Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (November 2014)
9 slides from Glacier Bancorp's merger presentation, Nov 6, 2014
Slide 1: Glacier Bancorp: Acquisition of Community Bank
Nr ACIER BANCORP, IN ZN Montana, Idaho, Wyoming, Colorado, Utah & Washington {Nc GLACIER A BANCORP, INC. Acquisition of COMMUNITY BANK November 5, 2014 _opyians 2012 (C_) Davie M. Cobb
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 combination transactio
Slide 3: Transaction Overview
Transaction Overview > Glacier Bancorp will acquire Community Bank, Inc. (“Community Bank”), a Western Montana- based bank, with $180 million in assets = Transaction marks the fourth Glacier acquisition announcement in the past 20 months and the first in Montana since the Citizens Development acquis
Slide 4: Community Bank, Inc. / Montana Community Banks, Inc.
gr “ay Community Bank, Inc./ Montana Community Banks, Inc. Branch Map COMMUNITY BANK Te, > Founded in 1910; headquartered in Ronan, Montana, with e/a ee additional branches in Missoula, Polson, and Pablo emt Ks See a > — Regional economy tied to tourism, agriculture, healthcare and kereses ta govern
Slide 5: Glacier adds a complementary bank in its core western Montana markets
Glacier adds a complementary bank inits core western Montana markets + Adds to existing presence in Missoula and Polson + Adds newmarkets of Ronan and Pablo In-market transaction will lead to synergies, as Community Bank branches will be combined into both Glacier Bankand First Security Bank banking
Slide 6: Financial Benefits
(a) Financial Benefits Glacier adds $152 million in core deposits, 45% of which are transactional accounts (27% are non-interest bearing) = Average Q3 cost of funds: 0.32% Glacier adds $94 million diversified loan portfolio in a market area that Glacier knows well Favorable asset quality trends, wit
Slide 7: Key Deal Terms and Assumptions
Key Deal Terms and Assumptions Transaction Value”: $25.0 million Stock/Cash Mix"): 50% stock (443,649 shares) 50% cash ($12.4 ion) Structure: Fixed shares Collars: $23.76 to $32.14 Fair Value Marks: Loan Discount: 4% OREO Discount: 10% Fixed Asset Writedown: 17% Core Deposit Intangible: 1.5% Combine
Slide 8: Transaction Multiples
RA, Uf Transaction Multiples Price / Tangible Book: 120.8% Price / Earnings: Stated LTM Earnings (9/30/2014)"): 38.5x Est. Pro Forma Year 1 After-Tax Earnings (incl. cost-saves and synergies)”: 14.3x Expected 2015 EPS Accretion - Year 1: 0.4% Tangible Book Value Per Share Dilution: -0.1% (1) Actual
Slide 9: Concluding Observations
Concluding Observations > Community Bank acquisition continues Glacier’s tradition of adding high-quality regional banks that fit the Glacier community banking model > Unique opportunity for an attractive in-market expansion in Glacier’s core historical footprint > Western Montana is an attractive g
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