First Northwest Bancorp and First Fed Announce the Retirement of Norman Tonina, Jr. from Boards of Directors

Rhea-AI Summary

First Northwest Bancorp (NASDAQ: FNWB) and First Fed announced the retirement of Norman J. Tonina, Jr. from both Boards effective December 9, 2025. Mr. Tonina served on the First Fed Board since 2012 and as an inaugural FNWB director since 2015, including service as Chair of the Nominating and Corporate Governance Committee.

The Boards highlighted his role in the executive search that led to the hiring of Curt Queyrouze as CEO and noted ongoing succession planning; the Nominating and Corporate Governance Committee will decide whether to add a new director.

Key Figures

Board service tenure 12 years Norman J. Tonina, Jr. service on Company Boards

Retirement effective date December 9, 2025 Effective date at regular Board meetings

Board start year 2012 Joined First Fed Board

FNWB Board start year 2015 Inaugural member of FNWB Board

Career transition year 1999 Moved to Human Resources at Microsoft

Market Reality Check

$9.96 Last Close

Volume Volume 32,306 vs 20-day average 28,761 (relative volume 1.12x). normal

Technical Price 9.96 trading above 200-day MA at 8.8 ahead of this announcement.

Peers on Argus

Peers showed mixed moves: FSEA up 4.19%, AUBN up 1.21%, while BYFC fell 1.73% and BOTJ slipped 0.56%, indicating stock-specific rather than broad sector action for FNWB.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Oct 27	Q3 2025 earnings	Neutral	+8.6%	Quarterly results with modest profit and mixed margin and expense trends.
Sep 18	Digital platform launch	Positive	-0.1%	Rollout of Apiture digital banking platform to enhance business services.
Sep 12	CEO appointment	Positive	+6.3%	Appointment of Curt Queyrouze as CEO and President with long sector experience.
Jul 24	Q2 2025 earnings	Positive	+3.8%	Return to profitability with higher net income and margin expansion.

Pattern Detected

Recent news with clear strategic or financial significance (earnings, CEO change) tended to see positive price reactions, while operational or community updates saw smaller or negative moves.

Recent Company History

In the last six months, FNWB reported improved profitability in Q2 2025 with a return to net income and followed with Q3 2025 results showing net income of $802,000 and EPS of $0.09. Both earnings events saw positive 24-hour price reactions. Strategically, the company appointed Curt Queyrouze as CEO and President effective September 17, 2025, which also coincided with a positive move. Product and community-focused updates, such as the Apiture digital banking launch and Foundation grant cycle, drew modest or negative reactions, suggesting investors focus more on earnings and leadership changes.

Market Pulse Summary

This announcement details the retirement of long-serving director Norman J. Tonina, Jr., effective December 9, 2025, after about 12 years on the Boards. It emphasizes his role in recent executive recruitment and notes that the Nominating and Corporate Governance Committee remains active in succession planning and director recruitment. In the context of recent CEO changes and evolving profitability, investors may monitor future disclosures on board composition, governance priorities, and how these align with upcoming earnings reports.

Key Terms

nominating and corporate governance committee financial

"He served as Chair of the Nominating and Corporate Governance Committee..."

A nominating and corporate governance committee is a group within a company's board of directors responsible for selecting and recommending individuals to serve as company leaders, such as directors or executives. They also develop and oversee policies to ensure the company is run fairly, ethically, and transparently. This committee matters to investors because it helps ensure the company is well-managed and guided by qualified, responsible leadership.

AI-generated analysis. Not financial advice.

PORT ANGELES, Wash., Dec. 10, 2025 (GLOBE NEWSWIRE) -- First Fed Bank and its holding company, First Northwest Bancorp (NASDAQ: FNWB) (collectively the “Company”), announced the retirement of Norman J. Tonina, Jr. from the Company’s Boards of Directors, effective at the regular Board meetings on December 9, 2025.

“Norm’s commitment and contribution to the Company and Boards for the last 12 years cannot be understated. His leadership and dedication were critical to our most recent executive search and recruitment process. We are grateful his many years of service and wish him all the best in his retirement,” said Cindy Finnie, Board Chair of FNWB and First Fed.

Mr. Tonina joined the First Fed Board in 2012 and was an inaugural member of the FNWB Board starting in 2015. He served as Chair of the Nominating and Corporate Governance Committee for both Boards during his tenure on the Boards. “One of the highlights of my time on the Board was leading the rigorous recruiting process that culminated in the hiring of Curt Queyrouze as CEO. Curt brings deep experience and strong leadership to guide the Bank forward, and I couldn’t be more thrilled. The Board’s thoughtful succession planning also enabled the appointment of experienced board members to succeed me on the First Fed Bank and FNWB Boards and lead the organization into the future. It has been an honor to serve alongside the Bank’s leaders, employees, and fellow board members over the past 12 years, making a meaningful difference in the communities and for the customers that First Fed Bank serves.”

Mr. Tonina began his career as a finance manager, rising to become Senior Director of Finance for Microsoft’s Platforms and Applications business. In 1999, he transitioned to Human Resources at Microsoft, where he directed strategic global Human Resources initiatives in the areas of culture, leadership, and talent. He is an active non-profit board member and currently serves as President of the First Fed Foundation and has served as an adjunct faculty member in Seattle Pacific University’s graduate program in Industrial and Organizational Psychology. Mr. Tonina earned his BA in Business Administration from Northeastern University, a certificate in Human Resources from the University of Michigan, and a Master’s in Organizational Psychology from Antioch University.

The Boards, through the Nominating and Corporate Governance Committee, are continually engaged in succession planning and director recruitment efforts. The Committee will determine whether adding a new Board member is in the best interest of the Company at this time. 

About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 17 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. First Northwest has also strategically invested in partnerships focused on developing modern financial solutions and a boutique investment banking/accelerator firm. These investments underscore the Company’s commitment to innovation and growth in the financial services sector. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

Forward-Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K and other filings with the Securities and Exchange Commission ("SEC")-which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov. 

For More Information Contact:
Curt Queyrouze, President and Chief Executive Officer
Phyllis Nomura, Chief Financial Officer and EVP
IRGroup@ourfirstfed.com
360-457-0461

FAQ

When did Norman J. Tonina, Jr. retire from the First Northwest Bancorp (FNWB) Board?

Mr. Tonina retired effective December 9, 2025 at the Boards' regular meetings.

How long did Norman J. Tonina, Jr. serve on First Fed and FNWB boards?

He served on the First Fed Board since 2012 and on the FNWB Board since its start in 2015, totaling 12 years on the boards.

What role did Norman Tonina play in First Northwest Bancorp’s leadership changes?

He chaired the Nominating and Corporate Governance Committee and led the recruiting process that resulted in hiring Curt Queyrouze as CEO.

Will First Northwest Bancorp add a new board member to replace Norman Tonina (FNWB)?

The Nominating and Corporate Governance Committee is evaluating whether to add a new director; no decision was announced.

What is Norman Tonina’s professional background noted in the announcement?

His background includes senior finance and HR leadership at Microsoft, nonprofit board roles, presidency of the First Fed Foundation, and adjunct faculty experience.