First Northwest Bancorp enters sale-leaseback of 6 branches for $14.7M, expects ~$7.5M pre-tax gain

First Northwest Bancorp

Sale-leaseback of up to six branch properties for $14.67M; estimated pre-tax gain of ~$7.5M.
Annual rent of ~$1.35M; initial 15-year term with one 15-year renewal under triple-net leases.
Closing targeted late Q1/early Q2 2024; Mountainseed may terminate for any reason.
Company may sell securities portfolio in loss position to offset some of the gain.
All six properties are operating branches in Clallam/Jefferson Counties, Washington.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

First Northwest Bancorp entered into Sale Agreement with Mountainseed Real Estate Services, LLC valued at $14.67 million (effective 2024-01-30).

Action: entry
Agreement: asset purchase
Counterparty: Mountainseed Real Estate Services, LLC
Value: $14.67 million
Effective: 2024-01-30

Exact text from the filing

On January 30, 2024, First Fed Bank (the “Bank”), a wholly-owned subsidiary of First Northwest Bancorp (the “Company”), entered into an agreement for the purchase and sale of real property (the “Sale Agreement”) with Mountainseed Real Estate Services, LLC, a Georgia limited liability company (“Mountainseed”), providing for the Bank’s sale to Mountainseed of up to six properties (the “Properties”) for an aggregate cash purchase price of $14.67 million, assuming all of the Properties are sold.

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First Northwest Bancorp filing history →

Source: SEC EDGAR

accession 0001437749-24-002651

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