First Northwest Bancorp

First Fed Bank, a subsidiary of First Northwest Bancorp, has appointed Chris Walsh as its new Chief Banking Officer. Walsh brings over 40 years of banking leadership experience and will oversee all banking functions, aiming to advance First Fed's long-term strategy for business and retail customers. This marks the second executive hire for First Fed in 2026, following Jennifer Gribble's appointment as Chief People Officer in March.

First Northwest Bancorp shareholders rejected a proposal to remove supermajority provisions from the company's Amended and Restated Articles of Incorporation, as it did not receive the required 80% affirmative vote of outstanding shares. Concurrently, shareholders approved the Amended and Restated 2020 Equity Incentive Plan, which increases the shares available for issuance by 300,000 to 820,000 and raises the annual compensation limit for non-employee directors from $150,000 to $175,000. Additionally, all nine director nominees were elected, and the advisory vote on executive compensation was approved.

First Northwest Bancorp reported a net income of $6 thousand for the three months ended March 31, 2026, a significant improvement from a net loss of $9.04 million in the prior year period. This turnaround was primarily driven by a substantial reduction in the provision for credit losses. The company also experienced an increase in net interest income and a decrease in total noninterest expense, while total assets and deposits showed modest growth.

First Northwest Bancorp issued a slide presentation on May 4, 2026, providing a review of its financial results and trends for the quarter and three months ended March 31, 2026. The presentation material is included as Exhibit 99.1 to the current report on Form 8-K.

First Northwest Bancorp reported net income of $6,000 for the first quarter of 2026, a significant decrease from $382,000 in the prior quarter but a substantial improvement from a $9.0 million net loss in Q1 2025. Basic and diluted income per share was $0.00. The company is undergoing a disciplined transformation to improve operating efficiency and reposition its balance sheet, with management expecting profitability to improve in the second half of 2026 and beyond. Key financial highlights include an expanded net interest margin and a decrease in the cost of total deposits.