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 2025 Annual Meeting of Shareholders. This year’s meeting will be held in person at4:00 p.m. (Pacific Time) on Tuesday, May 20, 2025. The meeting will be held again this year at Field Arts and Events Hall, 201 W. Front Street, Port Angeles, Washington 98362.

The enclosed Proxy Statement outlines the matters set for a vote at this year’s Annual Meeting of Shareholders. We encourage you to participate in this important event, where the Board of Directors and management team will share insights on current operations and provide a forum for your questions and feedback. Regardless of whether you can attend, your vote is essential. To ensure your shares are represented, please submit your proxy promptly (1) by voting online, (2) by calling the designated phone number, or (3) if you received paper materials by mail, by signing, dating, and returning the enclosed proxy card or voting instruction form in the envelope provided for your convenience.

Economic conditions presented challenges for First Northwest and many other financial services providers last year, but it was also a year of progress and adaptability for us. As we continue to navigate the dynamic geo-political and economic environment, we are steadfast in our commitment to financial partnership with our clients, innovation, and delivering exceptional service. This year, we are focused on improving our mix of deposits, expanding loan production, and maximizing operating efficiencies through technology. We are excited about the road ahead and confident in our ability to enhance shareholder value while upholding our mission of improving the lives of those we serve.

Thank you for your ongoing support and trust. We look forward to seeing you at this year’s Annual Meeting.

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 2025 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 8, 2025.

This year’s Annual Meeting will be in person. You will be able to attend and participate in the Annual Meeting at the time, date, and location shown above.

ANNUAL MEETING BUSINESS

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

**PROPOSAL 2 – **Approval of the Second Amended and Restated Articles of Incorporation of First Northwest Bancorp to, among other things, 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, 2025.

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