Mergers & Acquisitions

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Deal Overview

Buyer:
HomeTrust Bancshares, Inc.
Actual Acquirer:
HomeTrust Bank
Target:
Bank of Commerce
Deal Type:
Bank & Thrift Company
Agreement Date:
3/2/2014
Announcement Date:
3/4/2014
Announced Deal Value ($ M):
10.00
Status:
Completed
Completion Date:
7/31/2014
Announced Deal Value Per Share ($ )
6.25

Consideration Breakout
Cash ($M) 13.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 118.5 109.2
Price / Tangible Book (%) 118.5 109.2
Price / Earnings (x) 40.2 NM
Price / Deposits (%) 10.66 10.77
Price / Assets (%) 7.73 8.14
Tangible Book Premium/ Deposits (%) 2.48 1.26
Deal Terms
Description of Consideration

HomeTrust Bancshares Inc. paid $6.25 in cash for each outstanding share of Bank of Commerce. In addition, all $3.15 million of Bank of Commerce's TARP preferred stock was redeemed at par. HomeTrust Bancshares Inc. also assumed $15 million Federal Home Loan Bank (FHLB) advances.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 1,922
Estimated Cost Savings (%) 46.00
Estimated Cost Savings ($ 000) 1,953
Est. Restructuring Charges ($ 000) 2,700
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 640
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Raymond James & Assoc. Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Silver Freedman Taff & Tiernan
Seller Yes Brooks Pierce McLendon