What changed in this filing

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Item 2. Properties

2023-12-11 compared with 2022-12-09 · 6 added, 64 removed, 0 unchanged (100% of the section changed)

At September 30, 2022, the Bank operated 23 full service facilities.

The following table sets forth certain information regarding the Bank’s offices, all of which are owned, except for the Tacoma office and the Lacey office at 4530 Lacey Blvd SE, which are leased.

Location Year Opened Approximate

Square Footage Deposits at

September 30, 2022

(In thousands)

624 Simpson Avenue

Hoquiam, Washington 98550 1966 7,700 $ 92,777

Branch Offices:

Aberdeen, Washington 98520 1974 3,400 53,780

201Main Street South

Montesano, Washington 98563 2004 3,200 55,876

361 Damon Road

Ocean Shores, Washington 98569 1977 2,100 52,177

2418 Meridian Avenue East

Edgewood, Washington 98371 1980 2,400 79,351

202 Auburn Way South

Auburn, Washington 98002 1994 4,200 43,449

12814 Meridian Avenue East (South Hill)

Puyallup, Washington 98373 1996 4,200 55,608

(table continued on the following page)

1201 Marvin Road, N.E.

Lacey, Washington 98516 1997 4,400 40,265

101 Yelm Avenue W.

Yelm, Washington 98597 1999 3,400 48,862

20464 Viking Way NW

Poulsbo, Washington 98370 1999 1,800 37,427

2419 224 th Street E.

Spanaway, Washington 98387

1999 3,900 70,894

801 Trosper Road SW

Tumwater, Washington 98512 2001 3,300 60,134

7805 South Hosmer Street

Tacoma, Washington 98408 2001 5,000 139,732

2401 Bucklin Hill Road

Silverdale, Washington 98383 2003 4,000 60,949

423 Washington Street SE

Olympia, Washington 98501 2003 3,000 79,854

3105 Judson Street

Gig Harbor, Washington 98335 2004 2,700 55,301

Aberdeen, Washington 98520 2004 3,700 85,276

313 West Waldrip Street

Elma, Washington 98541 2004 5,900 87,912

101 2 nd Street

Toledo, Washington 98591

2004 1,800 58,921

209 NE 1 st Street

Winlock, Washington 98586

2004 3,400 33,573

Chehalis, Washington 98532 2009 4,600 63,164

2850 Harrison Ave NW Olympia, Washington 98502 2018 7,755 106,244

4530 Lacey Blvd SE Lacey, Washington 98503 2018 3,700 170,650

Loan Center/Data Center:

120 Lincoln Street

Hoquiam, Washington 98550 2003 6,000 N/A

Administrative Offices:

305 8th Street Hoquiam, Washington 98550 2004 4,100 N/A

Management believes that all facilities are appropriately insured and are adequately equipped for carrying on the business of the Bank.

At September 30, 2022, the Bank operated 24 proprietary automated teller machines ("ATMs") that are part of a nationwide cash exchange network.

The Company adopted Accounting Standards Codification ("ASC") 842 ("ASC 842") on October 1, 2019 and began recording operating lease liabilities and operating lease right-of-use ("ROU") assets in the consolidated balance sheets.

The Company has operating leases for two retail bank branch offices.

The ROU assets totaled $2.89 million at October 1, 2019.

The Company's leases have remaining lease terms of four to nine years, some of which include options to extend the leases for up to five years.

For additional information regarding operating lease liabilities and operating lease ROU assets, see Note 9 of the Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

At September 30, 2023, the Company maintained its headquarters in Hoquiam, Washington, along with 23 full-service bank branches and four administrative offices with an aggregate net book value of $18.51 million.

The Company's owns all properties except for one administrative office, the Tacoma branch and the Downtown Lacey branch, which are leased.

The lease terms for our leased branches are not individually material.

In addition, the Bank operated 24 proprietary automated teller machines ("ATMs") that are part of a nationwide cash exchange network as of September 30, 2023.

In the opinion of management, all properties are adequately covered by insurance, are in a good state of repair and are suitable for the Company's needs.

For additional information see "Note 5 - Premises and Equipment and Note 9 - Leases of the Notes to Consolidated Financial Statements contained in Item 8 of this report".

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties