First Northwest Bancorp · NASDAQ:FNWB
First Northwest Bancorp — Q4 2025 Earnings Presentation
30 slides from First Northwest Bancorp's earnings presentation, February 2026
Slide 1: Investor Presentation 2025 Fourth Quarter
Investor Presentation 2025 Fourth Quarter February 2026 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: 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* • Adjusted PPNR* of $478,000, increased $138,000 compared to $340,000 LQ and decreased $952,000 from $1.4 million in the PYQ • Loans decreased by $4.2 million, or 0.3% Loans • Growth in C&I, CRE and consumer offset by further declines in multifamily, const
Slide 5: Fourth Quarter 2025 GAAP Results
Fourth Quarter 2025 GAAP Results Selected Financial Data ($ 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 Losse
Slide 6: Strong Capital and Liquidity Positions
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 $771 million cash and available borrowings (
Slide 7: Continuing to Reduced Brokered Deposits
Continuing to Reduced Brokered Deposits ($ in millions) Brokered deposit balances decreased $17.9 million from prior quarter; $96.4 million from peak in Q4 2024 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 $450.8 million of time deposits repricing in next 12 months • $380.4 million of customer time deposits are repricing at an avera
Slide 9: Average Deposits & Recent NIM Trends
Average Deposits & Recent NIM Trends ($ in millions) NIM expansion over the past four quarters stemmed from lower deposit costs 9
Slide 10: Credit Trends – Risk Ratings
Credit Trends – Risk Ratings Loans by Risk Rating Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 ($ in Millions) Balance % of Total Balance % of Total Balance % of Total Balance % of Total 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% W
Slide 11: Credit Trends – Allowance for Credit Losses
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 $16.2 million at September 30, 2025. The ACLL as a percentage of total loans was 1.04% at December 31, 2025, an increase from 1.00% at Septembe
Slide 12: Classified Assets Continue to Trend Lower
Classified Assets Continue to Trend Lower Amortized Cost of Classified Assets ($ 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
Slide 13: Credit Quality – Classified Asset Summary
Credit Quality – Classified Asset Summary Classified Assets Schedule as of December 31, 2025 ($ 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 Building
Slide 14: 2026 Strategic Pillars
2026 Strategic Pillars Process & Data Build Resilient Core Grow the Organic Improvement to Deposit Base Loan Portfolio Drive Efficiencies Establish a disciplined Strengthen and Continued focus on enterprise-wide diversify the Bank’s high-quality loan approach to data, core funding base with growth t
Slide 15: First Fed Executive Team
First Fed Executive Team Curt Queyrouze David Edelstein President and CEO Chief Innovation Officer Kyle Henderson Allison Mahaney Phyllis Nomura Chief Credit Officer Chief Financial Officer Chief Legal 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 $2.1 billion in assets as of December 31, 2025 NASDAQ ticker symbol First Fed is a Washington state-chartered commercial bank, headquartered in Port Angeles where it was founded in 192
Slide 19: Established Community Bank in Puget Sound
Established Community Bank in Puget Sound Established Puget Sound Banking Markets Market Number Deposits in Deposit % of County of Market Share Rank Market ($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 20: 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 21: 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 21
Slide 22: Performance Metrics
Performance Metrics Net Income (Loss) ($ in Thousands) ROAA (%) Efficiency Ratio (%) Net Interest Margin (%) 22
Slide 23: Performance Metrics
Performance Metrics Return on Avg. Equity Earnings per Share Historical Book Value per Share Historical CE and TCE Ratios * * Non-GAAP reconciliation provided at the end of this presentation 23
Slide 24: Net Interest Income and Margin
Net Interest Income and Margin ($ in Thousands) 24
Slide 25: Loan Portfolio Composition
Loan Portfolio Composition Loans by Type Change from ($ in Thousands) Q4 2025 % of Total Q4 2024 Q4 2024 Commercial Real Estate $403,269 24.8% $11,968 $391,301 1-4 Family 377,024 23.2% (18,647) 395,671 Construction and Land Development 61,652 3.8% (16,776) 78,428 Multi-Family 289,380 17.8% (44,232)
Slide 26: Core Deposit Composition
Core Deposit Composition Deposits by Type Q4 2025 Change from ($ 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 451,143 28.2% 37,321 Certificate of Deposit 433,263 27.1% (31
Slide 27: Securities Portfolio
Securities Portfolio 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,
Slide 28: 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 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 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 (Dollars in thousands) (Dollars in thousands) Total shareholders' equity $ 153,882 $ 1
Slide 30: Non-GAAP Reconciliations (continued)
Non-GAAP Reconciliations (continued) Pre-tax, Pre-provision Net Revenue (PPNR) and Adjusted PPNR Calculations For the Quarter Ended (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 credi
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