# FIRST SOUND BANK
SEATTLE, WA · FDIC certificate 57799 · asset band <$300M · latest filing 2024-03 · stopped filing (departed)

**Verdict on the desk:** this could be *run candidate*. Composite score 10 (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 | $154.8M | |
| Deposits | $112.0M | |
| Loans and leases | $135.2M | |
| Total equity | $14.9M | |
| Loans / deposits | 119.36% (p98 of band) | 70.19% |
| Liquid assets / assets | 10.54% (p4 of band) | |
| Uninsured deposits / deposits | 51.66% (p98 of band) | 18.94% |
| Brokered deposits | 6.46% | |
| Wholesale funding | 24.34% (p97 of band) | |
| FHLB advances / assets | 17.76% | |
| Tier 1 leverage | 9.37% (p21 of band) | 11.30% |
| Unrealized securities loss / equity | -12.16% (p59 of band) | -16.70% |
| AOCI / equity | 0.07% (p85 of band) | |
| ROA (annualized) | -0.51% (p5 of band) | 0.87% |
| Net interest margin | 2.66% (p17 of band) | 3.46% |
| Efficiency ratio | 124.02% (p96 of band) | |
| Noncurrent loans | 1.02% (p79 of band) | 0.25% |
| Net charge-offs (annualized) | 0.00% (p46 of band) | |
| Reserve coverage of noncurrent | 115.49% | |
| Real estate % of loans | 82% | |
| Construction % of loans | 43.25% (p71 of band) | |
| Auto loans | $0 (0.00% of loans; DQ –, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p48 of band) | |
| Deposits YoY | -26.4% | |
| Employees | 17 | |

## Flags firing in the latest filing

- **loans exceed deposits** (`liq_ltd`)
- **uninsured deposits >50%** (`liq_uninsured`)
- **wholesale funding >15%** (`liq_wholesale`)
- **capital falling** (`cap_falling`)
- **run vulnerability** (`liq_runrisk`)
- **losing money** (`earn_negative`)
- **expense ratio p90** (`earn_efficiency`)
- **deposits shrinking** (`shrink_deposits`)
- **assets shrinking** (`shrink_assets`)
- **uninsured deposits leaving** (`flight_uninsured`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 11 | brokered >10%, wholesale funding >15%, leverage <7%, leverage <5%, losing money, expense ratio p90, noncurrent p90, charge-offs p90, reserve under noncurrent, construction >100% equity |  |
| 2011-06 | 9 |  | brokered >10%, wholesale funding >15% |
| 2011-09 | 9 |  |  |
| 2011-12 | 9 |  |  |
| 2012-03 | 10 | uninsured deposits leaving |  |
| 2012-06 | 7 | deposits shrinking, assets shrinking | losing money, noncurrent p90, reserve under noncurrent, construction >100% equity, uninsured deposits leaving |
| 2012-09 | 5 |  | expense ratio p90, charge-offs p90 |
| 2012-12 | 5 |  |  |
| 2013-03 | 5 | losing money, expense ratio p90, charge-offs p90 | leverage <7%, leverage <5% |
| 2013-06 | 4 |  | charge-offs p90 |
| 2013-09 | 4 |  |  |
| 2013-12 | 5 | liquid assets <10% |  |
| 2014-03 | 2 |  | losing money, expense ratio p90, liquid assets <10% |
| 2014-06 | 4 | liquid assets <10%, capital falling |  |
| 2014-09 | 3 | expense ratio p90 | deposits shrinking, assets shrinking |
| 2014-12 | 3 |  |  |
| 2015-03 | 5 | loans exceed deposits, losing money |  |
| 2015-06 | 1 |  | liquid assets <10%, expense ratio p90, loans exceed deposits, losing money |
| 2015-09 | 1 | reserve under noncurrent | capital falling |
| 2015-12 | 2 | loans exceed deposits, liquid assets <10% | reserve under noncurrent |
| 2016-03 | 2 | expense ratio p90, charge-offs p90 | loans exceed deposits, liquid assets <10% |
| 2016-06 | 1 |  | charge-offs p90 |
| 2016-09 | 2 | capital falling |  |
| 2016-12 | 2 | loans exceed deposits | capital falling |
| 2017-03 | 2 | charge-offs p90 | expense ratio p90 |
| 2017-06 | 1 | capital falling | loans exceed deposits, charge-offs p90 |
| 2017-09 | 1 |  |  |
| 2017-12 | 4 | loans exceed deposits, expense ratio p90, noncurrent p90, reserve under noncurrent | capital falling |
| 2018-03 | 4 | charge-offs p90 | loans exceed deposits |
| 2018-06 | 5 | deposits shrinking, assets shrinking | charge-offs p90 |
| 2018-09 | 4 |  | noncurrent p90 |
| 2018-12 | 3 |  | deposits shrinking |
| 2019-03 | 4 | deposits shrinking |  |
| 2019-06 | 4 |  |  |
| 2019-09 | 4 |  |  |
| 2019-12 | 5 | uninsured deposits leaving |  |
| 2020-03 | 4 | losing money, charge-offs p90 | assets shrinking, deposits shrinking, uninsured deposits leaving |
| 2020-06 | 5 | loans exceed deposits, wholesale funding >15% | charge-offs p90 |
| 2020-09 | 5 | capital falling | losing money |
| 2020-12 | 6 | losing money |  |
| 2021-03 | 4 |  | expense ratio p90, losing money |
| 2021-06 | 5 | uninsured deposits >50% |  |
| 2021-09 | 2 |  | wholesale funding >15%, capital falling, uninsured deposits >50% |
| 2021-12 | 5 | uninsured deposits >50%, run vulnerability, assets shrinking |  |
| 2022-03 | 8 | capital falling, expense ratio p90, charge-offs p90 |  |
| 2022-06 | 7 | wholesale funding >15% | expense ratio p90, charge-offs p90 |
| 2022-09 | 5 |  | reserve under noncurrent, assets shrinking |
| 2022-12 | 6 | reserve under noncurrent |  |
| 2023-03 | 3 |  | loans exceed deposits, wholesale funding >15%, reserve under noncurrent |
| 2023-06 | 5 | loans exceed deposits, wholesale funding >15%, liquid assets <10% | capital falling |
| 2023-09 | 3 | expense ratio p90 | uninsured deposits >50%, run vulnerability, liquid assets <10% |
| 2023-12 | 7 | uninsured deposits >50%, run vulnerability, deposits shrinking, assets shrinking |  |
| 2024-03 | 10 | capital falling, losing money, uninsured deposits leaving |  |

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

- 2026-06-22 [Former First Sound Bank CEO to launch community bank in Bellevue - The Business Journals](https://news.google.com/rss/articles/CBMiqAFBVV95cUxNeUx6cEVWUWU2d0lrOGhlMWFCMXlZVk1JMklFVUdxc01IWllUeDBPODE1TlVjOFRSUkVMUG51WlhXNGVQWXdYYXZ0Y1RhbXBheVhickpQUXIxMWFFcTRIaXBkejBxWFNHTk1NUmkxa1RVOE9IWTBGcmFqUzEwRzZobnp2TU9ydmRGVU5tcktnZ1B4WENsMU15dWNfSVRSZVdlZVVjcE9TNi0?oc=5) · The Business Journals
- 2023-08-03 [Credit union to buy Seattle’s First Sound Bank - Banking Dive](https://news.google.com/rss/articles/CBMirwFBVV95cUxOc3hTZHpPU3ExNnVCZnEwc1B6YXpVSG5ienpfZEhhZW4xZF9VRllQN0VkX2lCNW5xSnU0cUpJWE9sQ2pMZDhVU2FHZ1drLUd3ZWNjbzZLM0FDZGxON3FRcTlxYzZfYkpRU05WTUhmTDNOcmJPLXM5bFJhMXA2REJXeENMSnRTckdHeVRzTUNNWXBDWGVsRDZ0X0dQa0RtTEdoNnBUcExXQk1tOHFXckIw?oc=5) · Banking Dive
- 2024-05-20 [Harborstone Credit Union completes acquisition of First Sound Bank - CUInsight](https://news.google.com/rss/articles/CBMiqwFBVV95cUxQaUNvbi1LSHNLRHJNWGs2QU1EQjBDUFRQWnMwWTZUcTdEWVd2aVhRVFF5UUNzTUhRSml0dGctS0NHSWJKT0x3bVFpTXFramxaSnppT21rWlVPVlZ6RXRrZ0NWRHNZU0t6UDFrOWhFem0xLUJnX093SjFWdlZBTXVhZUdicTFteEtpN1Ayd3ZjS0NrRmRZQTlDQmNpdXM3R0Rfd1NfY3FFclBtUVU?oc=5) · CUInsight
- 2022-12-23 [First Sound Bank in Seattle says its sale to BM Technologies is canceled - American Banker](https://news.google.com/rss/articles/CBMirAFBVV95cUxONVVBbjBkbmdVdzlrSVBVY1R3N2VLb0tVcEp3RERRaENOYkJ5UFk1VGFJc2lZbDFUbk1PaE90NHotRHg4NUZHd3M0UDBpZ0VJOTVjbTNSS2hJcW9HZ19NbjU3ZVFoMS03YnR1eWpOTjVoRmpFZkhnSTJ4TWF4NkZXSGRoOHhJT1JHMEhDaktZUTNXb2hrUWN6NzFvUzFFNFBUamRXa3djY1JRZUZU?oc=5) · American Banker
- 2024-03-12 [Downtown Olympia bank to be acquired by Tacoma-based credit union - The Olympian](https://news.google.com/rss/articles/CBMibEFVX3lxTE1YOTFWdjB1ZnlKU05FbEdic25DVnNmamFYUzE5TDJRSzAzQjdoeGVZWUl0ZVZQcGxucUI2VXZGalBDZWdORTRMdEMxZjVZbGY2ZnFtVnRhV1hPWmJtUHdWWWtXY0FHTHg3MFJ6UNIBbEFVX3lxTFBTQ2h6QXBGWlRGN0V4VVYyLUQ0NXY3UENTaTV0bHFOdEU0RUg2eExCVmVwM2RlejlvODV4ejhtUThrV3hsUTd6N204cG1rZ3JuU09fejJOTjFoTGdpWWo0OE1vWk8zczljZVpsVQ?oc=5) · The Olympian
- 2022-02-15 [Protego Trust Names Brian Brooks, Michael Carpenter to Board - newswire.com](https://news.google.com/rss/articles/CBMinwFBVV95cUxPYk9JcmJCa1hURHMzNmxkZnM4SDRVQVg2eGhOaW5NTldGZjk2bkpueFd2S3VSZVd0VS1ZazRRUzRLNGI1QkUzVlhDb0IzYUtTQzRWTngwQVk5QUJPTVJoczdFb3B0WEVPNXRWY2lYQlRDQmRKcm5fLWNYX3otRXRTWU94elp4MUVyT0ZkVU9MZUlXWVNIMXRDV0dlMW5icVk?oc=5) · newswire.com
- 2017-05-17 [First Sound Bank Promotes Lisa Cleary to Executive Vice President and Chief Credit Officer - PR Newswire](https://news.google.com/rss/articles/CBMi3wFBVV95cUxPdWFhRjJYdU12RWN0N1o1bTFLN3M3Nk9TaThSdmlCYVNKOUVwMFdBeDVNazVOME1LZ3ZIT3RaUFZ6Sk94aU5kWkF6QWxvaXdNdTJWMnExN190VjRrU0w4dVdoUjQ0Z2VEZDJFN2lITk1mQ3JPZTI3Rkp4MVd3UTRSU3FUcWtqUHYwdXJIaHlCNTR3OWNaNWJxOXJabUIwR0dGUGo1dUw0Zy1RbFZDYnBSR1ZFZ0otNk1Md2xNOERpc0toOWFla1FqUzA4MjFrdmx1eks5dDlldXRnd0o5NzVN?oc=5) · PR Newswire
- 2023-08-02 [A credit union buying First Sound Bank after prior sale was canceled - American Banker](https://news.google.com/rss/articles/CBMiuAFBVV95cUxQQjRKMWpsX0thajQ0NzJVYWVueWZ4ZFExWjctUnFWZjYxaXpvUjZNRm5ZRkJ5NWctZ3hUUWtPcGZpU1JrbDhRZ0xXeHY2UXc1LXRzTHdiSTk0aWR2U00yLUFJaFBHOEJYdGZwdWlnUXYzaHJmVVI3LWxLaXFxTTJGR05tWEcxODZKSm9xT1ZFcHlCZ2tiaFBVVWpOU2M1eUpsaWJyWldtNzFRU01IRmRfY1pWQW5nYmRM?oc=5) · American Banker

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=57799 (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/7.json (key "57799", 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