First Fed Bank
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Data as of · sourced from FFIEC call reports. How we update
First Fed Bank is an FDIC-insured commercial bank headquartered in Port Angeles, WA, established in 1923 (FDIC certificate 28405), and it is supervised by the FDIC. At Q2 2026 it reported total assets of $2.11B, down 3.4% from Q2 2025, the 9th largest of 29 banks headquartered in Washington. Its CET1 capital ratio was 12.40% at Q2 2026, above regulatory requirements.
- Charter
- Commercial bank
- Regulator
- FDIC
- Deposit insurance
- FDIC
- FDIC certificate
- 28405
- Headquarters
- Port Angeles, WA
- Established
- 1923
- Total assets, Q2 2026
- $2.11B
- Assets vs Q2 2025
- -3.4%
- CET1 ratio, Q2 2026
- 12.40%
- Domestic offices
- 14 FDIC institution directory, current count
- Routing number
- 325170848
- Holding company
- FIRST NORTHWEST BANCORP
- Asset rank in state
- 9th of 29 in Washington
First Fed Bank spends more to run itself than most banks of its size. The Port Angeles, Washington bank had $2.1 billion in assets at June 30, 2026, down 3.4% from a year earlier. It earns about $0.25 a year on every $100 of assets, a small fraction of the median of $1.29 for the 895 banks with $1 billion to $10 billion in assets. It also spends about 93 cents to bring in each dollar of revenue, higher than about 9 in 10 banks its size (median 58 cents).
Earnings fell sharply: quarterly net income of $1.3 million was 71% below a year earlier. Delinquency has appeared in its $264 million non-owner-occupied commercial real estate book: 2.29% of those loans are past due or on nonaccrual, against almost none a year earlier. Credit is the area to watch: it carries problem assets equal to 11.4% of the capital and reserves that would absorb them, about triple the median of 3.6% for banks its size.
As of June 30, 2026, First Fed Bank reported a CET1 capital ratio of 12.40%, a return on assets of 0.25%, a nonperforming-loan ratio of 1.28% and a Texas ratio of 11.38%. The figures come from its call report filed with the FFIEC.
Of the 29 banks headquartered in Washington, First Fed Bank is the 9th largest by total assets at Q2 2026. From Q1 2026 to Q2 2026, its total assets fell 0.4% to $2.11B, loans fell 1.0% and deposits rose 0.2%. Its loan book on June 30, 2026 was led by 1-4 family residential loans, at 28.7% of total loans, followed by non-owner-occupied commercial real estate loans at 16.4%. Its 14 offices in the FDIC Summary of Deposits are in 8 cities in WA; its Port Angeles 5 offices book 37% of its branch deposits. On its Q2 2026 call report, First Fed Bank meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 105 W 8th St, Port Angeles, WA 98362
- County
- Clallam
- Metro Area
- Port Angeles, WA
- Charter
- Commercial bank, state charter, Fed non-member, FDIC-supervised
- Primary Regulator
- FDIC
- FDIC Region
- San Francisco (Region 14)
- Federal Reserve member
- No
- Federal Reserve district
- District 12, San Francisco
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- January 1, 1923
- Former names
- First Federal Savings and Loan Association of Port Angeles (1934-2021)
- Domestic offices
- 14 FDIC institution directory, current count
- Employees (FTE)
- 231
- Domestic deposits
- $1.61B
- Allowance for credit losses
- $16.3M
- Net charge-offs (YTD)
- $328K
- Average total assets
- $2.08B
- Average total loans
- $1.61B
- Average interest-bearing deposits
- $1.34B
- Tax status
- C corporation
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- August 9, 1989
- FDIC Cert
- 28405
- Fed RSSD
- 403179
- SEC CIK
- 1556727 → filed by FIRST NORTHWEST BANCORP
- Website
- www.ourfirstfed.com →
- Parent Holding Company
- FIRST NORTHWEST BANCORP (RSSD 4438366) · FNWB
Management
Senior officers at parent holding company, from SEC Form 3/4/5 disclosures
| Name | Role | Title |
|---|---|---|
| Curt Queyrouze | CEO | President / CEO |
| Nomura Phyllis Rose | CFO | EVP, Chief Financial Officer |
| Geraldine L. Bullard | COO | EVP, Chief Operating Officer |
| Henderson Kyle David | CCO | EVP, Chief Credit Officer |
| Mahaney Allison Rebecca | GC | Chief Legal Officer |
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
Over the 12 quarters to Q2 2026, First Fed Bank's total assets ran between $2.09B (Q4 2025) and $2.24B (Q3 2024), and it earned a profit in 7 of the 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$2.11B total assets against $2.18B; $1.93B total liabilities against $2.01B.
$1.60B net loans and leases against $1.65B; $1.61B total deposits against $1.66B.
$287.0M securities against $303.5M; $92.0M cash and balances due against $87.9M.
$25.4M total interest income against $27.2M; $10.5M total interest expense against $12.4M.
$15.0M net interest income against $14.7M.
$1.9M total noninterest income against $1.4M; $15.8M total noninterest expense against $11.5M.
-$540K provision for credit losses against -$360K.
$1.3M net income against $4.4M.
0.25% return on assets against 0.80%; 3.07% net interest margin against 2.85%.
12.40% CET1 capital ratio against 12.03%; 9.64% tier 1 leverage ratio against 9.13%.
Inside the full First Fed Bank 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.
First Fed Bank rankings
Its closest position to the top of a national ranking is 574 of 4,196, for total assets; its furthest is 3,508 of 3,606, for efficiency ratio.
Quarterly trend: last 8 quarters
Across the 8 quarters to Q2 2026, its return on assets ran from -1.64% (Q1 2025) to 0.80% (Q2 2025) and its net interest margin ran from 2.73% (Q3 2024) to 3.07% (Q4 2025).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 12.40% | 0.25% | 1.28% | 11.38% | 3.07% |
| Q1 2026 | 12.43% | 0.15% | 1.33% | 11.86% | 3.06% |
| Q4 2025 | 12.49% | 0.16% | 1.39% | 12.29% | 3.07% |
| Q3 2025 | 12.65% | 0.31% | 0.83% | 7.72% | 2.96% |
| Q2 2025 | 12.03% | 0.80% | 1.23% | 11.46% | 2.85% |
| Q1 2025 | 12.10% | -1.64% | 1.23% | 10.74% | 2.74% |
| Q4 2024 | 12.44% | -0.15% | 1.80% | 15.43% | 2.76% |
| Q3 2024 | 12.20% | -0.24% | 1.75% | 14.95% | 2.73% |
Swipe the table sideways to see every column.
Branch Network
View all 14 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 |
|---|---|---|---|
| Eastside Branch-Main Deposit Office | Port Angeles , WA | 98362 | $307.4M |
| Port Townsend Branch | Port Townsend , WA | 98368 | $212.1M |
| Sequim Avenue Branch | Sequim , WA | 98382 | $198.9M |
| Sixth Street Branch | Port Angeles , WA | 98362 | $176.9M |
| Sequim Village Branch | Sequim , WA | 98382 | $175.4M |
| Forks Branch | Forks , WA | 98331 | $141.0M |
| Www.Ourfirstfed.Com Branch | Port Angeles , WA | 98362 | $114.0M |
| Silverdale Branch | Silverdale , WA | 98383 | $107.5M |
| Bellingham Branch | Bellingham , WA | 98226 | $91.1M |
| Bainbridge Island | Bainbridge Island , WA | 98110 | $36.4M |
| Fairhaven Branch | Bellingham , WA | 98225 | $35.1M |
| Ferndale Branch | Ferndale , WA | 98248 | $18.4M |
| First Fed Bank (main office) | Port Angeles , WA | 98362 | $0 |
| Downtown Branch | Port Angeles , WA | 98362 | $0 |
Regulatory record
Facts as filed or published, not a rating.
- Enforcement actions
- 3 against the institution (SEC Form 8-K)
- October 28, 2024, SEC Form 8-K: 8-K Item 8.01: consent order
- November 24, 2023, SEC Form 8-K: 8-K Item 8.01: consent order
- November 24, 2023, SEC Form 8-K: 8-K Item 9.01: consent order
- Period: Most recent institution action October 28, 2024. Source: FDIC, Federal Reserve and OCC enforcement releases.
- Deposit market share
- 0.8% of deposits in WA, rank 18 of 61 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Mortgage lending (HMDA)
- 364 applications, 177 loans originated, $104.2M originated, across 22 states
- Period: Calendar year 2025. Source: FFIEC HMDA loan application register.
- SBA 7(a) lending
- 3 loans, $1.8M approved, $592K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2024 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- 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 First Fed Bank
What are First Fed Bank's total assets?
As of the Q2 2026 filing, First Fed Bank reported total assets of $2.11 billion in its FFIEC call report.
Where is First Fed Bank headquartered?
It is headquartered in Port Angeles, WA, United States.
When was First Fed Bank founded?
It was established in 1923, per the FDIC institution directory.
Is First Fed Bank FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #28405). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates First Fed Bank?
First Fed Bank's primary federal regulator is the FDIC.
What is First Fed Bank's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 12.40% in its Q2 2026 call report, above regulatory requirements.
How many branches does First Fed Bank operate?
It operates 14 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is First Fed Bank's Texas Ratio?
Its Texas Ratio is 11.38% 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.
What was First Fed Bank previously called?
The charter now named First Fed Bank has also operated as First Federal Savings and Loan Association of Port Angeles (1934-2021), per FDIC structure-change records.
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