1st Security Bank of Washington
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Data as of · sourced from FFIEC call reports. How we update
1st Security Bank of Washington is an FDIC-insured savings bank headquartered in Mountlake Terrace, WA, established in 2004 (FDIC certificate 57633), and it is supervised by the FDIC. At Q2 2026 it reported total assets of $3.18B, up 0.1% from Q2 2025, the 6th largest of 29 banks headquartered in Washington. Its CET1 capital ratio was 12.84% at Q2 2026, above regulatory requirements.
- Charter
- Savings bank
- Regulator
- FDIC
- Deposit insurance
- FDIC
- FDIC certificate
- 57633
- Headquarters
- Mountlake Terrace, WA
- Established
- 2004
- Total assets, Q2 2026
- $3.18B
- Assets vs Q2 2025
- +0.1%
- CET1 ratio, Q2 2026
- 12.84%
- Domestic offices
- 31 FDIC institution directory, current count
- Routing number
- 325182289
- Latest call report
- Q2 2026, FFIEC 051 · 1st Security Bank of Washington call report
- Holding company
- FS BANCORP, INC.
- Asset rank in state
- 6th of 29 in Washington
1st Security Bank of Washington, based in Mountlake Terrace, Washington, reported $3.2 billion in assets at June 30, 2026. It lost 4.0% of its deposits over the year, lower than about 9 in 10 of the 895 banks with $1 billion to $10 billion in assets (median 5.1%). It also keeps 4.42 cents of net interest income on every dollar of earning assets, higher than about three-quarters of banks its size (median 3.71 cents).
Loans and deposits moved in opposite directions: over the year loans rose 0.8% and deposits fell 4.0%.
As of June 30, 2026, 1st Security Bank of Washington reported a CET1 capital ratio of 12.84%, a return on assets of 1.11%, a nonperforming-loan ratio of 0.58% and a Texas ratio of 4.10%. The figures come from its call report filed with the FFIEC.
1st Security Bank of Washington ranks as the 6th largest of the 29 banks based in Washington, by total assets at Q2 2026. Between Q1 2026 and Q2 2026, its total assets fell 0.8% to $3.18B, loans fell 0.8% and deposits fell 7.2%. The largest part of its loan book on June 30, 2026 was 1-4 family residential loans, at 30.4% of total loans, ahead of other consumer loans at 21.2%. The FDIC Summary of Deposits lists 30 offices for it, in 28 cities across 2 states; its Mountlake Terrace office books 20% of its branch deposits. Judged on its Q2 2026 call report, 1st Security Bank of Washington meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 6920 220th St Sw, Mountlake Terrace, WA 98043
- County
- Snohomish
- Metro Area
- Seattle-Tacoma-Bellevue, WA
- Charter
- State-chartered stock savings bank, FDIC-supervised
- Primary Regulator
- FDIC
- FDIC Region
- San Francisco (Region 14)
- Federal Reserve member
- —
- Federal Reserve district
- District 12, San Francisco
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- April 1, 2004
- Domestic offices
- 31 FDIC institution directory, current count
- Employees (FTE)
- 592
- Domestic deposits
- $2.47B
- Allowance for credit losses
- $31.2M
- Net charge-offs (YTD)
- $6.0M
- Average total assets
- $3.19B
- Average total loans
- $2.70B
- Average interest-bearing deposits
- $1.91B
- Tax status
- C corporation
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- April 1, 2004
- FDIC Cert
- 57633
- Fed RSSD
- 1018927
- SEC CIK
- 1530249 → filed by FS BANCORP, INC.
- Website
- WWW.FSBWA.com →
- Parent Holding Company
- FS BANCORP, INC. (RSSD 4347208) · FSBW
Management
Senior officers at parent holding company, from SEC Form 3/4/5 disclosures
| Name | Role | Title |
|---|---|---|
| Matthew D. Mullet | CEO | President & CEO of the Bank |
| Whittington Phillip Dean | CFO | Chief Financial Officer |
| Robert A Nesbitt | COO | Chief COO |
| Sean Mccormick | CCO | Chief Credit Admin. Officer |
| Shana Allen | CIO | Chief Information Office, EVP |
| Erin Burr | CRO | CRO & CRA Officer, EVP |
Profitability
Q2 annualizedCapital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. How we compute these figures
Quarterly trends
From Q3 2023 to Q2 2026, 1st Security Bank of Washington's total assets ranged from $2.92B (Q3 2023) to $3.21B (Q3 2025), and it earned a profit in all 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$3.18B total assets against $3.18B; $2.82B total liabilities against $2.83B.
$2.66B net loans and leases against $2.64B; $2.47B total deposits against $2.57B.
$304.6M securities against $334.5M; $29.7M cash and balances due against $33.4M.
$49.7M total interest income against $48.7M; $16.1M total interest expense against $16.1M.
$33.6M net interest income against $32.6M.
$5.8M total noninterest income against $5.1M; $25.5M total noninterest expense against $25.3M.
$2.6M provision for credit losses against $2.0M.
$8.8M net income against $8.2M.
1.11% return on assets against 1.05%; 4.42% net interest margin against 4.37%.
12.84% CET1 capital ratio against 12.81%; 11.44% tier 1 leverage ratio against 11.18%.
Inside the full 1st Security Bank of Washington terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeWatch flags
Automated conditions triggered on this bank's latest filing. Advisory only; see the source metric pages for full context. Each flag is tagged Regulatory when it cites an official supervisory threshold, or BRR analysis when it's our own band, informed by our data and models.
Loans outstanding are at or above total deposits. The bank reports little borrowing or brokered funding, so the difference is carried mainly by equity and other liabilities. Worth watching if loan growth continues to outpace deposits. Industry heuristic, not a supervisory threshold.
Commercial real estate loans are between 200% and 300% of total capital, approaching the 2006 interagency guidance threshold of 300% that triggers heightened supervisory attention. BankRegReports early-warning band below the 300% guidance.
1st Security Bank of Washington rankings
Its closest position to the top of a national ranking is 399 of 4,196, for total assets; its furthest is 1,461 of 2,134, for CET1 ratio.
Banks merged into 1st Security Bank of Washington
- Pacific West Bank, effective August 20, 2026
Quarterly trend: last 8 quarters
Across the 8 quarters to Q2 2026, its return on assets ran from 1.04% (Q4 2024) to 1.44% (Q3 2024) and its net interest margin ran from 4.35% (Q1 2025) to 4.48% (Q3 2025).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 12.84% | 1.11% | 0.58% | 4.10% | 4.42% |
| Q1 2026 | 12.59% | 1.07% | 0.67% | 4.85% | 4.35% |
| Q4 2025 | 12.73% | 1.14% | 0.69% | 5.07% | 4.46% |
| Q3 2025 | 12.64% | 1.21% | 0.69% | 5.04% | 4.48% |
| Q2 2025 | 12.81% | 1.05% | 0.71% | 4.93% | 4.37% |
| Q1 2025 | 13.19% | 1.11% | 0.56% | 3.73% | 4.35% |
| Q4 2024 | 12.93% | 1.04% | 0.53% | 3.55% | 4.41% |
| Q3 2024 | 12.92% | 1.44% | 0.42% | 2.76% | 4.46% |
Swipe the table sideways to see every column.
Branch Network
View all 30 branches → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| 1st Security Bank of Washington (main office) | Mountlake Terrace , WA | 98043 | $502.8M |
| Port Townsend Branch | Port Townsend , WA | 98368 | $133.3M |
| Sequim Branch | Sequim , WA | 98382 | $131.3M |
| Edmonds | Edmonds , WA | 98020 | $128.9M |
| Eighth Street Branch | Port Angeles , WA | 98362 | $125.2M |
| Lynnwood | Lynnwood , WA | 98036 | $116.2M |
| Aberdeen Branch | Aberdeen , WA | 98520 | $110.1M |
| Hadlock Branch | Hadlock , WA | 98339 | $99.3M |
| Puyallup-Downtown | Puyallup , WA | 98371 | $90.6M |
| Crossroads Branch | Bellevue , WA | 98007 | $89.7M |
| Newport Branch | Newport , OR | 97365 | $78.7M |
| Ontario Branch | Ontario , OR | 97914 | $78.0M |
| Poulsbo | Poulsbo , WA | 98370 | $76.1M |
| 04 - Olympia Branch | Olympia , WA | 98502 | $72.1M |
| Capitol Hill Branch | Seattle , WA | 98102 | $71.4M |
| Manzanita Branch | Manzanita , OR | 97130 | $60.1M |
| White Salmon Branch | White Salmon , WA | 98672 | $59.2M |
| Goldendale Branch | Goldendale , WA | 98620 | $53.7M |
| Waldport Branch | Waldport , OR | 97394 | $51.9M |
| Mill Creek | Mill Creek , WA | 98012 | $50.9M |
| 05 - Ocean Shores Branch | Ocean Shores , WA | 98569 | $48.9M |
| 06 - Lacey Branch | Lacey , WA | 98503 | $48.8M |
| 03 - Westport Branch | Westport , WA | 98595 | $46.5M |
| 02 - Elma Branch | Elma , WA | 98541 | $34.9M |
| Tillamook Branch | Tillamook , OR | 97141 | $32.9M |
Events & Regulatory History
Mergers, charter changes, enforcement actions, FDIC assistance, and (if applicable) failure events recorded against this institution. Click a year to see what else was happening across US banking that year.
| Date | Category | Event | Source |
|---|---|---|---|
| August 20, 2026 | Structure Change | Acquired Pacific West Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| August 19, 2026 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| November 16, 2018 | Structure Change | Acquired Anchor Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| November 15, 2018 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| October 1, 2001 | Structure Change | Acquired Credit Union of Puget Sound Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| May 1, 2001 | Structure Change | Acquired United Sound Community Credit Union Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| October 16, 2000 | Structure Change | Acquired The Federal Credit Union Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| April 19, 1985 | Structure Change | Acquired Big W Credit Union Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
Sourced from the bank event history (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 8 events.
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- 1.0% of deposits in WA, rank 13 of 61 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Mortgage lending (HMDA)
- 2,204 applications, 1,591 loans originated, $786.0M originated, across 8 states
- Period: Calendar year 2025. Source: FFIEC HMDA loan application register.
- SBA 7(a) lending
- 21 loans, $3.9M approved, $185K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2025 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- Enforcement actions, Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about 1st Security Bank of Washington
What are 1st Security Bank of Washington's total assets?
As of the Q2 2026 filing, 1st Security Bank of Washington reported total assets of $3.18 billion in its FFIEC call report.
Where is 1st Security Bank of Washington headquartered?
It is headquartered in Mountlake Terrace, WA, United States.
When was 1st Security Bank of Washington founded?
It was established in 2004, per the FDIC institution directory.
Is 1st Security Bank of Washington FDIC-insured?
Yes. It is an FDIC-insured savings bank (FDIC Certificate #57633). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates 1st Security Bank of Washington?
1st Security Bank of Washington's primary federal regulator is the FDIC.
What is 1st Security Bank of Washington's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 12.84% in its Q2 2026 call report, above regulatory requirements.
How many branches does 1st Security Bank of Washington operate?
It operates 31 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is 1st Security Bank of Washington's Texas Ratio?
Its Texas Ratio is 4.10% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
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