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Q2 2026 · read from the 30 June 2026 Call Report · United States · Pacific · Washington, the state note

First Fed Bank

Port Angeles, Washington · $2.11B in assets · beside the 8 other Washington banks between $1B and $3B

The filing

8.6%
Equity / assets
9th of 9
1.28%
NPA / loans
9th of 9
94.7%
Efficiency
9th of 9

First Fed Bank is the third largest of the 9 Washington banks between $1B and $3B, with $2.11B in assets at 30 June 2026. Loans are 100.0% of deposits, 8th of 9 against a median of 86.4%, and equity is 8.6% of assets, the lowest in the cohort. Loans grew -3.0% in the year, the slowest in the cohort, and deposits fell 2.7%; the cohort's median loan growth is +2.4%.

Noncurrent loans are 1.28% of the book, the highest in the cohort against a median of 0.35%; 0.25% is 30 to 89 days past due, and the allowance covers them 0.8 times. Commercial real estate is 36.1% of loans, 3rd of 9 against a median of 37.7%, and 269% of capital, below the 300% screen, with construction at 29% against the 100% screen.

Return on assets is 0.20%, 8th of 9 against a median of 0.94%, on an efficiency ratio of 94.7%, the highest in the cohort. Five years ago it was 0.84%. The question is where the nonperforming loans sit by category, and whether the allowance and the capital behind them hold under a loss path.

Nonperforming loans, share of loansWA banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median 0.35% Bo Bank of the Pacific 0.04% PB Peoples Bank 0.11% OF Olympia Federal Savings & Loan Association 0.26% YF Yakima Federal Savings & Loan Association 0.28% CV Cashmere Valley Bank 0.35% TB Timberland Bank 0.56% RB Riverview Bank 0.80% SC Sound Community Bank 0.90% FF First Fed Bank 1.28%
Loans, year over yearWA banks $1B to $3B · 30 June 2026 · no better direction, largest first
median +2.4% CV Cashmere Valley Bank +6.3% YF Yakima Federal Savings & Loan Association +4.6% TB Timberland Bank +3.9% Bo Bank of the Pacific +3.2% RB Riverview Bank +2.4% OF Olympia Federal Savings & Loan Association +1.1% SC Sound Community Bank -1.4% PB Peoples Bank -2.4% FF First Fed Bank -3.0%

SBA 7(a), FY2008 to FY2026

First Fed Bank is the 73rd largest 7(a) lender into Washington of 281, with $23M across 21 loans, 0.2% of everything approved in the state (U.S. Bank, National Association leads with $933M). 6 of its 10 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Washington, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
King, WA$13M55th of 1930.3%-1.3 pts
Chelan, WA$4M15th of 502.8%quiet FY2022
Skagit, WA$2M29th of 670.9%quiet FY2022
Pierce, WA$2M81st of 1370.1%quiet FY2022
Fairbanks North Star, AK$2M14th of 321.6%quiet FY2021
Clallam, WA$1M28th of 560.7%quiet FY2022
Kitsap, WA$960K55th of 830.2%+1.0 pts
Washington, OR$723K88th of 1220.1%thin
Whatcom, WA$320K63rd of 760.1%thin
Spokane, WA$150K98th of 1050.0%quiet FY2022
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Manufacturing6$11M43.1%0.03%435th of 2,246
Wholesale trade4$7M28.1%0.03%357th of 1,651
Professional & technical services3$2M8.4%0.01%706th of 1,955
Agriculture, forestry & fishing1$2M6.4%0.02%360th of 1,007
Transportation & warehousing1$1M4.3%0.01%732nd of 1,563
7(a) lenders into Washington, share of approvals since FY2008281 lenders on record; the ten largest and First Fed Bank
UB U.S. Bank, National Association 6.9% $933M · 3,630 loans CB Columbia Bank 6.7% $907M · 2,786 loans KN KeyBank National Association 5.5% $735M · 1,921 loans Bo Bank of Hope 4.9% $658M · 702 loans LO Live Oak Banking Company 4.4% $598M · 424 loans WF Wells Fargo Bank National Associa… 3.9% $518M · 1,645 loans BB Banner Bank 3.5% $467M · 2,139 loans RL Readycap Lending, LLC 3.3% $440M · 406 loans HB Heritage Bank 3.2% $437M · 947 loans U Unibank 2.8% $384M · 420 loans FF First Fed Bank 0.2% $23M · 21 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 5 CBLR filers; owner-occupied excluded; bold marks a screen met
First Fed BankRankCohort median
Total CRE against capital, the 300% screen269%6th of 9232%
Construction against capital, the 100% screen29%6th of 924%
Construction and land development, share of loans3.9%5th of 93.9%
Non-owner-occupied nonfarm nonresidential, share of loans16.4%4th of 921.5%
Total CRE, the guidance definition, share of loans36.1%3rd of 937.7%
CRE growth over 36 months, the third prong-17.5%1st of 9+4.6%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Peoples Bank$2.42B1.0%73.7%0.11%0.00%1.5%93.0%13.3%
Cashmere Valley Bank$2.32B1.1%61.4%0.35%0.38%1.1%52.6%11.1%
First Fed Bank$2.11B0.2%94.7%1.28%0.04%1.0%100.0%8.6%
Timberland Bank$2.06B1.5%53.9%0.56%0.00%1.3%86.0%13.2%
Yakima Federal Savings & Loan Association$2.00B0.9%52.4%0.28%0.00%0.6%66.6%27.7%
Riverview Bank$1.47B-0.8%83.2%0.80%0.19%1.4%86.4%11.4%
Bank of the Pacific$1.26B1.1%70.0%0.04%0.02%1.2%69.2%11.0%
Sound Community Bank$1.07B0.9%71.9%0.90%0.01%0.9%95.4%11.0%
Olympia Federal Savings & Loan Association$1.02B0.4%84.0%0.26%0.00%0.6%121.7%11.6%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
First Fed BankCohort median
20212026Change20212026Change
Loans$1.26B$1.61B+28%$889M$1.03B+16%
Deposits$1.47B$1.61B+10%$1.47B$1.37B-7%
NPA / loans0.14%1.28%+1.14 pts0.20%0.35%+0.15 pts
Efficiency74.3%94.7%+20.4 pts65.1%71.9%+6.8 pts
ROA0.84%0.20%-0.64 pts1.13%0.94%-0.19 pts

This read was prepared for First Fed Bank's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on First Fed Bank is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort WA banks $1B to $3B
Institution www.ourfirstfed.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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