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

    ソース: Nasdaq GlobeNewswire / 24 10 2024 15:30:01   America/Chicago

    3rd Quarter 2024 Highlights:

    • Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share.
    • Net income was $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent, from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the prior year third quarter net income of $52.4 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent.
    • Net interest income was $180 million for the current quarter, an increase of $13.8 million, or 8 percent, from the prior quarter net interest income of $166 million and an increase of $13.2 million, or 8 percent, from the prior year third quarter net interest income of $167 million.
    • The loan portfolio of $17.181 billion increased $329 million, or 2 percent, during the current quarter and organically increased $57.6 million, or 1 percent annualized, during the current quarter.
    • Total core deposits of $20.711 billion, increased $613 million, or 3 percent, during the current quarter and organically increased $216 million, or 4 percent annualized, during the current quarter.
    • Non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, during the current quarter and organically increased $221 million, or 14 percent annualized, during the current quarter.
    • The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.80 percent.
    • Stockholders’ equity of $3.245 billion increased $108 million, or 3 percent, during the current quarter and increased $370 million, or 13 percent, over the prior year third quarter.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 158 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million, total gross loans of $272 million and total deposits of $397 million.

    Year-to-date 2024 Highlights:

    • Net income for the first nine months of 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the prior year first nine months net income of $169 million.
    • Interest income for the first nine months of 2024 was $843 million, an increase of $98.7 million, or 13 percent, over the $744 million of interest income for the first nine months of 2023.
    • The loan portfolio increased $983 million, or 6 percent, during the first nine months of 2024 and organically increased $261 million, or 2 percent, during the first nine months 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.
    • Dividends declared in the first nine months of 2024 were $0.99 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 Nine months ended
    (Dollars in thousands, except per share and market data)Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Sep 30,
    2023    		 Sep 30,
    2024    		 Sep 30,
    2023
    Operating results           
    Net income$51,055  44,708  32,627  52,445  128,390  168,611 
    Basic earnings per share$0.45  0.39  0.29  0.47  1.14  1.52 
    Diluted earnings per share$0.45  0.39  0.29  0.47  1.13  1.52 
    Dividends declared per share$0.33  0.33  0.33  0.33  0.99  0.99 
    Market value per share           
    Closing$45.70  37.32  40.28  28.50  45.70  28.50 
    High$47.71  40.18  42.75  36.45  47.71  50.03 
    Low$35.57  34.35  34.74  26.84  34.35  26.77 
    Selected ratios and other data           
    Number of common stock shares outstanding 113,394,786  113,394,092  113,388,590  110,879,365  113,394,786  110,879,365 
    Average outstanding shares - basic 113,394,758  113,390,539  112,492,142  110,877,534  113,093,583  110,857,788 
    Average outstanding shares - diluted 113,473,107  113,405,491  112,554,402  110,886,959  113,137,861  110,882,718 
    Return on average assets (annualized) 0.73% 0.66% 0.47% 0.75% 0.62% 0.83%
    Return on average equity (annualized) 6.34% 5.77% 4.25% 7.12% 5.47% 7.72%
    Efficiency ratio 64.92% 67.97% 74.41% 63.31% 68.98% 62.10%
    Loan to deposit ratio 83.16% 84.03% 82.04% 79.25% 83.16% 79.25%
    Number of full time equivalent employees 3,434  3,399  3,438  3,314  3,434  3,314 
    Number of locations 232  231  232  221  232  221 
    Number of ATMs 279  286  285  274  279  274 
     

    KALISPELL, Mont., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the $52.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share and a decrease of 4 percent from the prior year third quarter diluted earnings per share of $0.47. The decrease in net income compared to the prior year third quarter was due to the increase in funding costs and the increased costs associated with the acquisitions of Wheatland and RMB over the prior year third quarter. “Our positive business trends through the third quarter. We were very pleased to see solid earnings, margin and deposit growth,” said Randy Chesler, President and Chief Executive Officer. “We finalized the acquisition of the Rocky Mountain Bank Montana branches from Heartland and welcome the employees to the Glacier team.”

    Net income for the nine months ended September 30, 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the $169 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2024 was $1.13 per share, a decrease of $0.39 per share from the prior year first nine months diluted earnings per share of $1.52. The decrease in net income for the first nine months of the current year compared to the prior year first nine months was primarily due to the significant increase in funding costs. In addition, the current year-to-date results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

    On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 23 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

     Wheatland RMB  
    (Dollars in thousands)January 31,
    2024    		 July 19,
    2024    		 Total
    Total assets$777,659 $403,052 $1,180,711
    Cash and cash equivalents 12,926  76,781  89,707
    Debt securities 187,183  —  187,183
    Loans receivable 450,403  271,569  721,972
    Non-interest bearing deposits 277,651  93,534  371,185
    Interest bearing deposits 339,304  303,156  642,460
    Borrowings 58,500  4,305  62,805
    Core deposit intangible 16,936  9,794  26,730
    Goodwill 38,369  29,794  68,163
     

    Asset Summary

             $ Change from
    (Dollars in thousands)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023
    Cash and cash equivalents$987,833  800,779  1,354,342  1,672,094  187,054  (366,509) (684,261)
    Debt securities, available-for-sale 4,436,578  4,499,541  4,785,719  4,741,738  (62,963) (349,141) (305,160)
    Debt securities, held-to-maturity 3,348,698  3,400,403  3,502,411  3,553,805  (51,705) (153,713) (205,107)
    Total debt securities 7,785,276  7,899,944  8,288,130  8,295,543  (114,668) (502,854) (510,267)
    Loans receivable             
    Residential real estate 1,837,697  1,771,528  1,704,544  1,653,777  66,169  133,153  183,920 
    Commercial real estate 10,833,841  10,713,964  10,303,306  10,292,446  119,877  530,535  541,395 
    Other commercial 3,177,051  3,066,028  2,901,863  2,916,785  111,023  275,188  260,266 
    Home equity 931,440  905,884  888,013  869,963  25,556  43,427  61,477 
    Other consumer 401,158  394,587  400,356  402,075  6,571  802  (917)
    Loans receivable 17,181,187  16,851,991  16,198,082  16,135,046  329,196  983,105  1,046,141 
    Allowance for credit losses (205,170) (200,955) (192,757) (192,271) (4,215) (12,413) (12,899)
    Loans receivable, net 16,976,017  16,651,036  16,005,325  15,942,775  324,981  970,692  1,033,242 
    Other assets 2,456,643  2,453,581  2,094,832  2,153,149  3,062  361,811  303,494 
    Total assets$28,205,769  27,805,340  27,742,629  28,063,561  400,429  463,140  142,208 
     

    Total debt securities of $7.785 billion at September 30, 2024 decreased $115 million, or 1 percent, during the current quarter and decreased $510 million, or 6 percent, from the prior year third quarter. Debt securities represented 28 percent of total assets at September 30, 2024 compared to 30 percent at December 31, 2023 and 30 percent at September 30, 2023.

    The loan portfolio of $17.181 billion at September 30, 2024 increased $329 million, or 2 percent, during the current quarter. Excluding the RMB acquisition, the loan portfolio organically increased $57.6 million, or 1 percent annualized, during the current quarter. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $261 million, or 2 percent, during the first nine months of 2024 and increased $324 million, or 2 percent, from the prior year third quarter.

    Credit Quality Summary

     At or for the Nine Months ended At or for the Six Months ended At or for the Year ended At or for the Nine Months ended
    (Dollars in thousands)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 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 21,138  14,157  20,790  16,609 
    Charge-offs (12,406) (8,430) (15,095) (10,284)
    Recoveries 3,678  2,468  4,779  3,663 
    Balance at end of period$205,170  200,955  192,757  192,271 
    Provision for credit losses       
    Loan portfolio$21,138  14,157  20,790  16,609 
    Unfunded loan commitments (1,366) (2,390) (5,995) (4,827)
    Total provision for credit losses$19,772  11,767  14,795  11,782 
    Other real estate owned$432  432  1,032  — 
    Other foreclosed assets 201  198  471  48 
    Accruing loans 90 days or more past due 11,551  4,692  3,312  3,855 
    Non-accrual loans 15,937  12,686  20,816  38,380 
    Total non-performing assets$28,121  18,008  25,631  42,283 
    Non-performing assets as a percentage of subsidiary assets 0.10% 0.06% 0.09% 0.15%
    Allowance for credit losses as a percentage of non-performing loans 730% 1,116% 799% 455%
    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 0.05% 0.04% 0.06% 0.04%
    Accruing loans 30-89 days past due$56,213  49,678  49,967  15,253 
    U.S. government guarantees included in non-performing assets$1,802  1,228  1,503  1,057 
     

    Non-performing assets as a percentage of subsidiary assets at September 30, 2024 was 0.10 percent compared to 0.06 percent in the prior quarter and 0.15 percent in the prior year third quarter. Non-performing assets of $28.1 million at September 30, 2024 increased $10.1 million, or 56 percent, over the prior quarter and decreased $14.2 million, or 33 percent, over the prior year third quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2024 were 0.33 percent compared to 0.29 percent for the prior quarter end and 0.09 percent for the prior year third quarter. Early stage delinquencies of $56.2 million at September 30, 2024 increased $6.5 million from the prior quarter and increased $41.0 million from prior year third quarter.

    The current quarter credit loss expense of $8.0 million included $2.8 million of provision for credit losses on loans and $799 thousand of provision for credit losses on unfunded commitments from the acquisition of RMB. Excluding the acquisition of RMB, the current quarter credit loss expense was $4.4 million, including $4.2 million of credit loss expense from loans and $225 thousand of credit loss expense from unfunded loan commitments.

    For the first nine months of the current year, the provision for credit losses of $19.8 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

    The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year third 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
    Third quarter 2024$6,981 $2,766 1.19% 0.33% 0.10%
    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%
     

    Net charge-offs for the current quarter were $2.8 million compared to $2.9 million in the prior quarter and $2.2 million for the prior year third quarter. Net charge-offs of $2.8 million included $1.9 million in deposit overdraft net charge-offs and $815 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)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023
    Deposits             
    Non-interest bearing deposits$6,407,728 6,093,430 6,022,980 6,465,353 314,298  384,748  (57,625)
    NOW and DDA accounts 5,363,476 5,219,838 5,321,257 5,253,367 143,638  42,219  110,109 
    Savings accounts 2,801,077 2,862,034 2,833,887 2,872,362 (60,957) (32,810) (71,285)
    Money market deposit accounts 2,854,540 2,858,850 2,831,624 2,994,631 (4,310) 22,916  (140,091)
    Certificate accounts 3,284,609 3,064,613 2,915,393 2,742,017 219,996  369,216  542,592 
    Core deposits, total 20,711,430 20,098,765 19,925,141 20,327,730 612,665  786,289  383,700 
    Wholesale deposits 3,334 2,994 4,026 67,434 340  (692) (64,100)
    Deposits, total 20,714,764 20,101,759 19,929,167 20,395,164 613,005  785,597  319,600 
    Repurchase agreements 1,831,501 1,629,504 1,486,850 1,499,696 201,997  344,651  331,805 
    Deposits and repurchase agreements, total 22,546,265 21,731,263 21,416,017 21,894,860 815,002  1,130,248  651,405 
    Federal Home Loan Bank advances 1,800,000 2,350,000 — — (550,000) 1,800,000  1,800,000 
    FRB Bank Term Funding — — 2,740,000 2,740,000 —  (2,740,000) (2,740,000)
    Other borrowed funds 84,168 88,149 81,695 73,752 (3,981) 2,473  10,416 
    Subordinated debentures 133,065 133,024 132,943 132,903 41  122  162 
    Other liabilities 397,221 365,459 351,693 347,452 31,762  45,528  49,769 
    Total liabilities$24,960,719 24,667,895 24,722,348 25,188,967 292,824  238,371  (228,248)
     

    Total core deposits of $20.711 billion at September 30, 2024 increased $613 million, or 3 percent, from the prior quarter and increased $786 million, or 4 percent, from the prior year end. Total core deposits organically increased $217 million, or 4 percent annualized, during the current quarter and decreased $227 million, or 1 percent, from the prior year end.

    Total non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, from the prior quarter and increased $385 million, or 6 percent, from the prior year end. Non-interest bearing deposits organically increased $221 million, or 14 percent annualized, during the current quarter and increased $13.6 million, or 23 basis points, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at June 30, 2024, compared to 30 percent at December 31, 2023 and 32 percent at September 30, 2023.

    FHLB borrowings of $1.800 billion decreased $550 million, or 23 percent, during the current quarter. Upon maturity in the first quarter of 2024, 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)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023
    Common equity$3,507,356  3,492,096  3,394,394  3,374,961  15,260  112,962  132,395 
    Accumulated other comprehensive loss (262,306) (354,651) (374,113) (500,367) 92,345  111,807  238,061 
    Total stockholders’ equity 3,245,050  3,137,445  3,020,281  2,874,594  107,605  224,769  370,456 
    Goodwill and intangibles, net (1,106,336) (1,066,790) (1,017,263) (1,019,690) (39,546) (89,073) (86,646)
    Tangible stockholders’ equity$2,138,714  2,070,655  2,003,018  1,854,904  68,059  135,696  283,810 


    Stockholders’ equity to total assets 11.50% 11.28% 10.89% 10.24%      
    Tangible stockholders’ equity to total tangible assets 7.89% 7.74% 7.49% 6.86%      
    Book value per common share$28.62  27.67  27.24  25.93  0.95 1.38 2.69
    Tangible book value per common share$18.86  18.26  18.06  16.73  0.60 0.80 2.13
     

    Tangible stockholders’ equity of $2.139 billion at September 30, 2024 increased $68.1 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities which was partially offset by the increase in goodwill and core deposit intangibles associated with the acquisition of RMB. Tangible stockholders’ equity at September 30, 2024 increased $136 million, or 7 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 and the decrease in the unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.86 at the current quarter end increased $0.80 per share, or 4 percent, from the prior year end and increased $2.13 per share, or 13 percent, from the prior year third quarter.

    Cash Dividends
    On September 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 17, 2024 to shareholders of record on October 8, 2024. The dividend was the Company’s 158th 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 September 30, 2024 
    Compared to June 30, 2024, March 31, 2024 and September 30, 2023
     
    Income Summary
     Three Months ended $ Change from
    (Dollars in thousands)Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Sep 30,
    2023    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Sep 30,
    2023
    Net interest income             
    Interest income$289,578  273,834  279,402  264,906  15,744 10,176  24,672
    Interest expense 109,347  107,356  112,922  97,852  1,991 (3,575) 11,495
    Total net interest income 180,231  166,478  166,480  167,054  13,753 13,751  13,177
    Non-interest income             
    Service charges and other fees 20,587  19,422  18,563  19,304  1,165 2,024  1,283
    Miscellaneous loan fees and charges 4,970  4,821  4,362  4,322  149 608  648
    Gain on sale of loans 4,898  4,669  3,362  4,046  229 1,536  852
    Gain (loss) on sale of securities 26  (12) 16  (65) 38 10  91
    Other income 4,223  3,304  3,686  2,633  919 537  1,590
    Total non-interest income 34,704  32,204  29,989  30,240  2,500 4,715  4,464
    Total income$214,935  198,682  196,469  197,294  16,253 18,466  17,641
    Net interest margin (tax-equivalent) 2.83% 2.68% 2.59% 2.58%      
     

    Net Interest Income
    The current quarter interest income of $290 million increased $15.7 million, or 6 percent, over the prior quarter and increased $24.7 million, or 9 percent, over the prior year third quarter, with both increases being primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.

    The current quarter interest expense of $109 million increased $2.0 million, or 2 percent, over the prior quarter and was primarily attributable to the increase in average deposit balances. The current quarter interest expense increased $11.5 million, or 12 percent, over the prior year third quarter and was primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.37 percent for the current quarter compared to 1.36 percent in the prior quarter and 1.03 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter. The current quarter cost of funds increased 21 basis points from the prior year third quarter which was primarily 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 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent and was primarily driven by an increase in loan yields. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 25 basis points from the prior year third quarter net interest margin of 2.58 percent and was primarily driven by an increase in loan yields which more than offset the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 4 basis points from discount accretion, the core net interest margin was 2.79 percent in the current quarter compared to 2.63 percent in the prior quarter and 2.55 in the prior year third quarter. “The growth in the loan portfolio at higher yields was funded primarily by the remix of lower yield cash flow from the securities portfolio,” said Ron Copher, Chief Financial Officer. “In addition, the growth in non-interest bearing deposits and the reduction in wholesale funding contributed to the improvement in the current quarter net interest margin.”

    Non-interest Income
    Non-interest income for the current quarter totaled $34.7 million, which was an increase of $2.5 million, or 8 percent, over the prior quarter and an increase of $4.5 million, or 15 percent, over the prior year third quarter. Service charges and other fees of $20.6 million for the current quarter increased $1.2 million, or 6 percent, compared to the prior quarter and increased $1.3 million, or 7 percent, compared to the prior year third quarter. Gain on the sale of residential loans of $4.9 million for the current quarter increased $229 thousand, or 5 percent, compared to the prior quarter and increased $852 thousand, or 21 percent, from the prior year third quarter. Other income of $4.2 million increased $919 thousand, or 28 percent, over the prior quarter and increased $1.6 million, or 60 percent, over the prior year third quarter, with both increases being driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

    Non-interest Expense Summary

     Three Months ended $ Change from
    (Dollars in thousands)Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Sep 30,
    2023    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Sep 30,
    2023
    Compensation and employee benefits$85,083 84,434 85,789 77,387 649  (706) 7,696 
    Occupancy and equipment 11,989 11,594 11,883 10,553 395  106  1,436 
    Advertising and promotions 4,062 4,362 3,983 4,052 (300) 79  10 
    Data processing 9,196 9,387 9,159 8,730 (191) 37  466 
    Other real estate owned and foreclosed assets 13 149 25 15 (136) (12) (2)
    Regulatory assessments and insurance 5,150 5,393 7,761 6,060 (243) (2,611) (910)
    Intangibles amortization 3,367 3,017 2,760 2,428 350  607  939 
    Other expenses 25,848 22,616 30,483 20,351 3,232  (4,635) 5,497 
    Total non-interest expense$144,708 140,952 151,843 129,576 3,756  (7,135) 15,132 
     

    Total non-interest expense of $145 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $15.1 million, or 12 percent, over the prior year third quarter. Compensation and employee benefits increased $7.7 million, or 10 percent, from the prior year third quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB.

    Other expenses of $25.8 million increased $3.2 million, or 14 percent, from the prior quarter, which was attributable to several miscellaneous category increases including an increase of $1.2 million in outside consulting services. In addition, the current quarter other expenses included $586 thousand of gains from the sale of former branch facilities and disposal of fixed assets compared to $1.5 million in the prior quarter. Other expenses increased $5.5 million, or 27 percent, from the prior year third quarter as a result of several miscellaneous category increases including an increase of $2.7 million in outside consulting services and an increase of $1.6 million in acquisition-related expenses. Acquisition-related expense was $1.9 million in the current quarter compared to $1.8 million in the prior quarter and $279 thousand in the prior year third quarter.

    Federal and State Income Tax Expense
    Tax expense during the third quarter of 2024 was $11.2 million, an increase of $1.7 million, or 18 percent, compared to the prior quarter and a decrease of $567 thousand, or 5 percent, from the prior year third quarter. The effective tax rate in the current quarter was 17.9 percent compared to 17.5 percent in the prior quarter and 18.3 percent in the prior year third quarter.

    Efficiency Ratio
    The efficiency ratio was 64.92 percent in the current quarter compared to 67.97 percent in the prior quarter and 63.31 percent in the prior year third quarter. The decrease from the prior quarter was principally driven by the increase in net interest income that more than offset the increase in non-interest expense.

    Operating Results for Nine Months Ended September 30, 2024
    Compared to September 30, 2023
     
    Income Summary
     Nine months ended  
    (Dollars in thousands)Sep 30,
    2024    		 Sep 30,
    2023    		 $ Change % Change
    Net interest income       
    Interest income$842,814  $744,159  $98,655  13 %
    Interest expense 329,625   218,933   110,692  51 %
    Total net interest income 513,189   525,226   (12,037) (2)%
    Non-interest income       
    Service charges and other fees 58,572   56,042   2,530  5 %
    Miscellaneous loan fees and charges 14,153   12,451   1,702  14 %
    Gain on sale of loans 12,929   9,974   2,955  30 %
    Gain (loss) on sale of securities 30   (202)  232  (115 )%
    Other income 11,213   8,949   2,264  25 %
    Total non-interest income 96,897   87,214   9,683  11 %
    Total Income$610,086  $612,440  $(2,354) — %
    Net interest margin (tax-equivalent) 2.70%  2.79%    
     

    Net Interest Income
    Net-interest income of $513 million for the first nine months of 2024 decreased $12.0 million, or 2 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $843 million for 2024 increased $98.7 million, or 13 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 5.58 percent during the first nine months of 2024, an increase of 44 basis points from the prior year first nine months loan yield of 5.14 percent.

    Interest expense of $330 million for the first nine months of 2024 increased $111 million, or 51 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 1.36 percent for the first nine months of 2024 compared to 0.62 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2024 was 1.81 percent, which was an increase of 59 basis points over the first nine months of the prior year funding cost of 1.22 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2024 was 2.70 percent, a 9 basis points decrease from the net interest margin of 2.79 percent for the first nine months of the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.65 percent in the first nine months of the current year compared to 2.77 percent in the prior year first nine months.

    Non-interest Income  
    Non-interest income of $96.9 million for the first nine months of 2024 increased $9.7 million, or 11 percent, over the same period last year. Gain on sale of residential loans of $12.9 million for the first nine months of 2024 increased by $3.0 million, or 30 percent, over the first nine months of the prior year. Other income of $11.2 million for the first nine months of 2024 increased $2.3 million, or 25 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

    Non-interest Expense Summary

     Nine months ended    
    (Dollars in thousands)Sep 30,
    2024    		 Sep 30,
    2023    		 $ Change % Change
    Compensation and employee benefits$255,306 $237,628 $17,678 7%
    Occupancy and equipment 35,466  33,045  2,421 7%
    Advertising and promotions 12,407  12,020  387 3%
    Data processing 27,742  25,241  2,501 10%
    Other real estate owned and foreclosed assets 187  41  146 356%
    Regulatory assessments and insurance 18,304  16,277  2,027 12%
    Core deposit intangibles amortization 9,144  7,304  1,840 25%
    Other expenses 78,947  63,606  15,341 24%
    Total non-interest expense$437,503 $395,162 $42,341 11%
     

    Total non-interest expense of $438 million for the first nine months of 2024 increased $42.3 million, or 11 percent, over the same period in the prior year. Compensation and employee benefits expense of $255 million in the first nine months of 2024 increased $17.7 million, or 7 percent, over the same period in the prior year and was driven by annual salary increases and the acquisitions of Wheatland and RMB. Data processing expenses of $27.7 million for the first nine months of 2024 increased $2.5 million, or 10 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $18.3 million for the first nine months of 2024 increased $2.0 million, or 12 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 $78.9 million for the first nine months of 2024 increased $15.3 million, or 24 percent, from the first nine months of the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses, which was partially offset by gains of $3.1 million from the sale of former branch facilities and disposal of fixed assets.

    Provision for Credit Losses
    The provision for credit loss expense was $19.8 million for the first nine months of 2024, an increase of $8.0 million, or 68 percent, over the same period in the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for the first nine months of 2024 were $8.7 million compared to $6.6 million in the first nine months of 2023.

    Federal and State Income Tax Expense
    Tax expense of $24.4 million for the first nine months of 2024 decreased $12.5 million, or 34 percent, over the prior year. The effective tax rate for the first nine months of 2024 was 16.0 percent compared to 17.9 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 68.98 percent for the first nine months of 2024 compared to 62.10 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 an uncertain 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 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, October 25, 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/BI32ee03ea65c34bd794e0027768d383d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/9bh88vfv.

    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 of Helena (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)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023
    Assets       
    Cash on hand and in banks$342,105  271,107  246,525  264,067 
    Interest bearing cash deposits 645,728  529,672  1,107,817  1,408,027 
    Cash and cash equivalents 987,833  800,779  1,354,342  1,672,094 
    Debt securities, available-for-sale 4,436,578  4,499,541  4,785,719  4,741,738 
    Debt securities, held-to-maturity 3,348,698  3,400,403  3,502,411  3,553,805 
    Total debt securities 7,785,276  7,899,944  8,288,130  8,295,543 
    Loans held for sale, at fair value 46,126  39,745  15,691  29,027 
    Loans receivable 17,181,187  16,851,991  16,198,082  16,135,046 
    Allowance for credit losses (205,170) (200,955) (192,757) (192,271)
    Loans receivable, net 16,976,017  16,651,036  16,005,325  15,942,775 
    Premises and equipment, net 466,977  451,515  421,791  415,343 
    Other real estate owned and foreclosed assets 633  630  1,503  48 
    Accrued interest receivable 114,121  102,279  94,526  104,476 
    Deferred tax asset 125,432  155,834  159,070  203,745 
    Intangibles, net 52,780  43,028  31,870  34,297 
    Goodwill 1,053,556  1,023,762  985,393  985,393 
    Non-marketable equity securities 98,285  121,810  12,755  11,330 
    Bank-owned life insurance 188,971  187,793  171,101  170,175 
    Other assets 309,762  327,185  201,132  199,315 
    Total assets$28,205,769  27,805,340  27,742,629  28,063,561 
    Liabilities       
    Non-interest bearing deposits$6,407,728  6,093,430  6,022,980  6,465,353 
    Interest bearing deposits 14,307,036  14,008,329  13,906,187  13,929,811 
    Securities sold under agreements to repurchase 1,831,501  1,629,504  1,486,850  1,499,696 
    FHLB advances 1,800,000  2,350,000  —  — 
    FRB Bank Term Funding —  —  2,740,000  2,740,000 
    Other borrowed funds 84,168  88,149  81,695  73,752 
    Subordinated debentures 133,065  133,024  132,943  132,903 
    Accrued interest payable 35,382  31,000  125,907  91,874 
    Other liabilities 361,839  334,459  225,786  255,578 
    Total liabilities 24,960,719  24,667,895  24,722,348  25,188,967 
    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 2,447,200  2,445,479  2,350,104  2,348,305 
    Retained earnings - substantially restricted 1,059,022  1,045,483  1,043,181  1,025,547 
    Accumulated other comprehensive loss (262,306) (354,651) (374,113) (500,367)
    Total stockholders’ equity 3,245,050  3,137,445  3,020,281  2,874,594 
    Total liabilities and stockholders’ equity$28,205,769  27,805,340  27,742,629  28,063,561 


    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
     Three Months ended Nine months ended
    (Dollars in thousands, except per share data)Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Sep 30,
    2023    		 Sep 30,
    2024    		 Sep 30,
    2023
    Interest Income           
    Investment securities$46,371 42,165  56,218 53,397  144,754 144,697 
    Residential real estate loans 23,118 21,754  20,764 18,594  65,636 51,508 
    Commercial loans 196,901 188,326  181,472 173,437  566,699 493,706 
    Consumer and other loans 23,188 21,589  20,948 19,478  65,725 54,248 
    Total interest income 289,578 273,834  279,402 264,906  842,814 744,159 
    Interest Expense           
    Deposits 70,607 67,852  67,196 54,697  205,655 98,942 
    Securities sold under agreements to
    repurchase    		 14,737 13,566  12,598 10,972  40,901 24,185 
    Federal Home Loan Bank advances 22,344 24,179  4,249 —  50,772 26,910 
    FRB Bank Term Funding — —  27,097 30,229  27,097 63,160 
    Other borrowed funds 252 353  344 489  949 1,428 
    Subordinated debentures 1,407 1,406  1,438 1,465  4,251 4,308 
    Total interest expense 109,347 107,356  112,922 97,852  329,625 218,933 
    Net Interest Income 180,231 166,478  166,480 167,054  513,189 525,226 
    Provision for credit losses 8,005 3,518  8,249 3,539  19,772 11,782 
    Net interest income after provision for credit losses 172,226 162,960  158,231 163,515  493,417 513,444 
    Non-Interest Income           
    Service charges and other fees 20,587 19,422  18,563 19,304  58,572 56,042 
    Miscellaneous loan fees and charges 4,970 4,821  4,362 4,322  14,153 12,451 
    Gain on sale of loans 4,898 4,669  3,362 4,046  12,929 9,974 
    Gain (loss) on sale of securities 26 (12) 16 (65) 30 (202)
    Other income 4,223 3,304  3,686 2,633  11,213 8,949 
    Total non-interest income 34,704 32,204  29,989 30,240  96,897 87,214 
    Non-Interest Expense           
    Compensation and employee benefits 85,083 84,434  85,789 77,387  255,306 237,628 
    Occupancy and equipment 11,989 11,594  11,883 10,553  35,466 33,045 
    Advertising and promotions 4,062 4,362  3,983 4,052  12,407 12,020 
    Data processing 9,196 9,387  9,159 8,730  27,742 25,241 
    Other real estate owned and foreclosed assets 13 149  25 15  187 41 
    Regulatory assessments and insurance 5,150 5,393  7,761 6,060  18,304 16,277 
    Intangibles amortization 3,367 3,017  2,760 2,428  9,144 7,304 
    Other expenses 25,848 22,616  30,483 20,351  78,947 63,606 
    Total non-interest expense 144,708 140,952  151,843 129,576  437,503 395,162 
    Income Before Income Taxes 62,222 54,212  36,377 64,179  152,811 205,496 
    Federal and state income tax expense 11,167 9,504  3,750 11,734  24,421 36,885 
    Net Income$51,055 44,708  32,627 52,445  128,390 168,611 


    Glacier Bancorp, Inc.
    Average Balance Sheets
     
     Three Months ended
     September 30, 2024 June 30, 2024
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,850,066 $23,118 5.00% $1,796,787 $21,754 4.84%
    Commercial loans 1 13,957,304  198,556 5.66%  13,740,455  189,939 5.56%
    Consumer and other loans 1,324,142  23,188 6.97%  1,290,587  21,589 6.73%
    Total loans 2 17,131,512  244,862 5.69%  16,827,829  233,282 5.58%
    Tax-exempt debt securities 3 1,660,643  14,710 3.54%  1,707,269  15,111 3.54%
    Taxable debt securities 4, 5 7,073,967  34,001 1.92%  7,042,885  29,461 1.67%
    Total earning assets 25,866,122  293,573 4.52%  25,577,983  277,854 4.37%
    Goodwill and intangibles 1,092,632      1,068,250    
    Non-earning assets 836,878      754,491    
    Total assets$27,795,632     $27,400,724    
    Liabilities           
    Non-interest bearing deposits$6,237,166 $— —% $6,026,709 $— —%
    NOW and DDA accounts 5,314,459  16,221 1.21%  5,221,883  15,728 1.21%
    Savings accounts 2,829,203  5,699 0.80%  2,914,538  6,014 0.83%
    Money market deposit accounts 2,887,173  15,048 2.07%  2,904,438  14,467 2.00%
    Certificate accounts 3,211,842  33,597 4.16%  3,037,638  31,593 4.18%
    Total core deposits 20,479,843  70,565 1.37%  20,105,206  67,802 1.36%
    Wholesale deposits 6 3,122  42 5.47%  3,726  50 5.50%
    Repurchase agreements 1,723,553  14,738 3.40%  1,597,887  13,566 3.41%
    FHLB advances 1,828,533  22,344 4.78%  2,007,747  24,179 4.76%
    Subordinated debentures and other borrowed funds 219,472  1,658 3.01%  224,778  1,759 3.15%
    Total funding liabilities 24,254,523  109,347 1.79%  23,939,344  107,356 1.80%
    Other liabilities 336,906      344,105    
    Total liabilities 24,591,429      24,283,449    
    Stockholders’ Equity           
    Stockholders’ equity 3,204,203      3,117,275    
    Total liabilities and stockholders’ equity$27,795,632     $27,400,724    
    Net interest income (tax-equivalent)  $184,226     $170,498  
    Net interest spread (tax-equivalent)    2.73%     2.57%
    Net interest margin (tax-equivalent)    2.83%     2.68%

    ______________________________

    1Includes tax effect of $1.7 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and June 30, 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 $2.1 million and $2.2 million on tax-exempt debt securities income for the three months ended September 30, 2024 and June 30, 2024, respectively.
    4Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $357.0 million and $0.14 billion for the three months ended September 30, 2024 and June 30, 2024, respectively.
    5Includes tax effect of $203 thousand and $211 thousand on federal income tax credits for the three months ended September 30, 2024 and June 30, 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
     September 30, 2024 September 30, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,850,066 $23,118 5.00% $1,649,947 $18,594 4.51%
    Commercial loans 1 13,957,304  198,556 5.66%  13,120,479  174,822 5.29%
    Consumer and other loans 1,324,142  23,188 6.97%  1,263,775  19,478 6.11%
    Total loans 2 17,131,512  244,862 5.69%  16,034,201  212,894 5.27%
    Tax-exempt debt securities 3 1,660,643  14,710 3.54%  1,732,227  14,486 3.34%
    Taxable debt securities 4, 5 7,073,967  34,001 1.92%  8,485,157  41,052 1.94%
    Total earning assets 25,866,122  293,573 4.52%  26,251,585  268,432 4.06%
    Goodwill and intangibles 1,092,632      1,020,868    
    Non-earning assets 836,878      528,145    
    Total assets$27,795,632     $27,800,598    
    Liabilities           
    Non-interest bearing deposits$6,237,166 $— —% $6,461,350 $— —%
    NOW and DDA accounts 5,314,459  16,221 1.21%  5,231,741  12,906 0.98%
    Savings accounts 2,829,203  5,699 0.80%  2,840,620  3,492 0.49%
    Money market deposit accounts 2,887,173  15,048 2.07%  3,039,177  12,646 1.65%
    Certificate accounts 3,211,842  33,597 4.16%  2,462,266  23,151 3.73%
    Total core deposits 20,479,843  70,565 1.37%  20,035,154  52,195 1.03%
    Wholesale deposits 6 3,122  42 5.47%  188,523  2,502 5.27%
    Repurchase agreements 1,723,553  14,738 3.40%  1,401,765  10,972 3.11%
    FHLB advances 1,828,533  22,344 4.78%  —  — —%
    FRB Bank Term Funding —  — —%  2,740,000  30,229 4.38%
    Subordinated debentures and other borrowed funds 219,472  1,658 3.01%  208,336  1,954 3.72%
    Total funding liabilities 24,254,523  109,347 1.79%  24,573,778  97,852 1.58%
    Other liabilities 336,906      302,564    
    Total liabilities 24,591,429      24,876,342    
    Stockholders’ Equity           
    Stockholders’ equity 3,204,203      2,924,256    
    Total liabilities and stockholders’ equity$27,795,632     $27,800,598    
    Net interest income (tax-equivalent)  $184,226     $170,580  
    Net interest spread (tax-equivalent)    2.73%     2.48%
    Net interest margin (tax-equivalent)    2.83%     2.58%

    ______________________________

    1Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 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 $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
    4Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
    5Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 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)
     
     Nine Months ended
     September 30, 2024 September 30, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,798,202 $65,636 4.87% $1,570,911 $51,508 4.37%
    Commercial loans 1 13,737,866  571,540 5.56%  12,910,691  498,152 5.16%
    Consumer and other loans 1,299,463  65,725 6.76%  1,236,158  54,248 5.87%
    Total loans 2 16,835,531  702,901 5.58%  15,717,760  603,908 5.14%
    Tax-exempt debt securities 3 1,695,965  44,978 3.54%  1,745,764  44,978 3.44%
    Taxable debt securities 4, 5 7,429,971  106,939 1.92%  8,240,041  107,338 1.74%
    Total earning assets 25,961,467  854,818 4.40%  25,703,565  756,224 3.93%
    Goodwill and intangibles 1,071,024      1,023,274    
    Non-earning assets 734,681      510,332    
    Total assets$27,767,172     $27,237,171    
    Liabilities           
    Non-interest bearing deposits$6,077,392 $— —% $6,770,242 $— —%
    NOW and DDA accounts 5,270,842  47,866 1.21%  5,140,668  22,606 0.59%
    Savings accounts 2,881,273  17,368 0.81%  2,930,420  5,070 0.23%
    Money market deposit accounts 2,913,206  43,907 2.01%  3,253,138  28,654 1.18%
    Certificate accounts 3,083,866  96,365 4.17%  1,638,163  34,613 2.82%
    Total core deposits 20,226,579  205,506 1.36%  19,732,631  90,943 0.62%
    Wholesale deposits 6 3,603  149 5.49%  213,465  7,999 5.01%
    Repurchase agreements 1,612,021  40,901 3.39%  1,238,139  24,185 2.61%
    FHLB advances 1,397,258  50,772 4.77%  738,004  26,910 4.81%
    FRB Bank Term Funding 824,672  27,097 4.39%  1,929,322  63,160 4.38%
    Subordinated debentures and other borrowed funds 220,835  5,200 3.15%  208,891  5,737 3.67%
    Total funding liabilities 24,284,968  329,625 1.81%  24,060,452  218,934 1.22%
    Other liabilities 345,822      256,022    
    Total liabilities 24,630,790      24,316,474    
    Stockholders’ Equity           
    Stockholders’ equity 3,136,382      2,920,697    
    Total liabilities and stockholders’ equity$27,767,172     $27,237,171    
    Net interest income (tax-equivalent)  $525,193     $537,290  
    Net interest spread (tax-equivalent)    2.59%     2.71%
    Net interest margin (tax-equivalent)    2.70%     2.79%

    ______________________________

    1Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 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 $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
    4Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
    5Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 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)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023
    Custom and owner occupied construction$235,915  $233,978  $290,572  $306,106  1 % (19)% (23)%
    Pre-sold and spec construction 203,610   198,219   236,596   287,048  3 % (14)% (29)%
    Total residential construction 439,525   432,197   527,168   593,154  2 % (17)% (26)%
    Land development 205,704   209,794   232,966   234,995  (2)% (12)% (12)%
    Consumer land or lots 189,705   190,781   187,545   184,685  (1)% 1 % 3 %
    Unimproved land 109,237   108,763   87,739   87,089  — % 25 % 25 %
    Developed lots for operative builders 67,140   57,140   56,142   62,485  18 % 20 % 7 %
    Commercial lots 98,644   99,036   87,185   84,194  — % 13 % 17 %
    Other construction 689,638   810,536   900,547   982,384  (15)% (23)% (30)%
    Total land, lot, and other construction 1,360,068   1,476,050   1,552,124   1,635,832  (8)% (12)% (17)%
    Owner occupied 3,121,900   3,087,814   3,035,768   2,976,821  1 % 3 % 5 %
    Non-owner occupied 4,001,430   3,941,786   3,742,916   3,765,266  2 % 7 % 6 %
    Total commercial real estate 7,123,330   7,029,600   6,778,684   6,742,087  1 % 5 % 6 %
    Commercial and industrial 1,387,538   1,400,896   1,363,479   1,363,198  (1)% 2 % 2 %
    Agriculture 1,047,320   962,384   772,458   785,208  9 % 36 % 33 %
    1st lien 2,462,885   2,353,912   2,127,989   2,054,497  5 % 16 % 20 %
    Junior lien 77,029   56,049   47,230   47,490  37 % 63 % 62 %
    Total 1-4 family 2,539,914   2,409,961   2,175,219   2,101,987  5 % 17 % 21 %
    Multifamily residential 921,138   1,027,962   796,538   714,822  (10)% 16 % 29 %
    Home equity lines of credit 1,004,300   974,000   979,891   950,204  3 % 2 % 6 %
    Other consumer 221,517   220,755   229,154   233,980  — % (3)% (5)%
    Total consumer 1,225,817   1,194,755   1,209,045   1,184,184  3 % 1 % 4 %
    States and political subdivisions 993,871   777,426   834,947   833,618  28 % 19 % 19 %
    Other 188,792   180,505   204,111   209,983  5 % (8)% (10)%
    Total loans receivable, including
    loans held for sale    		 17,227,313   16,891,736   16,213,773   16,164,073  2 % 6 % 7 %
    Less loans held for sale 1 (46,126)  (39,745)  (15,691)  (29,027) 16 % 194 % 59 %
    Total loans receivable$17,181,187  $16,851,991  $16,198,082  $16,135,046  2 % 6 % 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)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023    		 Sep 30,
    2024    		 Sep 30,
    2024    		 Sep 30,
    2024
    Custom and owner occupied construction$202 206 214 219 202 — —
    Pre-sold and spec construction 3,705 2,908 763 763 2,942 763 —
    Total residential construction 3,907 3,114 977 982 3,144 763 —
    Land development 583 — 35 80 22 561 —
    Consumer land or lots 458 429 96 314 241 217 —
    Unimproved land — — — 36 — — —
    Developed lots for operative builders 531 608 608 608 — 531 —
    Commercial lots 47 47 47 188 — 47 —
    Other construction — 25 — 12,884 — — —
    Total land, lot and other construction 1,619 1,109 786 14,110 263 1,356 —
    Owner occupied 1,903 1,992 1,838 1,445 662 809 432
    Non-owner occupied 1,335 257 11,016 15,105 1,335 — —
    Total commercial real estate 3,238 2,249 12,854 16,550 1,997 809 432
    Commercial and Industrial 2,455 2,044 1,971 1,367 1,408 1,047 —
    Agriculture 6,040 2,442 2,558 2,450 2,164 3,876 —
    1st lien 6,065 2,923 2,664 2,766 3,724 2,341 —
    Junior lien 279 492 180 363 279 — —
    Total 1-4 family 6,344 3,415 2,844 3,129 4,003 2,341 —
    Multifamily residential 392 385 395 — 392 — —
    Home equity lines of credit 2,867 2,145 2,043 1,612 1,903 964 —
    Other consumer 1,111 1,089 1,187 942 663 247 201
    Total consumer 3,978 3,234 3,230 2,554 2,566 1,211 201
    Other 148 16 16 1,141 — 148 —
    Total$28,121 18,008 25,631 42,283 15,937 11,551 633


    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
     Accruing 30-89 Days Delinquent Loans,  by Loan Type % Change from
    (Dollars in thousands)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023
    Custom and owner occupied construction$13 $1,323 $2,549 $— (99)% (99)% n/m
    Pre-sold and spec construction 1,250  816  1,219  599 53 % 3 % 109 %
    Total residential construction 1,263  2,139  3,768  599 (41)% (66)% 111 %
    Land development 157  —  163  44 n/m (4)% 257 %
    Consumer land or lots 747  411  624  528 82 % 20 % 41 %
    Unimproved land 39  158  —  87 (75)% n/m (55)%
    Commercial lots —  —  2,159  1,245 n/m (100)% (100)%
    Other construction —  21  —  — (100)% n/m n/m
    Total land, lot and other construction 943  590  2,946  1,904 60 % (68)% (50)%
    Owner occupied 5,641  4,326  2,222  652 30 % 154 % 765 %
    Non-owner occupied 13,785  8,119  14,471  213 70 % (5)% 6,372 %
    Total commercial real estate 19,426  12,445  16,693  865 56 % 16 % 2,146 %
    Commercial and industrial 3,125  17,591  12,905  2,946 (82)% (76)% 6 %
    Agriculture 16,932  5,288  594  604 220 % 2,751 % 2,703 %
    1st lien 6,275  2,637  3,768  1,006 138 % 67 % 524 %
    Junior lien 13  17  1  355 (24)% 1,200 % (96)%
    Total 1-4 family 6,288  2,654  3,769  1,361 137 % 67 % 362 %
    Home equity lines of credit 4,567  5,432  4,518  3,638 (16)% 1 % 26 %
    Other consumer 2,227  2,192  3,264  1,821 2 % (32)% 22 %
    Total consumer 6,794  7,624  7,782  5,459 (11)% (13)% 24 %
    Other 1,442  1,347  1,510  1,515 7 % (5)% (5)%
    Total$56,213 $49,678 $49,967 $15,253 13 % 13 % 269 %

    ______________________________

    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)Sep 30,
    2024    		 Jun 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2023    		 Sep 30,
    2024    		 Sep 30,
    2024
    Pre-sold and spec construction$(4) (4) (15) (12) — 4
    Land development (21) (1) (135) (134) — 21
    Consumer land or lots (21) (22) (19) (14) — 21
    Unimproved land 5  5  —  —  5 —
    Commercial lots 319  319  —  —  319 —
    Other construction —  —  889  —  — —
    Total land, lot and other construction 282  301  735  (148) 324 42
    Owner occupied (73) (73) (59) (104) — 73
    Non-owner occupied (3) (2) 799  500  — 3
    Total commercial real estate (76) (75) 740  396  — 76
    Commercial and industrial 1,272  644  364  (11) 1,839 567
    Agriculture 65  68  —  —  68 3
    1st lien (34) (22) 66  98  — 34
    Junior lien (60) (55) 24  32  10 70
    Total 1-4 family (94) (77) 90  130  10 104
    Multifamily residential —  —  (136) —  — —
    Home equity lines of credit (31) 1  (6) 20  35 66
    Other consumer 753  493  1,097  816  1,056 303
    Total consumer 722  494  1,091  836  1,091 369
    Other 6,561  4,611  7,447  5,430  9,074 2,513
    Total$8,728  5,962  10,316  6,621  12,406 3,678
     

    Visit our website at www.glacierbancorp.com

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


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