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 SixMonths ended |
|
At or for theThree 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 |
|
ACLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
|
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 DividendsOn 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 IncomeThe 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 IncomeNon-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 RatioThe 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,
2024Compared 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 IncomeNet-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 ExpenseTax 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 RatioThe 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 InformationA 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) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/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 |
% |
| |
______________________________
|
1 |
Includes 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. |
|
2 |
Total 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. |
|
3 |
Includes 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. |
|
4 |
Includes
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. |
|
5 |
Includes 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. |
|
6 |
Wholesale
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) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/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. |
|
2 |
Total 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. |
|
3 |
Includes 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. |
|
4 |
Includes
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. |
|
5 |
Includes tax
effect of $211 thousand and $214 thousand on federal income tax
credits for the three months ended June 30, 2024 and 2023,
respectively. |
|
6 |
Wholesale
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) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/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 |
% |
| |
______________________________
|
1 |
Includes 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. |
|
2 |
Total 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. |
|
3 |
Includes 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. |
|
4 |
Includes 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. |
|
5 |
Includes tax effect of $426 thousand and $429 thousand on
federal income tax credits for the six months ended June 30,
2024 and 2023, respectively. |
|
6 |
Wholesale 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 |
% |
|
|
______________________________
|
1 |
Loans 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-AccrualLoans |
|
AccruingLoans 90Daysor More PastDue |
|
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-DatePeriod
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)
751-4722Ron J. Copher, CFO(406) 751-7706
Glacier Bancorp (NYSE:GBCI)
過去 株価チャート
から 6 2024 まで 7 2024
Glacier Bancorp (NYSE:GBCI)
過去 株価チャート
から 7 2023 まで 7 2024
