Return to Mergers & Acquisitions

Deal Overview

Buyer:
Timberland Bancorp, Inc.
Actual Acquirer:
Timberland Bank
Target:
South Sound Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
5/22/2018
Announcement Date:
5/23/2018
Announced Deal Value ($ M):
36.90
Status:
Completed
Completion Date:
10/1/2018
Announced Deal Value Per Share ($ )
30.42

Consideration Breakout
Cash ($M) 6.9
Common Stock ($M) 28.3
Common Stock Issued 904,826

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 152.6 142.5
Price / Tangible Book (%) 154.9 144.5
Price / Earnings (x) 27.3 21.7
Price / Deposits (%) 22.96 22.66
Price / Assets (%) 19.74 19.34
Tangible Book Premium/ Deposits (%) 8.67 7.41
Deal Terms
Description of Consideration

Timberland Bancorp Inc. paid $5.68825 in cash and exchanged 0.7460 shares of its common stock for each of the outstanding share of South Sound Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 9,481
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 1,716
Est. Restructuring Charges ($ 000) 3,671
Maximum Termination Fee ($ 000) 1,035
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.746000
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) 2,483
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Wedbush Securities Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Breyer & Associates PC
Seller Yes Keller Rohrback LLP