• Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2024

    Source: Nasdaq GlobeNewswire / 18 Jul 2024 16:30:01   America/New_York

    2nd Quarter 2024 Highlights:

    • Net income was $44.7 million for the current quarter, an increase of $12.1 million, or 37 percent, from the prior quarter net income of $32.6 million and a decrease of $10.2 million, or 19 percent, from the prior year second quarter net income of $55.0 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.68 percent, an increase of 9 basis points from the prior quarter net interest margin of 2.59 percent.
    • The loan portfolio of $16.852 billion increased $119 million, or 3 percent annualized, during the current quarter.
    • The loan yield of 5.58 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.46 percent and increased 46 basis points from the prior year second quarter loan yield of 5.12 percent.
    • Non-interest bearing deposits of $6.093 billion increased $38.4 million or 3 percent annualized during the current quarter.
    • Non-interest expense of $141 million for the current quarter decreased $10.9 million, or 7 percent, over the prior quarter and increased $10.3 million, or 8 percent, over the prior year second quarter.
    • The total cost of funding (including non-interest bearing deposits) of 1.80 percent in the current quarter decreased 4 basis points from the prior quarter total cost of funding of 1.84 percent.
    • Non-performing assets of $18.0 million at June 30, 2024 decreased $7.4 million, or 29 percent, over the prior quarter and decreased $14.0 million, or 44 percent, over the prior year second quarter.
    • Stockholders’ equity of $3.137 billion increased $26.7 million, or 1 percent, during the current quarter and increased $211 million, or 7 percent, over the prior year second quarter.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 157 consecutive quarterly dividends and has increased the dividend 49 times.

    First Half 2024 Highlights:

    • Net income for the first half of 2024 was $77.3 million, a decrease of $38.8 million, or 33 percent, from the prior year first half net income of $116 million.
    • The loan portfolio organically increased $204 million, or 3 percent annualized, during the first half of 2024.
    • The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
    • Interest income for the first six months of 2024 was $553 million, an increase of $74.0 million, or 15 percent, over the $479 million of interest income for the first six months of the prior year.
    • Dividends declared in the first half of 2024 were $0.66 per share.
    • The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

    Financial Summary  

     At or for the Three Months ended At or for the Six months ended
    (Dollars in thousands, except per share and market data)Jun 30,
    2024    		 Mar 31,
    2024    		 Jun 30,
    2023    		 Jun 30,
    2024    		 Jun 30,
    2023
    Operating results         
    Net income$44,708  32,627  54,955  77,335  116,166 
    Basic earnings per share$0.39  0.29  0.50  0.68  1.05 
    Diluted earnings per share$0.39  0.29  0.50  0.68  1.05 
    Dividends declared per share$0.33  0.33  0.33  0.66  0.66 
    Market value per share         
    Closing$37.32  40.28  31.17  37.32  31.17 
    High$40.18  42.75  42.21  42.75  50.03 
    Low$34.35  34.74  26.77  34.35  26.77 
    Selected ratios and other data         
    Number of common stock shares outstanding 113,394,092  113,388,590  110,873,887  113,394,092  110,873,887 
    Average outstanding shares - basic 113,390,539  112,492,142  110,870,964  112,941,341  110,847,806 
    Average outstanding shares - diluted 113,405,491  112,554,402  110,875,535  112,981,531  110,879,654 
    Return on average assets (annualized) 0.66% 0.47% 0.81% 0.56% 0.87%
    Return on average equity (annualized) 5.77% 4.25% 7.52% 5.01% 8.03%
    Efficiency ratio 67.97% 74.41% 62.73% 71.17% 61.52%
    Loan to deposit ratio 84.03% 82.04% 79.92% 84.03% 79.92%
    Number of full time equivalent employees 3,399  3,438  3,369  3,399  3,369 
    Number of locations 231  232  222  231  222 
    Number of ATMs 286  285  274  286  274 
     

    KALISPELL, Mont., July 18, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $44.7 million for the current quarter, an increase of $12.1 million, or 37 percent from the prior quarter net income of $32.6 million and a decrease of $10.2 million, or 19 percent, from the $55.0 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.39 per share, an increase of 34 percent from the prior quarter diluted earnings per share of $0.29 per share and a decrease of 22 percent from the prior year second quarter diluted earnings per share of $0.50. The decrease in net income compared to the prior year second quarter was primarily due to the significant increase in funding costs over the prior year second quarter combined with the increased costs associated with the acquisition of Wheatland. “We had a strong second quarter led by an expanding margin and continued favorable performance trends across the company,” said Randy Chesler, President and Chief Executive Officer. “We were especially pleased to see the continued excellent credit performance and the solid loan growth in the quarter.”

    Net income for the six months ended June 30, 2024 was $77.3 million, a decrease of $38.8 million, or 33 percent, from the $116 million net income for the first six months of the prior year. Diluted earnings per share for the first half of 2024 was $0.68 per share, a decrease of $0.37 per share from the prior year first half diluted earnings per share of $1.05. The decrease in net income for the first half of the current year compared to the prior year first half was primarily due to the significant increase in funding costs. In addition, the current year included a $6.1 million of provision for credit losses and increased operating costs associated with the acquisition of Wheatland.

    On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland has 14 branches in eastern Washington and was combined with the North Cascades Bank division, with combined operations under the name Wheatland Bank, division of Glacier Bank. The Company’s results of operations and financial condition include the Wheatland acquisition beginning on the acquisition date. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

     Wheatland
    (Dollars in thousands)January 31,
    2024
    Total assets$777,659
    Debt securities 187,183
    Loans receivable 450,403
    Non-interest bearing deposits 277,651
    Interest bearing deposits 339,304
    Borrowings 58,500
     

    Asset Summary

             $ Change from
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023
    Cash and cash equivalents$800,779  788,660  1,354,342  1,051,320  12,119  (553,563) (250,541)
    Debt securities, available-for-sale 4,499,541  4,629,073  4,785,719  4,999,820  (129,532) (286,178) (500,279)
    Debt securities, held-to-maturity 3,400,403  3,451,583  3,502,411  3,608,289  (51,180) (102,008) (207,886)
    Total debt securities 7,899,944  8,080,656  8,288,130  8,608,109  (180,712) (388,186) (708,165)
    Loans receivable             
    Residential real estate 1,771,528  1,752,514  1,704,544  1,588,175  19,014  66,984  183,353 
    Commercial real estate 10,713,964  10,672,269  10,303,306  10,220,751  41,695  410,658  493,213 
    Other commercial 3,066,028  3,030,608  2,901,863  2,888,810  35,420  164,165  177,218 
    Home equity 905,884  883,062  888,013  862,240  22,822  17,871  43,644 
    Other consumer 394,587  394,049  400,356  394,986  538  (5,769) (399)
    Loans receivable 16,851,991  16,732,502  16,198,082  15,954,962  119,489  653,909  897,029 
    Allowance for credit losses (200,955) (198,779) (192,757) (189,385) (2,176) (8,198) (11,570)
    Loans receivable, net 16,651,036  16,533,723  16,005,325  15,765,577  117,313  645,711  885,459 
    Other assets 2,453,581  2,419,131  2,094,832  2,102,673  34,450  358,749  350,908 
    Total assets$27,805,340  27,822,170  27,742,629  27,527,679  (16,830) 62,711  277,661 
     

    The $801 million cash balance at June 30, 2024 decreased $554 million from the prior year end as cash was utilized to partially fund the maturity of the BTFP at the end of the prior quarter. Total debt securities of $7.900 billion at June 30, 2024 decreased $181 million, or 2 percent, during the current quarter and decreased $708 million, or 8 percent, from the prior year second quarter. Debt securities represented 28 percent of total assets at June 30, 2024 compared to 30 percent at December 31, 2023 and 31 percent at June 30, 2023.

    The loan portfolio of $16.852 billion at June 30, 2024 increased $119 million, or 3 percent annualized, during the current quarter and increased $897 million, or 6 percent, from the prior year second quarter. Excluding the Wheatland acquisition, the loan portfolio increased $204 million, or 3 percent annualized, during the first half of 2024 and increased $447 million, or 3 percent, from the prior year second quarter.

    Credit Quality Summary

     At or for the Six
    Months ended    		 At or for the
    Three Months
    ended    		 At or for the
    Year ended    		 At or for the Six
    Months ended
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023
    Allowance for credit losses       
    Balance at beginning of period$192,757  192,757  182,283  182,283 
    Acquisitions 3  3  —  — 
    Provision for credit losses 14,157  9,091  20,790  11,514 
    Charge-offs (8,430) (4,295) (15,095) (7,083)
    Recoveries 2,468  1,223  4,779  2,671 
    Balance at end of period$200,955  198,779  192,757  189,385 
    Provision for credit losses       
    Loan portfolio$14,157  9,091  20,790  11,514 
    Unfunded loan commitments (2,390) (842) (5,995) (3,271)
    Total provision for credit losses$11,767  8,249  14,795  8,243 
    Other real estate owned$432  432  1,032  — 
    Other foreclosed assets 198  459  471  52 
    Accruing loans 90 days or more past due 4,692  3,796  3,312  3,876 
    Non-accrual loans 12,686  20,738  20,816  28,094 
    Total non-performing assets$18,008  25,425  25,631  32,022 
    Non-performing assets as a percentage of subsidiary assets 0.06% 0.09% 0.09% 0.12%
    Allowance for credit losses as a percentage of non-performing loans 1,116% 810% 799% 592%
    Allowance for credit losses as a percentage of total loans 1.19% 1.19% 1.19% 1.19%
    Net charge-offs as a percentage of total loans 0.04% 0.02% 0.06% 0.03%
    Accruing loans 30-89 days past due$49,678  62,423  49,967  24,863 
    U.S. government guarantees included in non-performing assets$1,228  1,490  1,503  1,035 
     

    Non-performing assets of $18.0 million at June 30, 2024 decreased $7.4 million, or 29 percent, over the prior quarter and decreased $14.0 million, or 44 percent, over the prior year second quarter. Non-performing assets as a percentage of subsidiary assets at June 30, 2024 was 0.06 percent compared to 0.09 percent in the prior quarter and 0.12 percent in the prior year second quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) of $49.7 million at June 30, 2024 decreased $12.7 million from the prior quarter and increased $24.8 million from prior year second quarter. Early stage delinquencies as a percentage of loans at June, 2024 were 0.29 percent compared to 0.37 percent for the prior quarter end and 0.16 percent for the prior year second quarter.

    The current quarter credit loss expense of $3.5 million included $5.1 million of credit loss expense from loans and $1.6 million of credit loss benefit from unfunded loan commitments. For the first half of the current year, the provision for credit losses included $5.3 million of provision for credit losses on loans and $818 thousand of provision for credit losses on unfunded loan commitments from the acquisition of Wheatland.

    The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at June 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year second quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands)Provision for
    Credit Losses
    Loans    		 Net Charge-Offs ACL
    as a Percent
    of Loans    		 Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans    		 Non-Performing
    Assets to
    Total Subsidiary
    Assets
    Second quarter 2024$5,066 $2,890 1.19% 0.29% 0.06%
    First quarter 2024 9,091  3,072 1.19% 0.37% 0.09%
    Fourth quarter 2023 4,181  3,695 1.19% 0.31% 0.09%
    Third quarter 2023 5,095  2,209 1.19% 0.09% 0.15%
    Second quarter 2023 5,254  2,473 1.19% 0.16% 0.12%
    First quarter 2023 6,260  1,939 1.20% 0.16% 0.12%
    Fourth quarter 2022 6,060  1,968 1.20% 0.14% 0.12%
    Third quarter 2022 8,382  3,154 1.20% 0.07% 0.13%
     

    Net charge-offs for the current quarter were $2.9 million compared to $3.1 million in the prior quarter and $2.5 million for the prior year second quarter. Net charge-offs of $2.9 million included $2.2 million in deposit overdraft net charge-offs and $716 thousand of net loan charge-offs.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

             $ Change from
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023
    Deposits             
    Non-interest bearing deposits$6,093,430 6,055,069 6,022,980 6,458,394 38,361  70,450  (364,964)
    NOW and DDA accounts 5,219,838 5,376,605 5,321,257 5,154,442 (156,767) (101,419) 65,396 
    Savings accounts 2,862,034 2,949,908 2,833,887 2,808,571 (87,874) 28,147  53,463 
    Money market deposit accounts 2,858,850 3,002,942 2,831,624 3,094,302 (144,092) 27,226  (235,452)
    Certificate accounts 3,064,613 3,039,190 2,915,393 2,014,104 25,423  149,220  1,050,509 
    Core deposits, total 20,098,765 20,423,714 19,925,141 19,529,813 (324,949) 173,624  568,952 
    Wholesale deposits 2,994 3,809 4,026 478,417 (815) (1,032) (475,423)
    Deposits, total 20,101,759 20,427,523 19,929,167 20,008,230 (325,764) 172,592  93,529 
    Repurchase agreements 1,629,504 1,540,008 1,486,850 1,356,862 89,496  142,654  272,642 
    Deposits and repurchase agreements, total 21,731,263 21,967,531 21,416,017 21,365,092 (236,268) 315,246  366,171 
    Federal Home Loan Bank advances 2,350,000 2,140,157 — — 209,843  2,350,000  2,350,000 
    FRB Bank Term Funding — — 2,740,000 2,740,000 —  (2,740,000) (2,740,000)
    Other borrowed funds 88,149 88,814 81,695 75,819 (665) 6,454  12,330 
    Subordinated debentures 133,024 132,984 132,943 132,863 40  81  161 
    Other liabilities 365,459 381,977 351,693 287,379 (16,518) 13,766  78,080 
    Total liabilities$24,667,895 24,711,463 24,722,348 24,601,153 (43,568) (54,453) 66,742 
     

    Total core deposits of $20.099 billion at June 30, 2024 decreased $325 million, or 2 percent, during the current quarter and increased $569 million, or 3 percent, from the prior year second quarter. Excluding the Wheatland acquisition, total core deposits decreased $48.0 million, or 25 basis points, from the prior year second quarter. Non-interest bearing deposits of $6.093 billion increased $38.4 million, or 3 percent annualized, during the current quarter. Non-interest bearing deposits represented 30 percent of total deposits at both June 30, 2024 and December 31, 2023 compared to 32 percent at June 30, 2023.

    FHLB borrowings of $2.350 billion increased $210 million, or 10 percent, during the quarter. Upon maturity in the prior quarter, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

    Stockholders’ Equity Summary

             $ Change from
    (Dollars in thousands, except per share data)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023
    Common equity$3,492,096  3,483,012  3,394,394  3,357,313  9,084 97,702  134,783 
    Accumulated other comprehensive loss (354,651) (372,305) (374,113) (430,787) 17,654 19,462  76,136 
    Total stockholders’ equity 3,137,445  3,110,707  3,020,281  2,926,526  26,738 117,164  210,919 
    Goodwill and core deposit intangible, net (1,066,790) (1,069,808) (1,017,263) (1,022,118) 3,018 (49,527) (44,672)
    Tangible stockholders’ equity$2,070,655  2,040,899  2,003,018  1,904,408  29,756 67,637  166,247 
     


    Stockholders’ equity to total assets 11.28% 11.18% 10.89% 10.63%      
    Tangible stockholders’ equity to total tangible assets 7.74% 7.63% 7.49% 7.18%      
    Book value per common share$27.67  27.43  27.24  26.40  0.24 0.43 1.27
    Tangible book value per common share$18.26  18.00  18.06  17.18  0.26 0.20 1.08
     

    Tangible stockholders’ equity of $2.071 billion at June 30, 2024 increased $67.6 million, or 3 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisition of Wheatland. Tangible book value per common share of $18.26 at the current quarter end increased $0.20 per share, or 1 percent, from the prior year end and increased $1.08 per share, or 6 percent, from the prior year second quarter.

    Cash Dividends
    On June 25, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 18, 2024 to shareholders of record on July 9, 2024. The dividend was the Company’s 157th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

     
    Operating Results for Three Months Ended June 30, 2024 
    Compared to March 31, 2024, and June 30, 2023
     
    Income Summary
     Three Months ended $ Change from
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Jun 30,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2023
    Net interest income         
    Interest income$273,834  279,402  247,365  (5,568) 26,469 
    Interest expense 107,356  112,922  75,385  (5,566) 31,971 
    Total net interest income 166,478  166,480  171,980  (2) (5,502)
    Non-interest income         
    Service charges and other fees 19,422  18,563  18,967  859  455 
    Miscellaneous loan fees and charges 4,821  4,362  4,162  459  659 
    Gain on sale of loans 4,669  3,362  3,528  1,307  1,141 
    (Loss) gain on sale of securities (12) 16  (23) (28) 11 
    Other income 3,304  3,686  2,445  (382) 859 
    Total non-interest income 32,204  29,989  29,079  2,215  3,125 
    Total income$198,682  196,469  201,059  2,213  (2,377)
    Net interest margin (tax-equivalent) 2.68% 2.59% 2.74%    
     

    Net Interest Income
    The current quarter interest income of $274 million decreased $5.6 million, or 2 percent, over the prior quarter and was driven by the decrease in cash balances used to partially payoff of the BTFP borrowings at the end of the first quarter of the current year. The current quarter interest income increased $26.5 million, or 11 percent, from the prior year second quarter was due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.58 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.46 percent and increased 46 basis points from the prior year second quarter loan yield of 5.12 percent.

    The current quarter interest expense of $107 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to the payoff of the BTFP borrowings. The current quarter interest expense increased $32.0 million, or 42 percent, over the prior year second quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the current quarter compared to 1.34 percent in the prior quarter and 0.57 percent for the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.80 percent in the current quarter decreased 4 basis points from the prior quarter which was driven by the decrease in borrowings. The current quarter cost of funds increased 54 basis points from the prior year second quarter which was the result of the increased deposit rates.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.68 percent, an increase of 9 basis points from the prior quarter net interest margin of 2.59 percent and was primarily driven by a decrease in average cash and wholesale funding balances resulting from the payoff of BTFP borrowings at the end of the first quarter of 2024 as well as an increase in loan yields. Excluding the 4 basis points from discount accretion and 1 basis point from non-accrual interest, the core net interest margin was 2.63 percent in the current quarter compared to 2.55 percent in the prior quarter. “The Company was pleased with the 9 basis points increase in the net interest margin,” said Ron Copher, Chief Financial Officer. “The growth in the loan portfolio at higher yields, the reduction in high cost wholesale funding, and the continued progress in slowing the pace of deposit cost increase contributed to the improved net interest margin during the current quarter.”

    Non-interest Income
    Non-interest income for the current quarter totaled $32.2 million, which was an increase of $2.2 million, or 7 percent, over the prior quarter and an increase of $3.1 million, or 11 percent, over the prior year second quarter. Service charges and other fees of $19.4 million for the current quarter increased $859 thousand, or 5 percent, compared to the prior quarter and increased $455 thousand, or 2 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.7 million for the current quarter increased $1.3 million, or 39 percent, compared to the prior quarter and increased $1.1 million, or 32 percent, from the prior year second quarter.

    Non-interest Expense Summary

     Three Months ended $ Change from
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Jun 30,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2023
    Compensation and employee benefits$84,434 85,789 78,764 (1,355) 5,670
    Occupancy and equipment 11,594 11,883 10,827 (289) 767
    Advertising and promotions 4,362 3,983 3,733 379  629
    Data processing 9,387 9,159 8,402 228  985
    Other real estate owned and foreclosed assets 149 25 14 124  135
    Regulatory assessments and insurance 5,393 7,761 5,314 (2,368) 79
    Core deposit intangibles amortization 3,017 2,760 2,427 257  590
    Other expenses 22,616 30,483 21,123 (7,867) 1,493
    Total non-interest expense$140,952 151,843 130,604 (10,891) 10,348
     

    Total non-interest expense of $141 million for the current quarter decreased $10.9 million, or 7 percent, over the prior quarter and increased $10.3 million, or 8 percent, over the prior year second quarter. Compensation and employee benefits of $84.4 million decreased $1.4 million from the prior quarter and was primarily driven by a decrease in performance-related compensation. Compensation and employee benefits increased $5.7 million, or 7 percent, from the prior year second quarter and was driven by annual salary increases and increases from the acquisition of Wheatland. Regulatory assessment and insurance of $5.4 million decreased $2.4 million, or 31 percent, from the prior quarter and was primarily attributable to the prior quarter accrual adjustment of the FDIC special assessment for the estimated losses associated with the bank failures in March of 2023.

    Other expenses of $22.6 million decreased $7.9 million, or 26 percent, from the prior quarter which was primarily attributable to a $3.9 million decrease in acquisition-related expenses and a $2.5 million decrease in expenses associated with equity investments in tax credits.

    Federal and State Income Tax Expense

    Tax expense during the second quarter of 2024 was $9.5 million, an increase of $5.8 million, or 153 percent, compared to the prior quarter and a decrease of $3.2 million, or 25 percent, from the prior year second quarter. The effective tax rate in the current quarter was 17.5 percent compared to 10.3 percent in the prior quarter and 18.8 percent in the prior year second quarter. The increase in the effective tax rate from the prior quarter was the result of an increase in pre-tax income and a decrease in federal income tax credits.

    Efficiency Ratio
    The efficiency ratio was 67.97 percent in the current quarter compared to 74.41 percent in the prior quarter and 62.73 percent in the prior year second quarter. The decrease from the prior quarter was principally driven by the decreased operating costs, including acquisition-related costs, from the Wheatland acquisition. The increase in the efficiency ratio from prior year second quarter was the combined impact of the expenses related to the Wheatland acquisition and a decrease in net interest income.

     
    Operating Results for Six Months Ended June 30, 2024
    Compared to June 30, 2023
     
    Income Summary
     Six months ended  
    (Dollars in thousands)Jun 30,
    2024    		 Jun 30,
    2023    		 $ Change % Change
    Net interest income       
    Interest income$553,236  $479,253  $73,983  15 %
    Interest expense 220,278   121,081   99,197  82 %
    Total net interest income 332,958   358,172   (25,214) (7)%
    Non-interest income       
    Service charges and other fees 37,985   36,738   1,247  3 %
    Miscellaneous loan fees and charges 9,183   8,129   1,054  13 %
    Gain on sale of loans 8,031   5,928   2,103  35 %
    Gain (loss) on sale of securities 4   (137)  141  (103)%
    Other income 6,990   6,316   674  11 %
    Total non-interest income 62,193   56,974   5,219  9 %
    Total Income$395,151  $415,146  $(19,995) (5)%
    Net interest margin (tax-equivalent) 2.64%  2.91%    
     

    Net Interest Income
    Net-interest income of $333 million for the first half of 2024 decreased $25.2 million, or 7 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $553 million for 2024 increased $74.0 million, or 15 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.52 percent during the first half of 2024, an increase of 45 basis points from the prior year first half loan yield of 5.07 percent.

    Interest expense of $220 million for the first half of 2024 increased $99 million, or 82 percent, over the same period in the prior year and was primarily the result of higher interest rates on deposits. Core deposit cost (including non-interest bearing deposits) was 1.35 percent for the first six months of 2024 compared to 0.40 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first six months of 2024 was 1.82 percent, which was an increase of 79 basis points over the first six months of the prior year funding cost of 1.03 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2024 was 2.64 percent, a 27 basis points decrease from the net interest margin of 2.91 percent for the first half of the prior year. Excluding the 3 basis points from discount accretion and 1 basis point from non-accrual interest, the core net interest margin was 2.60 percent in the first half of the current year compared to 2.90 percent in the prior year first half.

    Non-interest Income  
    Non-interest income of $62.2 million for the first six months of 2024 increased $5.2 million, or 9 percent, over the same period last year. Gain on sale of residential loans of $8.0 million for the first six months of 2024 increased by $2.1 million, or 35 percent, over the first six months of the prior year.

    Non-interest Expense Summary

     Six months ended    
    (Dollars in thousands)Jun 30,
    2024    		 Jun 30,
    2023    		 $ Change % Change
    Compensation and employee benefits$170,223 $160,241 $9,982 6%
    Occupancy and equipment 23,477  22,492  985 4%
    Advertising and promotions 8,345  7,968  377 5%
    Data processing 18,546  16,511  2,035 12%
    Other real estate owned and foreclosed assets 174  26  148 569%
    Regulatory assessments and insurance 13,154  10,217  2,937 29%
    Core deposit intangibles amortization 5,777  4,876  901 18%
    Other expenses 53,099  43,255  9,844 23%
    Total non-interest expense$292,795 $265,586 $27,209 10%
     

    Total non-interest expense of $293 million for the first half of 2024 increased $27.2 million, or 10 percent, over the same period in the prior year. Compensation and employee benefits expense of $170 million in the first six months of 2024 increased $10.0 million, or 6 percent, over the same period in the prior year and was driven by annual salary increases and the acquisition of Wheatland. Data processing expenses of $18.5 million for the first half of 2024 increased $2.0 million, or 12 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $13.2 million for the first half of 2024 increased $2.9 million, or 29 percent, over the same period in the prior year which was principally due to the accrual adjustment for the FDIC special assessment. Other expenses of $53.1 million for the first half of 2024 increased $9.8 million, or 23 percent, from the first half of the prior year and was primarily driven by an increase of $6.9 million of acquisition-related expenses, which was partially offset by gains of $2.5 million from the sale of former branch facilities and disposal of fixed assets.

    Provision for Credit Losses

    The provision for credit loss expense was $11.8 million for the first half of 2024, an increase of $3.5 million, or 43 percent, over the same period in the prior year and was primarily attributable to $5.3 million from the acquisition of Wheatland. Net charge-offs for the first half of 2024 were $6.0 million compared to $4.4 million in the first half of 2023.

    Federal and State Income Tax Expense
    Tax expense of $13.3 million for the first six months of 2024 decreased $11.9 million, or 47 percent, over the prior year. The effective tax rate for the first six months of 2024 was 14.6 percent compared to 17.8 percent for the same period in the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 71.17 percent for the first six months of 2024 compared to 61.52 percent for the same period of 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense.

    Forward-Looking Statements  
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of a rising interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
    • costs or difficulties related to the completion and integration of pending or future acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 19, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BIb4af6c99b1b447c3b8563d90c2fcf09d. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/555kzj6s. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

     
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023
    Assets       
    Cash on hand and in banks$271,107  232,064  246,525  285,920 
    Interest bearing cash deposits 529,672  556,596  1,107,817  765,400 
    Cash and cash equivalents 800,779  788,660  1,354,342  1,051,320 
    Debt securities, available-for-sale 4,499,541  4,629,073  4,785,719  4,999,820 
    Debt securities, held-to-maturity 3,400,403  3,451,583  3,502,411  3,608,289 
    Total debt securities 7,899,944  8,080,656  8,288,130  8,608,109 
    Loans held for sale, at fair value 39,745  27,035  15,691  35,006 
    Loans receivable 16,851,991  16,732,502  16,198,082  15,954,962 
    Allowance for credit losses (200,955) (198,779) (192,757) (189,385)
    Loans receivable, net 16,651,036  16,533,723  16,005,325  15,765,577 
    Premises and equipment, net 451,515  443,273  421,791  405,407 
    Other real estate owned and foreclosed assets 630  891  1,503  52 
    Accrued interest receivable 102,279  106,063  94,526  88,351 
    Deferred tax asset 155,834  161,327  159,070  179,815 
    Core deposit intangible, net 43,028  46,046  31,870  36,725 
    Goodwill 1,023,762  1,023,762  985,393  985,393 
    Non-marketable equity securities 121,810  111,129  12,755  10,014 
    Bank-owned life insurance 187,793  186,625  171,101  169,195 
    Other assets 327,185  312,980  201,132  192,715 
    Total assets$27,805,340  27,822,170  27,742,629  27,527,679 
    Liabilities       
    Non-interest bearing deposits$6,093,430  6,055,069  6,022,980  6,458,394 
    Interest bearing deposits 14,008,329  14,372,454  13,906,187  13,549,836 
    Securities sold under agreements to repurchase 1,629,504  1,540,008  1,486,850  1,356,862 
    FHLB advances 2,350,000  2,140,157  —  — 
    FRB Bank Term Funding —  —  2,740,000  2,740,000 
    Other borrowed funds 88,149  88,814  81,695  75,819 
    Subordinated debentures 133,024  132,984  132,943  132,863 
    Accrued interest payable 31,000  32,584  125,907  47,742 
    Other liabilities 334,459  349,393  225,786  239,637 
    Total liabilities 24,667,895  24,711,463  24,722,348  24,601,153 
    Commitments and Contingent Liabilities       
    Stockholders’ Equity       
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding —  —  —  — 
    Common stock, $0.01 par value per share, 234,000,000 shares authorized 1,134  1,134  1,109  1,109 
    Paid-in capital 2,445,479  2,443,584  2,350,104  2,346,422 
    Retained earnings - substantially restricted 1,045,483  1,038,294  1,043,181  1,009,782 
    Accumulated other comprehensive loss (354,651) (372,305) (374,113) (430,787)
    Total stockholders’ equity 3,137,445  3,110,707  3,020,281  2,926,526 
    Total liabilities and stockholders’ equity$27,805,340  27,822,170  27,742,629  27,527,679 
     


     
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
     Three Months ended Six months ended
    (Dollars in thousands, except per share data)Jun 30,
    2024    		 Mar 31,
    2024    		 Jun 30,
    2023    		 Jun 30,
    2024    		 Jun 30,
    2023
    Interest Income         
    Investment securities$42,165  56,218 47,658  98,383 91,300 
    Residential real estate loans 21,754  20,764 17,076  42,518 32,914 
    Commercial loans 188,326  181,472 164,587  369,798 320,269 
    Consumer and other loans 21,589  20,948 18,044  42,537 34,770 
    Total interest income 273,834  279,402 247,365  553,236 479,253 
    Interest Expense         
    Deposits 67,852  67,196 31,700  135,048 44,245 
    Securities sold under agreements to
    repurchase    		 13,566  12,598 8,607  26,164 13,213 
    Federal Home Loan Bank advances 24,179  4,249 3,305  28,428 26,910 
    FRB Bank Term Funding —  27,097 29,899  27,097 32,931 
    Other borrowed funds 353  344 443  697 939 
    Subordinated debentures 1,406  1,438 1,431  2,844 2,843 
    Total interest expense 107,356  112,922 75,385  220,278 121,081 
    Net Interest Income 166,478  166,480 171,980  332,958 358,172 
    Provision for credit losses 3,518  8,249 2,773  11,767 8,243 
    Net interest income after provision for credit losses 162,960  158,231 169,207  321,191 349,929 
    Non-Interest Income         
    Service charges and other fees 19,422  18,563 18,967  37,985 36,738 
    Miscellaneous loan fees and charges 4,821  4,362 4,162  9,183 8,129 
    Gain on sale of loans 4,669  3,362 3,528  8,031 5,928 
    (Loss) gain on sale of securities (12) 16 (23) 4 (137)
    Other income 3,304  3,686 2,445  6,990 6,316 
    Total non-interest income 32,204  29,989 29,079  62,193 56,974 
    Non-Interest Expense         
    Compensation and employee benefits 84,434  85,789 78,764  170,223 160,241 
    Occupancy and equipment 11,594  11,883 10,827  23,477 22,492 
    Advertising and promotions 4,362  3,983 3,733  8,345 7,968 
    Data processing 9,387  9,159 8,402  18,546 16,511 
    Other real estate owned and foreclosed assets 149  25 14  174 26 
    Regulatory assessments and insurance 5,393  7,761 5,314  13,154 10,217 
    Core deposit intangibles amortization 3,017  2,760 2,427  5,777 4,876 
    Other expenses 22,616  30,483 21,123  53,099 43,255 
    Total non-interest expense 140,952  151,843 130,604  292,795 265,586 
    Income Before Income Taxes 54,212  36,377 67,682  90,589 141,317 
    Federal and state income tax expense 9,504  3,750 12,727  13,254 25,151 
    Net Income$44,708  32,627 54,955  77,335 116,166 
     


     
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
     Three Months ended
     June 30, 2024 March 31, 2024
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,796,787 $21,754 4.84% $1,747,184 $20,764 4.75%
    Commercial loans 1 13,740,455  189,939 5.56%  13,513,426  183,045 5.45%
    Consumer and other loans 1,290,587  21,589 6.73%  1,283,388  20,948 6.56%
    Total loans 2 16,827,829  233,282 5.58%  16,543,998  224,757 5.46%
    Tax-exempt debt securities 3 1,707,269  15,111 3.54%  1,720,370  15,157 3.52%
    Taxable debt securities 4, 5 7,042,885  29,461 1.67%  8,176,974  43,477 2.13%
    Total earning assets 25,577,983  277,854 4.37%  26,441,342  283,391 4.31%
    Goodwill and intangibles 1,068,250      1,051,954    
    Non-earning assets 754,491      611,550    
    Total assets$27,400,724     $28,104,846    
    Liabilities           
    Non-interest bearing deposits$6,026,709 $— —% $5,966,546 $— —%
    NOW and DDA accounts 5,221,883  15,728 1.21%  5,275,703  15,918 1.21%
    Savings accounts 2,914,538  6,014 0.83%  2,900,649  5,655 0.78%
    Money market deposit accounts 2,904,438  14,467 2.00%  2,948,294  14,393 1.96%
    Certificate accounts 3,037,638  31,593 4.18%  3,000,713  31,175 4.18%
    Total core deposits 20,105,206  67,802 1.36%  20,091,905  67,141 1.34%
    Wholesale deposits 6 3,726  50 5.50%  3,965  55 5.50%
    Repurchase agreements 1,597,887  13,566 3.41%  1,513,397  12,598 3.35%
    FHLB advances 2,007,747  24,179 4.76%  350,754  4,249 4.79%
    FRB Bank Term Funding —  — —%  2,483,077  27,097 4.39%
    Subordinated debentures and other borrowed funds 224,778  1,759 3.15%  218,271  1,782 3.28%
    Total funding liabilities 23,939,344  107,356 1.80%  24,661,369  112,922 1.84%
    Other liabilities 344,105      356,554    
    Total liabilities 24,283,449      25,017,923    
    Stockholders’ Equity           
    Stockholders’ equity 3,117,275      3,086,923    
    Total liabilities and stockholders’ equity$27,400,724     $28,104,846    
    Net interest income (tax-equivalent)  $170,498     $170,469  
    Net interest spread (tax-equivalent)    2.57%     2.47%
    Net interest margin (tax-equivalent)    2.68%     2.59%
     

    ______________________________

    1Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2024 and March 31, 2024, respectively.
    2Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3Includes tax effect of $2.2 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2024 and March 31, 2024, respectively.
    4Includes interest income of $1.9 million and $15.3 million on average interest-bearing cash balances of $143.0 million and $1.12 billion for the three months ended June 30, 2024 and March 31, 2024, respectively.
    5Includes tax effect of $211 thousand and $215 thousand on federal income tax credits for the three months ended June 30, 2024 and March 31, 2024, respectively.
    6Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.


     
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
     Three Months ended
     June 30, 2024 June 30, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,796,787 $21,754 4.84% $1,567,136 $17,076 4.36%
    Commercial loans 1 13,740,455  189,939 5.56%  12,950,934  165,874 5.14%
    Consumer and other loans 1,290,587  21,589 6.73%  1,236,763  18,044 5.85%
    Total loans 2 16,827,829  233,282 5.58%  15,754,833  200,994 5.12%
    Tax-exempt debt securities 3 1,707,269  15,111 3.54%  1,743,852  14,462 3.32%
    Taxable debt securities 4, 5 7,042,885  29,461 1.67%  8,177,551  35,202 1.72%
    Total earning assets 25,577,983  277,854 4.37%  25,676,236  250,658 3.92%
    Goodwill and intangibles 1,068,250      1,023,291    
    Non-earning assets 754,491      523,349    
    Total assets$27,400,724     $27,222,876    
    Liabilities           
    Non-interest bearing deposits$6,026,709 $— —% $6,584,082 $— —%
    NOW and DDA accounts 5,221,883  15,728 1.21%  5,108,421  7,429 0.58%
    Savings accounts 2,914,538  6,014 0.83%  2,846,015  1,064 0.15%
    Money market deposit accounts 2,904,438  14,467 2.00%  3,256,007  10,174 1.25%
    Certificate accounts 3,037,638  31,593 4.18%  1,451,218  8,878 2.45%
    Total core deposits 20,105,206  67,802 1.36%  19,245,743  27,545 0.57%
    Wholesale deposits 6 3,726  50 5.50%  330,655  4,155 5.04%
    Repurchase agreements 1,597,887  13,566 3.41%  1,273,045  8,607 2.71%
    FHLB advances 2,007,747  24,179 4.76%  245,055  3,305 5.33%
    FRB Bank Term Funding —  — —%  2,740,000  29,899 4.38%
    Subordinated debentures and other borrowed funds 224,778  1,759 3.15%  208,804  1,874 3.60%
    Total funding liabilities 23,939,344  107,356 1.80%  24,043,302  75,385 1.26%
    Other liabilities 344,105      247,319    
    Total liabilities 24,283,449      24,290,621    
    Stockholders’ Equity           
    Stockholders’ equity 3,117,275      2,932,255    
    Total liabilities and stockholders’ equity$27,400,724     $27,222,876    
    Net interest income (tax-equivalent)  $170,498     $175,273  
    Net interest spread (tax-equivalent)    2.57%     2.66%
    Net interest margin (tax-equivalent)    2.68%     2.74%
     

    ______________________________

    1 Includes tax effect of $1.6 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2024 and 2023, respectively.
    2Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3Includes tax effect of $2.2 million and $1.8 million on tax-exempt debt securities income for the three months ended June 30, 2024 and 2023, respectively.
    4Includes interest income of $1.9 million and $7.3 million on average interest-bearing cash balances of $143.0 million and $579.0 million for the three months ended June 30, 2024 and 2023, respectively.
    5Includes tax effect of $211 thousand and $214 thousand on federal income tax credits for the three months ended June 30, 2024 and 2023, respectively.
    6Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.  


     
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
     Six Months ended
     June 30, 2024 June 30, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,771,985 $42,518 4.80% $1,530,739 $32,914 4.30%
    Commercial loans 1 13,626,941  372,984 5.50%  12,804,058  323,330 5.09%
    Consumer and other loans 1,286,988  42,537 6.65%  1,222,121  34,770 5.74%
    Total loans 2 16,685,914  458,039 5.52%  15,556,918  391,014 5.07%
    Tax-exempt debt securities 3 1,713,819  30,268 3.53%  1,752,644  30,492 3.48%
    Taxable debt securities 4, 5 7,609,930  72,938 1.92%  8,115,452  66,286 1.63%
    Total earning assets 26,009,663  561,245 4.34%  25,425,014  487,792 3.87%
    Goodwill and intangibles 1,060,102      1,024,497    
    Non-earning assets 683,020      501,278    
    Total assets$27,752,785     $26,950,789    
    Liabilities           
    Non-interest bearing deposits$5,996,627 $— —% $6,927,248 $— —%
    NOW and DDA accounts 5,248,793  31,646 1.21%  5,094,376  9,700 0.38%
    Savings accounts 2,907,594  11,669 0.81%  2,976,065  1,578 0.11%
    Money market deposit accounts 2,926,366  28,860 1.98%  3,361,892  16,008 0.96%
    Certificate accounts 3,019,176  62,768 4.18%  1,219,282  11,462 1.90%
    Total core deposits 20,098,556  134,943 1.35%  19,578,863  38,748 0.40%
    Wholesale deposits 6 3,846  105 5.50%  226,142  5,497 4.90%
    Repurchase agreements 1,555,642  26,164 3.38%  1,154,970  13,213 2.31%
    FHLB advances 1,179,251  28,428 4.77%  1,113,122  26,910 4.81%
    FRB Bank Term Funding 1,241,538  27,097 4.39%  1,517,265  32,931 4.38%
    Subordinated debentures and other borrowed funds 221,525  3,541 3.21%  209,174  3,782 3.65%
    Total funding liabilities 24,300,358  220,278 1.82%  23,799,536  121,081 1.03%
    Other liabilities 350,329      232,365    
    Total liabilities 24,650,687      24,031,901    
    Stockholders’ Equity           
    Stockholders’ equity 3,102,098      2,918,888    
    Total liabilities and stockholders’ equity$27,752,785     $26,950,789    
    Net interest income (tax-equivalent)  $340,967     $366,711  
    Net interest spread (tax-equivalent)    2.52%     2.84%
    Net interest margin (tax-equivalent)    2.64%     2.91%
     

    ______________________________

    1Includes tax effect of $3.2 million and $3.1 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2024 and 2023, respectively.
    2Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3Includes tax effect of $4.4 million and $5.0 million on tax-exempt debt securities income for the six months ended June 30, 2024 and 2023, respectively.
    4Includes interest income of $17.2 million and $9.4 million on average interest-bearing cash balances of $631.7 million and $379.0 million for the six months ended June 30, 2024 and 2023, respectively.
    5Includes tax effect of $426 thousand and $429 thousand on federal income tax credits for the six months ended June 30, 2024 and 2023, respectively.
    6Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

     
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
     Loans Receivable, by Loan Type % Change from
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023
    Custom and owner occupied construction$233,978  $273,835  $290,572  $315,651  (15)% (19)% (26)%
    Pre-sold and spec construction 198,219   223,294   236,596   306,440  (11)% (16)% (35)%
    Total residential construction 432,197   497,129   527,168   622,091  (13)% (18)% (31)%
    Land development 209,794   215,828   232,966   238,897  (3)% (10)% (12)%
    Consumer land or lots 190,781   188,635   187,545   182,251  1 % 2 % 5 %
    Unimproved land 108,763   103,032   87,739   91,157  6 % 24 % 19 %
    Developed lots for operative builders 57,140   47,591   56,142   65,134  20 % 2 % (12)%
    Commercial lots 99,036   92,748   87,185   94,334  7 % 14 % 5 %
    Other construction 810,536   915,782   900,547   1,039,192  (11)% (10)% (22)%
    Total land, lot, and other construction 1,476,050   1,563,616   1,552,124   1,710,965  (6)% (5)% (14)%
    Owner occupied 3,087,814   3,057,348   3,035,768   2,934,724  1 % 2 % 5 %
    Non-owner occupied 3,941,786   3,920,696   3,742,916   3,714,531  1 % 5 % 6 %
    Total commercial real estate 7,029,600   6,978,044   6,778,684   6,649,255  1 % 4 % 6 %
    Commercial and industrial 1,400,896   1,371,201   1,363,479   1,370,393  2 % 3 % 2 %
    Agriculture 962,384   929,420   772,458   770,378  4 % 25 % 25 %
    1st lien 2,353,912   2,276,638   2,127,989   1,956,205  3 % 11 % 20 %
    Junior lien 56,049   51,579   47,230   46,616  9 % 19 % 20 %
    Total 1-4 family 2,409,961   2,328,217   2,175,219   2,002,821  4 % 11 % 20 %
    Multifamily residential 1,027,962   881,117   796,538   664,859  17 % 29 % 55 %
    Home equity lines of credit 974,000   947,652   979,891   940,048  3 % (1)% 4 %
    Other consumer 220,755   223,566   229,154   231,519  (1)% (4)% (5)%
    Total consumer 1,194,755   1,171,218   1,209,045   1,171,567  2 % (1)% 2 %
    States and political subdivisions 777,426   848,454   834,947   812,688  (8)% (7)% (4)%
    Other 180,505   191,121   204,111   214,951  (6)% (12)% (16)%
    Total loans receivable, including
    loans held for sale    		 16,891,736   16,759,537   16,213,773   15,989,968  1 % 4 % 6 %
    Less loans held for sale 1 (39,745)  (27,035)  (15,691)  (35,006) 47 % 153 % 14 %
    Total loans receivable$16,851,991  $16,732,502  $16,198,082  $15,954,962  1 % 4 % 6 %
     

    ______________________________

    1Loans held for sale are primarily 1st lien 1-4 family loans.

     

     
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type    		 Non-
    Accrual
    Loans    		 Accruing
    Loans 90
    Days
    or More Past
    Due    		 Other real
    estate owned
    and
    foreclosed
    assets
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023    		 Jun 30,
    2024    		 Jun 30,
    2024    		 Jun 30,
    2024
    Custom and owner occupied construction$206 210 214 219 206 — —
    Pre-sold and spec construction 2,908 1,049 763 1,548 2,145 763 —
    Total residential construction 3,114 1,259 977 1,767 2,351 763 —
    Land development — 28 35 118 — — —
    Consumer land or lots 429 144 96 239 201 228 —
    Unimproved land — — — 43 — — —
    Developed lots for operative builders 608 608 608 608 — 608 —
    Commercial lots 47 2,205 47 188 — 47 —
    Other construction 25 — — 12,884 25 — —
    Total land, lot and other construction 1,109 2,985 786 14,080 226 883 —
    Owner occupied 1,992 1,501 1,838 2,251 999 561 432
    Non-owner occupied 257 8,853 11,016 4,450 — 257 —
    Total commercial real estate 2,249 10,354 12,854 6,701 999 818 432
    Commercial and Industrial 2,044 1,698 1,971 1,339 1,297 747 —
    Agriculture 2,442 2,855 2,558 2,564 2,396 46 —
    1st lien 2,923 2,930 2,664 2,794 2,217 706 —
    Junior lien 492 69 180 273 353 139 —
    Total 1-4 family 3,415 2,999 2,844 3,067 2,570 845 —
    Multifamily residential 385 395 395 — 385 — —
    Home equity lines of credit 2,145 1,892 2,043 1,256 1,770 375 —
    Other consumer 1,089 927 1,187 1,116 692 199 198
    Total consumer 3,234 2,819 3,230 2,372 2,462 574 198
    Other 16 61 16 132 — 16 —
    Total$18,008 25,425 25,631 32,022 12,686 4,692 630
     


     
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
     Accruing 30-89 Days Delinquent Loans,  by Loan Type % Change from
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023
    Custom and owner occupied construction$1,323 $4,784 $2,549 $324 (72)% (48)% 308 %
    Pre-sold and spec construction 816  1,181  1,219  129 (31)% (33)% 533 %
    Total residential construction 2,139  5,965  3,768  453 (64 )% (43)% 372 %
    Land development —  59  163  244 (100)% (100)% (100)%
    Consumer land or lots 411  332  624  565 24 % (34)% (27)%
    Unimproved land 158  575  —  — (73)% n/m n/m
    Commercial lots —  1,225  2,159  3,404 (100)% (100)% (100)%
    Other construction 21  1,248  —  1,114 (98)% n/m (98)%
    Total land, lot and other construction 590  3,439  2,946  5,327 (83)% (80)% (89)%
    Owner occupied 4,326  2,991  2,222  1,053 45 % 95 % 311 %
    Non-owner occupied 8,119  18,118  14,471  8,595 (55)% (44)% (6)%
    Total commercial real estate 12,445  21,109  16,693  9,648 (41)% (25)% 29 %
    Commercial and industrial 17,591  14,806  12,905  2,096 19 % 36 % 739 %
    Agriculture 5,288  3,922  594  871 35 % 790 % 507 %
    1st lien 2,637  5,626  3,768  1,115 (53)% (30)% 137 %
    Junior lien 17  145  1  385 (88)% 1,600 % (96)%
    Total 1-4 family 2,654  5,771  3,769  1,500 (54)% (30)% 77 %
    Home equity lines of credit 5,432  3,668  4,518  2,021 48 % 20 % 169 %
    Other consumer 2,192  1,948  3,264  1,714 13 % (33)% 28 %
    Total consumer 7,624  5,616  7,782  3,735 36 % (2)% 104 %
    Other 1,347  1,795  1,510  1,233 (25)% (11)% 9 %
    Total$49,678 $62,423 $49,967 $24,863 (20)% (1)% 100 %
     

    ______________________________

    n/m - not measurable


     
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
     Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		 Charge-Offs Recoveries
    (Dollars in thousands)Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Jun 30,
    2023    		 Jun 30,
    2024    		 Jun 30,
    2024
    Pre-sold and spec construction (4) (4) (15) (8) — 4
    Total residential construction (4) (4) (15) (8) — 4
    Land development (1) (1) (135) (132) — 1
    Consumer land or lots (22) (1) (19) (14) — 22
    Unimproved land 5  —  —  —  5 —
    Commercial lots 319  —  —  —  319 —
    Other construction —  —  889  —  — —
    Total land, lot and other construction 301  (2) 735  (146) 324 23
    Owner occupied (73) (3) (59) (76) — 73
    Non-owner occupied (2) (1) 799  299  — 2
    Total commercial real estate (75) (4) 740  223  — 75
    Commercial and industrial 644  328  364  (18) 1,149 505
    Agriculture 68  68  —  —  68 —
    1st lien (22) (4) 66  101  — 22
    Junior lien (55) (5) 24  38  10 65
    Total 1-4 family (77) (9) 90  139  10 87
    Multifamily residential —  —  (136) —  — —
    Home equity lines of credit 1  5  (6) 56  15 14
    Other consumer 493  251  1,097  401  709 216
    Total consumer 494  256  1,091  457  724 230
    Other 4,611  2,439  7,447  3,765  6,155 1,544
    Total$5,962  3,072  10,316  4,412  8,430 2,468
     

    Visit our website at www.glacierbancorp.com

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706


    Primary Logo

Share on,