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View Leon Liebman's Comments
The First Metric Regional Bank Investors Should Know
First, I am a large shareholder in GBCI and I have owned the shares since 1992.
I suggest that one other factor may account for its rich valuation. GBCI is the most likely and appropriate acquirer of small banks in its geographic markets. It has done this for many years. It has a track record of holding on to selling management. It has a strong balance sheet and within it a strong cash position. This has enabled it to buy using a blend of cash and shares in their offers.
So, as far as I can remember, GBCI's offers are always accretive.
When we buy GBCI shares we will get a combination of organic growth plus earnings accretion from the small bank purchases. Perhaps that latter factor should be considered in owning GBCI.
Sep 18, 2013. 08:53 AM
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Glacier Bancorp: Acquisitions And Rising Dividend Make This Regional One To Watch
I'm a GBCI shareholder since about 1992 when it received a Barrons writeup iabout small banks. Its name then was Kalispell Bank..
The increase in GBCI's share price (and PE) in the last year effectively reduces the number of shares required to acquire a desirable bank. I suspect that GBCI perhaps sweetens the deal price a bit but will still retain a significant fraction of the improved terms to reduce any dilution or to increase earnings.
I believe acquisitions will be a powerful earnings driver since there are probably a number of small banks in the GBCI trading area that will see GBCI as a quality acquirer after an absence of opportunities
in the last several years. And it may be an opportunity to expand the GBCI trading area.
Jul 10, 2013. 08:43 AM
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