474 410 372 341 298 250 242 231 210 204 196 191 183 184 181 177 169 164 157 148 121 112 107 100 99 92 88 84 79 75 74 73 72 71 0 100 200 300 400 500 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Regional Comparison M&A Comparison of Colorado vs. Southwest Region and Other Regions (2023) Banking Institution Count Number of Colorado Banks at Year-End M&A Activity Heat Map Transactions Announced (2023) Source: S&P Global. Note: Reflects all commercial banks, savings banks, and savings & loan associations that filed a call report during the stated period. Colorado Bank M&A Briefing Note: Pricing metrics based on transactions with publicly disclosed pricing data. Excludes FDIC-assisted transactions Regions defined as: Mid Atlantic - DE, DC, MD, NJ, NY, PA & PR; Midwest - IL, IN, IA, KS, KY, MI, MN, MO, NE, ND, OH, SD & WI; Northeast - CT, ME, MA, NH, RI & VT; Southeast - AL, AR, FL, GA, MS, NC, SC, TN, VA & WV; Southwest - CO, LA, NM, OK, TX & UT; West - AK, AZ, CA, HI, ID, MT, NV, OR, WA & WY. Source: S&P Global. First Quarter 2024 CO Southwest West Mid Atlantic Midwest Northeast Southeast No. of Institutions 71 821 338 474 2,173 198 802 No. of M&A Transactions 2 14 11 6 44 4 19 Total Deal Value ($MM) 32.6 72.2 1,290.5 586.8 339.1 527.1 1,364.6 Median Seller Assets ($MM) 225.9 172.0 253.5 1,112.7 101.4 1,874.0 215.0 Median Deal Value ($MM) 32.6 26.6 55.1 128.1 43.3 527.1 114.0 Median Price / LTM Earnings (x) 22.2x 36.2x 8.9x 10.5x 13.7x 11.6x 10.6x Median Price / TBV (x) 1.73x 1.34x 0.96x 1.22x 1.33x 1.16x 1.32x >10 (1) 6 - 10 (1) 3 - 5 (16) 1 - 2 (18) 0 Deals (15) Key: No. of Deals (# of States) 28 | INDEPENDENT REPORT
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