Question 1

Which Washington banks have the most non-performing multifamily real estate?

Accepted Answer

1. HERITAGE BANK (WA) — 0.40% NPL; 2. WASHINGTON FEDERAL BANK (WA) — 0.24% NPL; 3. HOMESTREET BANK (WA) — 0.07% NPL; 4. OLYMPIA FEDERAL SAVINGS AND LOAN ASSOCIATION (WA) — 0.05% NPL; 5. PACIFIC CREST SAVINGS BANK (WA) — 0.03% NPL

Question 2

How large is the multifamily real estate market for Washington banks?

Accepted Answer

As of Q2 2025, 31 Washington banks report multifamily real estate portfolios totaling $11.8B. Non-performing loans in this category total $15.1M — an average NPL ratio of 0.13% — with $1.4M 30-89 days delinquent, $1.6M 90+ days delinquent, and $13.6M in nonaccrual status.

Washington Multifamily Real Estate

Delinquency Breakdown

Banks by NPL Ratio

Top Distressed Banks - Multifamily Real Estate in Washington

Multifamily Real Estate in Other States

BankProspector

Platform

Company

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Bank Name	State	Portfolio	NPL	NPL %
HERITAGE BANK	WA	$388.4M	$1.6M	0.40%
WASHINGTON FEDERAL BANK	WA	$4.8B	$11.6M	0.24%
HOMESTREET BANK	WA	$2.8B	$1.9M	0.07%
OLYMPIA FEDERAL SAVINGS AND LOAN ASSOCIATION	WA	$75.1M	$39K	0.05%
PACIFIC CREST SAVINGS BANK	WA	$87.1M	$29K	0.03%