Bank Directors Seminar, Coeur d'Alene, ID

Historical Market Performance – Public Banks in the Pacific Northwest

Price Performance (Last Two Years)

-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%

+71.7%

+39.6%

8/31/2018

8/31/2016

11/30/2016

2/28/2017

5/31/2017

8/31/2017

11/30/2017

2/28/2018

5/31/2018

NASDAQ PNW OTC PNW

Historical Price/ Tangible Book Value Multiples

Historical Price/ LTM EPS Multiples

50.0% 75.0% 100.0% 125.0% 150.0% 175.0% 200.0% 225.0% 250.0% 275.0%

25.0x

22.5x

20.0x

17.5x

15.0x

12.5x

10.0x

8/31/2016

2/28/2017

8/31/2017

2/28/2018

8/31/2018

8/31/2016

2/28/2017

8/31/2017

2/28/2018

8/31/2018

NASDAQ PNW OTC PNW

NASDAQ PNW OTC PNW

Source: S&P Global Market Intelligence as of the most recent quarter end, market data as of 8/31/2018 Note: Average data

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Note: NASDAQ peer group includes all banks and thriftsheadquartered in ID, MT, OR and WA listed on the NASDAQ or NYSE exchanges, excludes pending merger targets Note: OTC peer group includes all banks headquartered in ID, MT, OR and WA listed on the OTC Pink or OTCQX exchanges, excludes pending merger targets

Nationwide Bank Valuation by Asset Size

Price / EPS in 2018E vs. Asset Size

Price / Tangible Book Value vs. Asset Size

100.0% 150.0% 200.0% 250.0% 300.0%

20.0x

16.3x

233.0%

16.1x

15.6x

15.7x

15.1x

14.2x

211.3% 222.0%

214.3%

15.0x

175.7%

158.0%

10.0x

5.0x

0.0% 50.0%

0.0x

$500MM to $1.0B

$1.0B to $3.0B

$3.0B to $5.0B

$5.0B to $10.0B

$10.0B to $20.0B

$20.0B to $50.0B

$500MM to $1.0B

$1.0B to $3.0B

$3.0B to $5.0B

$5.0B to $10.0B

$10.0B to $20.0B

$20.0B to $50.0B

Comparison by Asset Size (Average Data)

Market Data

Operating Data (MRQ)

Market Cap. ($MM)

Total Assets ($MM)

Price / EPS

# of Banks

Price / TBV

Div. Yield

TCE Ratio

Effic. Ratio ROAA ROATCE

Asset Size

MRQ 2018E 2019E

$500MM to $1.0B 44 $1.0B to $3.0B 120 $5.0B to $10.0B 46 $10.0B to $20.0B 36 $20.0B to $50.0B 33 $3.0B to $5.0B 49

$ $ $ $ $ $

111 295 799

158.0% 15.8x 16.1x 12.6x 1.55% 763 $ 8.94% 53.8% 0.77% 7.82% 175.7% 15.7x 15.7x 14.0x 1.55% 1,719 $ 9.88% 53.8% 1.05% 11.62% 211.3% 16.5x 15.6x 13.7x 1.61% 3,982 $ 9.39% 48.8% 1.14% 12.80% 222.0% 17.0x 16.3x 14.7x 1.82% 7,117 $ 9.49% 52.2% 1.20% 12.94% 233.0% 16.2x 15.1x 13.7x 1.90% 13,256 $ 9.14% 56.5% 1.23% 14.35% 214.3% 15.2x 14.2x 12.9x 2.11% 30,140 $ 8.94% 47.4% 1.29% 14.32% 195.4% 16.0x 15.5x 13.8x 1.69% 6,812 $ 9.45% 52.5% 1.09% 12.04%

1,491 2,644 5,284

Grand Total

328

1,273 $

Source: S&P Global Market Intelligence for most recent quarter publicly available. Market data as of 8/31/2018. EPS estimates based on Street average estimates Note: Includes banks and thrifts headquartered nationwide with shares listed on NASDAQ or NYSE Note: Excludes banks with total assets greater than $50.0 billionand pending merger targets

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