Curt Queyrouze
About Curt Queyrouze
Curt Queyrouze, age 64, became President, CEO, and a director of First Northwest Bancorp and First Fed Bank effective September 17, 2025. He holds an Accounting degree from Louisiana State University and brings 40+ years of banking experience across community, regional, and fintech contexts, including credit and risk leadership and BaaS partnerships. FNWB separates the Chair and CEO roles; the independent Chair leads the Board, and all key committees are independent—mitigating dual-role governance risks as an executive director joins the Board. As of November 6, 2025, he signed SOX 302/Section 302 certifications as principal executive officer. Performance metrics for his incentive plans start in 2026 and are not yet disclosed; firmwide pay-for-performance design includes performance-based equity and an established clawback.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Coastal Financial Corporation | President, Community Bank and Corporate Credit (joined Coastal in 2022 as President) | 2022–2025 | Led community banking and corporate credit; experience integrating fintech partnerships/BaaS; data-driven leadership focus cited by FNWB’s Chair. |
| TAB Bank (Ogden, UT) | President & CEO; earlier Chief Credit Officer | 2016–2022 (CEO); 2014–2016 (CCO) | Ran a community bank with fintech partnerships; deep credit and risk management experience. |
| Hancock Whitney Bank | SVP, Loss Mitigation Manager | 2009–2012 | Led loss mitigation during post-crisis cycle; enhanced credit and workout capabilities. |
| Various banks/fintech | COO of a fintech; leadership at top-10, regional, and community institutions | Various | Broad operating and transformation experience across banking/fintech. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Northwest Bancorp (FNWB) | Director (executive) | 2025–Present | Executive director; Board leadership separated from CEO; committees independent. |
| First Fed Bank | Director (executive) | 2025–Present | Executive director on bank board. |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary ($) | $550,000 per year. |
| Signing Bonus ($) | $100,000; subject to repayment if he departs under specified circumstances within first year. |
| Car & Gas Allowance ($/month) | $1,000 per month. |
| Life Insurance Allowance ($/month) | $500 per month. |
| Benefits | Eligible to participate in company plans and benefits. |
Performance Compensation
| Element | Target | Metrics | Payout Mechanics | Start |
|---|---|---|---|---|
| Short-Term Incentive (STI) | 50% of base salary | Not yet disclosed; set by Boards/Comp Committee annually. | Annual bonus eligibility subject to Board authorization. | 2026 |
| Long-Term Incentive (LTI) | 35% of base salary | Not specified for Curt; company LTIP (effective 2025) splits 50% performance share awards (3-year performance) and 50% time-vested RSAs (pro-rata 3-year) for NEOs. | Annual LTI eligibility subject to Board authorization. | 2026 |
Context: Company-wide LTIP design adopted in 2024 for the 2025 incentive year: 50% performance-based equity and 50% time-vested equity with 3-year frameworks. This reflects broader alignment with shareholder value and may inform Curt’s LTI construction once granted.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Equity Grant | 50,000 restricted shares; vests in three equal annual tranches on the first three anniversaries of the grant date under the 2020 Equity Incentive Plan. |
| Retention Requirement | Must retain at least 50% of shares that vest from this award. |
| Beneficial Ownership (% of SO) | ~0.53% if measured vs. 9,440,618 shares outstanding (50,000/9,440,618). |
| Hedging/Pledging | Hedging and pledging prohibited for directors and officers (anti-hedging/anti-pledging policy). |
| Clawback | Subject to the company’s Compensation Clawback Policy (adopted Sept 19, 2023) and any applicable law. |
| CEO Ownership Guidelines | CEO required to hold shares valued at 3x base salary within 3 years of hire (policy). |
Employment Terms
| Term | Detail |
|---|---|
| Role & Boards | President & CEO of FNWB and First Fed; director of both boards. |
| Effective Date | September 17, 2025. |
| Term | Through December 31, 2028; extendable by mutual agreement. |
| Location | Must reside in Washington State; primary office in Port Angeles; spend ≥60% of working time on the Olympic Peninsula. |
| Severance (No Cause/Good Reason) | Lump sum equal to 2× annual base salary plus 12 months of COBRA premiums (subject to customary conditions). |
| Change in Control (Double Trigger within 12 months) | Lump sum equal to 2.99× annual base salary plus 18 months of COBRA premiums (subject to customary conditions). |
| Other Provisions | Customary confidentiality, non-competition, non-solicitation, IP, indemnification, D&O insurance, and clawback. |
| Indemnification & D&O | Broad indemnification; company to maintain D&O insurance on terms no less favorable than for peers. |
Board Governance and Director Service
- Appointment and independence: Curt was appointed to both boards effective Sept 17, 2025, as an executive (non-independent) director; FNWB separates the Chair and CEO positions and maintains fully independent Audit, Compensation, and Nominating/Governance Committees.
- Committee roles: Not disclosed for Curt; key committees are comprised of independent directors per NASDAQ rules.
- Board operations: In 2024, the FNWB Board met 12 times and the bank board 14 times; no director attended fewer than 90% of meetings.
- Director compensation: The CEO does not receive additional compensation for board service (policy applied to prior CEO).
Compensation Structure Analysis
- Mix and risk: Initial package blends fixed salary with a front-loaded RS grant vesting over three years and a 50% retention-on-vest requirement—reducing near-term selling pressure while anchoring alignment through time-based equity.
- Pay-for-performance trajectory: Starting 2026, STI (50% of base) and LTI (35% of base) introduce at-risk pay; company LTIP emphasizes 50% performance-based equity with 3-year measurement, supporting longer-term value focus.
- Governance safeguards: Clawback policy (9/19/2023), anti-hedging/pledging, independent comp consultant (Meridian) with no conflicts disclosed.
- Change-in-control economics: 2.99× salary multiple and 18 months COBRA (double trigger) create a meaningful parachute; no tax gross-up disclosed.
Related Party Transactions and Legal
- Related party: Company disclosed no Item 404(a) related-party transactions for Curt at appointment; no family relationships or selection arrangements.
- Certifications: Curt signed SOX 302 certifications on Nov 6, 2025, as CEO/PEO.
Performance & Track Record
- Background: Led TAB Bank as CEO (2016–2022) with fintech partnership exposure; senior credit roles at multiple institutions; most recently President, Community Bank and Corporate Credit at Coastal Financial.
- FNWB tenure metrics: Appointed Sept 17, 2025; no disclosed FNWB TSR/revenue/EBITDA performance yet attributable to his tenure.
Equity and Incentive Detail Tables
Initial Equity Award and Vesting
| Grant | Shares | Vesting | Plan |
|---|---|---|---|
| Restricted Stock | 50,000 | 3 equal tranches on first 3 anniversaries of grant date; retain at least 50% of vested shares | First Northwest Bancorp 2020 Equity Incentive Plan |
Incentive Eligibility (From 2026)
| Incentive | Target | Notes |
|---|---|---|
| Annual STI | 50% of base salary | Award authorized annually by Boards/Comp Committee; metrics not disclosed. |
| Annual LTI | 35% of base salary | Company LTIP framework for NEOs is 50% PSAs (3-yr) + 50% RSAs (3-yr pro-rata). |
Ownership Alignment
| Measure | Amount |
|---|---|
| Shares Granted (Unvested at Start) | 50,000 RS. |
| Ownership as % of SO | ~0.53% (50,000/9,440,618). |
| CEO Ownership Guideline | 3× base salary within 3 years. |
| Hedging/Pledging | Prohibited for directors and officers. |
| Clawback | Company policy (9/19/2023) and legal requirements. |
Severance and Change-in-Control Economics
| Scenario | Cash Multiple | COBRA | Trigger Type |
|---|---|---|---|
| Termination Without Cause / Good Reason | 2× base salary | 12 months | Employment termination (no CoC) |
| Termination Within 12 Months Following a Change in Control | 2.99× base salary | 18 months | Double trigger (CoC plus qualifying termination) |
Employment Terms Summary
| Item | Term |
|---|---|
| Contract Term | Through 12/31/2028; may extend by mutual agreement. |
| Location Requirement | Washington residency; primary office Port Angeles; ≥60% time on Olympic Peninsula. |
| Allowances | $1,000/month car & gas; $500/month life insurance. |
| Indemnification & D&O | Broad indemnification; D&O insurance maintained. |
| Clawback/Policies | Subject to FNWB clawback; anti-hedging/anti-pledging. |
Investment Implications
- Alignment and retention: Three-year RS grant with 50% post-vest holding, anti-pledging, and CEO ownership guidelines (3× salary in 3 years) point to strong alignment and reduced near-term selling pressure; clawback adds accountability.
- Incentive design: Starting in 2026, STI/LTI at 50%/35% of base and company LTIP emphasizing 3-year performance-based equity should tie pay to sustained execution, though Curt’s specific metrics/targets are not yet disclosed.
- Exit optionality: 2.99× salary CoC (double trigger) is an above-average multiple that could influence decision-making in strategic alternatives; absence of tax gross-up is shareholder-friendly.
- Execution risk: New CEO with deep credit/fintech-BaaS experience and data-driven emphasis; governance structure (independent Chair and committees) mitigates dual-role risks as an executive director. Early tenure means measurable TSR/financial impact is pending.