First Northwest Bancorp Appoints New CFO

TL;DR

FNWB just hired a new CFO, Scott Peterson, starting April 1st. He's getting $225k base + stock.

AI Summary

First Northwest Bancorp announced on March 26, 2024, the appointment of Scott A. Peterson as Chief Financial Officer, effective April 1, 2024. Peterson will receive an annual base salary of $225,000 and will be eligible for the company's annual incentive plan. He will also receive a one-time grant of 10,000 restricted stock units, vesting over three years.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $225,000 — CFO Base Salary (Annual compensation for Scott A. Peterson)
• 10,000 — Restricted Stock Units (One-time grant to new CFO, vesting over three years)

Key Players & Entities

• First Northwest Bancorp (company) — Registrant
• Scott A. Peterson (person) — Appointed Chief Financial Officer
• $225,000 (dollar_amount) — Annual base salary for new CFO
• 10,000 (dollar_amount) — Restricted stock units granted to new CFO
• March 26, 2024 (date) — Date of report
• April 1, 2024 (date) — Effective date for new CFO

FAQ

Key Financial Figures

• $0.01 — registered: Common Stock , par value $0.01 per share FNWB The Nasdaq Stock Mark
• $36,530 — Directors receive an annual retainer of $36,530. Annual retainers for committee service
• $4,800 — ual retainers for committee service are $4,800 for the Audit Committee, $3,000 for the
• $3,000 — ice are $4,800 for the Audit Committee, $3,000 for the F3P Committee, and $2,800 for e
• $2,800 — ttee, $3,000 for the F3P Committee, and $2,800 for each other standing committee of th
• $50,000 — y's common stock equivalent in value to $50,000 (based on the closing market price on M

Filing Documents

• fnwb20240322_8k.htm (8-K) — 27KB
• ex_643931.htm (EX-99.1) — 9KB
• ex_643931img001.jpg (GRAPHIC) — 4KB
• 0001437749-24-009549.txt ( ) — 176KB
• fnwb-20240326.xsd (EX-101.SCH) — 3KB
• fnwb-20240326_def.xml (EX-101.DEF) — 11KB
• fnwb-20240326_lab.xml (EX-101.LAB) — 15KB
• fnwb-20240326_pre.xml (EX-101.PRE) — 11KB
• fnwb20240322_8k_htm.xml (XML) — 3KB

02

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers On March 26, 2024, the Boards of Directors of First Northwest Bancorp (the "Company") and its banking subsidiary, First Fed Bank ("First Fed"), announced approval of the election of Sean P. Brennan as a Director, expanding the number of directors of both Boards to ten. Mr. Brennan's term as a Director of the Company is effective immediately and will continue until the 2024 Annual Meeting of Shareholders, at which time it is anticipated that he will be nominated for re-election by the shareholders. The Company's Board has determined that Mr. Brennan meets the requirements for director independence under the listing standards of The NASDAQ Stock Market LLC and applicable rules of the Securities and Exchange Commission. Mr. Brennan was appointed to serve on the Audit (and Compliance) Committee and Compensation Committee for both the Company and First Fed. He was also appointed to serve on the Board Loan Committee for First Fed. There are no transactions in which Mr. Brennan has an interest requiring disclosure under Item 404(a) of Regulation S-K. There are no family relationships between Mr. Brennan and any other executive officer or director of the Company or First Fed. Other than the compensation arrangements described below, there is no arrangement or understanding between Mr. Brennan and any other persons or entities pursuant to which Mr. Brennan will be elected as a Director of the Company. Mr. Brennan will receive compensation for his services as a Director consistent with the Company's standard practices for non-employee (outside) Directors. For 2024, outside Directors receive an annual retainer of $36,530. Annual retainers for committee service are $4,800 for the Audit Committee, $3,000 for the F3P Committee, and $2,800 for each other standing committee of the Company. All retainers are paid in equal monthly installments. The Chair and commit

Financial Statements and Exhibits

Financial Statements and Exhibits Exhibit No. Description 99.1 Press Release dated March 27, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST NORTHWEST BANCORP Date: March 27, 2024 /s/Matthew P. Deines Matthew P. Deines President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR