Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
Northwest Bancorporation, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/25/2018
Announcement Date:
4/25/2018
Announced Deal Value ($ M):
155.56
Status:
Completed
Completion Date:
8/16/2018
Announced Deal Value Per Share ($ )
21.03

Consideration Breakout
Common Stock ($M) 167.1
Common Stock Issued 3,837,540

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 186.8 200.4
Price / Tangible Book (%) 219.2 234.0
Price / Earnings (x) 28.8 30.3
Price / Deposits (%) 21.57 24.18
Price / Assets (%) 18.81 20.91
Tangible Book Premium/ Deposits (%) 13.90 NA
Deal Terms
Description of Consideration

First Interstate BancSystem Inc. exchanged 0.516 shares of its common stock for each of the outstanding share of First Northwest Bancorp. Inc. First Interstate BancSystem Inc. also assumed First Northwest Bancorp. Inc.’s Trust Preferred Securities and related indentures.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 100,700
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 7,926
Est. Restructuring Charges ($ 000) 16,000
Maximum Termination Fee ($ 000) 5,076
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.516000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 15,700
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Witherspoon Kelley Davenport