Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (January 2025)
17 slides from Glacier Bancorp's merger presentation, Jan 13, 2025
Slide 1: Acquisition of Bank of Idaho
Acquisition of January 13, 2025
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 Bank of Idaho Holding Co. (“BOID”) (OTCQX: BOID), the bank holding company for Bank of Idaho, a regional community bank headquartered in Idaho Falls, Idaho − High-performing banking franchise with $1.3 billion in total
Slide 4: Strategic Rationale
Strategic Rationale ➢ Acquisition complements Glacier’s existing strong loan and Glacier is a “Company of Banks” deposit portfolios and deepens its presence in several of the top growth markets in the United States ➢ Aligns with Glacier’s long-term strategy of acquiring quality banks in strong marke
Slide 5: Bank of Idaho Overview
Bank of Idaho Overview Company Overview ➢ Founded in 1985 and headquartered in Idaho Falls, Idaho ➢ Full-service community bank, providing comprehensive financial services to businesses and individuals with 15 branch locations throughout Eastern Idaho, Boise Metro and Eastern Washington ➢ Strong per
Slide 6: Unique Expansion Opportunity In Existing Glacier Markets
Unique Expansion Opportunity In Existing Glacier Markets ➢ 20 existing branches in Eastern Washington, ➢ 6 existing branches in Eastern Idaho, plus 6 plus 5 new Bank of Idaho branches new Bank of Idaho branches ➢ 10 existing branches in Southern Idaho, plus 4 new Boise Bank of Idaho branches BOID Br
Slide 7: Expanded Growth in Fast-Growing Markets
Expanded Growth in Fast-Growing Markets EASTERN WASHINGTON BOISE EASTERN IDAHO Key Agriculture and Transportation Hub 2nd Fastest Growing Major MSA(2) #1 Best Performing Small Metro in U.S.(3) (Idaho Falls) ▪ Tri-Cities (Kennewick, Pasco and Richland) is a ▪ With a population of approximately 850,00
Slide 8: Transaction Overview and Assumptions
Transaction Overview and Assumptions ▪ 100% stock consideration to BOID common shareholders Consideration Mix ▪ 1.100x shares of Glacier stock for each BOID share ▪ BOID options and stock appreciation rights will be cashed out for their in-the-money value ▪ $234.3 million to common shareholders, or
Slide 9: Transaction Multiples and Pro Forma Impact
Transaction Multiples and Pro Forma Impact At LOI(1) Today(2) Transaction Value / ▪ 179.7% ▪ 191.9% Tangible Book Value Per Share(3) Pay-to-Trade Ratio(4) ▪ 75.9% ▪ 75.9% Transaction Value / ▪ 19.1x ▪ 20.4x LTM Earnings Per Share Transaction Value / ▪ 14.5x ▪ 15.5x 2025E Earnings Per Share(5) Projec
Slide 10: Concluding Observations
Concluding Observations ➢ Bank of Idaho acquisition continues Glacier’s long tradition of adding best-in-class banks that align with the Glacier community banking model ➢ Unique opportunity to acquire a high-growth community bank operating in existing Glacier markets which provides meaningful EPS ac
Slide 11: Appendix
Appendix @ Glacier Bancorp
Slide 12: Comprehensive Due Diligence Process
Comprehensive Due Diligence Process Highlights Due Diligence Focus Areas ➢ Completed a coordinated comprehensive due diligence review with Commercial Lending executives from Glacier and Bank of Idaho, along with advisors and Compliance and Asset Quality consultants ➢ Glacier team has significant acq
Slide 13: Pro Forma Bank-Level Deposit Composition
Pro Forma Bank-Level Deposit Composition Pro Forma(1) CDs > $100k CDs > $100k CDs > $100k 12% 13% 12% CDs < $100k CDs < $100k NIBD CDs < $100k NIBD 4% 4% NIBD 31% 6% 28% 31% $20.9 B $1.1 B $22.0 B MMDA & Sav. 28% MMDA & MMDA & Sav. Sav. NOW & IBD 28% 34% 19% NOW & IBD NOW & IBD 25% 26% Cost of Depos
Slide 14: Pro Forma Bank-Level Loan Composition
Pro Forma Bank-Level Loan Composition Pro Forma(1) Farm & Ag. Other Farm & Ag. Other 9% 1% Farm & Ag. Other 6% 7% Consumer Non-OO CRE 6% 7% Non-OO CRE 19% Consumer Non-OO CRE Consumer 1% 23% 1% 23% 1% C&D C&D C&D 14% 11% 10% $17.2 B $1.0 B $18.2 B Multifam. Multifam. Multifam. 5% 5% OO CRE 6% OO CRE
Slide 15: Strong Asset Quality
Strong Asset Quality Net Charge-offs / Average Loans (%) ➢ Bank of Idaho has averaged only 0.08% annual net charge-offs since 2013 ➢ Aggregate net charge-offs since 2013 of only $2.7 million 0.70% 0.64% 0.49% 0.48% 0.49% 0.49% 0.46% 0.46% 0.43% 0.25% 0.26% 0.26% 0.24% 0.21% 0.20% 0.19% 0.19% 0.17% 0
Slide 16: Important Information and Where You Can Find It
Important Information and Where You Can Find It In connection with the proposed merger transaction, Glacier expects to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that will include a Proxy Statement of BOID and a Prospectus of Glacier, as well as other relev
Slide 17: Bancoro
Bancoro
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