First Northwest Bancorp Announces Board and Officer Changes
Ticker: FNWB · Form: 8-K · Filed: Dec 11, 2024 · CIK: 1556727
| Field | Detail |
|---|---|
| Company | First Northwest Bancorp (FNWB) |
| Form Type | 8-K |
| Filed Date | Dec 11, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $515,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, governance, officer-appointment
Related Tickers: FNWB
TL;DR
FNWB board shakeup and new execs announced.
AI Summary
First Northwest Bancorp announced on December 6, 2024, changes in its board of directors and officer appointments. The filing details the departure of certain directors and the election of new ones, alongside the appointment of specific officers and updates to compensatory arrangements for key personnel.
Why It Matters
Changes in a company's board and executive officers can signal shifts in strategy, governance, or operational focus, potentially impacting future performance and shareholder value.
Risk Assessment
Risk Level: medium — Changes in leadership and governance can introduce uncertainty and potential strategic shifts, warranting closer monitoring.
Key Players & Entities
- First Northwest Bancorp (company) — Registrant
- December 6, 2024 (date) — Date of earliest event reported
FAQ
Who are the specific directors departing from First Northwest Bancorp?
The filing indicates the departure of certain directors but does not list their specific names in the provided text.
Are there any new directors elected to the board?
Yes, the filing states the election of directors, but their names are not specified in this excerpt.
What specific officer positions have been filled or changed?
The filing mentions the appointment of certain officers, but the specific roles are not detailed in this section.
Are there any changes to executive compensation arrangements?
Yes, the filing notes updates to compensatory arrangements for certain officers.
What is the primary business of First Northwest Bancorp?
First Northwest Bancorp operates in the savings institutions sector, not federally chartered, with its principal executive offices in Port Angeles, Washington.
Filing Stats: 945 words · 4 min read · ~3 pages · Grade level 12 · Accepted 2024-12-11 15:07:44
Key Financial Figures
- $0.01 — registered: Common Stock , par value $0.01 per share FNWB The Nasdaq Stock Mark
- $515,000 — First Fed and receive a base salary of $515,000 per year, which may be adjusted from ti
Filing Documents
- fnwb20241209_8k.htm (8-K) — 27KB
- ex_755469.htm (EX-99.1) — 84KB
- 0001437749-24-037228.txt ( ) — 262KB
- fnwb-20241206.xsd (EX-101.SCH) — 3KB
- fnwb-20241206_def.xml (EX-101.DEF) — 11KB
- fnwb-20241206_lab.xml (EX-101.LAB) — 15KB
- fnwb-20241206_pre.xml (EX-101.PRE) — 11KB
- fnwb20241209_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 On December 6, 2024, First Northwest Bancorp (the "Company") and its wholly owned subsidiary First Fed Bank ("First Fed" and, collectively with the Company, "First Northwest") entered into a new employment agreement (the "Employment Agreement") with Matthew P. Deines, First Northwest's President and Chief Executive Officer, to replace the agreement previously in effect. Under the Employment Agreement, Mr. Deines will continue to serve as the President and Chief Executive Officer of both the Company and First Fed and receive a base salary of $515,000 per year, which may be adjusted from time to time with approval of First Northwest's Board of Directors (the "Board") or the Compensation Committee thereof (the "Compensation Committee"). In addition, Mr. Deines is eligible for an incentive bonus as a percentage of his base salary and as authorized and declared by the Board or the Compensation Committee. Furthermore, he is eligible to receive equity incentive awards under the Company's equity incentive plan and is entitled to participate in First Northwest's employee benefits and plans. The Employment Agreement prohibits Mr. Deines, during his employment and for a period of one year thereafter from (i) soliciting First Northwest's employees to leave First Northwest or otherwise interfering with the relationship between them and First Northwest; (ii) soliciting First Northwest's current customers, suppliers or certain similar counterparties to cease doing business with First Northwest; and (iii) competing with First Northwest within its territory or soliciting certain of First Northwest's prior customers or potential customers for a competing business. The Employment Agreement has a term of one year beginning December 7, 2024, subject to extension at the option of First Northwest. The Employment Agreement may be
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibit. The following exhibit is furnished with this Current Report. Exhibit No. Description 10.1 Employment Agreement among First Northwest Bancorp, First Fed Bank and Matthew P. Deines, dated December 7, 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: December 11, 2024 /s/ Matthew P. Deines Matthew P. Deines President and Chief Executive Officer