Form 4: First Northwest Bancorp Interim CEO Boosts Stake with Restricted Stock Award

First Northwest Bancorp's Interim CEO, Geraldine L. Bullard, has increased her beneficial ownership through the acquisition of 7,500 shares of restricted common stock valued at $8.3 per share, vesting in July 2026.

Summary

• Geraldine L. Bullard, Interim CEO of First Northwest Bancorp (FNWB), acquired 7,500 shares of common stock on July 14, 2025.
• The acquired shares are restricted stock awarded under the Issuer's 2020 Equity Incentive Plan.
• These 7,500 restricted shares will vest in full on July 13, 2026.
• The transaction price for the acquired shares was $8.3 per share.
• Following this transaction, Geraldine L. Bullard's direct beneficial ownership stands at 35,851 shares.
• Her direct beneficial ownership includes 4,431 unvested restricted shares from a previous grant, with one-half vesting annually on March 7, 2026.
• Her direct beneficial ownership also includes 3,949 unvested restricted shares from a previous grant, with one-third vesting annually on March 7, 2026.
• Additionally, she holds 2,431 shares indirectly through an ESOP (Employee Stock Ownership Plan).

Sentiment

Score: 7

Explanation: The acquisition of restricted stock by an Interim CEO is generally a positive signal, indicating management's vested interest and confidence in the company's future performance. It's a standard compensation practice, but the alignment of interests is favorable.

Positives

• The acquisition of 7,500 restricted shares by the Interim CEO aligns management's interests with those of shareholders, indicating confidence in the company's future.
• The equity award serves as a long-term incentive for the Interim CEO, promoting retention and performance over the vesting period.

Future Outlook

The award of restricted stock with a vesting period extending to July 2026 indicates a commitment to the Interim CEO's continued service and aligns her incentives with the company's long-term performance.

Industry Context

This insider transaction is specific to First Northwest Bancorp and reflects an individual executive's compensation and ownership, rather than broader industry trends. However, equity awards are a common practice in the financial services industry to incentivize executive performance and align interests with shareholders.

Stakeholder Impact

• Shareholders: The transaction aligns the Interim CEO's financial interests with shareholder value creation through long-term equity incentives.
• Employees: The use of an Equity Incentive Plan may signal a commitment to performance-based compensation structures within the company.
• Management: The award provides significant long-term compensation and incentive for the Interim CEO.

Next Steps

• Vesting of 7,500 restricted shares on July 13, 2026.
• Annual vesting of previously granted restricted stock (4,431 shares and 3,949 shares) starting March 7, 2026.

Key Dates

Keywords

First Northwest Bancorp, FNWB, Geraldine L. Bullard, Interim CEO, Restricted Stock, Equity Incentive Plan, Insider Transaction, SEC Form 4, Beneficial Ownership, Stock Award