Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Merger or Acquisition (October 2017)
12 slides from Glacier Bancorp's merger presentation, Oct 27, 2017
Slide 1: Acquisition of First Security Bank
R BANCORP, INC. fashington, Wyoming, Colorado & Arizona Nevscee NBANCORP, INC. Acquisition of | an First Security Bank w ii October 26, 2017
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 Overview
Transaction Overview > Glacier Bancorp, Inc. will acquire Inter-Mountain Bancorp., Inc. (“‘Inter-Mountain”), the bank holding company for First Security Bank (“First Security”), a community bank based in Bozeman, Montana + First Security is the largest bank headquartered in the Bozeman area with $1
Slide 4: Glacier is a "Company of Banks"
Glacier is a “Company of Banks” AGiacier BANK: tines ee Eeitinaiy a Banke” | LOLLEGIATE PEAKS BANK Ml Foothills Bank ; Drone Cece TE { J o3 Note: Colegiste Peaks Bank transactions pending AY 2 GLACIER BANCORP, INC.
Slide 5: Inter-Mountain Bancorp / First Security Bank
vvvvyv Inter-Mountain Bancorp / _ ra.’ First Security Bank First Security Bank w =i Founded in 1919; headquartered in Bozeman, Montana, with branch locations in two distinct markets += Bozeman area: Bozeman, Belgrade, Big Sky, Three Forks and West Yellowstone + Northern area: Choteau, Fairfield, For
Slide 6: Attractive Operating Markets
Attractive Operating Markets Bozeman Area ' Northern Area vy Approximately 75% of First Security's total assets are in the area Bozemanis the fourth-fastest growing micropolitan area in the U.S.A. by growth rate and fastest in terms of absolute population gain Gallatin County has been one of the fas
Slide 7: Strategic Rationale
Strategic Rationale Acquisition fits perfectly with our long-term strategy of buying good banks in good markets with good people + Well-managed bank with solid core earnings, robust asset quality and long operating history Lower execution risk by bolting-on First Security to established and successf
Slide 8: Financial Benefits
RA, Uf Financial Benefits > Immediately accretive to EPS > Immediately accretive to tangible book value per share > Approximately 15% implied internal rate of return > Glacier adds more than $600 million in high quality loans - further diversifying Glacier’s loan portfolio = Loan portfolios are in m
Slide 9: Transaction Overview and Assumptions
a8 Transaction Overview and Assumptions acm = 100% in GBCI common stock (4,654,151 shares) + IMB shareholders will receive 22.841 shares of GBCI common stock for each share Consideration Mix Collars = Fixed exchange ratio with collars set between $28.07 to $42.11 Loan Marks = 2.50% gross loan mark =
Slide 10: Transaction Multiples and Pro Forma Impact
#N Transaction Multiples and Pro Forma Impact Price at LOI October 26, 2017 ($35.09) ($37.26) Price / Tangible Book Value (9/30/17) 217.4% 230.9% Price / LTM Earnings (9/30/17) 17.5x 18.5x Price / Forecasted 2017 Earnings!) 17.3x 18.4x Expected 2018 EPS Accretion Approximately 0.8% Approximately 0.8
Slide 11: Concluding Observations
Concluding Observations > The First Security 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 approach to acquisitions = Con
Slide 12: Glacier Bancorp, Inc.
N R BANCORP, INC. Montana, Idaho, Utah, Washington, Wyoming, Colorado & Arizona
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