First Northwest Bancorp · NASDAQ:FNWB
First Northwest Bancorp — Q4 2025 Earnings Presentation
30 slides from First Northwest Bancorp's earnings presentation, Feb 4, 2026
Slide 1: Investor Presentation 2025 Fourth Quarter
& First Northwest Bancorp Investor Presentation 2025 Fourth Quarter February 2026
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: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results 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 o
Slide 4: 2025 Fourth Quarter Financial Summary
2025 Fourth Quarter Financial Summary PPNR* Loans Deposits Capital ~ Adjusted PPNR* of $478,000, increased $138,000 compared to $340,000 LQ and decreased $952,000 from $1.4 million in the PYQ J = Loans decreased by $4.2 million, or 0.3% Growth in C&l, CRE and consumer offset by further declines in m
Slide 5: Fourth Quarter 2025 GAAP Results
Fourth Quarter 2025 GAAP Results ‘Selected Financial Data (5 in thousands, cent forpe share data) 042025 32028 a22025 ai 2025 42024 32024 gam —atzms —_a42m3 Net Interest Income S 1460 $ 14569 $ 14199 § 13847 § 14137 $ 14020 $ 1424 § 13,909 § 14105 Provision for Credit Losses Se (673) (36) 7,786 3,65
Slide 6: Strong Capital and Liquidity Positions
Strong Capital and Liquidity Positions Capital and Liquidity Ratios Bank © = 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”! "
Slide 7: Continuing to Reduced Brokered Deposits
Continuing to Reduced Brokered Deposits (Sin mittons) Brokered Deposits Peaked in Q4 2024 $1,688 $1,666 $1,655 $1,653 $1,599 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 mBrokered ® Non-Brokered ™ Brokered deposit balances decreased $17.9 million from prior quarter; $96.4 million from peak in Q4 2024 ‘S
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 $450.8 million of time deposits repricing in next 12 months on current rates with expected savings of $613,000 of interest expen
Slide 9: Average Deposits & Recent NIM Trends
Average Deposits & Recent NIM Trends (Sin mitons) mmm Average Non-Interest Bearing jem Average Interest Bearing $1,410 —Total Deposit Cost an 042024 Q12025 22025 Q3 2025 Q4 2025 ™ NIM expansion over the past four quarters stemmed from lower deposit costs ‘S First Northwest Bancorp
Slide 10: Credit Trends — Risk Ratings
Credit Trends — Risk Ratings Loans by Risk Rating 04 2025 03 2025 02.2025 Qa 2025 042024 (Gin Mitions) Balance _%ofTotal Balance %ofTotal Balance %ofTotal Balance %ofTotal Balance %of Total Pass (Grades 1-3) $1A80.7 90.94% $1,496.7 92.21% $1,555.3 93.43% $1545.9 93.26% $1,5746 92.85% Watch (Grade4)
Slide 11: Credit Trends — Allowance for Credit Losses
Credit Trends — Allowance for Credit Losses Allowance for Croat Lnses on Loans (ACLL) Net Charge Offs (necovertes) (Sin Thousands) me Alowance forcreditlosses —ACL/Loans $7,748 20,449 $20,569 : s $18,345 $16,203 $16,987 $5,280 2% 1.24% & | a _ = = $318 242024 12025 2202532025 Qs 2025 042024 © Q12025
Slide 12: Classified Assets Continue to Trend Lower
Classified Assets Continue to Trend Lower Amortized Cost of Classified Assets (6 in Thousands} Q4 2025 Q3 2025 Q2 2025 Qa 2025 Q4 2024 CRE — Condo $ 5,139 § 6,029 $ 8,120 $ 8120 $ 11,384 CRE - Office 6,306 6,656 6,676 6,695 6,402 CRE - Gas Station 3,435 3,435 4,091 : E SBA loan - 75% guaranty 2,686
Slide 13: Credit Quality — Classified Asset Summary
Credit Quality — Classified Asset Summary Classified Assets Schedule as of December 31, 2025 (6 in Thousands) Amortized — % Total Cost 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 Buildin
Slide 14: 2026 Strategic Pillars
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 ba
Slide 15: First Fed Executive Team
First Fed Executive Team Curt Queyrouze David Edelstein President and CEO Chief innevation Ofer Kyle Henderson Allison Mahaney Phyllis Nomura Chiet Cres Oficer Chief Legal officer Chie Firancial 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 $2.1 billion in assets as of December 31, 2025 First Fed isa Washington state-chartered commercial bank, headquartered in Po
Slide 19: Established Community Bank in Puget Sound
Established Community Bank in Puget Sound Established Puget Sound Banking Markets Number mem, Deposit county Meant geyag, Manet tsin) MAEESPO py cneice Branches ey Calam= 2 e aae2 a2 708% Jefiezon 2 a 205 25% 117% Market Total 35 3738 Emerging Puget Sound Banking Markets Number Deposit Market Depost
Slide 20: Leading Deposit Market Share
Leading Deposit Market Share Clallam County, WA Whatcom County, WA Rank Institution ‘Branches Deposits (SM) MarketShare(9) Rank institution ‘Branches Deposit (SM) MarketShare (4) 1 FIRST NORTHWEST BANCORP 8 1162 a2 1 PEOPLES BANCORP 2 128 we 2. SOUND FINANGAL BANCORP, INC 3 460 163 ee 7 — — SE EMORE
Slide 21: Balance Sheet Activity
Balance Sheet Activity ($ in Millions) Total Assets Total Loans and Leases CAGR": 2.3% CAGR": 4.5% goa Ao $1,643 $1675, $1612 02 r a 1350 $2,108. $2,082 $1921 202 22 223 20 ams 2001 2002 2023 2008 208 Total Deposits Total Equity CAGR': 0.3% —Loans / Deposits $1581 g1s6a.-— S677 $1688 gy 599) $190 $1
Slide 22: Performance Metrics
Performance Metrics Net Income (Loss) ($ in Thousands) ROAA (%) 0.87% $1548 $15,655 0.79% $2,286 0.1% $4191 $6613 0.30% om 2008 2022 2023 2008 2005 2021 2022 2023 2028 2025 Efficiency Ratio (%) Net Interest Margin (%) snare 351% seid pea Ch s aad AE 2.88% yay = T27N% z 2021 2022 2023 2004 2025 2021
Slide 23: Performance Metrics
Performance Metrics Return on Avg. Equity Earnings per Share 819% 9.08% 143% “40s 2TH 2001 ma 2003 204 2008 Historical Book Value per Share $18.89 2001 ma 2003 2008 2008 “Non-GAAP reconciliation provided at theend of this presentation $1.66 $170 $0.26 $0.48 $0.75 2001 202 203 2004 205 Historical CE
Slide 24: Net Interest Income and Margin
Net Interest Income and Margin ($ in Thousands) $18,000 $16,000 $14,000 $12,000 2.84% $14,195 42023 2.91% $14,569 Be cacy, GANT $14,193 $13,929 [ $13,847 | Q1 2024 22024 03 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 mE Net interest Income ——=Net interest Margin 3.00% $14,690 42025 3.50% 3.00% 2.50% ‘S Fir
Slide 25: Loan Portfolio Composition
Loan Portfolio Composition Loans by Type ‘Change fom (Sin Tousars} 42025 %ofTotal 47028 ga 2024 ‘Commercial Real Estate $403,269 «248% ©—«<S11s68 «$391,301 1.4 Family 377024 23.2% (18,647) 355,671 Other ‘Construction and Land Development 61552 38% (15,776) 73,428 Ca Multi-Family 285380 17.8% (44.232
Slide 26: Core Deposit Composition
Core Deposit Composition Noninterest Checking 15% Q4 2025 Cost of Deposits 2.12% Deposits by Type Q4 2025 ‘Change from (in Thousands) Balance _% of Total_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 451,1
Slide 27: Securities Portfolio
Securities Portfolio Other 2% Q4 2025 Yield Investment Portfolio Characteristics as of: 42025 ‘Qa 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 69 years Portfolio Yield 43% 4.6% Unrealized Gain/L
Slide 28: Bank Level Capital Ratios
Bank Level Capital Ratios Equity/Total Assets, Tangible CE/Tangible Assets * Leverage Ratio (as reported on FFIEC Form 051) * 10.36%10.27% Equity/Total Assets mTCE/TA | TPR EK g201 asm osx room OS ASK mm 2S Tier 1 Capital Ratio (as reported on FFIEC Form 051) TADS 10.41% 9.90% an 951% 2001 2022 2023
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations /[Total Assets and Tangible CE/Tangible Assets Eq Bank Equity/Total Assets and Tangible CE/Tangible Assets Aske nner: Aaakieet nore: zomae 202501 Toa share ety $ mers isa s i206 ——— toe une peyhenyocaery Tots urge ameran ty EC Te Totsanes $ ramses $ 2s7sse § 2amLase nimgbie
Slide 30: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Pretax, Pre-provision Net Revenue (PPNR) and Adjusted PPNR Calculations Net income (oss) (GAAP) Pls: fecaptureof provstonfor cra losses (GAAP) Prousion (benef) for ncome taxes (GAAP) PPNR (Non-GAAP) (2) Less selected nonrecurring adjustments to PPNR (Non SAA?) In
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