First Northwest Bancorp (FNWB) Proxy Filing summary

Executive summary

• The 2025 Annual Meeting will be held in person on May 20, 2025, in Port Angeles, WA, with four key proposals up for shareholder vote, including director elections, amendments to the Articles of Incorporation, executive compensation, and auditor ratification.

• The company faced economic challenges in the past year but focused on deposit mix, loan production, and operational efficiency, aiming to enhance shareholder value and community impact.

• Shareholders are encouraged to vote via internet, phone, or mail to ensure quorum and representation.

Voting matters and shareholder proposals

• Proposal 1: Election of nine directors for a one-year term.

• Proposal 2: Amend Articles of Incorporation to remove supermajority voting and allow director removal with or without cause.

• Proposal 3: Advisory vote on executive compensation (say-on-pay).

• Proposal 4: Ratification of Moss Adams LLP as independent auditor for 2025.

• Shareholder proposals for the 2026 meeting must be submitted in accordance with proxy rules and company bylaws.

Board of directors and corporate governance

• Board consists of nine members, with eight independent directors and one executive (CEO).

• Board committees include Audit, Compensation, Nominating and Corporate Governance, and Executive Committees.

• Board Chair and CEO roles are separated; the Chair is an independent director.

• Board diversity, skills, and independence are emphasized in recruitment and evaluation.

• Annual board and director evaluations are conducted, and continuing education is supported.