First Northwest Bancorp · NASDAQ:FNWB
First Northwest Bancorp — Q3 2025 Earnings Presentation
29 slides from First Northwest Bancorp's earnings presentation, October 2025
Slide 1: Investor Presentation 2025 Third Quarter
Investor Presentation 2025 Third Quarter October 2025 1
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* • 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 • Loans decreased by $39.4 million or 2.4% during the quarter Loans • Recorded a $620,000 recapture of provision for credit losse
Slide 5: Third Quarter 2025 GAAP Results
Third Quarter 2025 GAAP Results Selected Financial Data ($ in thousands, except for per share data) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Net Interest Income $ 14,569 $ 14,193 $ 13,847 $ 14,137 $ 14,020 $ 14,234 $ 13,929 $ 14,195 $ 14,950 Provision for Credit Losses
Slide 6: Strong Capital and Liquidity Positions
Strong Capital and Liquidity Positions Capital and Liquidity Ratios Bank (1) 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 $840 million cash and available borrowings (
Slide 7: Reduced Reliance on Brokered Deposits
Reduced Reliance on Brokered Deposits ($ in millions) Brokered deposit balances decreased $2.6 million from last quarter; $99.3 million from peak in Q3 2024 Non-Brokered deposits continue to increase since Q4 2024 7
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 • $367.0 million of customer time deposits are repricing at an avera
Slide 9: Average Deposits & NIM Recent Trends
Average Deposits & NIM Recent Trends ($ in millions) NIM expansion over the past four quarters due to the reduction in deposit costs 9
Slide 10: Credit Trends – Risk Ratings
Credit Trends – Risk Ratings Loans by Risk Rating Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 ($ in Thousands) Balance % of Total 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% $1,593,9
Slide 11: Classified Asset Trend
Classified Asset Trend Amortized Cost of Classified Assets ($ in Thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Relationship 1 $ 6,029 $ 8,120 $ 8,120 $ 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 - - - Relation
Slide 12: Credit Quality – Classified Asset Summary
Credit Quality – Classified Asset Summary Classified Assets Schedule as of September 30, 2025 ($ 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 Build
Slide 13: Strategic Near-Term Focus
Strategic Near-Term Focus Grow lower-cost Expand our loan and customer deposits, Target home equity deposit production with reducing reliance on growth with digital commercial borrowed and brokered channel relationships funding Continue collection and Continue cost liquidation efforts for Maintain S
Slide 14: Our mission: To improve the lives of those we serve
Key Financial Operating Pillars • Continue to reduce credit costs for remainder of 2025 and 2026 • Focus on continued expansion of net interest margin and neutralizing Our mission: margin sensitivity To improve • Continued focus on noninterest the lives of those expense and operating efficiencies we
Slide 15: First Fed Executive Team
First Fed Executive Team Curt Queyrouze Geri Bullard President and CEO Chief Operating Officer David Edelstein Kyle Henderson Phyllis Nomura Chief Innovation Officer Chief Credit Officer Chief Financial Officer 15
Slide 16: Thank You!
Thank You! Contact Curt Queyrouze Phyllis Nomura President and CEO EVP | CFO curt.queyrouze@ourfirstfed.com phyllis.nomura@ourfirstfed.com 16 16
Slide 17: Appendix
& First Northwest Bancorp S First Fed Appendix ‘& First Northwest Bancorp 17
Slide 18: About First Northwest Bancorp (FNWB)
About First Northwest Bancorp (FNWB) FNWB Bank holding company for First Fed, an innovative community bank with $2.1 billion in assets as of September 30, 2025 NASDAQ ticker symbol First Fed is a Washington state-chartered commercial bank, headquartered in Port Angeles where it was founded in 19
Slide 19: Securities Portfolio
Securities Portfolio Investment Portfolio Characteristics as of: Q3 2025 Q3 2024 Book Value $310.5 million $341.0 million Market Value $282.6 million $310.9 million Effective Duration 4.8 years 3.9 years Average Life 6.9 years 7.4 years Portfolio Yield 4.4% 4.9% Unrealized Gain/Loss on Investments,
Slide 20: Loan Portfolio Composition
Loan Portfolio Composition Loans by Type Change from ($ in Thousands) Q3 2025 % of Total Q3 2024 Q3 2024 Commercial Real Estate $397,023 24.5% $20,145 $376,878 1-4 Family 382,812 23.6% (13,359) 396,171 Construction and Land Development 68,041 4.2% (28,108) 96,149 Multi-Family 297,469 18.3% (57,373)
Slide 21: Core Deposit Composition
Core Deposit Composition Deposits by Type Q3 2025 Change from ($ in Thousands) Balance % of Total one year ago Noninterest Checking $255,362 15.4% $2,363 Interest Checking 146,377 8.9% (20,825) Savings 232,831 14.1% 20,068 Money Market 475,614 28.8% 42,306 Certificate of Deposit 438,782 26.5% (2,877
Slide 22: Net Interest Income and Margin
Net Interest Income and Margin ($ in Thousands) 22
Slide 23: Performance Metrics
Performance Metrics Trailing Twelve Months Net Income (Loss) ($ in Thousands) Trailing Twelve Months ROAA (%) Trailing Twelve Months Efficiency Ratio (%) Trailing Twelve Months Net Interest Margin (%) 23
Slide 24: Performance Metrics
Performance Metrics Trailing Twelve Month Return on Avg. Equity Trailing Twelve Month Earnings per Share Trailing Twelve Month Historical Book Value per Share Trailing Twelve Month Historical CE and TCE Ratios * * Non-GAAP reconciliation provided at the end of this presentation 24
Slide 25: Balance Sheet Activity
Balance Sheet Activity ($ in Millions) Total Assets Total Loans and Leases Total Deposits Total Equity 1 - CAGR calculated from first period to last period shown in chart 25
Slide 26: Bank Level Capital Ratios
Bank Level Capital Ratios Equity/Total Assets, Tangible CE/Tangible Assets 1 Leverage Ratio (as reported on FFIEC Form 051) 2 Tier 1 Capital Ratio (as reported on FFIEC Form 051) 2 Total RBC Ratio (as reported on FFIEC Form 051) 2 1 - Non-GAAP reconciliation provided at the end of this presentation
Slide 27: Established Community Bank in Puget Sound
Established Community Bank in Puget Sound Established Puget Sound Banking Markets Market Number Deposits in Deposit % of County of Market Share Rank Market ($M) Franchise Branches (%) Clallam * 1 8 1,162 41.2% 70.6% Jefferson 2 1 205 22.5% 11.7% Market Total 35 3,734 Emerging Puget Sound Banking M
Slide 28: Leading Deposit Market Share
Leading Deposit Market Share Clallam County, WA Whatcom County, WA Rank Institution # Branches Deposits ($M) Market Share (%) Rank Institution # Branches Deposits ($M) Market Share (%) 1 FIRST NORTHWEST BANCORP 8 1,162 41.2 1 PEOPLES BANCORP 9 1,228 23.8 2 SOUND FINANCIAL BANCORP, INC. 3 460 16.3 2
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 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 (Dollars in thousands) (Dollars in thousands) Total shareholders' equity $ 160,789 $ 1
First Northwest Bancorp — Q3 2025 Earnings Presentation on 6ix