Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (August 2023)
17 slides from Glacier Bancorp's merger presentation, Aug 8, 2023
Slide 1: Acquisition of Wheatland Bank
Acquisition of August 8, 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intenti
Slide 3: Transaction Highlights
Transaction Highlights Glacier Bancorp, Inc. (“GBCI”) (NYSE: GBCI) will acquire Community Financial Group, Inc. (“CFGW”) (OTC: CFGW), the bank holding company for Wheatland Bank (the “Bank”), a community bank headquartered in Spokane, Washington ‒ Premier banking franchise with 14 full-service bra
Slide 4: Strategic Rationale
Strategic Rationale Acquisition is consistent with Glacier’s long-term strategy of Glacier is a “Company of Banks” buying good banks in good markets with good people Establishes a market-leading Eastern Washington franchise will be combined into the new division ‒ Opportunity to increase market
Slide 5: Wheatland Bank Overview
Wheatland Bank Overview Company Overview Founded in 1979 and headquartered in Spokane, Washington A full-service community bank, providing comprehensive financial services to businesses and individuals through its 14 branch locations in Eastern Washington Wheatland Bank has grown through organ
Slide 6: Superior Asset Quality
Superior Asset Quality Net Charge-offs / Average Loans (%) 2.67% 2.67% • Over the last decade, Wheatland has had no net loan losses and has been in a net recovery position on a cumulative basis • Wheatland has averaged only 0.16% annual net charge-offs since 2000 2.26% • Aggregate net charge-offs si
Slide 7: Best-in-Class Deposit Base
Best-in-Class Deposit Base Cost of Deposits (%) • Granular deposit base – over 17,000 transaction accounts averaging just over $35,000 • Consistently high noninterest-bearing account balances • 0.11% average annual cost of funds for the decade ending 2022 • Approximately 55% of deposits are business
Slide 8: Eastern Washington's Dynamic Economy
Eastern Washington’s Dynamic Economy Highlights Major Employers The new Wheatland Bank will be a Top 5 Eastern Washington bank Significant agriculture epicenter with a diverse set of crops; ranked top 5 in production in the U.S for the following: Fairchild Air Force ‒ #1 producer of hops, cherri
Slide 9: Transaction Overview and Assumptions
Transaction Overview and Assumptions 1.0931 shares of Glacier stock for each CFGW share Consideration Mix 100% stock consideration to CFGW common shareholders CFGW options will be cashed out for their in-the-money value $79.3 million to common shareholders, or $37.13 per share(2) Implied Tra
Slide 10: Transaction Multiples and Pro Forma Impact
Transaction Multiples and Pro Forma Impact Today(1) At LOI(2) Transaction Value / Tangible Book Value(3) 161% 140% Pay-to-Trade Ratio(4) 82% 82% Transaction Value / LTM Earnings 11.6x 10.1x Projected 2024e EPS Accretion(5) 3.4% (with 50% Cost Savings Phase-In) Projected 2025e EPS Accreti
Slide 11: Comprehensive Due Diligence Process
Comprehensive Due Diligence Process Highlights Diligence Focus Areas Completed a coordinated comprehensive due diligence review with Commercial Lending Compliance executives from GBCI and CFGW, along with advisors and consultants and Asset Quality Conducted detailed diligence calls with CFGW man
Slide 12: Concluding Observations
Concluding Observations CFGW acquisition continues Glacier’s tradition of adding the highest quality community banks that fit the Glacier banking model Eastern Washington is a key growth market in the Glacier footprint and one of the top agricultural markets in the nation CFGW management and s
Slide 13: Appendix
Appendix @ Glacier Bancorp
Slide 14: Pro Forma Bank-Level Deposit Composition
Pro Forma Bank-Level Deposit Composition Pro Forma(1) DDA DDA 45% DDA 32% 32% NOW & Other NOW & 16% Other 16% NOW & Other Jumbo Time 3% Jumbo Time Jumbo Time 4% 4% 5% Retail Time Retail Time 8% Retail Time 4% 9% MMDA & Sav. MMDA & Sav. MMDA & Sav. 39% 43% 40% Total Deposits: $20,126,170 Total Deposi
Slide 15: Pro Forma Bank-Level Loan Composition
Pro Forma Bank-Level Loan Composition Pro Forma(1) OO CRE NOO CRE OO CRE 18% 49% 18% NOO CRE NOO CRE 26% 27% Res. RE Res. RE 12% 13% OO CRE 7% Multifamily 5% C&I C&I Multifamily 9% Multifamily 9% 4% 4% Res. RE 7% Cons. & C&I Cons. C&D Cons. C&D Other 6% C&D & Other 14% & Other 15% 15% 6% 20% 16% Gro
Slide 16: Important Information and Where You Can Find It
Important Information and Where You Can Find It In connection with the proposed merger transactions, Glacier will file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that will include a Proxy Statement of CFGW and a Prospectus of Glacier, as well as other relevant d
Slide 17: Bancoro
Bancoro
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