Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (August 2023)
17 slides from Glacier Bancorp's merger presentation, Aug 9, 2023
Slide 1: Acquisition of Community Financial Group
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 3 Transaction Overview Financially Attractive 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 ‒ Prem
Slide 4: Strategic Rationale
Strategic Rationale 4 Glacier is a “Company of Banks” Acquisition is consistent with Glacier’s long-term strategy of buying good banks in good markets with good people Establishes a market-leading Eastern Washington franchise ‒ Opportunity to increase market share in one of the most attractive an
Slide 5: Wheatland Bank Overview
Wheatland Bank Overview 5 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 organic expansion in
Slide 6: Superior Asset Quality
Superior Asset Quality 6 Source: S&P Global Market Intelligence. Note: Net charge-offs are annualized. (1) Aggregate of all US commercial banks as aggregated by S&P Global Market Intelligence. As of the date of this presentation, Q2 2023 data was not available. Net Charge-offs / Average Loans (%) 0.
Slide 7: Best-in-Class Deposit Base
Best-in-Class Deposit Base 7 Source: S&P Global Market Intelligence and FactSet. (1) Median of the KBW Nasdaq Regional Banking Index. 2010Y 2011Y 2012Y 2013Y 2014Y 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Q2 GBCI Wheatland Median KRX Cost of Deposits (%) Noninterest-Bearing Deposits / Tot
Slide 8: Eastern Washington's Dynamic Economy
Eastern Washington’s Dynamic Economy 8 Source: S&P Global, Office of Governor, Washington State Department of Commerce, U.S. Census Bureau, Office of Financial Management, U.S. Congress Joint Economic Committee, FRED. Major EmployersHighlights The new Wheatland Bank will be a Top 5 Eastern Washing
Slide 9: Transaction Overview and Assumptions
Transaction Overview and Assumptions 9 Consideration Mix 1.0931 shares of Glacier stock for each CFGW share 100% stock consideration to CFGW common shareholders CFGW options will be cashed out for their in-the-money value Implied Transaction Value(1) $79.3 million to common shareholders, or
Slide 10: Transaction Multiples and Pro Forma Impact
Transaction Multiples and Pro Forma Impact 10 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) (with 50% Cost Savings Phase-In) 3.4% Projected 2025e EPS Accretion(5) (with 100%
Slide 11: Comprehensive Due Diligence Process
Comprehensive Due Diligence Process 11 Completed a coordinated comprehensive due diligence review with executives from GBCI and CFGW, along with advisors and consultants Conducted detailed diligence calls with CFGW management to evaluate each focus area Wheatland Bank recently received an Outs
Slide 12: Concluding Observations
Concluding Observations 12 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 an
Slide 13: Appendix
Appendix @ aiacier Bancorp
Slide 14: Pro Forma Bank-Level Deposit Composition
DDA 32% NOW & Other 16% MMDA & Sav. 40% Retail Time 8% Jumbo Time 4% DDA 32% NOW & Other 16% MMDA & Sav. 39% Retail Time 9% Jumbo Time 4% Cost of Deposits: 0.86% Loans / Deposits: 78.0% Total Deposits: $608,681 Cost of Deposits: 0.65% Loans / Deposits: 79.4% Total Deposits: $20,734,851Total Deposits
Slide 15: Pro Forma Bank-Level Loan Composition
NCOs / Avg Loans: 0.06% Gross Loans: $16,464,901 Yield on Loans: 5.14% NCOs / Avg Loans: 0.06% Gross Loans: $15,989,968 Yield on Loans: 5.12% NCOs / Avg Loans: (0.12%) Gross Loans: $474,933 Yield on Loans: 5.95% Pro Forma Bank-Level Loan Composition 15 Pro Forma(1) C&D 15% C&I 9% Res. RE 13% OO CRE
Slide 16: Important Information and Where You Can Find It
Important Information and Where You Can Find It 16 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 relevan
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