[Form 4] First Northwest Bancorp Insider Trading Activity

Rhea-AI Filing Summary

Curt Queyrouze, President/CEO and director of First Northwest Bancorp (FNWB), was granted 50,000 shares of restricted common stock under the company's 2020 Equity Incentive Plan on 09/30/2025. The award is unvested: one-third of the shares will vest annually beginning on September 30, 2026, meaning full vesting occurs over three years. The reported acquisition price per share was $7.87 and the transaction increases Queyrouze's beneficial ownership to 50,000 shares, all held directly as restricted stock subject to the stated vesting schedule.

Insights

Financial Analyst

TL;DR: CEO received a 50,000-share restricted stock award vesting over three years, indicating compensation tied to future performance and retention.

The grant of 50,000 restricted shares to the President/CEO is a routine equity compensation event that increases his direct beneficial ownership to 50,000 shares. The one-third annual vesting beginning 09/30/2026 creates time-based retention incentives through a three-year schedule. The reported per-share price of $7.87 provides a reference for the award value but the filing does not disclose total grant-date value or whether performance conditions apply. Impact on financials or shareholder dilution is not provided in this Form 4.

Corporate Governance Expert

TL;DR: Director and CEO equity award aligns management with shareholders but appears time-vested only; no performance hurdles disclosed.

The filing shows an award under the 2020 Equity Incentive Plan with time-based vesting at one-third per year. This structure is commonly used to retain executives and align interests with shareholders over time. The Form 4 discloses direct ownership and the vesting schedule but does not indicate any additional performance metrics or changes to plan terms. From a governance standpoint, the transaction is transparent and consistent with standard executive compensation practices.

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

1. Name and Address of Reporting Person^*

Queyrouze Curt

(Last) (First) (Middle)

105 W 8TH ST

(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
X	Officer (give title below)		Other (specify below)
	President / CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		A		50,000(1)	A	$7.87	50,000(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 30, 2026.

2. Includes 50,000 unvested shares of restricted stock granted under the Issuer's 2020 Plan, one-third of which will vest annually beginning on September 30, 2026.

	/s/ Allison R. Mahaney, Attorney-in-Fact for Curt Queyrouze	10/01/2025
	** 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.