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In thinking about this past year, as well as moving forward, I asked myself, “As a member of First Federal, what questions would I want the Bank’s CEO to answer?” So, I will try to answer those questions I thought would be of most interest to you.

My first question would be, “Is my money safe?” I can answer that question very clearly. YES! Your deposits are safe on a number of levels. First, deposits up to $250,000 are insured by the FDIC, and there has never been a cent lost on FDIC insured bank deposits. If you happen to be fortunate enough to have more than $250,000 on deposit with First Federal, we have excellent options to insure or secure all your deposits. If that is a concern for you, I encourage you to speak with one of our Customer Service Representatives to determine the best solution for you. Finally, First Federal remains a safe and sound institution. We continue to maintain capital levels well above the “well-capitalized” threshold as defined by banking regulations. So, I can confidently say your deposits are safe at First Federal.

The second question I might ask is, “What is First Federal doing to help me improve my financial wellbeing?” I am going to answer that question by starting with the basics. The first rung of the financial wellbeing ladder is building a foundation of savings. First Federal is a leader in offering convenient and safe options for savings. And for the first time in several years, higher interest rates have provided savers with excellent opportunities to enjoy attractive yields.

To help members establish regular savings habits, we recently introduced our new SuperSaver account. This unique account pays an industry-leading interest rate on balances up to $500, and a premium yield on balances up to $2,000 for members who make regular deposits into their savings account.

We also launched a new and improved Rewards Checking account, offering an amazing annual percentage yield (APY) on balances up to $20,000 for qualifying accounts. I am proud that First Fed is a leader in offering creative solutions to help members improve their financial wellbeing.

Finally, we introduced First Federal Wealth and Investment Management this past fall to help members in taking the next steps in their financial journey. Our Wealth and Investment Management services focus on financial planning and advisory services, consistent with First Fed’s mission of helping individuals achieve long-term financial success.

Of course, we are still focused on helping people achieve homeownership and the financial benefits that come with it—or tap into the equity in their homes without losing the benefit of a low rate on their existing mortgage. And, we continue to help business owners fund operations, equipment, and facilities needed to grow their businesses.

So, First Federal is doing A LOT to help improve financial wellbeing.

Finally, I might ask, “How is First Federal making a positive difference in my community?” As a community bank, our most basic function is that of a financial intermediary. Your deposits stay here in Southern Idaho, supporting our local economy through loans to individuals and businesses. This is the life blood of economic activity and creates employment opportunities, wealth, and vibrant communities.

In addition, First Fed continues to be a leader in our communities through employee engagement and financial support. In 2023, Bank employees volunteered hundreds of hours to various causes, events, and boards. First Fed also contributed over $370,000 in donations and sponsorships. And the First Federal Foundation donated more than $110,000 to 35 local non-profits.

So, First Federal is also making a positive difference in our communities.

Hopefully, I have answered questions that were of interest to you. But if you have other questions, we always welcome the opportunity to have a more in-depth conversation.