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In a recent transaction reported on June 3, 2025, Matthew Deines, the President and CEO of First Northwest Bancorp (NASDAQ:FNWB), acquired 2,500 shares of the company’s common stock. The shares were purchased at a price of $8.30 each, resulting in a total transaction value of $20,750. The purchase comes as the stock trades near its 52-week low of $8.16, with InvestingPro analysis indicating the stock is currently undervalued. The small-cap bank, with a market capitalization of $73 million, offers a dividend yield of 3.35%.
Following this acquisition, Deines holds a total of 117,262 shares directly. Additionally, he maintains indirect ownership of 13,610 shares through a 401(k) plan and 3,652 shares via an Employee Stock Ownership Plan (ESOP). The direct holdings include 40,450 shares in an IRA account and a number of unvested restricted shares under the company’s 2020 Plan, with vesting scheduled to begin in March 2026. This insider purchase aligns with broader management actions, as InvestingPro data shows management has been actively buying back shares despite the stock’s 21% decline over the past six months.
In other recent news, First Northwest Bancorp has announced a change in its independent registered public accounting firm due to a merger involving its previous auditor. According to a recent SEC filing, Moss Adams LLP, the company’s former accounting firm, has merged with Baker Tilly US, LLP. Consequently, Baker Tilly will now serve as the independent registered public accounting firm for First Northwest Bancorp. The merger and subsequent change in auditors were effective as of June 3, 2025, with the company’s Audit Committee approving Baker Tilly as the successor to Moss Adams. The audit reports from Moss Adams for the years ending December 31, 2024, and 2023, did not contain any adverse opinions or disclaimers. There were no disagreements between First Northwest Bancorp and Moss Adams regarding accounting principles or audit procedures throughout 2023 and 2024. Additionally, no reportable events requiring disclosure under SEC regulations occurred during this period. The company has included a letter from Moss Adams, now part of Baker Tilly, confirming the accuracy of the statements in the SEC filing.
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