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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 | |
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Exhibit 107
Calculation of Filing Fee Tables
FORM PREM14A
(Form Type)
First Financial Northwest, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Aggregate cash and other property to be received by the Registrant |
Fee Rate | Amount of Filing Fee | |
Fees to Be Paid | $231,200,000 (1) | 0.00014760 | $34,125.12 |
Fees Previously Paid | — | — | |
Total Transaction Valuation | $231,200,000 | ||
Total Fees Due for Filing | $34,125.12 | ||
Total Fees Previously Paid | — | ||
Total Fee Offsets | — | ||
Net Fee Due | $34,125.12 |
(1) | The proposed maximum aggregate value of the transaction was calculated in accordance with Rule 457(f) and based on the maximum consideration of $251,200,000 receivable by the Registrant in accordance with the terms of that certain agreement and plan of merger entered into by and between the Registrant and Global Federal Credit Union on January 10, 2024. |
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