First Northwest Bancorp · NASDAQ:FNWB
First Northwest Bancorp — Q3 2025 Earnings Presentation
29 slides from First Northwest Bancorp's earnings presentation, Oct 29, 2025
Slide 1: First Northwest Bancorp Investor Presentation Third Quarter 2025
& First Northwest Bancorp Investor Presentation 2025 Third Quarter October 2025
Slide 2: Forward Looking Statement
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 environmen
Slide 3: Third Quarter 2025 Results
Third Quarter 2025 Results Reported net interest margin of 2.91% an increase of 8 bps from LQ Cost of total deposits dropped to 2.20% a decrease of 11 bps from LQ Reduced reliance on wholesale funding, including $84.5 million reduction in advances from LQ Classified loans decreased $7.1 million in t
Slide 4: 2025 Third Quarter Financial Summary
2025 Third Quarter Financial Summary PPNR* Loans Deposits Capital ~ Adjusted PPNR* of $340,000 decreased $1.8 million compared to $2.1 million LQ and decreased $607,000 from $947,000 in the PYQ a . >») Loans decreased by $39.4 million or 2.4% during the quarter Recorded a $620,000 recapture of provi
Slide 5: Third Quarter 2025 GAAP Results
Third Quarter 2025 GAAP Results ‘Selected Financial Data (Sin thousands, except for per share data) 932025 022025 012025 042024 032024 022024 12024 042023 __Q3.2023 Net Interest Income 3 4509 5 14193 § 13@7 5 14157 § 14000 5 1428 5 1399 5 14195 5 16950 Provision for Credit Losses (73) (35) 7,78G 35S
Slide 6: Strong Capital and Liquidity Positions
Strong Capital and Liquidity Positions Capital and Liquidity Ratios Bank © = 9.3% leverage capital "= 12.7% CET1 capital = 13.7% total risk-based capital = 8.4% TCE/TA Company = 13.5% primary liquidity = 39.6% total liquidity Cash & Borrowings = Combined $840 million cash and available borrowings”!
Slide 7: Reduced Reliance on Brokered Deposits
Reduced Reliance on Brokered Deposits (Sin mittons) Brokered Deposits Peaked in Q3 2024 ayaa $1,688 $1,666 $1,655 $1,653 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 | Brokered ® Non-Brokered ™ Brokered deposit balances decreased $2.6 million from last quarter; $99.3 million from peak in Q3 2024 ™ Non-Br
Slide 8: Repricing Time Deposits Benefits Margin
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 $447.8 million of time deposits repricing in next 12 months + $367.0 million of customer time deposits are repricing at an avera
Slide 9: Average Deposits & NIM Recent Trends
Average Deposits & NIM Recent Trends (Sin mitons) 1,722 Cale : $1,653 $1,657 $1,636 mmm Average Non-Interest Bearing jem Average Interest Bearing Total Deposit Cost —nm 03 2024 042024 Q1 2025 Q2.2025 Q3 2025 ™ NIM expansion over the past four quarters due to the reduction in deposit costs ‘S First N
Slide 10: Credit Trends — Risk Ratings
Credit Trends — Risk Ratings Loans by Risk Rating 3 2025 2 2025 QA 2025 042024 3 2024 (sin moweande) Balance %ofTotal Balance %of Total Balance %of Total Balance %of Total_Balance _% of Total Pass (Grades 1-3) $1,496,670 92.21% $1,555,273 93.43% $1,545,909 93.26% $1,574,645 92.85% 1593927 91.88% Wat
Slide 11: Classified Asset Trend
Classified Asset Trend ‘Amortized Cost of Classified Assets (6 in Thousands) Q3 2025 Q2 2025 Qa 2025 24 2024 Q3 2024 Relationship 1 5 6029 $ 8120 $ 8120 $ 11,384 $ 11,187 Relationship 2 6,656 6,676 6,695 6,402 6,439 Relationship 3 - 4,933 7,150 8,150 8,177 Relationship 4 3,435 4,091 - - - Relationsh
Slide 12: Credit Quality — Classified Asset Summary
Credit Quality — Classified Asset Summary Classified Assets Schedule as of September 30, 2025 (6 in Thousands) Amortized —% Total Loan Category Cost Assets Status * Condo project located in Bellevue, WA Relationship 1 CRE Condo $ 6,029 0.29% + 18 unit mixed-use project, 11 units sold ‘Office Buildin
Slide 13: Strategic Near-Term Focus
Strategic Near-Term Focus Grow lower-cost customer deposits, reducing reliance on borrowed and brokered funding Expand our loan and deposit production with commercial relationships Target home equity growth with digital channel Continue collection and liquidation efforts for remaining classified ass
Slide 14: Key Financial Operating Pillars
Key Financial Operating Pillars & First Northwest Bancorp Our mission: To improve the lives of those we serve Continue to reduce credit costs for remainder of 2025 and 2026 Focus on continued expansion of net interest margin and neutralizing margin sensitivity Continued focus on noninterest expense
Slide 15: First Fed Executive Team
First Fed Executive Team Curt Queyrouze Geri Bullard President and CEO Chie Operating Officer David Edelstein Chiet innovation Officer Chiet Credit Officer Kyle Henderson Phyllis Nomura Chiet Financial Officer ‘S First Northwest Bancorp 5
Slide 16: Thank You! Contact
‘SS First Northwest Bancor ‘S First Fed P Thank You! Contact Curt Queyrouze Phyllis Nomura President and CEO EVP | CFO curt.queyrouze@ourfirstfed.com phyllis.nomura@ ourfirstfed.com ‘S First Northwest Bancorp 16
Slide 17: Appendix
‘S First Northwest Bancorp S First Fed Appendix ‘S First Northwest Bancorp 7
Slide 18: About First Northwest Bancorp (FNWB)
About First Northwest Bancorp (FNWB) FNWB NASDAQ ticker symbol N°1 Deposit Market Share in Clallam County Bank holding company for First Fed, an innovative community bank with $2.1 billion in assets as of September 30, 2025 First Fed isa Washington state-chartered commercial bank, headquartered in P
Slide 19: Securities Portfolio
Securities Portfolio Other 3% Municipal 28% Investment Portfolio Characteristics as of: ‘3 2025 3 2024 Book Value $8105 mi $341.0 million Market Value $282.6 m' $310.9 million Effective Duration 48 years 39 years Average Life ea years 7.4yeers Portfolio Yield 44% 4% Unrealized Gain/Loss on investmen
Slide 20: Loan Portfolio Composition
Loan Portfolio Composition loans by Type ‘Change from (Sonrmoustas) 932025 SéofTeal 932028 032028 ‘Commercial Real state $3570 «MSK $2015 «SS75878 1-4 Family 3eze12 73.6% (03359) 396,171 Other Construction and Land Development 608 4.2% (28,108) 35,108 Muti-Family 297,469 18.3% (57,373) «354.842 Cons
Slide 21: Core Deposit Composition
Core Deposit Composition Deposits by Type 93 2025 ‘Change from Brokered ($ In Thousands) Balance _% of Total_one year ago Noninterest Noninterest Checking $255,362 15.4% $2,363, Checking Interest Checking 146,377 8.9% (20,825) savings 232,831, 141% 20068 Money Market ‘475,614 28.8% 42,306 In Certifi
Slide 22: Net Interest Income and Margin
Net Interest Income and Margin ($ in Thousands) $18,000 Are | cee! $14,000 $12,000 $14,950 93 2023 942023 $14,193, $13,929 12024 = Q22024 = 3.2024 «= 42024 ©2025 = a2.2025 mE Net Interest Income ——=Net interest Margin 2.91% $14,569 93 2025 3.50% 3.00% ‘S First Northwest Bancorp
Slide 23: Performance Metrics
Performance Metrics Trailing Twelve Months Net Income (Loss) ($ in Thousands) Trailing Twelve Months ROAA (%) $1610 gy ggg «$13,510 225) 0.65% 0.65% “$7388 tay 388 $9325 Dorie 2022@_ 2003. «00403200503 2o1as 202203202803 202403 (202503, Trailing Twelve Months Efficiency Ratio (%) 1g Twelve Months Ne
Slide 24: Performance Metrics
Performance Metrics Trailing Twelve Month Return on Avg. Equity Trailing Twelve Month Earnings per Share 148% 8.16% 68% ae AI9% prig3 «202208. 200303 ames 202508 Trailing Twelve Month Historical Book Value per Share $18.68 yui03 2203-23 0NkGB_ 05GB. Non-GAAP recone on provided atthe end ofthis prese
Slide 25: Balance Sheet Activity
Balance Sheet Activity ($ in Millions) Total Assets Total Loans and Leases CAGR': 3.4% CAGR': 4.6% soo S2ase 2255 aay gen GD ERE $s $1,345 cpm — 03.2022 BIM3_— BHM. BAS B21 — 0320220320033. 3.2025 Total Deposits Total Equity eens —Loans / Deposits aS gises $605 $4658 SL712— sags $157 $156 $161 $155
Slide 26: Bank Level Capital Ratios
Bank Level Capital Ratios Equity/Total Assets, Tangible CE/Tangible Assets ? Leverage Ratio (as reported on FFIEC Form 051) 2 rosisanasy Equiy/Total Assets mTCE/TA 830% 821% a.11% go4y 816% arom 849% BARK 1063 10.49% 10.12% | I 2268 930% wmia3. 7203200303 22503 mies m2@B_—S BGA «SB Tier 1 Capital Ra
Slide 27: Established Community Bank in Puget Sound
Established Community Bank in Puget Sound Established Puget Sound Banking Markets Number fem Deposit county Mant gag, Mancr (sin) MAEESPO py sneise Branches ey Calam= 2 e aae2 “12% 708% Jefiezon 2 a 205 25% 117% Market Total 35 3738 Emerging Puget Sound Banking Markets Number Deposit Market Depostsi
Slide 28: Leading Deposit Market Share
Leading Deposit Market Share Clallam County, WA Whatcom County, WA Rank Institution ‘Branches Deposits (SM_MerketShare() Rank institution ‘Branches Deposits (SM) MerketShare(3e) 1 FIRST NORTHWEST BANCORP 8 1162 a2 1 PEOPLES BANCORP 2 128 we 2. SOUND FINANGAL BANCORP, INC 3 460 163 eT 7 a — SE EMORAN
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Equity/Total Assets and Tangible CE/Tangible Assets Bank Equity/Total Assets and Tangible CE/Tangible Assets zomg 202408 saa zmsar__ 20503 Pabrinthouae Toa shar ety $ moms s mses 1casl § sams asm ——— ton ues ape 1080 (eet mere CEES 1A CCE) zomg 202408 masa zasar__ 20503 Pasi
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