Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (April 2016)
9 slides from Glacier Bancorp's merger presentation, Apr 21, 2016
Slide 1: Acquisition of Treasure State Bank
y % NS Montana, Idaho, Wyoming, Colorado, Utah & Washington Acquisition of ‘Treasure State 3 Bank Keep banking simple. April 20, 2016
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Such forward-looking statements include but are not limited to statements about the benefits of the business combi ion transaction
Slide 3: Transaction Overview
Transaction Overview > Glacier Bancorp will acquire Treasure State Bank (OTC: TRSU), a Missoula, Montana-based bank, with $71 million in assets "Transaction marks the sixth Glacier acquisition announcement in the past three years and second in Montana over the past eighteen months > Each Treasure St
Slide 4: Treasure State Bank (TRSU)
" Treasure State Bank (TRSU) ieee Bank Branch Mep Keep banking simple. > Founded in 2007; headquartered in Missoula, Montana > Well-managed and respected community bank, with strong growth and increasing recognition = > — Regional economy tied to tourism, healthcare, government, and agriculture e g
Slide 5: Strategic Rationale
Strategic Rationale > Glacier adds a growing bank in the Missoula, MT market + Increases Glacier’s presence in Missoula County — pro forma deposits reachingapproximately $832 million and loans $762 million > Visible branch location that is additive to Glacier’s footprint + Situatedina h-trat room to
Slide 6: Financial Benefits
RA, Uf Financial Benefits adds a $53 million and growing loan portfolio in a market area that is important to Gla r > Glacier adds $53 million in core deposits » Positive asset quality trends, with notable improvements over the past few years >» Opportunity to drive earnings growth through repurchas
Slide 7: Key Deal Terms and Assumptions
Key Deal Terms and Assumptions Transaction Value”): $12.9 million Stock/Cash Mix’ 72% stock (353,413 shares) 28% cash ($3.56 million) Structure: Fixed shares Collars: $19.00 to $27.05 (with double trigger below $19.99) Fair Value Marks: Loan Discount: 2.02% OREO Discount: None Fixed Asset Writedown:
Slide 8: Transaction Multiples
RA, Uf Transaction Multiples Price / Tangible Book (12/31/15): 136.1% Price / Earnings: LTM Earnings (12/31/15): 28.8x Budgeted 2016 Earnings”): 22.0x Est. Pro Forma Year 1 After-Tax Earnings (incl. cost-saves and synergies)": 11.4x Tangible Book Value Per Share Dilution: None Expected 2017 EPS Accr
Slide 9: Concluding Observations
Concluding Observations Treasure State Bank acquisition continues Glacier’s tradition of adding high-quality regional banks that fit the Glacier community banking model Unique opportunity for an attractive footprint -market expansion in Glacier’s core historical Missoula, MT is an attractive growth