8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2021

FIRST NORTHWEST BANCORP

(Exact name of registrant as specified in its charter)

Registrant's telephone number, including area code:  (360) 457-0461

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

On July 26, 2021, First Federal Savings and Loan Association of Port Angeles (the "Bank"), a wholly owned subsidiary of First Northwest Bancorp (the "Company"), completed the previously announced acquisition of a Bellevue, Washington branch from Sterling Bank and Trust of Southfield, Michigan.

In the transaction, the Bank acquired approximately $65 million in deposits, a leasehold interest in the current branch location, and approximately $450 thousand in personal property. The Company did not issue common shares in this transaction.

A copy of the press release issued by the Company on July 26, 2021 regarding the foregoing is filed as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ex_268398.htm

Exhibit 99.1

First Northwest Bancorp Completes Purchase of Bellevue Branch

PORT ANGELES, Wash., July 26, 2021 -- First Northwest Bancorp (NASDAQ: FNWB) (the “Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“First Fed”), has completed the acquisition of a Bellevue, Washington branch from Sterling Bank and Trust of Southfield, Michigan (“SBT”).

“We are excited to welcome our new customers and Bellevue team members to First Fed, recently recognized by Forbes as a top bank in our state,” said Matt Deines, President and CEO of First Fed. “Our team looks forward to serving King County by building the same strong relationships that have defined our history as a community bank.”

Last month First Fed was named a Forbes 2021 Best-in-State Bank, one of three in Washington state. Currently First Fed has 14 locations offering services in Clallam, Jefferson, King, Kitsap, and Whatcom counties. The Bellevue location will be the first full-service branch in King County, adding to the Seattle Lending Center.

About the Company

First Northwest Bancorp (FNWB), a Washington corporation, is the bank holding company for First Fed and other investments. First Fed is a local community bank in Washington which has served customers and communities since 1923. Currently First Fed has 14 locations offering services in Clallam, Jefferson, King, Kitsap, and Whatcom counties. First Fed will be continuing expansion with a new branch in Ferndale opening in August 2021.

Note: Transmitted on Globe Newswire on July 26, 2021 at 9:15 a.m. PDT.