Bank Directors Seminar, Coeur d'Alene, ID

Nationwide M&A Activity Since 2000

ƒ Deal activity has been increasing since the financial crisis – activity in 2018 has been robust

M&A Transactions Announced Since 2000

350

297

300

284 277

285

276

261 268 268

254 251

256

239

250

226

219

209

200

186

148

145

150

110

100

184

50

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

*Highlighted area represents 2018 YTD annualized figure Source: S&P Global Market Intelligence as of 8/30/2018 Note: Average data Note: Excludes government assisted M&A deals

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Historical M&A Pricing: Tangible Book Value and Earnings

ƒ M&A valuation multiples expanded significantly in 2017 and 2018 year-to-date

M&A Valuation – Since 2000

300.0%

40.0x

35.0x

244.0%

250.0%

230.3%

226.0%229.3%

216.5%

28.2x

30.0x

27.2x

26.3x

201.1%

25.9x

24.8x 25.2x 25.6x 25.6x

200.0%

24.5x 24.5x

188.8%188.0% 21.5x 21.9x

23.3x

25.0x

22.5x 22.6x

172.4%

170.9%

20.2x

164.7%

141.2%142.8%136.6%

119.4% 122.8% 22.0x 21.9x

150.0%

20.0x

19.0x

115.4%116.4%

108.2%

15.0x

100.0%

Price / LTM Earnings

10.0x

Price / Tangible Book Value

50.0%

5.0x

0.0%

–

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Average P/TBV

Average P/LTM Earnings

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Source: S&P Global Market Intelligence, includes pending and completed deals (not all deals report complete deal information) Note: Average data, current as of 8/31/2018