ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.
AND SUBSIDIARY changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies, the Financial Accounting Standards Board, the U.S.
At December 31, 2025, the Company had total consolidated assets of $1.1 billion, including $905.5 million of loans held-for-portfolio, deposits of $948.9 million and stockholders' equity of $109.4 million.
We sell loans that conform to the underwriting standards of Fannie Mae ("conforming") but generally retain the servicing of the loan in order to maintain the direct customer relationship and to generate noninterest income.
We have provided notice that the Tacoma branch, located in the Seattle MSA (Pierce County), will close in April 2026 as part of ongoing strategic consolidation efforts.
In Clallam and Jefferson Counties, we have approximately 16.31% and 5.36%, respectively, of the deposits in those markets.
The population has a skilled work-force with a wide range of education levels and ethnic backgrounds.
Economic conditions in our markets reflect the effects of inflationary pressures and higher interest rates.
While unemployment rates remain relatively low, recent data indicates a modest increase compared to prior periods.
For December 2025, the preliminary Seattle MSA reported an unemployment rate of 5.0%, compared to the national average of 4.4%, according to the latest available information from the Bureau of Labor Statistics.
REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.
At December 31, 2024, the Company had total consolidated assets of $993.6 million, including $900.2 million of loans held-for-portfolio, deposits of $837.8 million and stockholders' equity of $103.7 million.
In Clallam and Jefferson Counties, we have approximately 16.35% and 5.86%, respectively, of the deposits in those markets.
The population has a skilled work force with a wide range of education levels and ethnic backgrounds.
have been negatively impacted by inflation and the rising interest rate environment, partially offset by the continued trend of low unemployment rates.
For December 2024, the preliminary Seattle MSA reported an unemployment rate of 3.5%, compared to the national average of 4.1%, according to the latest available information from the Bureau of Labor Statistics.
Based on information from Case-Shiller, the average home price in the Seattle MSA increased 5.9% in 2024.
King County has the largest population of any county in the state of Washington, with approximately 2.3 million residents and a median household income of approximately $121 thousand.
Based on information from the Northwest Multiple Listing Service ( MLS ), the median home sales price in King County in December 2024 was $851 thousand, a 7% increase from December 2023's median home sales price of $795 thousand.
Pierce County has approximately 931 thousand residents and a median household income of approximately $97 thousand.