Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (May 2014)
10 slides from Glacier Bancorp's merger presentation, May 9, 2014
Slide 1: Acquisition of First National Bank of the Rockies
Ve Acquisition of -FIRST NATIONAL BANK OF THE ROCKIES May 8, 2014
Slide 2: Forward Looking Statements
RA, N) : 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 t
Slide 3: Transaction Overview
RA, V2 v Transaction Overview Glacier Bancorp will acquire First National Bank of the Rockies (“FNBR”), one of the largest community banks on the Western Slope of Colorado, with $343 million in assets = Transaction marks the third Glacier acquisition announcement in the past 15 months and the first
Slide 4: First National Bank of the Rockies / FNBR Holding Corporation
>> s a # S First National Bank of the Rockies / FNBR Holding Corporation -FIRST Branch Map NATIONAL BANK > Founded in 1904; headquartered in Grand Junction, Colorado, with additional branches in Meeker, Rangely, Craig, Hayden, Oak Creek, and Steamboat Springs > _ Diversified regional economy tied to
Slide 5: Strategic Rationale
RA, V2 Strategic Rationale > Glacier adds a sizable bank in an existing Glacier growth market (Western Slope of Colorado) = Transaction moves Glacier from 64" place to 28"* based on deposit market share in Colorado (statewide) = Glacier becomes a Top 5 community bank") in Western Colorado, with pro
Slide 6: Attractive Market Dynamics
> Grand Junction > Rangely / Meeker » Steamboat Springs Attractive Market Dynamics Largest market between Denver and Salt Lake City, with an area population of approximately 150,000 Diversified economy with strong energy focus and trade center / healthcare services Less than 4% deposit market share
Slide 7: Financial Benefits
RA, Financial Benefits > Long-term growth trends are very good, with total assets growing from $218 million in 2002 to $343 million today > Glacier adds $290 million in core deposits, 43% of which are transactional accounts (25% are non-interest bearing) = Average Q1 cost of funds: 0.26% > Glacier a
Slide 8: Key Deal Terms and Assumptions
RA, V2 Transaction Value”: Stock/Cash Mix”: Structure: Collars: Fair Value Marks: Loan Discount: OREO Discount: Fixed Asset Writedown: Core Deposit Intangible: (2) Combined Transaction / Conversion Costs”: Estimated Cost-Saves” (1) Based on recent GBCI share price of $25.06 (2) Including employment
Slide 9: Transaction Multiples
RA, V2 Transaction Multiples Price / Tangible Book: Price / Earnings: Stated LTM Earnings (3/31/2014): Est. 2014 Core After-Tax Earnings”: Expected 2015 EPS Accretion - Year 1: Tangible Book Value Per Share Accretion: (2) Estimated 2014 core earnings exclude non-recurring and extraordinary items and
Slide 10: Concluding Observations
RA, V2 Vv Concluding Observations First National Bank of the Rockies acquisition continues Glacier’s tradition of adding high- quality regional banks that fit the Glacier community banking model Pricing metrics, deal structure, and conservative assumptions reflective of Glacier’s disciplined approac