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 shareholders voting on four key proposals, 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 improvement, loan production expansion, and operational efficiencies through technology.

• Shareholder engagement and participation are emphasized, with multiple voting methods available.

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, allow director removal with or without cause, and eliminate certain voting limitations.

• 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 by December 9, 2025.

Board of directors and corporate governance

• The board consists of nine members, with a mix of financial, legal, technology, and community expertise.

• Eight of nine directors are independent; the CEO is not.

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

• The board chair is independent and separate from the CEO role.

• Board and committee self-evaluations and director continuing education are conducted annually.