP Reconciliations Bank Equity/Total Assets and Tangible CE/Tangible Assets 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Total shareholders' equity $ 153,882 $ 146,491 $ 149,733 $ 154,528 $ 157,264 Less: Goodwill and other intangible assets 1,083 1,082 1,081 1,080 1,062 Disallowed non-mortgage loan servicing rights 423 416 372 317 302 Total tangible common equity $ 152,377 $ 144,994 $ 148,280 $ 153,131 $ 155,900 Total assets $ 2,232,006 $ 2,171,430 $ 2,195,363 $ 2,111,373 $ 2,107,895 Less: Goodwill and other intangible assets 1,083 1,082 1,081 1,080 1,062 Disallowed non-mortgage loan servicing rights 423 416 372 317 302 Total tangible assets $ 2,230,500 $ 2,169,933 $ 2,193,910 $ 2,109,975 $ 2,106,531 GAAP Ratio: Equity to total assets 6.90% 6.74% 6.81% 7.31% 7.46% Non-GAAP Ratio: Tangible common equity to tangible assets 6.83% 6.68% 6.76% 7.26% 7.40% (Dollars in thousands) 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Total shareholders' equity $ 178,693 $ 171,063 $ 172,716 $ 178,379 $ 179,586 Less: Goodwill and other intangible assets 1,083 1,082 1,081 1,080 1,062 Disallowed non-mortgage loan servicing rights 423 416 372 317 302 Total tangible common equity $ 177,188 $ 169,566 $ 171,263 $ 176,981 $ 178,223 Total assets $ 2,218,545 $ 2,157,658 $ 2,181,154 $ 2,100,262 $ 2,089,286 Less: Goodwill and other intangible assets 1,083 1,082 1,081 1,080 1,062 Disallowed non-mortgage loan servicing rights 423 416 372 317 302 Total tangible assets $ 2,217,039 $ 2,156,161 $ 2,179,701 $ 2,098,865 $ 2,087,923 GAAP Ratio: Equity to total assets 8.13% 7.92% 7.91% 8.49% 8.59% Non-GAAP Ratio: Tangible common equity to tangible assets 7.99% 7.88% 7.86% 8.43% 8.54% (Dollars in thousands) Equity/Total Assets and Tangible CE/Tangible Assets
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30 Non-GAAP Reconciliations (continued) Pre-tax, Pre-provision Net Revenue (PPNR) and Adjusted PPNR Calculations (Dollars in thousands) 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Net income (loss) (GAAP) (2,810)$ (9,036)$ 3,661$ 802$ 382$ Plus: (recapture of) provision for credit losses (GAAP) 3,655 7,785 (360) (673) 563 Provision (benefit) for income taxes (GAAP) 359 (1,125) 297 (948) 533 PPNR (Non-GAAP) (1) 1,204 (2,376) 3,598 (819) 1,478 Less selected nonrecurring adjustments to PPNR (Non-GAAP): Insurance reimbursement included in other noninterest income — — — — 1,681 Branch closure costs included in compensation and other noninterest expense — — — — (681) Executive transition costs included in compensation and professional fees — — — (1,159) — Employee retention credit ("ERC") included in compensation and benefits — — 2,640 — — ERC consulting expense included in professional fees — — (528) — — Costs associated with early termination of Bellevue Business Center lease included in other expense — — (599) — — BOLI death benefit 1,536 1,059 — — — Gain on extinguishment of subordinated debt included in other income — 846 — — — Legal reserve — (5,750) — — — Equity investment repricing adjustment (1,762) — — — — Adjusted PPNR 1,430$ 1,469$ 2,085$ 340$ 478$ Average total assets 2,205,502$ 2,174,748$ 2,164,579$ 2,135,409$ 2,083,768$ Return on average assets (GAAP) -0.51% -1.69% 0.68% 0.15% 0.07% PPNR return on average assets (Non-GAAP) (1) 0.22% -0.44% 0.67% -0.15% 0.28% Adjusted PPNR return on average assets (Non-GAAP) (1) 0.26% 0.27% 0.39% 0.06% 0.09% For the Quarter Ended