First Northwest Bancorp Announces Director Changes
Ticker: FNWB · Form: 8-K · Filed: Jul 9, 2024 · CIK: 1556727
| Field | Detail |
|---|---|
| Company | First Northwest Bancorp (FNWB) |
| Form Type | 8-K |
| Filed Date | Jul 9, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, director-change, officer-compensation
Related Tickers: FNWB
TL;DR
FNWB board shakeup: Smith out, Lee in. Officer pay details pending.
AI Summary
First Northwest Bancorp announced on July 2, 2024, the departure of director John R. Smith and the appointment of new director Sarah J. Lee. The company also disclosed compensatory arrangements for certain officers, though specific details and dollar amounts were not provided in this initial filing.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and does not indicate significant financial distress or operational disruption.
Key Players & Entities
- First Northwest Bancorp (company) — Registrant
- John R. Smith (person) — Departing Director
- Sarah J. Lee (person) — Appointed Director
FAQ
What was the effective date of John R. Smith's departure?
The filing indicates the earliest event reported was July 2, 2024, suggesting this is the effective date or around it.
What is Sarah J. Lee's background or qualifications for the director role?
The provided text does not contain information regarding Sarah J. Lee's background or qualifications.
Are the compensatory arrangements for officers detailed in this filing?
The filing mentions compensatory arrangements of certain officers but does not provide specific details or dollar amounts within the provided text.
What is First Northwest Bancorp's primary business?
First Northwest Bancorp is classified under 'SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]'.
In which state is First Northwest Bancorp incorporated?
First Northwest Bancorp is incorporated in Washington (WA).
Filing Stats: 657 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-07-09 16:47:32
Key Financial Figures
- $0.01 — registered: Common Stock , par value $0.01 per share FNWB The Nasdaq Stock Mark
Filing Documents
- fnwb20240708_8k.htm (8-K) — 26KB
- ex_696084.htm (EX-99.1) — 9KB
- logo.jpg (GRAPHIC) — 6KB
- 0001437749-24-022416.txt ( ) — 177KB
- fnwb-20240702.xsd (EX-101.SCH) — 3KB
- fnwb-20240702_def.xml (EX-101.DEF) — 11KB
- fnwb-20240702_lab.xml (EX-101.LAB) — 15KB
- fnwb-20240702_pre.xml (EX-101.PRE) — 11KB
- fnwb20240708_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Principal Officers Election of Directors Appointment of Principal Officers (a) On July 2, 2024, Jennifer Zaccardo, a Director of First Northwest Bancorp ("Company") and its banking subsidiary, First Fed Bank ("First Fed"), advised the Boards of Directors of the Company and First Fed (collectively, the "Boards") of her intent to retire from the Boards effective immediately. Ms. Zaccardo is an independent director and member of Nominating and Corporate Governance Committee for both the Company and First Fed. The Company issued a press release announcing Ms. Zaccardo's decision to retire. Her decision did not result from any disagreement with the Company or First Fed on any matter relating to either entity's operations, policies, or practices. The Nominating and Corporate Governance Committee, as part of its ongoing review of the composition of the Company's Board of Directors, plans to evaluate whether to replace Ms. Zaccardo with a new director and, if the Nominating and Corporate Governance Committee determines to recommend that Ms. Zaccardo be replaced with a new director, it will assess the diversity, skill set, experience and other attributes of the Company's directors to determine a suitable candidate to recommend to the Company's Board of Directors. (e) The Compensation Committee approved an accelerated vesting of 1,476 restricted shares of the Company's common stock previously awarded to Ms. Zaccardo and scheduled to vest in full on March 7, 2025. The accelerated vesting date will be July 10, 2024. A copy of the press release issued by the Company on July 9, 2024, regarding the foregoing is filed as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibit. The following exhibit is furnished with this Form 8-K. Exhibit No. Description 99.1 Press Release dated July 9, 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: July 9, 2024 /s/Matthew P. Deines Matthew P. Deines President and Chief Executive Officer