Glacier Bancorp, Inc. · NYSE:GBCI

Glacier Bancorp — Merger or Acquisition (August 2023)

17 slides from Glacier Bancorp's merger presentation, Aug 9, 2023

  1. Slide 1: Acquisition of Community Financial Group

    Acquisition of August 8, 2023

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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.

  7. 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

  8. 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

  9. 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

  10. 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%

  11. 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

  12. 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

  13. Slide 13: Appendix

    Appendix @ aiacier Bancorp

  14. 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

  15. 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

  16. 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

  17. Slide 17: 17

    17

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