 PORT ANGELES, Wash., March 25, 2021 GLOBE NEWSWIRE -- First Northwest Bancorp the Company NASDAQ: FNWB, parent company of First Federal Savings and Loan Association of Port Angeles the Bank, today announced the completion of its private placement with registration rights of 40.0 million in ten year fixed-to-floating rate subordinated notes due 2031 the Notes to certain qualified institutional buyers and institutional accredited investors. The Notes bear a fixed interest rate of 3.75 per annum, from and including the closing date to but excluding March 30, 2026, payable semi-annually in arrears. From and including March 30, 2026, to but excluding the maturity date or early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR provided, however, that in the event three-month SOFR is less than zero, three-month SOFR shall be deemed to be zero plus 300 basis points. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after March 30, 2026, or at any time, in whole but not in part, upon certain other specified events prior to the Notes maturity on March 30, 2031. 