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Mergers & Acquisitions

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Deal Overview

Buyer:
Glacier Bancorp, Inc.
Actual Acquirer:
Glacier Bancorp, Inc.
Target:
FNBR Holding Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
5/8/2014
Announcement Date:
5/8/2014
Announced Deal Value ($ M):
30.36
Status:
Completed
Completion Date:
8/31/2014
Announced Deal Value Per Share ($ )
181.70

Consideration Breakout
Cash ($M) 16.3
Common Stock ($M) 15.1
Common Stock Issued 555,732

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 98.44 93.02
Price / Tangible Book (%) 98.44 93.02
Price / Earnings (x) 8.36 11.59
Price / Deposits (%) 9.96 10.29
Price / Assets (%) 8.85 9.11
Tangible Book Premium/ Deposits (%) (0.18) (0.90)
Deal Terms
Description of Consideration

Glacier Bancorp Inc. paid $97.82 in cash and exchanged 3.3260 shares of its common stock for each outstanding shares of FNBR Holding Corp. Target financials are for First National Bank of the Rockies. Glacier Bancorp Inc. will enter Mesa County, Colo., with four branches to be ranked eighth with a 3.56% share of $2.28 billion in total market deposits, will enter Routt County, Colo., with three branches to be ranked sixth with a 7.23% share of $646.43 million in total market deposits, will enter Rio Blanco County, Colo., with two branches to be ranked first with a 72.34% share of $164.97 million in total market deposits, and will enter Moffat County, Colo., with one branch to be ranked fourth with a 19.94% share of $166.39 million in total market deposits. Exchange ratio was subject to adjustment based on Glacier Bancorp Inc.’s closing price within a $23.53-33.82 cap/floor.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 17.00
Estimated Cost Savings ($ 000) 2,200
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,630
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 3.326000
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) 4,199
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes D.A. Davidson & Co.
Seller Yes St. Charles Capital LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Graham & Dunn PC
Seller Yes Swift and Bramler, LLC

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