# FIRST FED BANK
PORT ANGELES, WA · FDIC certificate 28405 · asset band $1-10B · latest filing 2026-06 · live

**Verdict on the desk:** this could be *funding-stretched*. Composite score 3 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $2.11B | |
| Deposits | $1.61B | |
| Loans and leases | $1.61B | |
| Total equity | $180.9M | |
| Loans / deposits | 99.02% (p83 of band) | 87.10% |
| Liquid assets / assets | 17.99% (p37 of band) | |
| Uninsured deposits / deposits | 25.09% (p30 of band) | 30.76% |
| Brokered deposits | 2.78% | |
| Wholesale funding | 15.67% (p82 of band) | |
| FHLB advances / assets | 12.58% | |
| Tier 1 leverage | 9.64% (p27 of band) | 10.50% |
| Unrealized securities loss / equity | -14.60% (p29 of band) | -7.75% |
| AOCI / equity | 0.12% (p85 of band) | |
| ROA (annualized) | 0.20% (p4 of band) | 1.26% |
| Net interest margin | 3.06% (p17 of band) | 3.70% |
| Efficiency ratio | 94.71% (p99 of band) | |
| Noncurrent loans | 1.28% (p80 of band) | 0.51% |
| Net charge-offs (annualized) | 0.03% (p55 of band) | |
| Reserve coverage of noncurrent | 78.65% | |
| Real estate % of loans | 73% | |
| Construction % of loans | 34.52% (p35 of band) | |
| Auto loans | $159.6M (9.88% of loans; DQ 0.48%, NCO 0.01%) | |
| Loans to nondepository financials | $44.6M (25% of equity) (p93 of band) | |
| Deposits YoY | -2.7% | |
| Employees | 231 | |

## Flags firing in the latest filing

- **wholesale funding >15%** (`liq_wholesale`)
- **expense ratio p90** (`earn_efficiency`)
- **reserve under noncurrent** (`aq_reserve`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 1 | reserve under noncurrent |  |
| 2011-06 | 1 |  |  |
| 2011-09 | 1 |  |  |
| 2011-12 | 2 | capital falling |  |
| 2012-03 | 2 |  |  |
| 2012-06 | 3 | losing money |  |
| 2012-09 | 3 |  |  |
| 2012-12 | 2 |  | capital falling |
| 2013-03 | 1 |  | losing money |
| 2013-06 | 1 |  |  |
| 2013-09 | 1 |  |  |
| 2013-12 | 0 |  | reserve under noncurrent |
| 2014-03 | 0 |  |  |
| 2014-06 | 1 | capital falling |  |
| 2014-09 | 0 |  | capital falling |
| 2014-12 | 0 |  |  |
| 2015-03 | 0 |  |  |
| 2015-06 | 1 | expense ratio p90 |  |
| 2015-09 | 0 |  | expense ratio p90 |
| 2015-12 | 4 | capital falling, expense ratio p90, deposits shrinking, uninsured deposits leaving |  |
| 2016-03 | 1 |  | expense ratio p90, deposits shrinking, uninsured deposits leaving |
| 2016-06 | 2 | expense ratio p90 |  |
| 2016-09 | 2 |  |  |
| 2016-12 | 2 |  |  |
| 2017-03 | 1 |  | expense ratio p90 |
| 2017-06 | 1 | expense ratio p90 | capital falling |
| 2017-09 | 1 |  |  |
| 2017-12 | 2 | capital falling |  |
| 2018-03 | 2 |  |  |
| 2018-06 | 1 |  | capital falling |
| 2018-09 | 1 |  |  |
| 2018-12 | 2 | capital falling |  |
| 2019-03 | 1 |  | expense ratio p90 |
| 2019-06 | 0 |  | capital falling |
| 2019-09 | 1 | uninsured deposits leaving |  |
| 2019-12 | 0 |  | uninsured deposits leaving |
| 2020-03 | 3 | wholesale funding >15%, expense ratio p90, uninsured deposits leaving |  |
| 2020-06 | 2 | capital falling | wholesale funding >15%, uninsured deposits leaving |
| 2020-09 | 1 |  | expense ratio p90 |
| 2020-12 | 1 |  |  |
| 2021-03 | 1 | expense ratio p90 | capital falling |
| 2021-06 | 0 |  | expense ratio p90 |
| 2021-09 | 2 | capital falling, construction >100% equity |  |
| 2021-12 | 2 |  |  |
| 2022-03 | 1 |  | capital falling |
| 2022-06 | 1 |  |  |
| 2022-09 | 3 | wholesale funding >15%, AOCI drag >20% of equity |  |
| 2022-12 | 3 |  |  |
| 2023-03 | 2 | charge-offs p90 | construction >100% equity, AOCI drag >20% of equity |
| 2023-06 | 1 |  | charge-offs p90 |
| 2023-09 | 4 | capital falling, securities losses >30% of equity, charge-offs p90 |  |
| 2023-12 | 3 | reserve under noncurrent | securities losses >30% of equity, charge-offs p90 |
| 2024-03 | 6 | loans exceed deposits, expense ratio p90, noncurrent p90 |  |
| 2024-06 | 7 | brokered >10%, losing money, charge-offs p90 | loans exceed deposits, expense ratio p90 |
| 2024-09 | 5 |  | capital falling, brokered >10% |
| 2024-12 | 5 |  |  |
| 2025-03 | 4 | expense ratio p90 | reserve under noncurrent, noncurrent p90 |
| 2025-06 | 5 | reserve under noncurrent |  |
| 2025-09 | 5 | assets shrinking | reserve under noncurrent |
| 2025-12 | 8 | loans exceed deposits, reserve under noncurrent, deposits shrinking |  |
| 2026-03 | 4 |  | losing money, charge-offs p90, assets shrinking, deposits shrinking |
| 2026-06 | 3 |  | loans exceed deposits |

## In the news (Google News, unfiltered, newest first; check the city)

- 2025-11-17 [New CEO looks to help WA bank move past giant lawsuit - The Business Journals](https://news.google.com/rss/articles/CBMipAFBVV95cUxObnZOVlRTTFpST1I1cDMtUElNT3JsVTN2OW5Zakg1R1AtY1lGY0ZkMnRBcFkwRmliYmtqTEhzMHB0NS1WaUFIcXc5T01uVVdHYXNXY1NTZGpGdzc3TjhMZ3UzVmJubm5qQ09HRXhHNlNtSENIbncydWI3YlhrYWctRnVacnhESDRXUXNfUWx6VWJqbExNOUxxQmNqWFhFZnIwcXo4bQ?oc=5) · The Business Journals
- 2025-11-09 [CEO Curt Queyrouze on the power of local banking - Kitsap Daily News](https://news.google.com/rss/articles/CBMioAFBVV95cUxNb1hOVTZ3VG1JRlpaRXByOFZTRzItdnIwNmo1b3d5d3B2OHhjd0pjMy1DVjdia2J2TjdpREN1VGpzVFpGT2lSME16dWdqVV96cmNoZEVhOXViNzQzbUdyeHF2TmhrZU9wNF9YeWR1eUpZbm42NE9RT3ZOemxZQndsRkFxZXFkWjFFS2J4TGJvUXNqdEotaU1UR3V1LVpjbU84?oc=5) · Kitsap Daily News
- 2025-09-15 [Washington bank sued by hedge fund names next CEO - Banking Dive](https://news.google.com/rss/articles/CBMisAFBVV95cUxPRWE3LUxoLXFiVGNET1JMblIyTmM3NGttTmcwTXl4OXhWa2hONkY1TV9nWEVobUllUk83cE9hRnZNX0V4NEZVbjFpUmpHdmlxTW9obnAxYWVwSjVtcDVQZG93Um1hZmRJR0R3ek15cXZUekRLQXNCS3l0TWpkYmlwSFVVU0NBN2lPNlBNS3l5bDBxX1VoMkhqcDVYUndpZXo2WkotVmljREo3em5rY3k5dw?oc=5) · Banking Dive
- 2025-09-22 [First Fed Bank partners Apiture for business banking upgrade - FinTech Futures](https://news.google.com/rss/articles/CBMitgFBVV95cUxPWV9GNGRWcVM2ZFpQZHNTTmdhbEpXVlY2OS1oSkVwTzlTdThvOUFlYkRubGo5VzZjOW8tVTlSM2g4c2VCYVRfd3IyZXRaQ2lpV2ZHaEVFYUpZM1lfU0Y1VmcydFpsMWRPUHVmdVI2Vkc4MGhyUEVsbXhPd0dkcHNSTllORTd2YVBjQ3lIMjJVdEIxekd6V2RIRHNaREF6aWxqNzBtVFFXS21wanFzTVhUNHRQMUYyUQ?oc=5) · FinTech Futures
- 2025-09-26 [First Fed Bank Launches Apiture Digital Banking Platform to Enhance Business Banking - The Fintech Times](https://news.google.com/rss/articles/CBMiswFBVV95cUxPUWZ1Um9JZW9vdE5qUjJYaFFoU0I5WGhoSm9iMEZUZ1NUN2R1bE1kQkVHb1ZIclA1SUg3YXhRM0FFa3VQa21sTm4yc2JRclNCbE9aRV9Tbk5uZnZGVEdPSWxERXE4WW1pQllBMmY5NER1QktoYXBualczWFhCZHBNb3BNWE1NU1A4WHF4NS05WW5mMmluNnZPeDRtWHNIZGV0eC1EeWowcnp1V2NCbnY2endDVQ?oc=5) · The Fintech Times
- 2025-09-12 [Wash. bank rocked by scandal chooses new CEO - American Banker](https://news.google.com/rss/articles/CBMihgFBVV95cUxPXzlJanVHbnhOc0dMTVlPV3J0b2ZsQU9BcXgxNWJkTmxEaXpQbEJrdXZYNXRNQ1dSenBGcXFWOHV4VlN2Rlpnd01vR1RSU1ZuWUp2QzlOVk9fYjZBME9NS2sxc09ZcHFvQzAwZFJRckZUbnhlY3NGc0R4eUVwZW9TTk9JUHZvUQ?oc=5) · American Banker
- 2025-07-14 [First Fed Bank CEO resigns, COO tapped as interim chief - Banking Dive](https://news.google.com/rss/articles/CBMitgFBVV95cUxNLXVReDBNRDdrUm5JT216MDdrUXZxVDEyQkptcXJaZUVnTjhaMWhVNUpOX0tlcFVBT1pWNUJBTjlBTllZM1F0Z1pHcXpwZ0gwQ01VZVBWcU42MWdNX21QZFFTMFlaVEp6M0ptd2JZRU9nLVdEQ1EyeHZtY3lDQ2s0a2tGUVhRXzFobnUtYnlZVEVYV3pmZHctNUpsZEV0S2g0bmxEb1FxbEJ4Qkhub1B6ejBmNVRIZw?oc=5) · Banking Dive
- 2025-09-12 [New CEO named at WA bank embroiled in lawsuit over water machines - The Business Journals](https://news.google.com/rss/articles/CBMipwFBVV95cUxNSE9pMXBMd2pMa2p6THdNNGZsSGRFaGl3T2lSZHRDOTY5VVJES0xEMGxKUjl3LWp3UXgzczhHVGFUb1VHZHRZcXVhNHYxRW1pOGlUakp5OGNpX0Zic3ZlQXBvcjhMTnRBekF5bGFJdThEcFptNmo4UDN3TnIwbmt2UXIzQ1g5S2RsT0lJOVVJRjNOY2xyR2FmQkFOd0RjSWl0azYwS2dxYw?oc=5) · The Business Journals

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=28405 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/53.json (key "28405", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide