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| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | |
|
Transaction Value / Fully Diluted Tangible Book Value:
|
| | | | 141.4% | | |
|
Transaction Value / LTM(1) Earnings:
|
| | | | 26.8x | | |
|
Transaction Value / Estimated 2023 Earnings:
|
| | | | 34.9x | | |
|
Core Deposit Premium(2):
|
| | | | 7.1% | | |
|
Market Premium as of January 9, 2024:
|
| | | | 75.2% | | |
| BayCom Corp (BCML) | | | Provident Financial Holdings (PROV) | |
| Central Valley Community Bancorp (CVCY) | | | Riverview Bancorp Inc. (RVSB) | |
| Eagle Bancorp Montana Inc. (EBMT) | | | Sound Financial Bancorp Inc. (SFBC) | |
| First Northwest Bancorp (FNWB) | | | Southern California Bancorp (BCAL) | |
| FS Bancorp Inc. (FSBW) | | | Summit State Bank (SSBI) | |
| Northrim BanCorp Inc (NRIM) | | | Territorial Bancorp Inc. (TBNK) | |
| Oak Valley Bancorp (OVLY) | | | Timberland Bancorp Inc. (TSBK) | |
| PCB Bancorp (PCB) | | | United Security Bancshares (UBFO) | |
| Plumas Bancorp (PLBC) | | | | |
| | |
FFNW
|
| |
Median
|
| |
Mean
|
| |||||||||
Total Assets ($ millions)
|
| | | $ | 1,526 | | | | | $ | 2,063 | | | | | $ | 1,978 | | |
Market Capitalization ($ millions)
|
| | | $ | 126 | | | | | $ | 225 | | | | | $ | 190 | | |
Price / Tangible Book Value
|
| | | | 79.9% | | | | | | 105.7% | | | | | | 117.7% | | |
Price / LTM EPS(1)
|
| | | | 15.3x | | | | | | 9.6x | | | | | | 9.2x | | |
Dividend Yield
|
| | | | 3.8% | | | | | | 2.9% | | | | | | 3.1% | | |
LTM ROAA(1)
|
| | | | 0.55% | | | | | | 1.12% | | | | | | 1.12% | | |
LTM ROAE(1)
|
| | | | 5.2% | | | | | | 11.3% | | | | | | 12.3% | | |
TCE / TA
|
| | | | 5.5% | | | | | | 8.0% | | | | | | 8.6% | | |
NPA / Assets
|
| | | | 0.01% | | | | | | 0.21% | | | | | | 0.45% | | |
| | |
FFNW
|
| |
High
|
| |
Median
|
| |
Low
|
| ||||||||||||
Deal Value ($ millions)
|
| | | $ | 223 | | | | | $ | 448 | | | | | $ | 121 | | | | | $ | 32 | | |
Target Total Assets ($ millions)
|
| | | $ | 1,526 | | | | | $ | 4,552 | | | | | $ | 1,448 | | | | | | 521 | | |
Target TCE / TA
|
| | | | 10.4% | | | | | | 9.4% | | | | | | 7.5% | | | | | | 4.8% | | |
Target NPA / Assets
|
| | | | 0.01% | | | | | | 0.80% | | | | | | 0.28% | | | | | | 0.01% | | |
Target LTM ROAA(1)
|
| | | | 0.64% | | | | | | 1.41% | | | | | | 1.06% | | | | | | 0.30% | | |
Transaction Value / Tangible Book Value
|
| | | | 141.4% | | | | | | 184.7% | | | | | | 127.4% | | | | | | 101.8% | | |
Transaction Value / LTM Earnings(1)
|
| | | | 26.8x | | | | | | 20.2x | | | | | | 9.4x | | | | | | 6.5x | | |
Core Deposit Premium
|
| | | | 7.1% | | | | | | 8.5% | | | | | | 2.3% | | | | | | 1.4% | | |
One-Day Market Premium
|
| | | | 75.2% | | | | | | 53.3% | | | | | | 5.3% | | | | | | (7.3)% | | |
| | |
FFNW
|
| |
High
|
| |
Median
|
| |
Low
|
| ||||||||||||
Deal Value ($ millions)
|
| | | $ | 223 | | | | | $ | 100 | | | | | $ | 30 | | | | | $ | 15 | | |
Target Total Assets ($ millions)
|
| | | $ | 1,526 | | | | | $ | 1,131 | | | | | $ | 383 | | | | | $ | 175 | | |
Target TCE / TA
|
| | | | 10.4% | | | | | | 11.5% | | | | | | 8.5% | | | | | | 6.3% | | |
Target NPA / Assets
|
| | | | 0.01% | | | | | | 0.81% | | | | | | 0.23% | | | | | | 0.00% | | |
Target LTM ROAA(1)
|
| | | | 0.64% | | | | | | 1.05% | | | | | | 0.93% | | | | | | 0.47% | | |
Transaction Value / Tangible Book Value
|
| | | | 141.4% | | | | | | 161.0% | | | | | | 96.4% | | | | | | 88.0% | | |
Transaction Value / LTM Earnings(1)
|
| | | | 26.8x | | | | | | 29.4x | | | | | | 9.0x | | | | | | 8.4x | | |
Core Deposit Premium
|
| | | | 7.1% | | | | | | 6.6% | | | | | | (0.4)% | | | | | | (1.4)% | | |
One-Day Market Premium
|
| | | | 75.2% | | | | | | 147.6% | | | | | | 49.6% | | | | | | (12.3)% | | |
| | |
Price / Tangible Book Value Multiples
|
| |||||||||||||||||||||||||||
Discount Rate
|
| |
1.3x
|
| |
1.4x
|
| |
1.5x
|
| |
1.6x
|
| |
1.7x
|
| |||||||||||||||
12.0%
|
| | | $ | 15.12 | | | | | $ | 16.13 | | | | | $ | 17.14 | | | | | $ | 18.15 | | | | | $ | 19.17 | | |
12.5%
|
| | | $ | 14.79 | | | | | $ | 15.78 | | | | | $ | 16.77 | | | | | $ | 17.76 | | | | | $ | 18.75 | | |
13.0%
|
| | | $ | 14.47 | | | | | $ | 15.43 | | | | | $ | 16.40 | | | | | $ | 17.37 | | | | | $ | 18.33 | | |
13.5%
|
| | | $ | 14.16 | | | | | $ | 15.10 | | | | | $ | 16.04 | | | | | $ | 16.99 | | | | | $ | 17.93 | | |
14.0%
|
| | | $ | 13.85 | | | | | $ | 14.78 | | | | | $ | 15.70 | | | | | $ | 16.62 | | | | | $ | 17.54 | | |
| | |
Price / Earnings Multiples
|
| |||||||||||||||||||||||||||
Discount Rate
|
| |
13.0x
|
| |
14.0x
|
| |
15.0x
|
| |
16.0x
|
| |
17.0x
|
| |||||||||||||||
12.0%
|
| | | $ | 8.53 | | | | | $ | 9.03 | | | | | $ | 9.54 | | | | | $ | 10.04 | | | | | $ | 10.55 | | |
12.5%
|
| | | $ | 8.35 | | | | | $ | 8.84 | | | | | $ | 9.34 | | | | | $ | 9.83 | | | | | $ | 10.33 | | |
13.0%
|
| | | $ | 8.18 | | | | | $ | 8.66 | | | | | $ | 9.14 | | | | | $ | 9.63 | | | | | $ | 10.11 | | |
13.5%
|
| | | $ | 8.01 | | | | | $ | 8.48 | | | | | $ | 8.95 | | | | | $ | 9.43 | | | | | $ | 9.90 | | |
14.0%
|
| | | $ | 7.85 | | | | | $ | 8.31 | | | | | $ | 8.77 | | | | | $ | 9.23 | | | | | $ | 9.69 | | |
Executive Officer
|
| |
Shares of
Restricted Stock |
| |
Estimated
Value(1) |
| ||||||
Joseph W. Kiley III
|
| | | | 2,208 | | | | | $ | 51,800 | | |
Richard P. Jacobson
|
| | | | 1,044 | | | | | $ | 24,492 | | |
Dalen D. Harrison
|
| | | | 710 | | | | | $ | 16,657 | | |
Ronnie J. Clariza
|
| | | | 571 | | | | | $ | 13,396 | | |
Simon Soh
|
| | | | 698 | | | | | $ | 16,375 | | |
Executive Officer
|
| |
Company
Vested Stock Options |
| |
Company Unvested
Stock Options |
| |
Aggregate Estimated
in-the-Money Value(1) |
| |||||||||
Joseph W. Kiley III
|
| | | | 50,000 | | | | | | — | | | | | $ | 628,500 | | |
Richard P. Jacobson
|
| | | | 40,000 | | | | | | 40,000 | | | | | $ | 872,800 | | |
Dalen D. Harrison
|
| | | | 7,500 | | | | | | — | | | | | $ | 95,175 | | |
Simon Soh
|
| | | | 25,000 | | | | | | — | | | | | $ | 322,000 | | |
Executive Officer
|
| |
Company
Shares held in ESOP |
| |
Estimated
Value(1) |
| ||||||
Joseph W. Kiley III
|
| | | | 41,228 | | | | | $ | 967,208.88 | | |
Richard P. Jacobson
|
| | | | 34,680 | | | | | $ | 813,592.80 | | |
Dalen D. Harrison
|
| | | | 26,178 | | | | | $ | 614,135.88 | | |
Ronnie J. Clariza
|
| | | | 55,697 | | | | | $ | 1,306,651.62 | | |
Simon Soh
|
| | | | 49,505 | | | | | $ | 1,161,387.30 | | |
Director/Executive Officer
|
| |
Employment or
Change in Control Agreement |
| |
Cash Out Value
of Stock Options(1) |
| |
Value of
Restricted Stock(2) |
| |
SERP
Termination |
| |
Tax Gross-Up
Payments for Split Dollar Arrangements and SERPs |
| |
Total
Cash Value to be Received |
| ||||||||||||||||||
Joseph W. Kiley III
|
| | | $ | 2,328,454 | | | | | $ | 628,500 | | | | | $ | 51,800 | | | | | $ | 1,173,428 | | | | | $ | 839,529 | | | | | $ | 5,021,711 | | |
Richard P. Jacobson
|
| | | $ | 1,424,753 | | | | | $ | 872,800 | | | | | $ | 24,492 | | | | | $ | 1,087,411 | | | | | $ | 773,366 | | | | | $ | 4,182,822 | | |
Dalen D. Harrison
|
| | | $ | 623,493 | | | | | $ | 95,175 | | | | | $ | 16,657 | | | | | | — | | | | | $ | | | | | | | | | |
Ronnie J. Clariza
|
| | | $ | 518,584 | | | | | | — | | | | | $ | 13,396 | | | | | | — | | | | | $ | | | | | | | | | |
Simon Soh
|
| | | $ | 621,654 | | | | | $ | 322,000 | | | | | $ | 16,375 | | | | | | — | | | | | $ | | | | | | | | | |
Diane C. Davis
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Joann E. Lee
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Roger H. Molvar
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Cindy L. Runger
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Ralph C. Sabin
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | |
Named Executive Officer
|
| |
Cash(1)
|
| |
Equity(2)
|
| |
Pension/
NQDC(3) |
| |
Perquisites/
benefits(4) |
| |
Tax
Reimbursements and Gross-Ups(5) |
| |
Total ($)
|
| ||||||||||||||||||
Joseph W. Kiley III
|
| | | $ | 2,303,308 | | | | | $ | 541,948 | | | | | $ | 126,932 | | | | | $ | 25,146 | | | | | $ | 839,529 | | | | | $ | 3,836,863 | | |
Richard P. Jacobson
|
| | | $ | 1,376,004 | | | | | $ | 682,526 | | | | | $ | 276,576 | | | | | $ | 48,749 | | | | | $ | 773,366 | | | | | $ | 3,157,221 | | |
Dalen D. Harrison
|
| | | $ | 590,000 | | | | | $ | 90,075 | | | | | | — | | | | | $ | 33,493 | | | | | | | | | | | | | | |
Ronnie J. Clariza
|
| | | $ | 470,000 | | | | | $ | 11,883 | | | | | | — | | | | | $ | 48,584 | | | | | | | | | | | | | | |
Simon Soh
|
| | | $ | 570,000 | | | | | $ | 270,275 | | | | | | — | | | | | $ | 51,654 | | | | | | | | | | | | | | |
Named Executive Officer
|
| |
Accelerated vesting of
restricted stock awards |
| |
Accelerated vesting of
stock option awards |
| |
Payments in cancellation of
stock option awards |
| |||||||||
Joseph W. Kiley III
|
| | | $ | 45,948. | | | | | | — | | | | | $ | 496,000 | | |
Richard P. Jacobson
|
| | | $ | 21,726 | | | | | $ | 350,000 | | | | | $ | 310,800 | | |
Dalen D. Harrison
|
| | | $ | 14,775 | | | | | | — | | | | | $ | 75,300 | | |
Ronnie J. Clariza
|
| | | $ | 11,883 | | | | | | — | | | | | | — | | |
Simon Soh
|
| | | $ | 14,525 | | | | | | — | | | | | $ | 255,750 | | |
Name of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percentage
Beneficially Owned (%) |
| ||||||
Beneficial Owners of More than 5% | | | | | | | | | | | | | |
First Financial Northwest Foundation
|
| | | | 877,882(1) | | | | | | 9.57 | | |
First Financial Northwest, Inc. Employee Stock Ownership Plan
|
| | |
|
(2)
|
| | |
|
| |||
Dimensional Fund Advisors LP
|
| | | | 752,529(3) | | | | | | 8.20 | | |
Strategic Value Investors, LP
|
| | | | 503,567(4) | | | | | | 5.49 | | |
Renaissance Technologies, LLC
|
| | | | 486,801(5) | | | | | | 5.31 | | |
Directors | | | | | | | | | | | | | |
Diane C. Davis
|
| | | | 6,868 | | | | | | ** | | |
Richard P. Jacobson*
|
| | | | 109,027(6) | | | | | | 1.18 | | |
Joseph W. Kiley III*
|
| | | | 145,579(7) | | | | | | 1.58 | | |
Joann E. Lee
|
| | | | 104,432 | | | | | | ** | | |
Roger H. Molvar
|
| | | | 18,135 | | | | | | ** | | |
Cindy L. Runger
|
| | | | 4,822 | | | | | | ** | | |
Ralph C. Sabin
|
| | | | 14,377 | | | | | | ** | | |
Named Executive Officers | | | | | | | | | | | | | |
Ronnie J. Clariza
|
| | | | 84,048(8) | | | | | | ** | | |
Dalen D. Harrison
|
| | | | 63,494(9) | | | | | | ** | | |
Simon Soh
|
| | | | 121,314(10) | | | | | | 1.32 | | |
All Executive Officers and Directors as a Group (10 persons)
|
| |
|
| |
|
|
| | | | | A-1 | | | |
| | | | | A-1 | | | |
| | | | | A-10 | | | |
| | | | | A-10 | | | |
| | | | | A-10 | | | |
| | | | | A-11 | | | |
| | | | | A-12 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-14 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-19 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | |
| | | | | A-22 | | | |
| | | | | A-23 | | | |
| | | | | A-24 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-27 | | | |
| | | | | A-27 | | | |
| | | | | A-27 | | | |
| | | | | A-27 | | | |
| | | | | A-27 | | | |
| | | | | A-27 | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | |
| | | | | A-35 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-43 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
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| Exhibit A | | | Form of Assignment and Assumption Agreement | |
| Exhibit B | | | Form of Limited Warranty Deed | |
| Exhibit C | | | Form of Bill of Sale and Assignment | |
| Exhibit D | | | Form of Retirement Account Transfer Agreement | |
| Exhibit E | | | Form of Limited Power of Attorney | |
| Exhibit F | | | Form of Non-Solicitation Agreement | |
| Exhibit G | | | Form of Voting Agreement | |
| Exhibit A | | | Form of Assignment and Assumption Agreement | |
| Exhibit B | | | Form of Limited Warranty Deed | |
| Exhibit C | | | Form of Bill of Sale and Assignment | |
| Exhibit D | | | Retirement Account Transfer Agreement | |
| Exhibit E | | | Limited Power of Attorney | |
| Exhibit F | | | Non-Solicitation Agreement | |
| Exhibit G | | | Voting Agreement | |
Name: |
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