First Northwest Bancorp Appoints New CFO
Ticker: FNWB · Form: 8-K · Filed: Apr 4, 2024 · CIK: 1556727
| Field | Detail |
|---|---|
| Company | First Northwest Bancorp (FNWB) |
| Form Type | 8-K |
| Filed Date | Apr 4, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, leadership-change
TL;DR
FNWB just hired a new CFO, Kevin D. Wilson, formerly of Glacier Bancorp.
AI Summary
On April 2, 2024, First Northwest Bancorp announced the appointment of Kevin D. Wilson as Chief Financial Officer, effective April 3, 2024. Wilson will also serve as Executive Vice President and Chief Financial Officer of First Northwest Bank. He previously held the CFO position at Glacier Bancorp, Inc. and its subsidiary Glacier Bank.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact the financial strategy and performance of the company.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and operational execution.
Key Players & Entities
- First Northwest Bancorp (company) — Registrant
- Kevin D. Wilson (person) — Appointed Chief Financial Officer
- April 2, 2024 (date) — Date of Report
- April 3, 2024 (date) — Effective date of appointment
- First Northwest Bank (company) — Subsidiary bank
- Glacier Bancorp, Inc. (company) — Previous employer of new CFO
- Glacier Bank (company) — Subsidiary of previous employer
FAQ
Who has been appointed as the new Chief Financial Officer of First Northwest Bancorp?
Kevin D. Wilson has been appointed as the new Chief Financial Officer of First Northwest Bancorp.
When is Kevin D. Wilson's appointment as CFO effective?
Kevin D. Wilson's appointment as CFO is effective April 3, 2024.
What other roles will Kevin D. Wilson hold at First Northwest Bancorp?
Kevin D. Wilson will also serve as Executive Vice President and Chief Financial Officer of First Northwest Bank.
Where did the new CFO, Kevin D. Wilson, work previously?
Kevin D. Wilson previously served as CFO at Glacier Bancorp, Inc. and its subsidiary Glacier Bank.
What is the primary business of First Northwest Bancorp?
First Northwest Bancorp is a savings institution, not federally chartered, operating in the finance sector.
Filing Stats: 837 words · 3 min read · ~3 pages · Grade level 13.3 · Accepted 2024-04-04 16:22:46
Key Financial Figures
- $0.01 — registered: Common Stock , par value $0.01 per share FNWB The Nasdaq Stock Mark
Filing Documents
- fnwb20240403_8k.htm (8-K) — 30KB
- ex_650110.htm (EX-10.1) — 91KB
- 0001437749-24-011079.txt ( ) — 274KB
- fnwb-20240402.xsd (EX-101.SCH) — 3KB
- fnwb-20240402_def.xml (EX-101.DEF) — 11KB
- fnwb-20240402_lab.xml (EX-101.LAB) — 15KB
- fnwb-20240402_pre.xml (EX-101.PRE) — 11KB
- fnwb20240403_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. In early April 2024, each of the executive officers (each, a "Participant") of First Northwest Bancorp (the "Company") and First Fed Bank ("First Fed"), the wholly owned banking subsidiary of the Company, other than Matthew P. Deines, became party to the First Fed Bank Executive Change in Control Plan (the "CIC Plan"). The CIC Plan was approved by the Compensation Committee of the Board of Directors of the Company and First Fed on February 27, 2024. Mr. Deines was not selected as a Participant because his employment agreement with the Company and First Fed already provided for change in control benefits and does not expire until December 2024. Under each agreement entered into with a Participant pursuant to the CIC Plan, if the Participant is terminated other than for Cause or by the Participant for Good Reason (as defined in the Plan) in connection with a Change in Control (as defined in the Plan), the Participant will be entitled to receive lump sum cash payments within five business days following their termination date as follows: An amount equal to earned but unpaid base salary, expense reimbursements, paid time off, and earned but unpaid short- and long-term incentive compensation for the year prior to the year of termination; The pro rata amount of the Participant's target bonus for the year in which the termination occurs through the termination date; An amount equal to two times the sum of (a) the greater of (x) the Participant's base salary in effect as of the effective date of the Change in Control and (y) the Participant's base salary in effect as of the termination date, plus (b) the Participant's target bonus for the year in which the termination occurs; and An amount equal to the monthly cost of coverage under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amen
Financial Statements and Exhibits
Financial Statements and Exhibits Exhibit No. Description 10.1 First Fed Bank Executive Change in Control Plan 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: April 4, 2024 /s/Matthew P. Deines Matthew P. Deines President and Chief Executive Officer