Mergers & Acquisitions

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Deal Overview

Buyer:
HomeTrust Bancshares, Inc.
Actual Acquirer:
HomeTrust Bank
Target:
TriSummit Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/20/2016
Announcement Date:
9/21/2016
Announced Deal Value ($ M):
31.83
Status:
Completed
Completion Date:
1/1/2017
Announced Deal Value Per Share ($ )
8.80

Consideration Breakout
Cash ($M) 23.0
Common Stock ($M) 19.6
Common Stock Issued 765,277

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 138.5 171.0
Price / Tangible Book (%) 147.3 182.2
Price / Earnings (x) 19.5 NM
Price / Deposits (%) 11.04 12.85
Price / Assets (%) 9.00 10.10
Tangible Book Premium/ Deposits (%) 5.19 8.14
Deal Terms
Description of Consideration

HomeTrust Bancshares Inc. paid $4.40 per share in cash and exchanged 0.2099 shares of its common stock for each outstanding share of TriSummit Bancorp Inc. Common stock consideration was subject to adjustment based on HomeTrust Bancshares Inc. closing price within a $20.96-$19.05 cap/floor. In addition, TriSummit Bancorp Inc.'s $7.1 million TARP preferred stock has been redeemed in connection with the closing of the merger. Target financials are for TriSummit Bank.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 12,540
Estimated Cost Savings (%) 48.00
Estimated Cost Savings ($ 000) 5,012
Est. Restructuring Charges ($ 000) 9,231
Maximum Termination Fee ($ 000) 1,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.21
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 2,860
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes BSP Securities LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Silver Freedman Taff & Tiernan
Seller Yes Butler Snow LLP