UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 12, 2019
GLACIER BANCORP, INC.
(Exact name of registrant as specified in its charter)
Montana
(State or other jurisdiction of incorporation)
| | |
(Commission File Number) 000-18911 | | (IRS Employer Identification No.) 81-0519541 |
49 Commons Loop
Kalispell, Montana 59901
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (406) 756-4200
Securities registered pursuant to Section 12(b) of the Exchange Act:
| | | | |
Title of each Class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.01 par value | | GBCI | | NASDAQ |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2 below):
| ☒ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Settlement of Certain Litigation Relating to the Merger
On or about October 23, 2019, a lawsuit was filed in the Superior Court of Arizona, County of Mohave, under the caption Parshall v. State Bank Corp. et al., Case No. S8015CV201901053 (the “Action”). The complaint generally alleges that State Bank Corp.’s (“SBC”) directors breached their fiduciary duties to SBC and its shareholders by agreeing to the proposed merger with Glacier Bancorp, Inc. (“GBCI”) and by failing to disclose to SBC shareholders in the Form S-4 Registration Statement all material information concerning the proposed merger. SBC and GBCI are alleged to have aided and abetted the directors’ alleged breaches of their fiduciary duties. The complaint seeks, among other things, an order enjoining the defendants from consummating the proposed merger, as well as attorneys’ and experts’ fees and certain other damages.
Solely to avoid the costs, risks and uncertainties inherent in litigation and to allow the SBC shareholders to vote on the proposals required in connection with the proposed merger with GBCI at the special meeting of shareholders, SBC has agreed to make additional disclosure to supplement the disclosures contained in the proxy statement/prospectus (“Additional Disclosures”). The Additional Disclosures are set forth below and should be read in conjunction with the proxy statement/prospectus.
The Additional Disclosures moot the plaintiff’s disclosure claims asserted in the Action, and, as a result, the plaintiff has agreed to dismiss the Action with prejudice as to his individual claims and without prejudice to the claims of the members of the putative class.
SBC and the other defendants, including GBCI, vigorously deny that they have committed or aided and abetted in the commission of any violation of law or engaged in any of the wrongful acts that were or could have been alleged in the lawsuit, and expressly maintain that, to the extent applicable, they diligently and scrupulously complied with their fiduciary duties and are entering into the agreement to make the Additional Disclosures solely to eliminate the burden and expense of further litigation, to put the claims that were or could have been asserted to rest, and to avoid any possible delay to the closing of the merger that might arise from further litigation. Nothing in this document shall be deemed an admission of the legal necessity or materiality under any applicable laws for any of the disclosures set forth herein.
SUPPLEMENT TO PROXY STATEMENT/PROSPECTUS
GBCI and SBC have agreed to make the following amended and supplemental disclosures to the proxy statement/prospectus. This supplemental information should be read in conjunction with the proxy statement/prospectus, which should be read in its entirety. Certain terms used but not defined herein have the meanings set forth in the proxy statement/prospectus. Without admitting in any way that the disclosures below are material or otherwise required by law, GBCI and SBC make the following amended and supplemental disclosures:
Davidson relied upon the following information provided by SBC management in connection with Davidson’s financial analyses: (i) financial projections for SBC of $1.10 and $1.23 earnings per share, in the years ending December 31, 2019 and December 31, 2020, respectively, (ii) a long-term growth rate for SBC of 7.5% for the years thereafter through December 31, 2024, (iii) financial projections for GBCI of $2.37 and $2.46 earnings per share, in the years ending December 31, 2019 and December 31, 2020, respectively, and (iv) a long-term growth rate for GBCI of 5.5% for the years thereafter through December 31, 2024.
The following information supplements Davidson’s Net Present Value Analysis for SBC: (i) Davidson’s basis for applying price to earnings multiples of 11.0x to 18.0x and multiples of tangible book value ranging from 150.0% to 255.0% was based on comparable companies and Davidson’s professional judgment, (ii) Davidson used discount rates ranging from 11.00% to 17.00% based on the capital asset pricing model and Davidson’s professional judgment and (iii) the following are the terminal values of SBC:
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Terminal Value, Based on Earnings | | | | | | | | | | | | | | | | | | | | | | | | |
Price / Earnings | | | 11.0 | x | | | 12.0 | x | | | 13.0 | x | | | 14.0 | x | | | 15.0 | x | | | 16.0 | x | | | 17.0 | x | | | 18.0 | x |
Terminal Values as of December 31, 2024 | | $ | 18.26 | | | $ | 19.92 | | | $ | 21.58 | | | $ | 23.24 | | | $ | 24.90 | | | $ | 26.56 | | | $ | 28.22 | | | $ | 29.88 | |
| | | | | | | | | | | | | | | | | | | | | | |
Terminal Value, Based on Tangible Book Value | | | | | | | | | | | | | | | | | | | | | |
Price / Tangible Book Value | | | 150.0 | % | | | 165.0 | % | | | 180.0 | % | | | 195.0 | % | | | 210.0 | % | | | 225.0 | % | | | 240.0 | % | | | 255.0 | % |
Terminal Values as of December 31, 2024 | | $ | 20.73 | | | $ | 22.80 | | | $ | 24.87 | | | $ | 26.95 | | | $ | 29.02 | | | $ | 31.09 | | | $ | 33.17 | | | $ | 35.24 | |
The following information supplements Davidson’s Financial Impact Analysis: (i) assumptions regarding the accounting treatment, acquisition adjustments, and cost savings consisted of the following: (A) gross loan mark of 2.0%, (B) core deposit intangible assets of 2.0% of non-time deposits, (C) cost savings of 24.0% of non-interest expense and (D) one-time transaction costs of $6.7 million after-tax, (ii) the merger was expected to result in accretion to GBCI’s earnings per share of 1.0% in 2020, and (iii) the merger was expected to result in dilution to GBCI’s tangible book value per share of -0.5%.
The following information supplements Davidson’s Glacier Comparable Companies Analyses: the individual multiples and metrics for the companies observed by Davidson in the analyses in the following tables:
Group 1
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| | | | | | | | Market Data | | | | | Operating Data | |
| | | | | | | | Stock | | | Mkt. | | | Price vs. 52-Week | | | Price Change | | | Price / EPS | | | Price / | | | Div. | | | Avg. Daily Vol. (3-Mo.) | | | | | Total | | | Loans / | | | NPAs / | | | TCE | | | | | | Cost of | | | Effic. | | | | | | | |
Company Name | | Ticker | | | State | | | Price | | | Cap. | | | High | | | Low | | | LTM | | | YTD | | | MRQ | | | LTM | | | 2019E | | | 2020E | | | TBV | | | Yield | | | Shares | | | $000s | | | | | Assets | | | Deposits | | | Assets | | | Ratio | | | NIM | | | Deposits | | | Ratio | | | ROATCE | | | ROAA | |
Umpqua Holdings Corporation | | | UMPQ | | | | OR | | | $ | 16.57 | | | $ | 3,649 | | | | -23.4 | % | | | 10.0 | % | | | -19.8 | % | | | 4.2 | % | | | 8.1x | | | | 10.2x | | | | 11.2x | | | | 10.7x | | | | 151.1 | % | | | 5.07 | % | | | 1,290,138 | | | $ | 21,378 | | | | | $ | 27,986 | | | | 96.0 | % | | | 0.21 | % | | | 9.24 | % | | | 3.70 | % | | | 0.81 | % | | | 51.6 | % | | | 19.28 | % | | | 1.62 | % |
PacWest Bancorp | | | PACW | | | | CA | | | $ | 36.22 | | | $ | 4,222 | | | | -26.7 | % | | | 16.2 | % | | | -24.3 | % | | | 8.8 | % | | | 8.5x | | | | 9.4x | | | | 9.7x | | | | 9.8x | | | | 192.5 | % | | | 6.63 | % | | | 860,127 | | | $ | 31,149 | | | | | $ | 26,344 | | | | 98.2 | % | | | 0.33 | % | | | 9.49 | % | | | 4.72 | % | | | 0.81 | % | | | 41.6 | % | | | 23.58 | % | | | 1.99 | % |
Western Alliance Bancorporation | | | WAL | | | | AZ | | | $ | 46.15 | | | $ | 4,735 | | | | -21.7 | % | | | 23.4 | % | | | -19.2 | % | | | 16.9 | % | | | 9.7x | | | | 10.2x | | | | 9.8x | | | | 9.4x | | | | 187.4 | % | | | 2.17 | % | | | 810,294 | | | $ | 37,395 | | | | | $ | 25,315 | | | | 89.8 | % | | | 0.48 | % | | | 10.20 | % | | | 4.59 | % | | | 0.82 | % | | | 41.5 | % | | | 19.72 | % | | | 2.05 | % |
Washington Federal, Inc. | | | WAFD | | | | WA | | | $ | 37.32 | | | $ | 2,963 | | | | -2.5 | % | | | 51.3 | % | | | 17.2 | % | | | 39.7 | % | | | 13.9x | | | | 14.5x | | | | 14.7x | | | | 13.9x | | | | 174.0 | % | | | 2.25 | % | | | 442,789 | | | $ | 16,523 | | | | | $ | 16,469 | | | | 102.6 | % | | | 1.06 | % | | | 10.54 | % | | | 3.18 | % | | | 1.10 | % | | | 52.2 | % | | | 12.72 | % | | | 1.31 | % |
First Interstate BancSystem, Inc. | | | FIBK | | | | MT | | | $ | 40.22 | | | $ | 2,624 | | | | -13.5 | % | | | 16.2 | % | | | -10.1 | % | | | 10.0 | % | | | 17.0x | | | | 15.1x | | | | 13.1x | | | | 12.5x | | | | 213.4 | % | | | 3.08 | % | | | 183,348 | | | $ | 7,374 | | | | | $ | 14,415 | | | | 78.3 | % | | | 0.52 | % | | | 8.98 | % | | | 4.08 | % | | | 0.50 | % | | | 66.2 | % | | | 13.06 | % | | | 1.07 | % |
Columbia Banking System, Inc. | | | COLB | | | | WA | | | $ | 37.10 | | | $ | 2,675 | | | | -9.6 | % | | | 21.0 | % | | | -3.3 | % | | | 2.2 | % | | | 13.1x | | | | 14.4x | | | | 14.8x | | | | 14.9x | | | | 203.8 | % | | | 3.02 | % | | | 270,243 | | | $ | 10,025 | | | | | $ | 13,091 | | | | 84.7 | % | | | 0.38 | % | | | 10.80 | % | | | 4.40 | % | | | 0.20 | % | | | 56.3 | % | | | 16.59 | % | | | 1.58 | % |
Great Western Bancorp, Inc. | | | GWB | | | | SD | | | $ | 33.19 | | | $ | 1,890 | | | | -22.6 | % | | | 18.3 | % | | | -21.0 | % | | | 6.2 | % | | | 17.7x | | | | 12.0x | | | | 11.7x | | | | 10.8x | | | | 166.4 | % | | | 3.62 | % | | | 346,925 | | | $ | 11,514 | | | | | $ | 12,955 | | | | 96.5 | % | | | 1.51 | % | | | 9.30 | % | | | 3.70 | % | | | 1.10 | % | | | 47.2 | % | | | 9.69 | % | | | 0.84 | % |
Banner Corporation | | | BANR | | | | WA | | | $ | 56.47 | | | $ | 1,952 | | | | -12.0 | % | | | 16.4 | % | | | -9.4 | % | | | 5.6 | % | | | 12.4x | | | | 13.0x | | | | 13.4x | | | | 13.3x | | | | 169.3 | % | | | 2.90 | % | | | 173,656 | | | $ | 9,806 | | | | | $ | 11,847 | | | | 94.2 | % | | | 0.22 | % | | | 10.05 | % | | | 4.38 | % | | | 0.39 | % | | | 59.6 | % | | | 14.36 | % | | | 1.36 | % |
Pacific Premier Bancorp, Inc. | | | PPBI | | | | CA | | | $ | 31.35 | | | $ | 1,892 | | | | -17.6 | % | | | 36.2 | % | | | -15.5 | % | | | 22.8 | % | | | 12.6x | | | | 13.5x | | | | 12.6x | | | | 12.4x | | | | 176.2 | % | | | 2.81 | % | | | 432,859 | | | $ | 13,570 | | | | | $ | 11,784 | | | | 99.0 | % | | | 0.07 | % | | | 9.90 | % | | | 4.28 | % | | | 0.73 | % | | | 51.1 | % | | | 15.39 | % | | | 1.33 | % |
CVB Financial Corp. | | | CVBF | | | | CA | | | $ | 20.92 | | | $ | 2,931 | | | | -11.0 | % | | | 8.9 | % | | | -6.2 | % | | | 3.4 | % | | | 13.4x | | | | 15.3x | | | | 14.2x | | | | 14.4x | | | | 239.3 | % | | | 3.44 | % | | | 832,271 | | | $ | 17,407 | | | | | $ | 11,172 | | | | 87.0 | % | | | 0.15 | % | | | 11.71 | % | | | 4.49 | % | | | 0.19 | % | | | 39.1 | % | | | 18.78 | % | | | 1.95 | % |
Banc of California, Inc. | | | BANC | | | | CA | | | $ | 14.08 | | | $ | 716 | | | | -26.2 | % | | | 15.2 | % | | | -25.1 | % | | | 5.8 | % | | | 15.3x | | | | 29.3x | | | | 29.5x | | | | 16.8x | | | | 104.0 | % | | | 1.70 | % | | | 364,322 | | | $ | 5,130 | | | | | $ | 9,360 | | | | 106.8 | % | | | 0.52 | % | | | 7.39 | % | | | 2.86 | % | | | 1.61 | % | | | 69.8 | % | | | 7.21 | % | | | 0.69 | % |
Opus Bank | | | OPB | | | | CA | | | $ | 21.90 | | | $ | 794 | | | | -20.8 | % | | | 23.1 | % | | | -20.2 | % | | | 11.8 | % | | | 23.8x | | | | NM | | | | 16.1x | | | | 13.8x | | | | 119.5 | % | | | 2.01 | % | | | 117,290 | | | $ | 2,569 | | | | | $ | 7,857 | | | | 93.0 | % | | | 0.27 | % | | | 8.87 | % | | | 2.88 | % | | | 1.06 | % | | | 71.3 | % | | | 5.72 | % | | | 0.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Median | | | | | | | | | | | | | | $ | 2,649 | | | | -19.2 | % | | | 17.4 | % | | | -17.3 | % | | | 7.5 | % | | | 13.2x | | | | 13.5x | | | | 13.2x | | | | 12.9x | | | | 175.1 | % | | | 2.96 | % | | | 398,591 | | | $ | 12,542 | | | | | $ | 13,023 | | | | 95.1 | % | | | 0.35 | % | | | 9.70 | % | | | 4.18 | % | | | 0.81 | % | | | 51.9 | % | | | 14.87 | % | | | 1.35 | % |
Average | | | | | | | | | | | | | | $ | 2,587 | | | | -17.3 | % | | | 21.4 | % | | | -13.1 | % | | | 11.5 | % | | | 13.8x | | | | 14.3x | | | | 14.2x | | | | 12.7x | | | | 174.7 | % | | | 3.22 | % | | | 510,355 | | | $ | 15,320 | | | | | $ | 15,716 | | | | 93.8 | % | | | 0.48 | % | | | 9.71 | % | | | 3.94 | % | | | 0.78 | % | | | 54.0 | % | | | 14.67 | % | | | 1.35 | % |
Minimum | | | | | | | | | | | | | | $ | 716 | | | | -26.7 | % | | | 8.9 | % | | | -25.1 | % | | | 2.2 | % | | | 8.1x | | | | 9.4x | | | | 9.7x | | | | 9.4x | | | | 104.0 | % | | | 1.70 | % | | | 117,290 | | | $ | 2,569 | | | | | $ | 7,857 | | | | 78.3 | % | | | 0.07 | % | | | 7.39 | % | | | 2.86 | % | | | 0.19 | % | | | 39.1 | % | | | 5.72 | % | | | 0.45 | % |
Maximum | | | | | | | | | | | | | | $ | 4,735 | | | | -2.5 | % | | | 51.3 | % | | | 17.2 | % | | | 39.7 | % | | | 23.8x | | | | 29.3x | | | | 29.5x | | | | 16.8x | | | | 239.3 | % | | | 6.63 | % | | | 1,290,138 | | | $ | 37,395 | | | | | $ | 27,986 | | | | 106.8 | % | | | 1.51 | % | | | 11.71 | % | | | 4.72 | % | | | 1.61 | % | | | 71.3 | % | | | 23.58 | % | | | 2.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Glacier Bancorp, Inc. | | | GBCI | | | | MT | | | $ | 40.43 | | | $ | 3,502 | | | | -15.2 | % | | | 9.7 | % | | | -5.5 | % | | | 2.0 | % | | | 16.6x | | | | 17.1x | | | | 17.1x | | | | 16.4x | | | | 269.0 | % | | | 2.87 | % | | | 323,182 | | | $ | 13,065 | | | | | $ | 12,676 | | | | 89.7 | % | | | 0.41 | % | | | 10.59 | % | | | 4.33 | % | | | 0.23 | % | | | 54.5 | % | | | 16.85 | % | | | 1.69 | % |
Group 2
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| | | | | | | | Market Data | | | | | Operating Data | |
| | | | | | | | Stock | | | Mkt. | | | Price vs. 52-Week | | | Price Change | | | Price / EPS | | | Price | | | Div. | | | Avg. Daily Vol. (3-Mo.) | | | | | Total | | | Loans / | | | NPAs | | | TCE | | | | | | Cost of | | | Effic. | | | | | | | |
Company Name | | Ticker | | | State | | | Price | | | Cap. | | | High | | | Low | | | LTM | | | YTD | | | MRQ | | | LTM | | | 2019E | | | 2020E | | | /TBV | | | Yield | | | Shares | | | $000s | | | | | Assets | | | Deposits | | | /Assets | | | Ratio | | | NIM | | | Deposits | | | Ratio | | | ROATCE | | | ROAA | |
Umpqua Holdings Corporation | | | UMPQ | | | | OR | | | $ | 16.57 | | | $ | 3,649 | | | | -23.4 | % | | | 10.0 | % | | | -19.8 | % | | | 4.2 | % | | | 8.1x | | | | 10.2x | | | | 11.2x | | | | 10.7x | | | | 151.1 | % | | | 5.07 | % | | | 1,290,138 | | | $ | 21,378 | | | | | $ | 27,986 | | | | 96.0 | % | | | 0.21 | % | | | 9.24 | % | | | 3.70 | % | | | 0.81 | % | | | 51.6 | % | | | 19.28 | % | | | 1.62 | % |
Pinnacle Financial Partners, Inc. | | | PNFP | | | | TN | | | $ | 56.61 | | | $ | 4,332 | | | | -8.1 | % | | | 31.0 | % | | | -6.4 | % | | | 22.8 | % | | | 10.8x | | | | 11.4x | | | | 10.8x | | | | 10.5x | | | | 187.1 | % | | | 1.13 | % | | | 458,597 | | | $ | 25,961 | | | | | $ | 26,540 | | | | 96.7 | % | | | 0.42 | % | | | 9.43 | % | | | 3.48 | % | | | 1.25 | % | | | 45.9 | % | | | 18.01 | % | | | 1.55 | % |
PacWest Bancorp | | | PACW | | | | CA | | | $ | 36.22 | | | $ | 4,222 | | | | -26.7 | % | | | 16.2 | % | | | -24.3 | % | | | 8.8 | % | | | 8.5x | | | | 9.4x | | | | 9.7x | | | | 9.8x | | | | 192.5 | % | | | 6.63 | % | | | 860,127 | | | $ | 31,149 | | | | | $ | 26,344 | | | | 98.2 | % | | | 0.33 | % | | | 9.49 | % | | | 4.72 | % | | | 0.81 | % | | | 41.6 | % | | | 23.58 | % | | | 1.99 | % |
Commerce Bancshares, Inc. | | | CBSH | | | | MO | | | $ | 60.57 | | | $ | 6,647 | | | | -6.4 | % | | | 13.4 | % | | | -3.9 | % | | | 7.5 | % | | | 15.8x | | | | 16.1x | | | | 16.6x | | | | 16.9x | | | | 231.4 | % | | | 1.72 | % | | | 451,611 | | | $ | 27,354 | | | | | $ | 25,772 | | | | 71.9 | % | | | 0.22 | % | | | 11.25 | % | | | 3.61 | % | | | 0.38 | % | | | 55.9 | % | | | 14.88 | % | | | 1.73 | % |
Western Alliance Bancorporation | | | WAL | | | | AZ | | | $ | 46.15 | | | $ | 4,735 | | | | -21.7 | % | | | 23.4 | % | | | -19.2 | % | | | 16.9 | % | | | 9.7x | | | | 10.2x | | | | 9.8x | | | | 9.4x | | | | 187.4 | % | | | 2.17 | % | | | 810,294 | | | $ | 37,395 | | | | | $ | 25,315 | | | | 89.8 | % | | | 0.48 | % | | | 10.20 | % | | | 4.59 | % | | | 0.82 | % | | | 41.5 | % | | | 19.72 | % | | | 2.05 | % |
TCF Financial Corporation | | | TCF | | | | MI | | | $ | 38.03 | | | $ | 5,838 | | | | -12.2 | % | | | 5.8 | % | | | -7.6 | % | | | -7.6 | % | | | 17.6x | | | | 19.2x | | | | 11.6x | | | | 8.6x | | | | 264.2 | % | | | 3.68 | % | | | 1,088,581 | | | $ | 41,399 | | | | | $ | 24,627 | | | | 100.4 | % | | | 1.07 | % | | | 9.58 | % | | | 4.43 | % | | | 0.86 | % | | | 64.0 | % | | | 15.46 | % | | | 1.54 | % |
Bank OZK | | | OZK | | | | AR | | | $ | 27.23 | | | $ | 3,511 | | | | -30.6 | % | | | 29.5 | % | | | -28.8 | % | | | 19.3 | % | | | 7.9x | | | | 8.5x | | | | 8.2x | | | | 8.7x | | | | 106.3 | % | | | 3.53 | % | | | 886,371 | | | $ | 24,136 | | | | | $ | 22,961 | | | | 96.1 | % | | | 0.25 | % | | | 14.83 | % | | | 4.45 | % | | | 1.49 | % | | | 39.3 | % | | | 13.95 | % | | | 1.95 | % |
Home BancShares, Inc. | | | HOMB | | | | AR | | | $ | 18.94 | | | $ | 3,172 | | | | -14.8 | % | | | 23.4 | % | | | -13.8 | % | | | 15.9 | % | | | 11.0x | | | | 11.0x | | | | 11.0x | | | | 10.7x | | | | 222.9 | % | | | 2.75 | % | | | 599,055 | | | $ | 11,346 | | | | | $ | 15,288 | | | | 96.9 | % | | | 0.54 | % | | | 9.96 | % | | | 4.28 | % | | | 1.06 | % | | | 39.9 | % | | | 21.31 | % | | | 1.92 | % |
Hilltop Holdings Inc. | | | HTH | | | | TX | | | $ | 24.25 | | | $ | 2,197 | | | | -5.3 | % | | | 47.6 | % | | | 20.6 | % | | | 36.0 | % | | | 9.8x | | | | 14.2x | | | | 12.4x | | | | 12.4x | | | | 132.2 | % | | | 1.32 | % | | | 531,712 | | | $ | 12,894 | | | | | $ | 14,266 | | | | 85.1 | % | | | 0.39 | % | | | 12.21 | % | | | 3.49 | % | | | 0.86 | % | | | 81.7 | % | | | 14.22 | % | | | 1.74 | % |
Columbia Banking System, Inc. | | | COLB | | | | WA | | | $ | 37.10 | | | $ | 2,675 | | | | -9.6 | % | | | 21.0 | % | | | -3.3 | % | | | 2.2 | % | | | 13.1x | | | | 14.4x | | | | 14.8x | | | | 14.9x | | | | 203.8 | % | | | 3.02 | % | | | 270,243 | | | $ | 10,025 | | | | | $ | 13,091 | | | | 84.7 | % | | | 0.38 | % | | | 10.80 | % | | | 4.40 | % | | | 0.20 | % | | | 56.3 | % | | | 16.59 | % | | | 1.58 | % |
International Bancshares Corporation | | | IBOC | | | | TX | | | $ | 38.79 | | | $ | 2,547 | | | | -15.4 | % | | | 21.1 | % | | | -13.3 | % | | | 12.8 | % | | | 12.8x | | | | 12.1x | | | | NA | | | | NA | | | | 143.3 | % | | | 2.84 | % | | | 264,616 | | | $ | 10,264 | | | | | $ | 12,227 | | | | 77.4 | % | | | 0.89 | % | | | 14.88 | % | | | 4.21 | % | | | 0.42 | % | | | 53.0 | % | | | 11.50 | % | | | 1.68 | % |
Heartland Financial USA, Inc. | | | HTLF | | | | IA | | | $ | 45.12 | | | $ | 1,655 | | | | -23.7 | % | | | 10.6 | % | | | -22.1 | % | | | 2.7 | % | | | 9.0x | | | | 11.1x | | | | 11.7x | | | | 11.5x | | | | 159.1 | % | | | 1.60 | % | | | 130,739 | | | $ | 5,899 | | | | | $ | 12,160 | | | | 77.7 | % | | | 0.55 | % | | | 8.91 | % | | | 4.10 | % | | | 0.66 | % | | | 64.8 | % | | | 19.45 | % | | | 1.55 | % |
CVB Financial Corp. | | | CVBF | | | | CA | | | $ | 20.92 | | | $ | 2,931 | | | | -11.0 | % | | | 8.9 | % | | | -6.2 | % | | | 3.4 | % | | | 13.4x | | | | 15.3x | | | | 14.2x | | | | 14.4x | | | | 239.3 | % | | | 3.44 | % | | | 832,271 | | | $ | 17,407 | | | | | $ | 11,172 | | | | 87.0 | % | | | 0.15 | % | | | 11.71 | % | | | 4.49 | % | | | 0.19 | % | | | 39.1 | % | | | 18.78 | % | | | 1.95 | % |
Community Bank System, Inc. | | | CBU | | | | NY | | | $ | 61.88 | | | $ | 3,193 | | | | -8.7 | % | | | 13.6 | % | | | 2.1 | % | | | 6.1 | % | | | 18.0x | | | | 18.9x | | | | 19.1x | | | | 18.8x | | | | 316.3 | % | | | 2.65 | % | | | 193,222 | | | $ | 11,957 | | | | | $ | 10,745 | | | | 74.0 | % | | | 0.25 | % | | | 10.15 | % | | | 3.80 | % | | | 0.21 | % | | | 59.8 | % | | | 19.74 | % | | | 1.68 | % |
First Merchants Corporation | | | FRME | | | | IN | | | $ | 38.08 | | | $ | 2,136 | | | | -17.2 | % | | | 17.2 | % | | | -15.4 | % | | | 11.1 | % | | | 11.5x | | | | 11.6x | | | | 11.8x | | | | 11.4x | | | | 182.0 | % | | | 2.73 | % | | | 223,628 | | | $ | 8,516 | | | | | $ | 10,738 | | | | 90.3 | % | | | 0.26 | % | | | 10.07 | % | | | 3.71 | % | | | 1.11 | % | | | 51.0 | % | | | 16.71 | % | | | 1.56 | % |
ServisFirst Bancshares, Inc. | | | SFBS | | | | AL | | | $ | 33.59 | | | $ | 1,798 | | | | -15.4 | % | | | 15.2 | % | | | -13.9 | % | | | 5.4 | % | | | 12.7x | | | | 12.8x | | | | 12.7x | | | | 12.5x | | | | 235.3 | % | | | 1.79 | % | | | 123,918 | | | $ | 4,162 | | | | | $ | 8,740 | | | | 94.1 | % | | | 0.35 | % | | | 8.76 | % | | | 3.44 | % | | | 1.35 | % | | | 34.3 | % | | | 19.08 | % | | | 1.69 | % |
Eagle Bancorp, Inc. | | | EGBN | | | | MD | | | $ | 44.83 | | | $ | 1,549 | | | | -26.2 | % | | | 20.9 | % | | | -12.0 | % | | | -8.0 | % | | | 10.4x | | | | 10.3x | | | | 10.5x | | | | 10.1x | | | | 143.4 | % | | | 1.96 | % | | | 350,166 | | | $ | 15,698 | | | | | $ | 8,670 | | | | 106.4 | % | | | 0.46 | % | | | 12.61 | % | | | 3.91 | % | | | 1.30 | % | | | 38.0 | % | | | 14.10 | % | | | 1.74 | % |
First Financial Bankshares, Inc. | | | FFIN | | | | TX | | | $ | 33.63 | | | $ | 4,536 | | | | -1.0 | % | | | 25.8 | % | | | 15.0 | % | | | 16.6 | % | | | 27.1x | | | | 29.0x | | | | 28.2x | | | | 26.9x | | | | 461.1 | % | | | 1.43 | % | | | 392,978 | | | $ | 13,216 | | | | | $ | 7,979 | | | | 63.4 | % | | | 0.35 | % | | | 12.69 | % | | | 3.98 | % | | | 0.46 | % | | | 47.7 | % | | | 17.85 | % | | | 2.14 | % |
BancFirst Corporation | | | BANF | | | | OK | | | $ | 55.70 | | | $ | 1,818 | | | | -11.2 | % | | | 15.9 | % | | | -6.8 | % | | | 11.6 | % | | | 13.7x | | | | 14.1x | | | | 14.0x | | | | 14.3x | | | | 211.0 | % | | | 2.30 | % | | | 57,111 | | | $ | 3,181 | | | | | $ | 7,642 | | | | 77.0 | % | | | 0.52 | % | | | 11.42 | % | | | 3.89 | % | | | 0.83 | % | | | 55.0 | % | | | 16.41 | % | | | 1.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Median | | | | | | | | | | | | | | $ | 3,172 | | | | -14.8 | % | | | 17.2 | % | | | -12.0 | % | | | 8.8 | % | | | 11.5x | | | | 12.1x | | | | 11.8x | | | | 11.5x | | | | 192.5 | % | | | 2.65 | % | | | 451,611 | | | $ | 13,216 | | | | | $ | 13,091 | | | | 89.8 | % | | | 0.38 | % | | | 10.20 | % | | | 3.98 | % | | | 0.82 | % | | | 51.0 | % | | | 17.85 | % | | | 1.73 | % |
Average | | | | | | | | | | | | | | $ | 3,323 | | | | -15.2 | % | | | 19.5 | % | | | -9.4 | % | | | 9.9 | % | | | 12.7x | | | | 13.7x | | | | 13.2x | | | | 12.9x | | | | 208.9 | % | | | 2.72 | % | | | 516,599 | | | $ | 17,544 | | | | | $ | 16,435 | | | | 87.5 | % | | | 0.42 | % | | | 10.96 | % | | | 4.04 | % | | | 0.79 | % | | | 50.6 | % | | | 17.40 | % | | | 1.76 | % |
Minimum | | | | | | | | | | | | | | $ | 1,549 | | | | -30.6 | % | | | 5.8 | % | | | -28.8 | % | | | -8.0 | % | | | 7.9x | | | | 8.5x | | | | 8.2x | | | | 8.6x | | | | 106.3 | % | | | 1.13 | % | | | 57,111 | | | $ | 3,181 | | | | | $ | 7,642 | | | | 63.4 | % | | | 0.15 | % | | | 8.76 | % | | | 3.44 | % | | | 0.19 | % | | | 34.3 | % | | | 11.50 | % | | | 1.54 | % |
Maximum | | | | | | | | | | | | | | $ | 6,647 | | | | -1.0 | % | | | 47.6 | % | | | 20.6 | % | | | 36.0 | % | | | 27.1x | | | | 29.0x | | | | 28.2x | | | | 26.9x | | | | 461.1 | % | | | 6.63 | % | | | 1,290,138 | | | $ | 41,399 | | | | | $ | 27,986 | | | | 106.4 | % | | | 1.07 | % | | | 14.88 | % | | | 4.72 | % | | | 1.49 | % | | | 81.7 | % | | | 23.58 | % | | | 2.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Glacier Bancorp, Inc. | | | GBCI | | | | MT | | | $ | 40.43 | | | $ | 3,502 | | | | -15.2 | % | | | 9.7 | % | | | -5.5 | % | | | 2.0 | % | | | 16.6x | | | | 17.1x | | | | 17.1x | | | | 16.4x | | | | 269.0 | % | | | 2.87 | % | | | 323,182 | | | $ | 13,065 | | | | | $ | 12,676 | | | | 89.7 | % | | | 0.41 | % | | | 10.59 | % | | | 4.33 | % | | | 0.23 | % | | | 54.5 | % | | | 16.85 | % | | | 1.69 | % |
The following information supplements Davidson’s SBC Comparable Companies Analysis: the individual multiples and metrics for the companies observed by Davidson in the analysis in the following table:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Market Data | | | | | Operating Data | |
| | | | | | | | Stock
| | | Mkt. | | | Price vs. 52-Week | | | Price Change | | | Price /EPS | | | Price | | | Div. | | | Avg. Daily Vol. (3-Mo.) | | | | | Total | | | Loans / | | | NPAs | | | TCE | | | | | | Cost of | | | Effic. | | | | | | | |
Company Name | | Ticker | | | State | | | Price | | | Cap. | | | High | | | Low | | | LTM | | | YTD | | | MRQ | | | LTM | | | /TBV | | | Yield | | | Shares | | | $000s | | | | | Assets | | | Deposits | | | /Assets | | | Ratio | | | NIM | | | Deposits | | | Ratio | | | ROATCE | | | ROAA | |
Suncrest Bank | | | SBKK | | | | CA | | | $ | 11.05 | | | $ | 137 | | | | -17.2 | % | | | 11.1 | % | | | -16.3 | % | | | 2.8 | % | | | 12.6x | | | | 10.8x | | | | 138.2 | % | | | 0.00 | % | | | 5,796 | | | $ | 64 | | | | | $ | 944 | | | | 81.8 | % | | | 0.81 | % | | | 11.03 | % | | | 4.60 | % | | | 0.56 | % | | | 53.0 | % | | | 12.34 | % | | | 1.21 | % |
Private Bancorp of America, Inc. | | | PBAM | | | | CA | | | $ | 20.55 | | | $ | 114 | | | | -21.0 | % | | | 0.0 | % | | | -20.3 | % | | | -10.5 | % | | | 25.7x | | | | 22.6x | | | | 117.8 | % | | | 0.00 | % | | | 1,672 | | | $ | 34 | | | | | $ | 941 | | | | 108.1 | % | | | 0.00 | % | | | 11.93 | % | | | 4.70 | % | | | 0.75 | % | | | 77.0 | % | | | 4.04 | % | | | 0.47 | % |
Pacific Financial Corporation | | | PFLC | | | | WA | | | $ | 11.25 | | | $ | 119 | | | | -12.2 | % | | | 6.5 | % | | | -11.1 | % | | | 0.0 | % | | | 8.3x | | | | 9.2x | | | | 135.8 | % | | | 1.78 | % | | | 3,645 | | | $ | 41 | | | | | $ | 925 | | | | 86.6 | % | | | 0.10 | % | | | 9.63 | % | | | 4.74 | % | | | 0.29 | % | | | 66.0 | % | | | 16.90 | % | | | 1.62 | % |
Valley Republic Bancorp | | | VLLX | | | | CA | | | $ | 29.54 | | | $ | 122 | | | | -15.6 | % | | | 1.7 | % | | | -13.1 | % | | | -6.2 | % | | | 13.0x | | | | 12.3x | | | | 166.3 | % | | | 0.00 | % | | | 222 | | | $ | 7 | | | | | $ | 868 | | | | 76.1 | % | | | 0.00 | % | | | 8.46 | % | | | 3.26 | % | | | 0.92 | % | | | 55.5 | % | | | 13.04 | % | | | 1.11 | % |
Citizens Bancorp | | | CZBC | | | | OR | | | $ | 18.75 | | | $ | 102 | | | | -12.4 | % | | | 4.2 | % | | | -12.5 | % | | | -0.3 | % | | | 9.5x | | | | 10.0x | | | | 118.3 | % | | | 2.67 | % | | | 416 | | | $ | 8 | | | | | $ | 774 | | | | 64.5 | % | | | 0.11 | % | | | 11.18 | % | | | 4.27 | % | | | 0.08 | % | | | 54.7 | % | | | 49.33 | % | | | 1.39 | % |
Bank of Southern California, N.A. | | | BCAL | | | | CA | | | $ | 12.42 | | | $ | 104 | | | | -21.6 | % | | | 0.2 | % | | | -20.6 | % | | | -5.9 | % | | | 16.6x | | | | 16.6x | | | | 120.4 | % | | | 0.00 | % | | | 3,109 | | | $ | 39 | | | | | $ | 767 | | | | 98.6 | % | | | 0.03 | % | | | 11.60 | % | | | 4.28 | % | | | 0.98 | % | | | 70.1 | % | | | 7.73 | % | | | 0.82 | % |
Mission Bancorp | | | MSBC | | | | CA | | | $ | 85.05 | | | $ | 161 | | | | -0.6 | % | | | 11.6 | % | | | 7.6 | % | | | 9.6 | % | | | 12.3x | | | | 12.7x | | | | 215.4 | % | | | 0.00 | % | | | 380 | | | $ | 32 | | | | | $ | 752 | | | | 87.5 | % | | | 0.02 | % | | | 9.95 | % | | | 4.80 | % | | | 0.36 | % | | | 51.8 | % | | | 18.00 | % | | | 1.76 | % |
Santa Cruz County Bank | | | SCZC | | | | CA | | | $ | 50.00 | | | $ | 123 | | | | -10.7 | % | | | 11.1 | % | | | -7.8 | % | | | 9.6 | % | | | 9.5x | | | | 9.9x | | | | 164.1 | % | | | 0.60 | % | | | 269 | | | $ | 13 | | | | | $ | 702 | | | | 79.9 | % | | | 0.23 | % | | | 10.65 | % | | | 4.82 | % | | | 0.32 | % | | | 47.0 | % | | | 17.87 | % | | | 1.89 | % |
American Riviera Bank | | | ARBV | | | | CA | | | $ | 17.85 | | | $ | 88 | | | | -7.5 | % | | | 4.6 | % | | | -7.0 | % | | | 0.0 | % | | | 14.9x | | | | 13.4x | | | | 133.0 | % | | | 0.00 | % | | | 6,112 | | | $ | 109 | | | | | $ | 662 | | | | 95.9 | % | | | 0.01 | % | | | 10.29 | % | | | 4.27 | % | | | 0.72 | % | | | 66.4 | % | | | 9.27 | % | | | 0.95 | % |
1st Capital Bank | | | FISB | | | | CA | | | $ | 15.97 | | | $ | 82 | | | | -12.4 | % | | | 9.4 | % | | | -10.1 | % | | | 6.5 | % | | | 12.9x | | | | 11.7x | | | | 127.9 | % | | | 0.00 | % | | | 1,175 | | | $ | 19 | | | | | $ | 631 | | | | 85.8 | % | | | 0.01 | % | | | 10.14 | % | | | 4.04 | % | | | 0.21 | % | | | 65.6 | % | | | 10.44 | % | | | 1.08 | % |
CommerceWest Bank | | | CWBK | | | | CA | | | $ | 22.30 | | | $ | 82 | | | | -13.1 | % | | | 15.8 | % | | | -14.2 | % | | | 11.8 | % | | | 9.8x | | | | 11.9x | | | | 137.1 | % | | | 3.05 | % | | | 7,877 | | | $ | 176 | | | | | $ | 585 | | | | 80.8 | % | | | 0.01 | % | | | 10.32 | % | | | 4.03 | % | | | 0.90 | % | | | 53.2 | % | | | 14.84 | % | | | 1.53 | % |
Baker Boyer Bancorp | | | BBBK | | | | WA | | | $ | 75.00 | | | $ | 97 | | | | 0.0 | % | | | 15.4 | % | | | 13.6 | % | | | 13.6 | % | | | 16.1x | | | | 13.1x | | | | 168.5 | % | | | 4.16 | % | | | 32 | | | $ | 2 | | | | | $ | 582 | | | | 56.9 | % | | | 0.50 | % | | | 9.91 | % | | | 3.89 | % | | | 0.17 | % | | | 78.6 | % | | | 10.66 | % | | | 1.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Median | | | | | | | | | | | | | | $ | 109 | | | | -12.4 | % | | | 8.0 | % | | | -11.8 | % | | | 1.4 | % | | | 12.7x | | | | 12.1x | | | | 136.5 | % | | | 0.00 | % | | | 1,424 | | | $ | 33 | | | | | $ | 759 | | | | 83.8 | % | | | 0.03 | % | | | 10.31 | % | | | 4.28 | % | | | 0.46 | % | | | 60.5 | % | | | 12.69 | % | | | 1.16 | % |
Average | | | | | | | | | | | | | | $ | 111 | | | | -12.0 | % | | | 7.6 | % | | | -9.3 | % | | | 2.6 | % | | | 13.4x | | | | 12.9x | | | | 145.2 | % | | | 1.02 | % | | | 2,559 | | | $ | 45 | | | | | $ | 761 | | | | 83.5 | % | | | 0.15 | % | | | 10.42 | % | | | 4.31 | % | | | 0.52 | % | | | 61.6 | % | | | 15.37 | % | | | 1.24 | % |
Minimum | | | | | | | | | | | | | | $ | 82 | | | | -21.6 | % | | | 0.0 | % | | | -20.6 | % | | | -10.5 | % | | | 8.3x | | | | 9.2x | | | | 117.8 | % | | | 0.00 | % | | | 32 | | | $ | 2 | | | | | $ | 582 | | | | 56.9 | % | | | 0.00 | % | | | 8.46 | % | | | 3.26 | % | | | 0.08 | % | | | 47.0 | % | | | 4.04 | % | | | 0.47 | % |
Maximum | | | | | | | | | | | | | | $ | 161 | | | | 0.0 | % | | | 15.8 | % | | | 13.6 | % | | | 13.6 | % | | | 25.7x | | | | 22.6x | | | | 215.4 | % | | | 4.16 | % | | | 7,877 | | | $ | 176 | | | | | $ | 944 | | | | 108.1 | % | | | 0.81 | % | | | 11.93 | % | | | 4.82 | % | | | 0.98 | % | | | 78.6 | % | | | 49.33 | % | | | 1.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State Bank Corp. | | | SBAZ | | | | AZ | | | $ | 13.25 | | | $ | 107 | | | | -11.7 | % | | | 15.4 | % | | | -9.2 | % | | | 7.3 | % | | | 11.8x | | | | 12.4x | | | | 168.6 | % | | | 2.26 | % | | | 918 | | | $ | 12 | | | | | $ | 679 | | | | 68.6 | % | | | 0.92 | % | | | 9.47 | % | | | 3.84 | % | | | 0.53 | % | | | 60.7 | % | | | 14.92 | % | | | 1.25 | % |
The following information supplements Davidson’s Precedent Transactions Analysis: the individual multiples and metrics for the transactions observed by Davidson in the analysis in the following tables:
Nationwide Group
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Target Information | | Buyer Information | | Deal Profile | | | Valuation | | | Operating Financials for Target | |
| | | | | | | | | | | | | | | | | | Deal | | | | | | Price/TBV | | | | | | 1-Day | | | Core | | | | | | | | | | | | | |
Announce Date | | Name | | State | | | Assets
($MM) | | | Name | | State | | | Assets
($MM) | | | Value
($MM) | | | Cash /
Stock Mix | | | Per
Share | | | Agg. | | | Price/
LTM EPS | | | Market
Premium | | | Deposit
Premium | | | ROAA | | | ROAE | | | TCE
Ratio | | | Effic.
Ratio | |
9/24/2019* | | Revere Bank | | | MD | | | $ | 2,627 | | | Sandy Spring Bancorp, Inc. | | | MD | | | $ | 8,399 | | | $ | 461.7 | | | | Stock | | | | 173.4 | % | | | 180.2 | % | | | 14.8x | | | | 27.9 | % | | | 12.9 | % | | | 1.22 | % | | | 11.54 | % | | | 9.87 | % | | | 49.8 | % |
9/19/2019* | | TB&T Bancshares, Inc. | | | TX | | | $ | 624 | | | First Financial Bankshares, Inc. | | | TX | | | $ | 7,979 | | | $ | 198.0 | | | | Stock | | | | 283.4 | % | | | 283.4 | % | | | 18.5x | | | | — | | | | 26.1 | % | | | 1.76 | % | | | 16.68 | % | | | 11.22 | % | | | 47.5 | % |
9/11/2019* | | Highlands Bankshares, Inc. | | | VA | | | $ | 612 | | | First Community Bankshares, Inc. | | | VA | | | $ | 2,212 | | | $ | 93.2 | | | | Stock | | | | 155.2 | % | | | 155.2 | % | | | 25.0x | | | | 22.5 | % | | | 7.3 | % | | | 0.62 | % | | | 6.50 | % | | | 9.81 | % | | | 75.0 | % |
9/09/2019* | | United Community Financial Corp. | | | OH | | | $ | 2,869 | | | First Defiance Financial Corp. | | | OH | | | $ | 3,278 | | | $ | 474.8 | | | | Stock | | | | 160.0 | % | | | 161.6 | % | | | 12.5x | | | | 1.8 | % | | | 9.2 | % | | | 1.36 | % | | | 12.16 | % | | | 10.32 | % | | | 56.2 | % |
8/28/2019* | | Bankmanagers Corp. | | | WI | | | $ | 948 | | | First Midwest Bancorp, Inc. | | | IL | | | $ | 17,462 | | | $ | 193.8 | | | | Mix | | | | 165.2 | % | | | 165.2 | % | | | 15.0x | | | | — | | | | 10.7 | % | | | 1.35 | % | | | 12.47 | % | | | 12.38 | % | | | 54.1 | % |
8/16/2019* | | Bancorp of New Jersey, Inc. | | | NJ | | | $ | 925 | | | ConnectOne Bancorp, Inc. | | | NJ | | | $ | 6,109 | | | $ | 113.3 | | | | Mix | | | | 122.0 | % | | | 122.5 | % | | | 19.6x | | | | 12.6 | % | | | 4.6 | % | | | 0.65 | % | | | 6.56 | % | | | 10.01 | % | | | 69.6 | % |
8/09/2019* | | Two River Bancorp | | | NJ | | | $ | 1,154 | | | OceanFirst Financial Corp. | | | NJ | | | $ | 8,029 | | | $ | 182.8 | | | | Mix | | | | 174.2 | % | | | 177.0 | % | | | 15.4x | | | | 53.7 | % | | | 9.5 | % | | | 1.05 | % | | | 10.07 | % | | | 9.10 | % | | | 60.8 | % |
8/09/2019* | | Country Bank Holding Company, Inc. | | | NY | | | $ | 783 | | | OceanFirst Financial Corp. | | | NJ | | | $ | 8,029 | | | $ | 102.2 | | | | Stock | | | | 151.0 | % | | | 151.0 | % | | | NM | | | | 44.6 | % | | | 7.5 | % | | | 1.37 | % | | | 12.85 | % | | | 10.83 | % | | | 52.4 | % |
7/31/2019* | | Landrum Company | | | MO | | | $ | 3,290 | | | Simmons First National Corporation | | | AR | | | $ | 17,937 | | | $ | 447.5 | | | | Stock | | | | 169.2 | % | | | 169.2 | % | | | 13.3x | | | | — | | | | 9.0 | % | | | 1.08 | % | | | 12.73 | % | | | 8.04 | % | | | 65.5 | % |
7/25/2019* | | SBC, Incorporated | | | IL | | | $ | 594 | | | Wintrust Financial Corporation | | | IL | | | $ | 33,642 | | | $ | 90.5 | | | | Mix | | | | 180.4 | % | | | 180.4 | % | | | 12.3x | | | | — | | | | 9.5 | % | | | 1.44 | % | | | 13.24 | % | | | 8.46 | % | | | 63.9 | % |
7/24/2019* | | AltaPacific Bancorp | | | CA | | | $ | 435 | | | Banner Corporation | | | WA | | | $ | 11,847 | | | $ | 87.3 | | | | Stock | | | | 168.0 | % | | | 168.0 | % | | | 17.4x | | | | 3.5 | % | | | 11.3 | % | | | 1.23 | % | | | 9.65 | % | | | 12.45 | % | | | 62.6 | % |
7/24/2019* | | Gold Coast Bancorp, Inc. | | | NY | | | $ | 563 | | | Investors Bancorp, Inc. | | | NJ | | | $ | 27,064 | | | $ | 63.6 | | | | Mix | | | | 138.5 | % | | | 141.4 | % | | | 27.3x | | | | 21.8 | % | | | 5.2 | % | | | 0.43 | % | | | 5.26 | % | | | 8.00 | % | | | 76.3 | % |
7/23/2019* | | Old Line Bancshares, Inc. | | | MD | | | $ | 3,076 | | | WesBanco, Inc. | | | WV | | | $ | 12,495 | | | $ | 500.1 | | | | Stock | | | | 177.0 | % | | | 178.2 | % | | | 14.0x | | | | 12.7 | % | | | 12.7 | % | | | 1.20 | % | | | 9.44 | % | | | 9.46 | % | | | 50.8 | % |
7/22/2019* | | First Florida Bancorp, Inc. | | | FL | | | $ | 451 | | | First Bancshares, Inc. | | | MS | | | $ | 3,473 | | | $ | 84.3 | | | | Mix | | | | 176.6 | % | | | 176.6 | % | | | 17.3x | | | | — | | | | 13.7 | % | | | 1.24 | % | | | 10.76 | % | | | 10.58 | % | | | 62.6 | % |
7/15/2019* | | Carolina Trust BancShares, Inc. | | | NC | | | $ | 617 | | | Carolina Financial Corporation | | | SC | | | $ | 3,888 | | | $ | 100.1 | | | | Mix | | | | 161.1 | % | | | 162.4 | % | | | 21.8x | | | | 39.4 | % | | | 9.7 | % | | | 0.74 | % | | | 6.87 | % | | | 10.12 | % | | | 63.0 | % |
7/02/2019* | | Frederick County Bancorp, Inc. | | | MD | | | $ | 442 | | | ACNB Corporation | | | PA | | | $ | 1,679 | | | $ | 61.8 | | | | Stock | | | | 162.7 | % | | | 170.7 | % | | | 21.8x | | | | 41.5 | % | | | 8.1 | % | | | 0.65 | % | | | 7.87 | % | | | 8.18 | % | | | 77.9 | % |
6/27/2019* | | Choice Bancorp, Inc. | | | WI | | | $ | 441 | | | Nicolet Bankshares, Inc. | | | WI | | | $ | 3,041 | | | $ | 72.1 | | | | Stock | | | | 184.0 | % | | | 201.6 | % | | | 14.5x | | | | 43.8 | % | | | 19.5 | % | | | 1.11 | % | | | 13.79 | % | | | 8.12 | % | | | 52.3 | % |
6/05/2019* | | DNB Financial Corporation | | | PA | | | $ | 1,167 | | | S&T Bancorp, Inc. | | | PA | | | $ | 7,229 | | | $ | 206.0 | | | | Stock | | | | 206.4 | % | | | 207.8 | % | | | 19.2x | | | | 13.8 | % | | | NA | | | | 0.94 | % | | | 9.76 | % | | | 8.61 | % | | | 64.4 | % |
5/16/2019* | | Presidio Bank | | | CA | | | $ | 906 | | | Heritage Commerce Corp | | | CA | | | $ | 3,116 | | | $ | 200.3 | | | | Stock | | | | 202.8 | % | | | 213.4 | % | | | 15.3x | | | | 19.3 | % | | | 14.8 | % | | | 1.49 | % | | | 14.86 | % | | | 10.36 | % | | | 54.8 | % |
4/03/2019 | | Heritage Bancorp | | | NV | | | $ | 840 | | | Glacier Bancorp, Inc. | | | MT | | | $ | 12,074 | | | $ | 240.8 | | | | Mix | | | | 239.6 | % | | | 239.6 | % | | | 12.9x | | | | — | | | | 20.8 | % | | | 2.37 | % | | | 19.75 | % | | | 11.96 | % | | | 36.2 | % |
3/05/2019 | | Summit Financial Enterprises, Inc. | | | FL | | | $ | 472 | | | BancorpSouth Bank | | | MS | | | $ | 18,002 | | | $ | 100.3 | | | | Mix | | | | 173.1 | % | | | 173.1 | % | | | 14.3x | | | | — | | | | 11.5 | % | | | 1.58 | % | | | 13.64 | % | | | 12.28 | % | | | 51.2 | % |
2/21/2019 | | Citizens First Corporation | | | KY | | | $ | 476 | | | German American Bancorp, Inc. | | | IN | | | $ | 3,929 | | | $ | 68.1 | | | | Mix | | | | 147.9 | % | | | 148.5 | % | | | 14.2x | | | | 17.8 | % | | | 6.8 | % | | | 1.01 | % | | | 10.12 | % | | | 9.72 | % | | | 67.7 | % |
1/16/2019 | | Blue Valley Ban Corp. | | | KS | | | $ | 728 | | | Heartland Financial USA, Inc. | | | IA | | | $ | 11,335 | | | $ | 93.9 | | | | Stock | | | | 187.3 | % | | | 187.3 | % | | | NM | | | | 32.2 | % | | | 8.1 | % | | | 0.34 | % | | | 5.04 | % | | | 6.88 | % | | | 72.9 | % |
1/07/2019 | | HopFed Bancorp, Inc. | | | KY | | | $ | 905 | | | First Financial Corporation | | | IN | | | $ | 3,009 | | | $ | 133.3 | | | | Mix | | | | 152.5 | % | | | 152.5 | % | | | NM | | | | 40.8 | % | | | 8.5 | % | | | 0.43 | % | | | 4.41 | % | | | 9.66 | % | | | 84.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Median | | | | | | | | $ | 756 | | | | | | | | | $ | 8,004 | | | $ | 107.8 | | | | | | | | 171.2 | % | | | 171.9 | % | | | 15.3x | | | | 22.5 | % | | | 9.5 | % | | | 1.16 | % | | | 10.44 | % | | | 9.84 | % | | | 62.6 | % |
Average | | | | | | | | $ | 1,081 | | | | | | | | | $ | 9,802 | | | $ | 182.1 | | | | | | | | 175.5 | % | | | 177.8 | % | | | 17.0x | | | | 26.5 | % | | | 11.2 | % | | | 1.11 | % | | | 10.67 | % | | | 9.85 | % | | | 61.3 | % |
Minimum | | | | | | | | $ | 435 | | | | | | | | | $ | 1,679 | | | $ | 61.8 | | | | | | | | 122.0 | % | | | 122.5 | % | | | 12.3x | | | | 1.8 | % | | | 4.6 | % | | | 0.34 | % | | | 4.41 | % | | | 6.88 | % | | | 36.2 | % |
Maximum | | | | | | | | $ | 3,290 | | | | | | | | | $ | 33,642 | | | $ | 500.1 | | | | | | | | 283.4 | % | | | 283.4 | % | | | 27.3x | | | | 53.7 | % | | | 26.1 | % | | | 2.37 | % | | | 19.75 | % | | | 12.45 | % | | | 84.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State Bank Corp | | | AZ | | | $ | 679 | | | Glacier Bancorp, Inc. | | | MT | | | $ | 12,676 | | | $ | 135.3 | | | | Mix | | | | 212.1 | % | | | 212.7 | % | | | 15.6x | | | | 25.8 | % | | | 14.2 | % | | | 1.25 | % | | | 13.07 | % | | | 9.47 | % | | | 60.7 | % |
Western U.S. Group
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Target Information | | Buyer Information | | Deal Profile | | | Valuation | | | Operating Financials for Target | |
| | | | | | | | | | | | | | | | | | Deal
| | | | | | Price/ TBV | | | | | | 1-Day | | | Core | | | | | | | | | | | | | |
Announce Date | | Name | | State | | | Assets
($MM) | | | Name | | State | | | Assets
($MM) | | | Value
($MM) | | | Cash /
Stock Mix | | | Per
Share | | | Agg. | | | Price/
LTM EPS | | | Market
Premium | | | Deposit
Premium | | | ROAA | | | ROAE | | | TCE
Ratio | | | Effic.
Ratio | |
7/24/2019* | | AltaPacific Bancorp | | | CA | | | $ | 435 | | | Banner Corporation | | | WA | | | $ | 11,847 | | | $ | 87.3 | | | | Stock | | | | 168.0 | % | | | 168.0 | % | | | 17.4x | | | | 3.5 | % | | | 11.3 | % | | | 1.23 | % | | | 9.65 | % | | | 12.07 | % | | | 62.6 | % |
5/28/2019* | | Lighthouse Bank | | | CA | | | $ | 314 | | | Santa Cruz County Bank | | | CA | | | $ | 668 | | | $ | 68.0 | | | | Stock | | | | 164.7 | % | | | 168.9 | % | | | 12.7x | | | | 8.3 | % | | | 13.1 | % | | | 1.79 | % | | | 13.83 | % | | | 12.81 | % | | | 49.0 | % |
5/16/2019* | | Presidio Bank | | | CA | | | $ | 906 | | | Heritage Commerce Corp | | | CA | | | $ | 3,116 | | | $ | 200.3 | | | | Stock | | | | 202.8 | % | | | 213.4 | % | | | 15.3x | | | | 19.3 | % | | | 14.2 | % | | | 1.49 | % | | | 14.86 | % | | | 10.36 | % | | | 54.8 | % |
4/03/2019 | | Heritage Bancorp | | | NV | | | $ | 840 | | | Glacier Bancorp, Inc. | | | MT | | | $ | 12,074 | | | $ | 240.8 | | | | Mix | | | | 239.6 | % | | | 239.6 | % | | | 12.9x | | | | — | | | | 20.8 | % | | | 2.37 | % | | | 19.75 | % | | | 11.96 | % | | | 36.2 | % |
1/16/2019 | | FNB Bancorp | | | UT | | | $ | 326 | | | Glacier Bancorp, Inc. | | | MT | | | $ | 11,909 | | | $ | 85.0 | | | | Stock | | | | 216.4 | % | | | 216.4 | % | | | 16.8x | | | | — | | | | 17.5 | % | | | 1.89 | % | | | 14.57 | % | | | 12.04 | % | | | 58.1 | % |
12/10/2018 | | Uniti Financial Corporation | | | CA | | | $ | 344 | | | BayCom Corp | | | CA | | | $ | 1,344 | | | $ | 63.9 | | | | Mix | | | | 132.1 | % | | | 137.2 | % | | | 16.1x | | | | 7.6 | % | | | 8.2 | % | | | 1.16 | % | | | 8.41 | % | | | 13.56 | % | | | 67.9 | % |
11/01/2018 | | Trinity Capital Corporation | | | NM | | | $ | 1,254 | | | Enterprise Financial Services Corp | | | MO | | | $ | 5,518 | | | $ | 213.7 | | | | Mix | | | | 199.9 | % | | | 208.3 | % | | | NM | | | | 19.6 | % | | | 10.9 | % | | | 0.42 | % | | | 5.21 | % | | | 8.18 | % | | | 79.6 | % |
10/11/2018 | | Idaho Independent Bank | | | ID | | | $ | 725 | | | First Interstate BancSystem, Inc. | | | MT | | | $ | 12,236 | | | $ | 183.2 | | | | Stock | | | | 250.9 | % | | | 266.7 | % | | | NM | | | | 56.6 | % | | | 19.0 | % | | | 0.64 | % | | | 6.58 | % | | | 9.48 | % | | | 71.3 | % |
7/25/2018 | | Skagit Bancorp, Inc. | | | WA | | | $ | 922 | | | Banner Corporation | | | WA | | | $ | 10,379 | | | $ | 193.2 | | | | Stock | | | | 241.5 | % | | | 241.5 | % | | | 22.7x | | | | — | | | | 15.6 | % | | | 0.98 | % | | | 11.32 | % | | | 8.68 | % | | | 65.8 | % |
7/17/2018 | | Anchor Bancorp | | | WA | | | $ | 470 | | | FS Bancorp, Inc. | | | WA | | | $ | 1,133 | | | $ | 76.6 | | | | Mix | | | | 113.6 | % | | | 113.6 | % | | | NM | | | | 8.4 | % | | | 3.6 | % | | | 0.48 | % | | | 3.63 | % | | | 14.36 | % | | | 70.9 | % |
4/25/2018 | | Northwest Bancorporation, Inc. | | | WA | | | $ | 827 | | | First Interstate BancSystem, Inc. | | | MT | | | $ | 12,273 | | | $ | 155.6 | | | | Stock | | | | 219.2 | % | | | 223.3 | % | | | 28.8x | | | | 50.2 | % | | | 13.9 | % | | | 0.70 | % | | | 7.04 | % | | | 8.55 | % | | | 68.4 | % |
3/08/2018 | | Premier Commercial Bancorp | | | OR | | | $ | 401 | | | Heritage Financial Corporation | | | WA | | | $ | 4,113 | | | $ | 89.3 | | | | Stock | | | | 223.2 | % | | | 223.5 | % | | | 26.3x | | | | 27.8 | % | | | 17.7 | % | | | 0.85 | % | | | 8.63 | % | | | 9.97 | % | | | 65.1 | % |
2/26/2018 | | Pacific Commerce Bancorp | | | CA | | | $ | 536 | | | First Choice Bancorp | | | CA | | | $ | 904 | | | $ | 114.4 | | | | Stock | | | | 193.9 | % | | | 210.5 | % | | | 23.5x | | | | 17.7 | % | | | 15.5 | % | | | 0.88 | % | | | 7.51 | % | | | 10.32 | % | | | 61.3 | % |
2/12/2018 | | Learner Financial Corporation | | | CA | | | $ | 692 | | | Mechanics Bank | | | CA | | | $ | 5,638 | | | $ | 124.9 | | | | Cash | | | | 170.1 | % | | | 170.1 | % | | | NM | | | | — | | | | 9.3 | % | | | 0.56 | % | | | 5.60 | % | | | 10.61 | % | | | 65.4 | % |
1/11/2018 | | United American Bank | | | CA | | | $ | 330 | | | Heritage Commerce Corp | | | CA | | | $ | 2,843 | | | $ | 45.2 | | | | Mix | | | | 196.8 | % | | | 196.8 | % | | | NM | | | | 11.8 | % | | | 8.7 | % | | | 1.47 | % | | | 15.96 | % | | | 6.96 | % | | | 74.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Median | | | | | | | | $ | 536 | | | | | | | | | $ | 5,518 | | | $ | 114.4 | | | | | | | | 199.9 | % | | | 210.5 | % | | | 17.1x | | | | 17.7 | % | | | 13.9 | % | | | 0.98 | % | | | 8.63 | % | | | 10.36 | % | | | 65.4 | % |
Average | | | | | | | | $ | 621 | | | | | | | | | $ | 6,400 | | | $ | 129.4 | | | | | | | | 195.5 | % | | | 199.8 | % | | | 19.3x | | | | 21.0 | % | | | 13.3 | % | | | 1.13 | % | | | 10.17 | % | | | 10.66 | % | | | 63.4 | % |
Minimum | | | | | | | | $ | 314 | | | | | | | | | $ | 668 | | | $ | 45.2 | | | | | | | | 113.6 | % | | | 113.6 | % | | | 12.7x | | | | 3.5 | % | | | 3.6 | % | | | 0.42 | % | | | 3.63 | % | | | 6.96 | % | | | 36.2 | % |
Maximum | | | | | | | | $ | 1,254 | | | | | | | | | $ | 12,273 | | | $ | 240.8 | | | | | | | | 250.9 | % | | | 266.7 | % | | | 28.8x | | | | 56.6 | % | | | 20.8 | % | | | 2.37 | % | | | 19.75 | % | | | 14.36 | % | | | 79.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State Bank Corp | | | AZ | | | $ | 679 | | | Glacier Bancorp, Inc. | | | MT | | | $ | 12,676 | | | $ | 135.3 | | | | Mix | | | | 212.1 | % | | | 212.7 | % | | | 15.6x | | | | 25.8 | % | | | 14.2 | % | | | 1.25 | % | | | 13.07 | % | | | 9.47 | % | | | 60.7 | % |
High-Performing Banks Group
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Target Information | | Buyer Information | | Deal Profile | | | Valuation | | | Operating Financials for Target | |
| | | | | | | | | | | | | | | | | Deal
Value
($MM) | | | Cash /
Stock Mix | | | | Price/ TBV | | | Price/
LTM EPS | | | 1-Day
Market
Premium | | | Core
Deposit
Premium | | | | | | | | | TCE
Ratio | | | Effic.
Ratio | |
Announce
Date | | Name | | State | | Assets
($MM) | | | Name | | State | | | Assets
($MM) | | Per
Share | | | Agg. | | ROAA | | | ROAE | |
9/19/2019* | | TB&T Bancshares, Inc. | | TX | | $ | 624 | | | First Financial Bankshares, Inc. | | | TX | | | $ | 7,979 | | | $ | 198.0 | | | Stock | | | | | 283.4 | % | | | 283.4 | % | | | 18.5x | | | | — | | | | 26.1 | % | | | 1.76 | % | | | 16.68 | % | | | 11.22 | % | | | 47.5 | % |
8/28/2019* | | Bankmanagers Corp. | | WI | | $ | 948 | | | First Midwest Bancorp, Inc. | | | IL | | | $ | 17,462 | | | $ | 193.8 | | | Mix | | | | | 165.2 | % | | | 165.2 | % | | | 15.0x | | | | — | | | | 10.7 | % | | | 1.35 | % | | | 12.47 | % | | | 12.38 | % | | | 54.1 | % |
7/25/2019* | | SBC, Incorporated | | IL | | $ | 594 | | | Wintrust Financial Corporation | | | IL | | | $ | 33,642 | | | $ | 90.5 | | | Mix | | | | | 180.4 | % | | | 180.4 | % | | | 12.3x | | | | — | | | | 9.5 | % | | | 1.44 | % | | | 13.24 | % | | | 8.46 | % | | | 63.9 | % |
7/25/2019* | | West Texas State Bank | | TX | | $ | 424 | | | South Plains Financial, Inc. | | | TX | | | $ | 2,777 | | | $ | 76.1 | | | Cash | | | | | 154.5 | % | | | 154.5 | % | | | 15.4x | | | | — | | | | 7.9 | % | | | 1.21 | % | | | 10.68 | % | | | 11.62 | % | | | 66.4 | % |
7/24/2019* | | AltaPacific Bancorp | | CA | | $ | 435 | | | Banner Corporation | | | WA | | | $ | 11,847 | | | $ | 87.3 | | | Stock | | | | | 168.0 | % | | | 168.0 | % | | | 17.4x | | | | 3.5 | % | | | 11.3 | % | | | 1.23 | % | | | 9.65 | % | | | 12.07 | % | | | 62.6 | % |
7/22/2019* | | First Florida Bancorp, Inc. | | FL | | $ | 451 | | | First Bancshares, Inc. | | | MS | | | $ | 3,473 | | | $ | 84.3 | | | Mix | | | | | 176.6 | % | | | 176.6 | % | | | 17.3x | | | | — | | | | 13.7 | % | | | 1.24 | % | | | 10.76 | % | | | 10.58 | % | | | 62.6 | % |
5/16/2019* | | Presidio Bank | | CA | | $ | 906 | | | Heritage Commerce Corp | | | CA | | | $ | 3,116 | | | $ | 197.6 | | | Stock | | | | | 202.8 | % | | | 213.4 | % | | | 15.3x | | | | 19.3 | % | | | 14.2 | % | | | 1.49 | % | | | 14.86 | % | | | 10.22 | % | | | 54.8 | % |
4/24/2019 | | Pegasus Bank | | TX | | $ | 624 | | | BancFirst Corporation | | | OK | | | $ | 7,709 | | | $ | 122.0 | | | Cash | | | | | 258.6 | % | | | 258.6 | % | | | 17.1x | | | | — | | | | 13.9 | % | | | 1.16 | % | | | 17.37 | % | | | 7.56 | % | | | 57.0 | % |
4/03/2019 | | Heritage Bancorp | | NV | | $ | 840 | | | Glacier Bancorp, Inc. | | | MT | | | $ | 12,074 | | | $ | 240.8 | | | Mix | | | | | 239.6 | % | | | 239.6 | % | | | 12.9x | | | | — | | | | 20.8 | % | | | 2.37 | % | | | 19.75 | % | | | 11.96 | % | | | 36.2 | % |
3/05/2019 | | Summit Financial Enterprises, Inc. | | FL | | $ | 472 | | | BancorpSouth Bank | | | MS | | | $ | 18,002 | | | $ | 100.3 | | | Mix | | | | | 173.1 | % | | | 173.1 | % | | | 14.3x | | | | — | | | | 11.5 | % | | | 1.58 | % | | | 13.64 | % | | | 12.28 | % | | | 51.2 | % |
2/21/2019 | | Citizens First Corporation | | KY | | $ | 476 | | | German American Bancorp, Inc. | | | IN | | | $ | 3,929 | | | $ | 68.1 | | | Mix | | | | | 147.9 | % | | | 148.5 | % | | | 14.2x | | | | 17.8 | % | | | 6.8 | % | | | 1.01 | % | | | 10.12 | % | | | 9.72 | % | | | 67.7 | % |
11/27/2018 | | First Beeville Financial Corporation | | TX | | $ | 412 | | | Spirit of Texas Bancshares, Inc. | | | TX | | | $ | 1,102 | | | $ | 63.7 | | | Mix | | | | | 185.0 | % | | | 185.0 | % | | | 13.8x | | | | — | | | | 8.9 | % | | | 1.27 | % | | | 14.73 | % | | | 8.36 | % | | | 51.9 | % |
11/16/2018 | | Biscayne Bancshares, Inc. | | FL | | $ | 990 | | | First Citizens BancShares, Inc. | | | NC | | | $ | 34,955 | | | $ | 119.5 | | | Cash | | | | | 178.8 | % | | | 178.8 | % | | | 11.2x | | | | — | | | | 10.1 | % | | | 1.36 | % | | | 16.42 | % | | | 6.75 | % | | | 42.9 | % |
10/25/2018 | | Capital Bank of New Jersey | | NJ | | $ | 495 | | | OceanFirst Financial Corp. | | | NJ | | | $ | 7,563 | | | $ | 77.5 | | | Stock | | | | | 168.1 | % | | | 168.1 | % | | | 13.3x | | | | 23.4 | % | | | 7.8 | % | | | 1.20 | % | | | 13.23 | % | | | 9.31 | % | | | 57.2 | % |
6/11/2018 | | Athens Bancshares Corporation | | TN | | $ | 482 | | | CapStar Financial Holdings, Inc. | | | TN | | | $ | 1,383 | | | $ | 114.1 | | | Stock | | | | | 228.0 | % | | | 228.0 | % | | | 22.8x | | | | 29.0 | % | | | 18.1 | % | | | 1.00 | % | | | 9.01 | % | | | 10.44 | % | | | 68.7 | % |
4/24/2018 | | Landmark Bancshares, Inc. | | GA | | $ | 595 | | | National Commerce Corporation | | | AL | | | $ | 3,114 | | | $ | 115.4 | | | Stock | | | | | 222.3 | % | | | 222.3 | % | | | 16.0x | | | | — | | | | 17.7 | % | | | 1.36 | % | | | 11.85 | % | | | 8.81 | % | | | 50.7 | % |
4/18/2018 | | Icon Capital Corporation | | TX | | $ | 794 | | | BancorpSouth Bank | | | MS | | | $ | 17,186 | | | $ | 145.8 | | | Mix | | | | | 217.8 | % | | | 217.8 | % | | | 21.0x | | | | — | | | | 16.0 | % | | | 1.00 | % | | | 10.55 | % | | | 8.43 | % | | | 68.0 | % |
4/18/2018 | | Springfield Bancshares, Inc. | | MO | | $ | 563 | | | QCR Holdings, Inc. | | | IL | | | $ | 4,026 | | | $ | 84.3 | | | Mix | | | | | 183.7 | % | | | 183.7 | % | | | 14.3x | | | | — | | | | 13.6 | % | | | 1.11 | % | | | 12.25 | % | | | 8.15 | % | | | 50.6 | % |
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Median | | | | | | $ | 579 | | | | | | | | | $ | 7,636 | | | $ | 107.2 | | | | | | | | 182.0 | % | | | 182.0 | % | | | 15.2x | | | | 19.3 | % | | | 12.5 | % | | | 1.26 | % | | | 12.85 | % | | | 9.97 | % | | | 55.9 | % |
Average | | | | | | $ | 618 | | | | | | | | | $ | 10,630 | | | $ | 121.1 | | | | | | | | 196.3 | % | | | 196.9 | % | | | 15.7x | | | | 18.6 | % | | | 13.2 | % | | | 1.34 | % | | | 13.18 | % | | | 9.91 | % | | | 56.3 | % |
Minimum | | | | | | $ | 412 | | | | | | | | | $ | 1,102 | | | $ | 63.7 | | | | | | | | 147.9 | % | | | 148.5 | % | | | 11.2x | | | | 3.5 | % | | | 6.8 | % | | | 1.00 | % | | | 9.01 | % | | | 6.75 | % | | | 36.2 | % |
Maximum | | | | | | $ | 990 | | | | | | | | | $ | 34,955 | | | $ | 240.8 | | | | | | | | 283.4 | % | | | 283.4 | % | | | 22.8x | | | | 29.0 | % | | | 26.1 | % | | | 2.37 | % | | | 19.75 | % | | | 12.38 | % | | | 68.7 | % |
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| | State Bank Corp | | AZ | | $ | 679 | | | Glacier Bancorp, Inc. | | | MT | | | $ | 12,676 | | | $ | 135.3 | | | Mix | | | | | 212.1 | % | | | 212.7 | % | | | 15.6x | | | | 25.8 | % | | | 14.2 | % | | | 1.25 | % | | | 13.07 | % | | | 9.47 | % | | | 60.7 | % |
Davidson has previously provided services to Glacier and to Heritage Bancorp and Columbine Capital Corporation in connection with their respective mergers with Glacier. Davidson received customary compensation for such services.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements regarding SBC, GBCI, the proposed merger and the combined company after the close of the transaction that are intended to be covered by the safe harbor for “forward-looking statements” provide by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements can be identified by words such as “estimate,” “expect,” “will,” and similar references to future periods. Such forward-looking statements include but are not limited to statements regarding the expected closing of the transaction and the potential benefits of the business combination transaction involving GBCI and SBC, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts regarding either company or the proposed combination of the companies. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, that may cause actual results or events to differ materially from those projected, including but not limited to the following: risks that the merger transaction will not close when expected or at all because required regulatory, shareholder or other approvals or conditions to closing are delayed or not received or satisfied on a timely basis or at all; risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which GBCI and SBC operate; uncertainties regarding the ability of Glacier Bank and State Bank of Arizona to promptly and effectively integrate their businesses; changes in business and operational strategies that may occur between signing and closing; uncertainties regarding the reaction to the transaction of the companies’ respective customers, employees, and counterparties; and risks relating to the diversion of management time on merger-related issues. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. SBC and GBCI undertake no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date on which such statements were made.
Annualized, pro forma and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.
Additional Information and Where to Find It
In connection with the proposed merger between GBCI and SBC, GBCI has filed a registration statement on Form S-4/A with the Securities and Exchange Commission (“SEC”), which was filed with the SEC on October 11, 2019 and declared effective on October 16, 2019. The registration statement includes a proxy statement of SBC that also constitutes a prospectus of GBCI, which was sent to the shareholders of SBC. SBC shareholders are advised to read the proxy statement/prospectus and any other relevant documents filed with the SEC, because they contain important information about GBCI, SBC and the proposed transaction.
Copies of all documents relating to the merger filed by GBCI can be obtained free of charge from the SEC’s website at www.sec.gov. These documents can also be obtained free of charge by accessing GBCI’s website at www.glacierbancorp.com under the tab “SEC Filings” or by requesting them in writing or by telephone from GBCI at: Glacier Bancorp, Inc., 49 Commons Loop, Kalispell, Montana 59901, ATTN: Corporate Secretary; Telephone: (406) 751- 7706.
Participants in the Solicitation
GBCI, SBC and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of SBC in connection with the proposed merger transactions under the rules of the SEC. Information about the directors and executive officers of GBCI is set forth in the proxy statement for GBCI’s 2019 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 14, 2019. Information about the directors and executive officers of SBC is included in the proxy statement/prospectus included in the registration statement on Form S-4/A. Copies of these documents may be obtained free of charge from the sources described above.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: November 12, 2019 | | | | GLACIER BANCORP, INC. |
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| | | | By: | | /s/ Randall M. Chesler |
| | | | | | Randall M. Chesler |
| | | | | | President and Chief Executive Officer |
