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Deal Overview

Buyer:
First Financial Corporation
Actual Acquirer:
First Financial Corporation
Target:
HopFed Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/7/2019
Announcement Date:
1/7/2019
Announced Deal Value ($ M):
133.30
Status:
Completed
Completion Date:
7/27/2019
Announced Deal Value Per Share ($ )
20.05

Consideration Breakout
Cash ($M) 69.8
Common Stock ($M) 64.1
Common Stock Issued 1,423,143

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 146.8 144.2
Price / Tangible Book (%) 146.8 144.2
Price / Earnings (x) 22.0 24.0
Price / Deposits (%) 18.02 18.05
Price / Assets (%) 14.31 14.33
Tangible Book Premium/ Deposits (%) 7.71 NA
Deal Terms
Description of Consideration

First Financial Corp. paid $21.00 per share in cash or exchanged 0.444 share of its common stock for each of the outstanding common share of HopFed Bancorp Inc., subject to 50% of the consideration being paid in stock. First Financial Corp. also assumed HopFed Bancorp Inc.'s trust preferred securities.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 44,237
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 9,130
Est. Restructuring Charges ($ 000) 9,200
Maximum Termination Fee ($ 000) 5,100
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.444000
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) 10,369
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes SmithAmundsen
Seller Yes Jones Walker LLP
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