Business Context and Reporting Period
This Form 8-K Current Report, dated September 11, 2025, pertains to First Northwest Bancorp (FNWB) and its subsidiary, First Fed Bank. The filing announces a significant change in executive leadership effective September 17, 2025.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
- Executive Appointment: The Board appointed Curt Queyrouze as President, Chief Executive Officer (CEO), and a member of the Boards of both First Northwest Bancorp and First Fed Bank, effective September 17, 2025.
- Leadership Transition: Geraldine L. Bullard will conclude her service as Interim CEO (held since July 13, 2025) and will continue as Executive Vice President and Chief Operating Officer.
- Compensation Structure: Mr. Queyrouze's employment agreement includes a base salary of $550,000, a $100,000 signing bonus, and an award of 50,000 restricted stock shares vesting over three years.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on business strategy. It details the terms of the new CEO's employment agreement, including:
- Incentives: Eligibility for short-term incentives (target 50% of base salary) and long-term incentives (target 35% of base salary) starting in 2026.
- Termination Provisions: Severance of two times annual base salary plus 12 months of COBRA premiums for termination without Cause or for Good Reason. In the event of a Change in Control within 12 months, severance increases to 2.99 times annual base salary plus 18 months of COBRA premiums.
- Benefits: Includes a $1,000 monthly car/gas allowance and $500 monthly life insurance contribution.
Investor Verification Checklist
- Verify the effective date of the CEO transition (September 17, 2025) and the interim status of Geraldine Bullard.
- Review the full text of the Employment Agreement (Exhibit 10.1) for specific definitions of "Cause," "Good Reason," and "Change in Control."
- Confirm the vesting schedule and retention requirements for the 50,000 restricted stock shares granted to Mr. Queyrouze.
- Assess the impact of the $100,000 signing bonus and potential severance liabilities on the company's future cash flow.