Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (May 2021)
19 slides from Glacier Bancorp's merger presentation, May 19, 2021
Slide 1: Acquisition of Altabancorp
AN P = NC N Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona & Nevada rad Acquisition of Altabancorp” May 18, 2021
Slide 2: Forward-looking statements
1 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 intentions that are not histori
Slide 3: Transaction Highlights
2 Transaction Highlights Glacier Bancorp, Inc. (NASDAQ: GBCI) will acquire Altabancorp (NASDAQ: ALTA), the bank holding company for Altabank, a community bank headquartered in American Fork, Utah Altabank is the largest community bank headquartered in Utah, with $3.5 billion in total assets Tr
Slide 4: Strategic Rationale
3 BANK DIVISIONS 17 Strategic Rationale Sources: S&P Global Market Intelligence as of March 31, 2021, FDIC deposit data as of June 30, 2020 Note: Information is pro forma for the pending ALTA acquisition (1) Excludes industrial loan companies (ILCs) (2) Milken Institute’s 2021 Ranking of Best-Perfor
Slide 5: Utah is Business Friendly
4 Utah is Business Friendly Favorable business and tax climate continues to attract firms and top talent to the state • #1 Best State for Entrepreneurs in 2020 by Forbes • #3 Best State for Business in 2019 by Forbes • Average corporate tax rate of 5.0% 33 company relocations or expansions in
Slide 6: Altabancorp Overview
5 Net Income 9.4$ ROAA 1.13% ROATCE 11.36% Net Interest Margin 2.91% Efficiency Ratio 57.5% Yield on Loans 5.32% Yield on Securities 0.67% Cost of Total Deposits 0.20% Ticker ALTA Exchange NASDAQ Stock Price 43.44$ Market Cap. 820$ Price / Tg. Book Value 254.8% Price / 2022E EPS (1) 18.7x Income Sta
Slide 7: ALTA Operating Markets
6 ALTA Operating Markets Provo-Orem, UT MSA Salt Lake City, UT MSA #1 Best-Performing Large City (Provo) Total Population: 673,743 Total Market Deposits: $11.4 billion ALTA Deposit Market Rank: 4th Strongest Job Market in U.S. Sources: S&P Global Market Intelligence, Wall Street Journal, Milken Inst
Slide 8: Glacier's Market Leading Utah Franchise
7 27.9% 15.0% 16.5% 34.3% 16.6% 30.4% 0.0% 10.0% 20.0% 30.0% 40.0% Provo-Orem, UT Salt Lake City, UT Logan, UT-ID St. George, UT Ogden-Clearfield, UT Herber, UT Glacier’s two Utah bank divisions will have a strong presence in every major market in the state Minimal overlap with Glacier’s First C
Slide 9: Pro Forma Deposit and Loan Composition
8 Non-interest Bearing Deposits 35.0% Interest Bearing Deposits 60.0% Time Deposits(1) 5.0% Non-interest Bearing Deposits 37.1% Interest Bearing Deposits 56.9% Time Deposits(1) 6.0% Non-interest Bearing Deposits 37.5% Interest Bearing Deposits 56.3% Time Deposits(1) 6.2% C&I 8.0% SBA PPP 8.6% OO-CRE
Slide 10: Transaction Overview and Assumptions
9 Transaction Overview and Assumptions Transaction Value(1) $930.5 million to common shareholders, or $49.03 per share(2) $3.0 million to optionholders $933.5 million total transaction value Consideration Mix 100% stock consideration to ALTA common shareholders(2) 0.7971 shares of Glacier
Slide 11: Transaction Multiples and Pro Forma Impact
10 Transaction Multiples and Pro Forma Impact Note: Based on GBCI closing price of $61.51 and ALTA closing stock price of $43.44 as of May 17, 2021 Note: Altabancorp data as of March 31, 2021 unless otherwise noted Note: Includes 18,876,639 ALTA shares and 101,128 unvested ALTA RSUs (1) Required tan
Slide 12: Altabancorp acquisition continues Glacier's tradition
11 Altabancorp acquisition continues Glacier’s tradition of adding high quality community banks that fit the Glacier banking model Pricing metrics, deal structure, and conservative assumptions reflective of Glacier’s consistent, disciplined approach to acquisitions Immediately accretive to bot
Slide 13: Appendix
RA, 2 AN N GLACIER BANCORP, INC. Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona & Nevada Appendix 12 wn GLACIER BANCORP, INC.
Slide 14: Comprehensive Due Diligence Process
13 539 credit relationships 74% of total commercial loans 60% of total loans 100% of credits over $2 million 100% of commercial loans over $1.5 million 100% of COVID sensitive commercial loans (hotel, restaurant, travel/tourism, oil/gas, gaming) Human Resources Financial Reporting and An
Slide 15: Geographic Loan Diversification
14 Montana 34% Idaho 13% Utah 17% Washington 6% Wyoming 7% Colorado 10% Arizona 8% Nevada 6% Montana 62% Idaho 22% Utah 2% Washington 1% Wyoming 9%Colorado 4% Montana 39% Idaho 15% Utah 4% Washington 7% Wyoming 8% Colorado 11% Arizona 10% Nevada 6% Geographic Loan Diversification Pro Forma with ALTA
Slide 16: GBCI Acquisition History
15 $7.7 $7.9 $8.3 $9.1 $9.5 $9.7 $12.1 $13.7 $18.5 $23.3 $10.96 $11.08 $11.83 $12.11 $12.51 $12.91 $13.93 $15.61 $18.21 $- $4.00 $8.00 $12.00 $16.00 $20.00 $- $4 $8 $12 $16 $20 $24 2012 2013 2014 2015 2016 2017 2018 2019 2020 Pro Forma with ALTA TBV/ Share Total Assets ($BN) Non-Acquired Assets Acqu
Slide 17: Expanding in Leading Markets
16 GBCI is strategically positioned with a combined presence in 15 of the top 30 fastest growing MSAs in the Western U.S.(1) ALTA acquisition adds three high-growth markets to the GBCI footprint and an enhanced presence in the Ogden and Salt Lake MSAs Utah accounts for four of the top ten fast
Slide 18: Important Information and Where You Can Find It
17 Important Information and Where You Can Find It In connection with the proposed transaction, Glacier will file with the SEC a registration statement on Form S-4 to register the shares of Glacier’s capital stock to be issued in connection with the proposed transaction. The registration statement w
Slide 19: \ Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona & Nevada
\ Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona & Nevada