First Northwest Bancorp

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. ** )**

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

Check the appropriate box:

LETTER FROM OUR PRESIDENT AND CEO** **

DEAR SHAREHOLDER:

On behalf of the Board of Directors and management of First Northwest Bancorp, you are cordially invited to the 2024 Annual Meeting of Shareholders. This year’s meeting will be held in-person at4:00 p.m. (Pacific Time) on Thursday, May 30, 2024. The meeting will be held at Field Arts and Events Hall, 201 W. Front Street, Port Angeles, Washington 98362.

The attached Proxy Statement discusses each matter expected to be voted on at this year’s Annual Meeting of Shareholders, which the Board of Directors and management team encourage you to attend. In addition to voting on the proposed items, our team will present a brief report on current operations and provide an opportunity for you to have your questions and comments addressed. Whether or not you participate in the Annual Meeting, it is important that your shares be represented and voted. We urge you to promptly vote and submit your proxy (1) via the Internet, (2) by phone, or (3) if you received your proxy materials by mail, by signing, dating, and returning the enclosed proxy card or voting instruction form in the envelope provided for your convenience.

While 2023 presented several challenges related to record increases to interest rates, it also provided the once in a lifetime opportunity to celebrate First Fed Bank’s 100 years of dedication to the communities we serve. Thank you to everyone that helped us celebrate our centennial. Looking forward, we continue to navigate the challenges facing the banking industry nationwide and maintain disciplined focus on our customers, shareholders, employees, and communities. We appreciate your continued interest and support.

Sincerely,

Matthew P. Deines President and Chief Executive Officer

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS** **

The Board of Directors of First Northwest Bancorp (the “Board”) is distributing this Proxy Statement to solicit proxies from our shareholders for use at our 2024 Annual Meeting of Shareholders. We first provided electronic access to this Proxy Statement, a form of proxy card, and our Annual Report to our shareholders on or about April 19, 2024.

This year’s Annual Meeting will return to an in-person format. You will be able to attend and participate in the Annual Meeting at the time, date, and location shown above. All meeting attendees will be required to comply with local and state health requirements for public meetings.

ANNUAL MEETING BUSINESS

**PROPOSAL 1 - **Election of ten directors to serve a one-year term;

**PROPOSAL 2 - **Approval of the Second Amended and Restated Articles of Incorporation of First Northwest Bancorp to remove supermajority voting provisions and permit removal of directors by the shareholders with or without cause;

**PROPOSAL 3 -**An advisory (non-binding) vote to approve the compensation of our named executive officers, as disclosed in this Proxy Statement; and

**PROPOSAL 4 - **Ratification of the appointment of Moss Adams LLP as our independent registered public accounting firm for the year ending December 31, 2024.

YOUR VOTE IS IMPORTANT. We urge you to read this Proxy Statement carefully. Whether or not you plan to attend the Annual Meeting, we urge you to vote promptly through the Internet, by telephone, or by mail. This will ensure the presence of a quorum at the meeting. For instructions on voting, please refer to the instructions on theNotice of Internet Availability of Proxy Materialsyou received in the mail. You can request to receive proxy materials by mail or e-mail as well. Promptly voting your shares via the Internet, by telephone, or by signing, dating, and returning the proxy card or voting instruction form will save us the expense and extra work of additional solicitation. If you are a shareholder of record and vote at the Annual Meeting, your proxy will not be used.

By Order of the Board of Directors

Allison R. Mahaney, SVP

General Counsel / Corporate Secretary

Port Angeles, Washington