First Northwest Bancorp 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by First Northwest Bancorp (FNWB) on March 27, 2025. The report discloses a significant executive appointment within the Company and its wholly owned subsidiary, First Fed Bank.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on personnel changes and compensation terms.
Material Changes
On March 27, 2025, Phyllis Nomura was appointed Executive Vice President and Chief Financial Officer / Treasurer, effective immediately. She will also serve as the Principal Accounting Officer. Geri Bullard will continue to serve as Chief Operating Officer as part of the Company's management succession plan.
Management Commentary and Compensation
The Board of Directors approved the following compensation terms for Ms. Nomura:
- Base Salary: $305,000 annually.
- Equity Award: 5,000 shares of restricted stock vesting in three equal annual installments beginning May 1, 2025.
- Incentives: Eligibility for incentive opportunities as a percentage of base salary, subject to Board authorization.
Ms. Nomura is not subject to a formal employment agreement but has agreed to participate in the First Fed Bank Executive Change in Control Plan. She brings over 30 years of financial experience, including prior CFO roles at YWCA Seattle King Snohomish, Kosmos Management, and First Sound Bank.
Investor Verification Checklist
- Verify the vesting schedule and performance conditions for the 5,000 restricted stock shares.
- Review the specific terms of the First Fed Bank Executive Change in Control Plan.
- Confirm the transition timeline for Ms. Nomura's integration into the CFO role.
- Check for any subsequent filings regarding the departure of the previous CFO, if applicable.