1.73x 1.34x 1.27x CO Southwest U.S. 0.0x 0.5x 1.0x 1.5x 2.0x 22.2x 36.2x 11.8x CO Southwest U.S. 0x 10x 20x 30x 40x 1.06 1.03 1.24 1.49 1.77 2.90 1.48 NA 1.33 NA 1.73 37.6 13.2 23.8 25.2 17.9 25.4 14.2 8.8 22.2 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0.0x 8.0x 16.0x 24.0x 32.0x 40.0x 3 6 5 2 8 4 3 0 3 2 2 0 2 4 6 8 10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Colorado Bank M&A Briefing Colorado Bank M&A Activity Colorado Bank M&A Valuation Multiples Valuation Comparison Valuation Comparison Price / Earnings (2023) Price / Tangible Book Value (2023) P/TBV P/E P/E (LTM) P/TBV Legend: First Quarter 2024 Transactions Announced (By Year) Transactions Announced (By Year) Source: S&P Global. Note: Reflects all whole-bank M&A transactions announced over specified time period; excludes FCIC-assisted transactions. Pricing metrics based on transactions with publicly disclosed pricing data. Southwest region includes CO, LA, NM, OK, TX & UT. 26 | INDEPENDENT REPORT
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