First Northwest Bancorp Director Receives 7,042 Restricted Shares

Rhea-AI Filing Summary

Diane C. Davis, a director of First Northwest Bancorp (FNWB), was granted 7,042 shares of restricted common stock on 09/08/2025 at a reported price of $7.10 per share. The award is under the issuer's 2020 Equity Incentive Plan and is entirely unvested as reported, with one-third of the shares vesting annually beginning on September 7, 2026.

The Form 4 was filed as a single reporting person filing and signed on behalf of Ms. Davis by an attorney-in-fact on 09/09/2025. The disclosure reflects a routine equity grant to a director rather than a sale or exercise transaction.

Positive

• 7,042 restricted shares granted aligns the directors interests with long-term shareholder value
• Standard vesting schedule (one-third annually beginning 09/07/2026) supports retention

Negative

• Shares are unvested until future dates, so immediate voting or sale benefits are limited

Insights

Corporate Governance Expert

TL;DR: Routine restricted stock grant to a director aligns long-term incentives and follows standard vesting.

The grant of 7,042 restricted shares with a three-year annual vesting schedule is a common governance practice to tie directors to shareholder outcomes. It indicates the board or compensation committee is using equity to retain and align directors rather than cash. The size of the grant should be evaluated relative to the companys total outstanding shares and director compensation policies to assess materiality, but the filing itself shows no immediate dilution through issuance of vested shares or cash proceeds.

Securities Analyst

TL;DR: Transaction is non-cash, non-dispositive and likely immaterial to FNWBs near-term financials.

The Form 4 reports an award under the 2020 Equity Incentive Plan rather than a market purchase or sale. Reported price per share is $7.10 and all 7,042 shares are unvested at grant, with one-third vesting each year starting 09/07/2026. This is a compensation expense consideration over the vesting period but does not represent an immediate change in public float or insider selling activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Davis Diane C.

(Last) (First) (Middle)

105 WEST 8TH STREET

(Street)

PORT ANGELES WA 98362

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
First Northwest Bancorp [ FNWB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/08/2025		A		7,042(1)	A	$7.1	7,042(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents an award of shares of restricted stock under the Issuer's 2020 Equity Incentive Plan ("2020 Plan"), one-third of which will vest annually beginning on September 7, 2026.

2. Includes 7,042 unvested shares of restricted stock granted under the Issuer's 2020 Plan, one-third of which will vest annually beginning on September 7, 2026.

	/s/ Allison R. Mahaney, Attorney-in-Fact for Diane C. Davis	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Diane C. Davis report on Form 4 for FNWB?

She reported a grant of 7,042 restricted common shares on 09/08/2025 under the issuers 2020 Equity Incentive Plan.

What is the price reported for the FNWB restricted stock grant?

The Form 4 lists a reported price of $7.10 per share for the restricted stock award.

When do the restricted FNWB shares vest?

The shares vest one-third annually beginning on September 7, 2026.

Was the Form 4 filed jointly or by one reporting person for FNWB?

The Form 4 was filed by one reporting person, Diane C. Davis, and was signed by an attorney-in-fact on 09/09/2025.

Does this Form 4 show insider selling for FNWB?

No. The filing records an award/acquisition (A) of restricted shares, not a sale or disposition.