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Mergers & Acquisitions

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Deal Overview

Buyer:
Glacier Bancorp, Inc.
Actual Acquirer:
1ST Bank
Target:
North Side State Bank of Rock Springs
Deal Type:
Bank & Thrift Company
Agreement Date:
1/22/2007
Announcement Date:
1/22/2007
Announced Deal Value ($ M):
28.25
Status:
Completed
Completion Date:
4/30/2007
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 8.7
Common Stock ($M) 17.6
Common Stock Issued 793,580

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 146.75 140.45
Price / Tangible Book (%) 146.75 140.45
Price / Earnings (x) 34.84 24.97
Price / Deposits (%) 27.92 25.71
Price / Assets (%) 23.42 21.69
Tangible Book Premium/ Deposits (%) 9.73 8.12
Deal Terms
Description of Consideration

Glacier Bancorp. issued 793,651 shares and paid a cash payment equal to North Side's tangible equity exceeding $10.0 million, to acquire North Side State Bank of Rock Springs.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 8,233
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 950
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 2,524
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes D.A. Davidson & Co.
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Graham & Dunn PC
Seller Yes Jenkens & Gilchrist PC

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