Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
           Appointment of Principal Officers

On January 24, 2023, Boards of Directors of First Northwest Bancorp (the "Company") and its banking subsidiary, First Fed Bank ("First Fed"), announced approval of the election of Lynn Terwoerds as a Director expanding the number of directors of both Boards to ten.

Ms. Terwoerds' term as a Director of the Company is effective immediately and will continue until the 2023 Annual Meeting of Shareholders, at which time it is anticipated that she will be nominated for re-election by the shareholders. The Company's Board has determined that Ms. Terwoerds meets the requirements for director independence under the listing standards of The NASDAQ Stock Market LLC and applicable rules of the Securities and Exchange Commission. Ms. Terwoerds was appointed to serve on the Audit (and Compliance) Committee for both the Company and First Fed.

There are no transactions in which Ms. Terwoerds has an interest requiring disclosure under Item 404(a) of Regulation S-K. There are no family relationships between her and any other executive officer or director of the Company or First Fed. Other than the compensation arrangements described below, there is no arrangement or understanding between Ms. Terwoerds and any other persons or entities pursuant to which Ms. Terwoerds will be elected as a Director of the Company.

Ms. Terwoerds will receive compensation for her services as a Director consistent with the Company's standard practices for non-employee (outside) Directors. For 2023, outside Directors receive an annual retainer of $36,530. Annual retainers for committee service are $4,160 for the Audit Committee and $2,600 for each other standing committee of the Company. All retainers are paid in equal monthly installments. The Chair, Vice Chair and committee chairs receive higher annual retainers. Directors do not receive a fee for meeting attendance. In addition, consistent with the policy for first-time directors, Ms. Terwoerds will receive shares of the Company's common stock equivalent in value to $50,000 (based on the closing market price on January 24, 2023), vesting in three equal annual installments. No additional compensation is paid to Directors for service on the First Fed Board.

A copy of the press release issued by the Company on January 25, 2023, regarding the foregoing is filed as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits





Exhibit No. Description
99.1          Press Release dated January 25, 2023
104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document)

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