# EDGAR Filing Document

**Accession Number:** 0001556727
**File Stem:** 0001437749-25-038460
**Filing Date:** 2025-12
**Character Count:** 33476
**Document Hash:** 4b5c7422272577badeafdf9ec15f0905
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-038460.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001437749-25-038460

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Northwest Bancorp
- **CENTRAL INDEX KEY:** 0001556727
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 461259100
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36741
- **FILM NUMBER:** 251588636

**BUSINESS ADDRESS:**
- **STREET 1:** 105 WEST 8TH STREET
- **CITY:** PORT ANGELES
- **STATE:** WA
- **ZIP:** 98362
- **BUSINESS PHONE:** (360) 457-0461

**MAIL ADDRESS:**
- **STREET 1:** 105 WEST 8TH STREET
- **CITY:** PORT ANGELES
- **STATE:** WA
- **ZIP:** 98362

?xml version='1.0' encoding='ASCII'? fnwb20250630_11k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

(Mark One)

---

| | | |
|:---|:---|:---|
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  |  | For the fiscal year ended June 30, 2025 |

---

OR

---

| | | |
|:---|:---|:---|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  |  | For the transition period from _____ to _____ |

---

**Commission File Number**: 001-36741

&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full title of the plan and the address of the plan, if different from that of the issuer named below:

**First Fed Bank 401(k) Plan**

&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

FIRST NORTHWEST BANCORP

105 West 8th Street

Port Angeles, Washington 98362

**REQUIRED INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;1. Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;2. Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;3. Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;4. The First Fed Bank 401(k) Plan (the "Plan") is subject to the requirements of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Furnished herewith are the financial statements and schedules of the Plan for the fiscal year ended June 30, 2025, prepared in accordance with the financial reporting requirements of ERISA and for purposes of satisfying the requirements of Form 11-K.

------

[**Table of Contents**](#toc)

First Fed Bank 401(k) Plan

Form 11-K

**TABLE OF CONTENTS**

The following financial statements and supplementary information for the First Fed Bank 401(k) Plan are being filed herewith:

---

| | |
|:---|:---|
|  | <u>Page</u> |
| Report of Independent Registered Public Accounting Firm | [3](#Audit_Report) |
| Financial Statements: |  |
| Statements of Net Assets Available for Benefits at June 30, 2025 and 2024 | [5](#Net_Assets) |
| Statement of Changes in Net Assets Available for Benefits for the Year Ended June 30, 2025 | [6](#Change_in_Net_Assets) |
| Notes to Financial Statements | [7](#Notes) |
| Supplementary Information: |  |
| Schedule H, Line 4i -- Schedule of Assets (Held at End of Year) | [11](#Sch_H_Line_4i) |
| Exhibit: |  |
| Exhibit 23 -- Consent of Independent Registered Public Accounting Firm |  |

---

------

[**Table of Contents**](#toc)

**Report of Independent Registered Public Accounting Firm**

To the Plan Administrator and Participants of

First Fed Bank 401(k) Plan

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of the First Fed Bank 401(k) Plan (the "Plan") as of June 30, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of June 30, 2025 and 2024, and the changes in net assets available for benefits for the year ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit*s* provide a reasonable basis for our opinion.

------

***Opinion on the Supplementary Information***

The supplementary information included in Schedule H, line 4(i) – Schedule of Assets (Held at End of Year) as of June 30, 2025, has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplementary information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplementary information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplementary information. In forming our opinion on the supplementary information in the accompanying schedule, we evaluated whether the supplementary information, including its form and content, is presented in conformity with Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplementary information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Baker Tilly US, LLP

Everett, Washington

December 19, 2025

We have served as the Plan's auditor since 2014.

------

[**Table of Contents**](#toc)

FIRST FED BANK 401(K) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

---

| | | |
|:---|:---|:---|
|  | June 30, | June 30, |
|  | 2025 | 2024 |
| ASSETS |  |  |
| Investments, at fair value: |  |  |
| Registered investment companies | $19497165 | $17200194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 260369 | 396988 |
| Total investments, at fair value | 19757534 | 17597182 |
| &nbsp;&nbsp;&nbsp; Insurance company contract, at contract value | 505103 | 626890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 20262637 | 18224072 |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |
| Notes receivable from participants | 345027 | 350427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total receivables | 345027 | 350427 |
| NET ASSETS AVAILABLE FOR BENEFITS | $20607664 | $18574499 |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#toc)

FIRST FED BANK 401(K) PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

---

| | |
|:---|:---|
|  | Year Ended |
|  | June 30, 2025 |
| ADDITIONS TO NET ASSETS ATTRIBUTED TO: |  |
| Investment income |  |
| Net appreciation in fair value of investments | $2003673 |
| Dividends | 342840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest | 8594 |
| Net investment income | 2355107 |
| Interest income on notes receivable from participants | 30899 |
| Contributions |  |
| Participants | 1875564 |
| Employer | 528203 |
| Rollovers | 1361049 |
| Total contributions | 3764816 |
| Total additions | 6150822 |
| DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: |  |
| Benefits paid to participants | 4028418 |
| &nbsp;&nbsp;&nbsp; Benefits paid to other | 12393 |
| &nbsp;&nbsp;&nbsp; Reversal of certain prior deemed distributions of participant loans | (19046) |
| Administrative expenses | 95892 |
| Total deductions | 4117657 |
| CHANGE IN NET ASSETS | 2033165 |
| NET ASSETS AVAILABLE FOR BENEFITS |  |
| Beginning of year | 18574499 |
| End of year | $20607664 |

---

The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#toc)

FIRST FED BANK 401(K) PLAN

NOTES TO FINANCIAL STATEMENTS

**Note 1 – Description of Plan**

The following description of the First Fed Bank 401(k) Plan (the "Plan") provides only general information. Participants should refer to the Summary Plan Description, as amended, for a more complete explanation of the Plan's provisions.

**General -** The Plan is a 401(k) salary deferral plan covering substantially all employees of First Fed Bank (the "Company") and is subject to provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company is the Plan's sponsor and serves as plan administrator. The Plan was renamed First Fed Bank 401(k) Plan from First Federal Savings and Loan Association of Port Angeles 401(k) Plan effective July 1, 2022, to align with the Company name.

**Eligibility -** Effective September 15, 2020, all employees of the Company are eligible to participate in the Plan upon hire and having reached the minimum age requirement of 18 years.

**Contributions**

*Participant contributions -* Each year, participants may elect to make combined 401(k) and Roth 401(k) voluntary contributions up to the maximum amounts allowable of pre-tax and after-tax annual compensation, as defined in the Plan. Participants who have attained age 50 before the end of the Plan year are eligible to make voluntary catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Employees are automatically enrolled for participation at 3% upon entry with 1% annual increases up to 6%.

*Employer matching contributions* - The Company may elect to make discretionary contributions to the Plan. The Company matches 50% of employee contributions up to 6% of eligible compensation deferred to the Plan.

*Profit sharing contributions* - The Company may elect to make discretionary profit sharing contributions to the Plan. No profit sharing contributions were made during the Plan year.

Contributions are subject to regulatory limitations.

**Participant accounts** - Each participant's account is credited with the participant's and Company matching contributions. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Participants direct the investment of their contributions into various investment options offered by the Plan.

**Vesting** - Participants are vested immediately in their contributions plus actual earnings thereon. Effective September 15, 2020, vesting in the Company's contribution portion of their account is based on years of continuous service at 25% per year after one full year of service. Participants are fully vested in all account contributions after four years of service.

**Notes receivable from participants** - Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of the present value of their vested account balance. The loans are issued by the Plan and secured by the balance in the participant's account. Loan terms range from one to five years or up to 20 years for the purchase of a principal residence. Under the terms of the Plan Agreement, loans to participants will bear a reasonable rate of interest determined by the Plan administrator. Principal and interest is paid ratably through biweekly payroll deductions. Only one loan is allowed at a time. As of June 30, 2025, the rates of interest on outstanding loans ranged from 4.25 % to 9.50 % with various maturities through April 2041.

**Payment of benefits** - On termination of service due to death, disability, or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account, or over any period that does not exceed the life expectancy of the beneficiary. For termination of service for other reasons, a participant may only receive the value of the vested interest in his or her account as a lump-sum distribution. If the vested account balance is $1,000 or less at termination the amount will be cashed out at the time of termination. For vested accounts with a balance between $1,000 and $5,000, the Plan will automatically roll the account to an IRA in a direct rollover if the participant is under the age of 65 and no other distribution election has been made. If the balance is over $5,000, the distribution will only be made with consent from the account holder.

------

**Forfeitures** - Forfeitures are the non-vested portion of a participant's account that is lost upon termination of employment. Forfeitures are retained in the Plan, must be used in the subsequent year and will first be used to pay Plan administrative expenses, with any remaining amount used to reduce future Company contributions. As of June 30, 2025 and 2024, forfeited non-vested accounts totaled $104,695 and $90,556, respectively. During the year ended June 30, 2025, $93,675 of forfeitures were used to pay administrative expenses and reduce Company contributions.

**Note 2 – Summary of Significant Accounting Policies**

**Basis of accounting** - The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, using the accrual method of accounting.

**Use of estimates** - The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that may affect certain amounts and disclosures. Accordingly, actual results could differ from those estimates.

**Investment valuation** - The investments are stated at fair value. The insurance company contract is fully benefit-responsive and therefore stated at contract value. If available, quoted market prices are used to value investments.

Fair value is the price that would be received when selling an asset or paid to transfer a liability (the "exit price") in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

**Income recognition** - Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. The net appreciation in fair value of investments consists of both the realized gains and losses and unrealized appreciation and depreciation of those investments.

**Notes receivable from participants** - Notes receivable from participants are measured at amortized cost, which represents the unpaid principal balance plus accrued but unpaid interest. Delinquent notes receivable from participants are reclassified as distributions upon the occurrence of a distributable event, based on the terms of the Plan Agreement. A reversal of the prior distribution is recorded if a delinquent note receivable is reinstated. There was no allowance for credit losses at June 30, 2025 or 2024.

**Payment of benefits** - Benefits are recorded when paid.

**Expenses** - General Plan administrative expenses may be paid out of the forfeiture account or paid by the Company. Investment management, distribution and loan transaction fees are paid by the Plan participants.

 **Subsequent events** - The Plan has evaluated subsequent events for potential recognition and disclosure and determined there are no such events or transactions requiring recognition or disclosure.

**Note 3 - Fair Value Measurement**

The framework for measuring fair value provides a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3).

The three levels of the fair value hierarchy are described as follows:

**Level 1**&nbsp;&nbsp;&nbsp;&nbsp; Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access.

**Level 2**&nbsp;&nbsp;&nbsp;&nbsp; Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

------

**Level 3**&nbsp;&nbsp;&nbsp;&nbsp; Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at June 30, 2025 and 2024.

Shares of registered investment company funds are valued at the net asset value (NAV) of shares held by the Plan and are valued at the closing price reported on the active market on which the individual securities are traded.

Common stock consists of First Northwest Bancorp (FNWB) common stock valued at the closing price reported on the active market on which the individual securities are traded.

The valuation methods used by the Plan may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables disclose the Plan's assets recorded at fair value by fair value hierarchy level at the dates indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurement at June 30, 2025 | Fair Value Measurement at June 30, 2025 | Fair Value Measurement at June 30, 2025 | Fair Value Measurement at June 30, 2025 |
|  | Level 1 | Level 2 | Level 3 | Total |
| Registered investment companies | $19497165 | $— | $— | $19497165 |
| Common stock | 260369 |  |  | 260369 |
| Investments, at fair value | $19757534 | $— | $— | $19757534 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurement at June 30, 2024 | Fair Value Measurement at June 30, 2024 | Fair Value Measurement at June 30, 2024 | Fair Value Measurement at June 30, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |
| Registered investment companies | $17200194 | $— | $— | $17200194 |
| Common stock | 396988 |  |  | 396988 |
| Investments, at fair value | $17597182 | $— | $— | $17597182 |

---

**Note 4 - Group Annuity Contract with Insurance Company**

The Plan has a fully benefit-responsive investment contract (FBRIC) with Principal Life Insurance Company (Principal). Principal maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The contract issuer is contractually obligated to repay the principal and interest at a specified rate that is guaranteed to the Plan. The crediting rate is based on a formula established by the contract issuer but may not be less than 1% nor more than 3% and is reset every six months. The FBRIC does not permit the insurance company to terminate the agreement prior to the scheduled maturity date.

The contract meets the FBRIC criteria and therefore is reported at contract value. Contract value is the relevant measure for FBRICs because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value, as reported to the Plan by Principal, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

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The Plan's ability to receive amounts due is dependent on the issuer's ability to meet its financial obligations, which may be affected by future economic and regulatory developments. Certain events might limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the plan documents (including complete or partial plan termination or merger with another plan), (2) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the plan sponsor or other plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the plan, or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA, (5) premature termination of the contract. No events are probable of occurring that might limit the Plan's ability to transact at contract value with the contract issuer and that also would limit the ability of the Plan to transact at contract value with the participants.

**Note 5 - Tax Status**

The Plan document is a volume submitter salary deferral plan with cash or deferred arrangements (CODA) that received a favorable opinion letter from the Internal Revenue Service (IRS) dated June 30, 2020, which stated that the Plan, as then designed, was in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan administrator believes that the Plan is both designed and currently being operated in compliance with the applicable requirements of the IRC.

In accordance with guidance on accounting for uncertainty in income taxes, the Plan administrator has evaluated the Plan's tax position and does not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan was formed on December 1, 2012, and has no open tax years before that time.

**Note 6 - Risks and Uncertainties**

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility, and credit risks. It is reasonably possible, given the level of risk associated with investment securities, that changes in the values of the investments in the near term could materially affect a participant's account balance and the amounts reported in the statement of net assets available for benefits.

**Note 7 - Party-In-Interest Transactions**

Plan investments include First Northwest Bancorp common stock. The Plan held 33,814 and 40,969 shares with fair values of $260,369 and $396,988 at June 30, 2025 and 2024, respectively. The Company is a wholly owned subsidiary of First Northwest Bancorp.

Plan investments include shares of registered investment company funds managed by Principal Trust Company. Principal Trust Company is the trustee of the Plan; therefore, transactions with this entity qualify as exempt party-in-interest transactions. Indirect fees paid by the Plan for investment management services to Principal Trust Company were $23,431 for the year ended June 30, 2025, and are included in administrative expenses.

The Plan also has notes receivable from participants which qualify as party-in-interest transactions. The balance of notes receivable from participants were $345,027 and $350,427 at June 30, 2025 and 2024, respectively.

**Note 8 - Plan Termination**

Although it has not expressed any intention to do so, the Company has the right to terminate the Plan and discontinue its contributions at any time. If the Plan is terminated, amounts allocated to a participant's account become fully vested.

**Note 9 - Reconciliation to Form 5500**

The Form 5500 has certain items that differ from amounts shown on the accompanying financial statements. These differences relate only to classification and have no effect on net assets available for benefits or the change in net assets available for benefit.

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[**Table of Contents**](#toc)

**SUPPLEMENTARY INFORMATION**

FIRST FED BANK 401(K) PLAN

EIN: 91-0369590&nbsp;&nbsp;&nbsp;&nbsp; PLAN #: 002

SCHEDULE H, LINE 4(i) – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

JUNE 30, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | (b) | (c) | (c) |  | (e) |
|  | Identity of issue, borrower, | Description of investment, including maturity date, | Description of investment, including maturity date, | (d) | Current |
| (a) | lessor or similar party | rate of interest, collateral, par or maturity value | rate of interest, collateral, par or maturity value | Cost | value |
| \* | Principal Life Insurance Company | Insurance Company General | Prin Fixed Inc Guar Option | \*\* | $505103 |
|  | Eagle Financial Services, Inc. | Registered investment company | Carillon Eagle MidCaGwth R6 Fd | \*\* | 39615 |
|  | Legg Mason | Registered investment company | Clearbridge Intl Grwth I Fd | \*\* | 110601 |
|  | Columbia Funds | Registered investment company | Columbia Div Income I2 Fund | \*\* | 118231 |
|  | PIMCO Funds | Registered investment company | PIMCO DIV INC INST FD | \*\* | 37994 |
|  | PIMCO Funds | Registered investment company | PIMCO Low Dur Income Inst Fd | \*\* | 313985 |
| \* | Principal Funds Inc | Registered investment company | Prin Real Estate Secs Inst Fd | \*\* | 186054 |
| \* | Principal Funds Inc | Registered investment company | Princ SmallCap Growth I R6 Fd | \*\* | 49712 |
| \* | Principal Funds Inc | Registered investment company | Principal Blue Chip R6 Fund | \*\* | 977709 |
|  | SEI Trust Company | Registered investment company | Allspring Spec Sm Cp Value R6 | \*\* | 24268 |
|  | Vanguard Group | Registered investment company | Vanguard Growth Index Adm Fund | \*\* | 1149459 |
|  | Vanguard Group | Registered investment company | Vanguard Int-Tm Bd Idx Adm Fd | \*\* | 103946 |
|  | Vanguard Group | Registered investment company | Vanguard Long Trm Trea Idx Adm | \*\* | 217749 |
|  | Vanguard Group | Registered investment company | Vanguard Mid Cap Index Adm Fd | \*\* | 993470 |
|  | Vanguard Group | Registered investment company | Vanguard Short-Trm Trsy Adm Fd | \*\* | 216266 |
|  | Vanguard Group | Registered investment company | Vanguard Sm Cap Index Adm Fund | \*\* | 587634 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt Inc Inv Fund | \*\* | 134047 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2020 Inv Fund | \*\* | 40136 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2025 Inv Fund | \*\* | 1025161 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2030 Inv Fund | \*\* | 1113302 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2035 Inv Fund | \*\* | 1276542 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2040 Inv Fund | \*\* | 1150296 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2045 Inv Fund | \*\* | 2114375 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2050 Inv Fund | \*\* | 1493463 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2055 Inv Fund | \*\* | 1109941 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2060 Inv Fund | \*\* | 382629 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2065 Inv Fund | \*\* | 309439 |
|  | Vanguard Group | Registered investment company | Vanguard Tgt Rmt 2070 Inv Fund | \*\* | 26241 |
|  | Vanguard Group | Registered investment company | Vanguard Value Index Adm Fund | \*\* | 634041 |
|  | Vanguard Group | Registered investment company | Vanguard 500 Index Admiral Fd | \*\* | 3180654 |
|  | Vanguard Group | Registered investment company | Vgd Infl-Prot Sec Adm Fund | \*\* | 1565 |
|  | Vanguard Group | Registered investment company | Vgd Ttl Intl Stk Idx Adm Fd | \*\* | 276075 |
|  | Victory Funds | Registered investment company | Victory Sycamore Est Val I Fd | \*\* | 102565 |
| \* | First Northwest Bancorp | Employer Security | First Northwest Bancorp | \*\* | 260369 |
| \* | Participant loans | Various maturity dates through April 2041; Interest rates 4.25% - 9.50% | Various maturity dates through April 2041; Interest rates 4.25% - 9.50% |  | 345027 |
|  | Total assets at period end | Total assets at period end | Total assets at period end |  | $20607664 |
| \* | <br> Indicates party-in-interest. | <br> Indicates party-in-interest. | <br> Indicates party-in-interest. | <br> Indicates party-in-interest. | <br> Indicates party-in-interest. |
| \*\* | Information is not required as investments are participant directed. | Information is not required as investments are participant directed. | Information is not required as investments are participant directed. | Information is not required as investments are participant directed. | Information is not required as investments are participant directed. |

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[**Table of Contents**](#toc)

**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>Exhibit</u> | <u>Description</u> |
| 23 | [Consent of Baker Tilly US, LLP](ex_831622.htm) |
| 101 | The following materials from the Company's Annual Report on Form 11-K for the year ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (1) Statements of Net Assets Available for Benefits; (2) Statement of Changes in Net Assets Available for Benefits; and (3) Notes to Consolidated Financial Statements |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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**SIGNATURE**

*The Plan*. Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
|  | First Fed Bank 401(k) Plan |
| Date: December 19, 2025 | /s/ Phyllis R. Nomura |
|  | Phyllis R. Nomura |
|  | Executive Vice President and Chief Financial Officer of First Fed Bank |
|  | (Principal Financial Officer) |

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## Ex-23

**Exhibit 23**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-202305) of First Northwest Bancorp of our report dated December 19, 2025, relating to the financial statements and supplementary information of the First Fed Bank 401(k) Plan (the "Plan") appearing in this Annual Report on Form 11-K of the Plan for the year ended June 30, 2025.

/s/ Baker Tilly US, LLP

Everett, Washington

December 19, 2025