1. Think of it as a Washington-focused version of a traditional regional bank, similar to U.S. Bank.

2. It's like a local, publicly traded community bank for western Washington, akin to a smaller KeyBank.

• Deposit Accounts: The bank offers various accounts for customers to deposit funds, including checking, money market, savings, transaction accounts, and certificates of deposit.
• Mortgage Loans: Provides financing for residential properties (one- to four-family) and commercial/multi-family real estate.
• Construction and Land Loans: Offers financing specifically for construction projects and the purchase of land.
• Commercial Business Loans: Provides loans to businesses for various operational or growth needs.
• Consumer Loans: Offers personal financing options such as automobile loans, home-equity loans, and lines of credit.

Major Customers of First Northwest Bancorp (FNWB)

• Individuals/Consumers: The bank offers personal banking services, including checking, savings, money market and transaction accounts, one-to-four family mortgage loans, automobile loans, and home-equity loans and lines of credit.
• Businesses: First Fed Bank provides commercial banking services, including deposit instruments, commercial and multi-family real estate loans, construction and land loans, and commercial business loans to various businesses.
• Nonprofit Organizations: The company also serves nonprofit organizations, offering them commercial and consumer banking services.

Curt Queyrouze, President and Chief Executive Officer

Curt Queyrouze was appointed President and Chief Executive Officer of First Northwest Bancorp in September 2025. Prior to joining First Northwest Bancorp, he served as President, Community Bank and Corporate Credit, for Coastal Financial Corporation (Coastal Community Bank) starting in 2022. From 2016 to 2022, he was President and Chief Executive Officer at TAB Bank in Ogden, Utah. His career spans over 40 years in financial services, including leadership roles at various banking institutions and as Chief Operating Officer of a fintech company.

Phyllis Nomura, Executive Vice President and Chief Financial Officer

Phyllis Nomura was promoted to Executive Vice President and Chief Financial Officer of First Fed Bank and EVP/CFO and Treasurer for First Northwest Bancorp in March 2025. She joined First Fed as Senior Director of Accounting in November 2024. Nomura brings over 30 years of experience in accounting, finance, and audit. Her previous roles include serving as CFO of the YWCA Seattle King Snohomish from May 2023 to November 2024, CFO of Kosmos Management from August 2016 to November 2022, and CFO of First Sound Bank from June 2013 to January 2016. Earlier in her career, she held other CFO positions and was an Auditor and Senior Audit Manager at Deloitte from January 1994 to September 2001.

Geraldine Bullard, Chief Operating Officer

Geraldine Bullard currently serves as the Chief Operating Officer for First Northwest Bancorp. She was the Interim Chief Executive Officer from July to September 2025. Prior to that, she held the position of Executive Vice President and Chief Financial Officer from March 2020 to March 2025. Bullard joined First Fed in January 2020 as Senior Vice President and Treasurer. Her experience also includes serving as Controller at Salal Credit Union, Chief Financial Officer of First Sound Bank, and Controller at Sound Community Bank, as well as a bank examiner for the State of Idaho.

David Edelstein, Chief Innovation Officer

David Edelstein is the Chief Innovation Officer at First Northwest Bancorp, part of the company's leadership team.

Kyle Henderson, Chief Credit Officer

Kyle Henderson is the Chief Credit Officer at First Northwest Bancorp, serving as a member of the leadership team.

Here are the key risks to First Northwest Bancorp (FNWB):

1. Legal and Litigation Risks: First Northwest Bancorp faces significant legal and litigation risks, stemming from substantial lawsuits and settlements. For example, its subsidiary, First Fed Bank, is contending with a $106 million lawsuit alleging complicity in a fraudulent scheme by a borrower. The company has also entered into a settlement agreement to resolve legal disputes related to bankruptcy proceedings involving other borrowers, for which it reserved $5.8 million in the first quarter of 2025. These legal entanglements have resulted in significant defense costs and settlements, directly impacting the company's financial performance and draining resources.
2. Internal Control Weaknesses: The company has disclosed internal control weaknesses over financial reporting. A failure to maintain or timely remediate effective internal controls could impair the accuracy and reliability of its GAAP financial statements and its ability to prevent fraud. The presence of a material weakness could prevent management and independent auditors from concluding that internal controls are effective, leaving FNWB exposed to the possibility of material misstatements not being prevented or detected on a timely basis. This ongoing control risk could adversely affect its business, financial condition, and results of operations, potentially undermining investor confidence, pressuring its stock price, and jeopardizing its continued listing on securities exchanges.
3. Credit and Asset Quality Risks (particularly Commercial Real Estate): First Northwest Bancorp is exposed to heightened credit and asset quality risks, particularly due to its emphasis on commercial real estate (CRE) lending and unsecured lending. A localized slowdown in the commercial real estate market is creating increased credit risk. The company's financial filings reflect this risk, noting commercial real estate loan charge-offs. While efforts are being made to manage this exposure, challenges remain in managing asset quality in a decelerating regional market and addressing CRE maturity risk.

Here are the addressable market sizes for First Northwest Bancorp's main products and services in Washington state:

• Deposit Instruments (checking, money market, savings, transaction accounts, and certificates of deposit): The total deposits in Washington state were estimated at $211 billion in 2024.
• One- to Four-Family Mortgage Loans (Residential Mortgage Loans): New home loans booked in Washington state totaled $36.5 billion in 2024.
• Commercial Business Loans: The market for small business loans in Washington state was approximately $12.8 billion in 2024. Additionally, reporting banks issued $7.4 billion in loans to Washington businesses with revenues of $1 million or less in 2021.
• Commercial and Multi-Family Real Estate Loans: The overall Commercial Banking industry in Washington state is projected to have a market size of $17.7 billion in 2026, which encompasses commercial real estate lending. There is also significant demand in the multifamily market in Washington, with the state needing at least 251,894 new housing units to meet demand as of August 2024.
• Construction and Land Loans: A specific market size for construction and land loans in Washington state is not available. However, the demand for new housing units (at least 251,894 units needed in Washington as of August 2024) indicates a substantial underlying market for these types of loans.
• Consumer Loans (primarily consisting of automobile loans, and home-equity loans and lines of credit): Null

Share Repurchases

• On April 25, 2024, First Northwest Bancorp authorized a share repurchase program to acquire up to 944,279 shares, representing 10% of its issued share capital.
• As of December 31, 2025, 98,156 shares had been repurchased under the April 2024 plan at an average cost of $10.23 per share, with 846,123 shares remaining available for future purchases.
• No shares were repurchased under the April 2024 plan during the fourth quarter of 2024, the third quarter of 2025, or the fourth quarter of 2025.

Share Issuance

• The number of common shares issued and outstanding increased from 9,353,348 at year-end 2024 to 9,467,925 as of December 31, 2025, indicating an issuance of approximately 114,577 shares during 2025.
• In April 2022, First Northwest issued 115,777 shares of stock valued at $1.9 million as consideration to existing partners of Meriwether Group as part of an acquisition transaction.
• On March 10, 2026, the EVP and CFO received a grant of 3,115 restricted shares under the company's 2020 Equity Incentive Plan.

Outbound Investments

• In 2022, First Northwest Bancorp made an investment in Meriwether Group, a boutique investment banking and accelerator firm.
• In February 2022, the company's subsidiary, First Fed Bank, invested in a Small Business Investment Company through Canapi Ventures (SBIC Fund II), with cash installments totaling up to $2.0 million committed over ten years. As of December 31, 2025, $925,000 had been contributed to this fund.
• First Northwest also focuses on strategic partnerships and direct investments in financial technology (fintech) companies and through select venture capital partners to develop and deploy digital financial solutions.

Capital Expenditures

• First Northwest Bancorp's Adjusted Capital Expenditures were reported as USD -71.0 thousand in 2025.
• The net cash from investing activities amounted to $132.9 million in 2025, driven by strategic asset sales and investment decisions.
• In July 2021, First Northwest Bancorp acquired a Bellevue, Washington branch from Sterling Bank and Trust, establishing its first full-service branch in King County. The company later announced the closure of this Bellevue branch in January 2026, expecting to reduce future annual operating expenses by approximately $900,000.