4th Quarter 2023 Highlights:
- Net income was $54.3 million for the current quarter, an increase of $1.9 million, or 4 percent, from the prior quarter net income of $52.4 million. Net income for the current quarter decreased $25.4 million, or 32 percent, from the prior year fourth quarter net income of $79.7 million, which was primarily driven by an increase in cost of funds.
- Interest income of $273 million in the current quarter increased $8.6 million, or 3 percent, over the prior quarter interest income of $265 million. Interest income in the current quarter increased $48.4 million, or 22 percent, over the prior year fourth quarter.
- The loan portfolio of $16.198 billion increased $63.0 million, or 2 percent annualized, during the current quarter.
- The loan yield for the current quarter of 5.34 percent, increased 7 basis points, compared to 5.27 percent in the prior quarter and increased 51 basis points from the prior year fourth quarter loan yield of 4.83 percent.
- Non-performing assets of $25.6 million at December 31, 2023 decreased $16.7 million, or 39 percent, over the prior quarter and decreased $7.1 million, or 22 percent, over the prior year end.
- Stockholders' equity of $3.020 billion increased $146 million, or 5 percent, during the current quarter and increased $177 million, or 6 percent, over the prior year end.
- The Company declared a quarterly dividend of $0.33 per share. The Company has declared 155 consecutive quarterly dividends and has increased the dividend 49 times.
Year 2023 Highlights
- Net income for 2023 was $223 million, a decrease of $80.3 million, or 26 percent, from $303 million for the prior year. The decrease was primarily attributable to a $96.7 million decrease in net interest income driven by a significant increase in the cost of funds.
- Interest income for the current year was $1.018 billion, an increase of $188 million, or 23 percent over the prior year interest income of $830 million.
- The loan portfolio of $16.198 billion increased $951 million, or 6 percent, during the current year.
- The loan yield was 5.19 percent for the current year, an increase of 53 basis points from the prior year loan yield of 4.66 percent.
- Although the banking industry experienced a significant outflow of deposits, the Company's core deposits and retail repurchase agreements decreased $108 million, or 50 basis points, from the prior year end.
- Dividends declared in 2023 were $1.32 per share.
- The Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $728 million as of December 31, 2023. The acquisition is expected to be completed January 31, 2024.
Financial Summary
| At or for the Three Months ended | At or for the Year ended | ||||||||||||||||||||
| (Dollars in thousands, except per share and market data) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||
| Operating results | |||||||||||||||||||||
| Net income | $ | 54,316 | 52,445 | 54,955 | 61,211 | 79,677 | 222,927 | 303,202 | |||||||||||||
| Basic earnings per share | $ | 0.49 | 0.47 | 0.50 | 0.55 | 0.72 | 2.01 | 2.74 | |||||||||||||
| Diluted earnings per share | $ | 0.49 | 0.47 | 0.50 | 0.55 | 0.72 | 2.01 | 2.74 | |||||||||||||
| Dividends declared per share | $ | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 1.32 | 1.32 | |||||||||||||
| Market value per share | |||||||||||||||||||||
| Closing | $ | 41.32 | 28.50 | 31.17 | 42.01 | 49.42 | 41.32 | 49.42 | |||||||||||||
| High | $ | 44.06 | 36.45 | 42.21 | 50.03 | 59.70 | 50.03 | 60.69 | |||||||||||||
| Low | $ | 27.36 | 26.84 | 26.77 | 37.07 | 48.64 | 26.77 | 44.43 | |||||||||||||
| Selected ratios and other data | |||||||||||||||||||||
| Number of common stock shares outstanding | 110,888,942 | 110,879,365 | 110,873,887 | 110,868,713 | 110,777,780 | 110,888,942 | 110,777,780 | ||||||||||||||
| Average outstanding shares - basic | 110,884,496 | 110,877,534 | 110,870,964 | 110,824,648 | 110,773,084 | 110,864,501 | 110,757,473 | ||||||||||||||
| Average outstanding shares - diluted | 110,907,640 | 110,886,959 | 110,875,535 | 110,881,708 | 110,872,127 | 110,890,447 | 110,827,933 | ||||||||||||||
| Return on average assets (annualized) | 0.77 | % | 0.75 | % | 0.81 | % | 0.93 | % | 1.19 | % | 0.81 | % | 1.15 | % | |||||||
| Return on average equity (annualized) | 7.40 | % | 7.12 | % | 7.52 | % | 8.54 | % | 11.35 | % | 7.64 | % | 10.43 | % | |||||||
| Efficiency ratio | 65.20 | % | 63.31 | % | 62.73 | % | 60.39 | % | 53.18 | % | 62.85 | % | 54.64 | % | |||||||
| Dividend payout | 67.35 | % | 70.21 | % | 66.00 | % | 60.00 | % | 45.83 | % | 65.67 | % | 48.18 | % | |||||||
| Loan to deposit ratio | 81.36 | % | 79.25 | % | 79.92 | % | 77.09 | % | 74.05 | % | 81.36 | % | 74.05 | % | |||||||
| Number of full time equivalent employees | 3,294 | 3,314 | 3,369 | 3,390 | 3,390 | 3,294 | 3,390 | ||||||||||||||
| Number of locations | 221 | 221 | 222 | 222 | 221 | 221 | 221 | ||||||||||||||
| Number of ATMs | 275 | 274 | 274 | 263 | 265 | 275 | 265 | ||||||||||||||
KALISPELL, Mont., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.3 million for the current quarter, a decrease of $25.4 million, or 32 percent, from the $79.7 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.49 per share, a decrease of 32 percent from the prior year fourth quarter diluted earnings per share of $0.72. The decrease in net income compared to the prior year fourth quarter was primarily due to the increase in funding costs, which outpaced the increase in interest income. Included in the current quarter non-interest expense was $6.0 million related to the Federal Deposit Insurance Corporation ("FDIC") special assessment pursuant to a systemic risk determination. "The Glacier team wrapped up a strong fourth quarter and 2023 despite industry turmoil throughout the year. We are pleased to see many positive business trends developing in all our Divisions and we are well positioned to grow in 2024 and beyond" said Randy Chesler, President and Chief Executive Officer.
Net income for 2023 was $223 million, a decrease of $80.3 million, or 26 percent, from $303 million for the prior year, which was primarily driven by the increase in cost of funds outpacing the increase in interest income. Diluted earnings per share for 2023 was $2.01 per share, a decrease of 27 percent from the prior year diluted earnings per share of $2.74.
The Company's previously announced agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, "Wheatland"), headquartered in Spokane, Washington, has received all required regulatory and shareholder approvals and is expected to be completed January 31, 2024. Wheatland has 14 branches in eastern Washington with total assets of $728 million, total loans of $469 million and total deposits of $623 million as of December 31, 2023.
Asset Summary
| $ Change from | |||||||||||||||
| (Dollars in thousands) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2022 | ||||||||||
| Cash and cash equivalents | $ | 1,354,342 | 1,672,094 | 401,995 | (317,752 | ) | 952,347 | ||||||||
| Debt securities, available-for-sale | 4,785,719 | 4,741,738 | 5,307,307 | 43,981 | (521,588 | ) | |||||||||
| Debt securities, held-to-maturity | 3,502,411 | 3,553,805 | 3,715,052 | (51,394 | ) | (212,641 | ) | ||||||||
| Total debt securities | 8,288,130 | 8,295,543 | 9,022,359 | (7,413 | ) | (734,229 | ) | ||||||||
| Loans receivable | |||||||||||||||
| Residential real estate | 1,704,544 | 1,653,777 | 1,446,008 | 50,767 | 258,536 | ||||||||||
| Commercial real estate | 10,303,306 | 10,292,446 | 9,797,047 | 10,860 | 506,259 | ||||||||||
| Other commercial | 2,901,863 | 2,916,785 | 2,799,668 | (14,922 | ) | 102,195 | |||||||||
| Home equity | 888,013 | 869,963 | 822,232 | 18,050 | 65,781 | ||||||||||
| Other consumer | 400,356 | 402,075 | 381,857 | (1,719 | ) | 18,499 | |||||||||
| Loans receivable | 16,198,082 | 16,135,046 | 15,246,812 | 63,036 | 951,270 | ||||||||||
| Allowance for credit losses | (192,757 | ) | (192,271 | ) | (182,283 | ) | (486 | ) | (10,474 | ) | |||||
| Loans receivable, net | 16,005,325 | 15,942,775 | 15,064,529 | 62,550 | 940,796 | ||||||||||
| Other assets | 2,094,832 | 2,153,149 | 2,146,492 | (58,317 | ) | (51,660 | ) | ||||||||
| Total assets | $ | 27,742,629 | 28,063,561 | 26,635,375 | (320,932 | ) | 1,107,254 | ||||||||
The Company continued to maintain a strong cash position of $1.354 billion at December 31, 2023 which was an increase of $952 million over the prior year end. Total debt securities of $8.288 billion at December 31, 2023 decreased $7.4 million during the current quarter and decreased $734 million, or 8 percent, from the prior year end. Debt securities represented 30 percent of total assets at December 31, 2023, compared to 34 percent at December 31, 2022
The loan portfolio of $16.198 billion increased $63.0 million, or 2 percent annualized, during the current quarter with the largest dollar increase in residential real estate, which increased $50.8 million, or 3 percent. The loan portfolio increased $951 million, or 6 percent, from the prior year end with the largest dollar increase in commercial real estate loans, which increased $506 million, or 5 percent.
Credit Quality Summary
| At or for the Year ended | At or for the Nine Months ended | At or for the Year ended | |||||||
| (Dollars in thousands) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | ||||||
| Allowance for credit losses | |||||||||
| Balance at beginning of period | $ | 182,283 | 182,283 | 172,665 | |||||
| Provision for credit losses | 20,790 | 16,609 | 17,433 | ||||||
| Charge-offs | (15,095 | ) | (10,284 | ) | (14,970 | ) | |||
| Recoveries | 4,779 | 3,663 | 7,155 | ||||||
| Balance at end of period | $ | 192,757 | 192,271 | 182,283 | |||||
| Provision for credit losses | |||||||||
| Loan portfolio | $ | 20,790 | 16,609 | 17,433 | |||||
| Unfunded loan commitments | (5,995 | ) | (4,827 | ) | 2,530 | ||||
| Total provision for credit losses | $ | 14,795 | 11,782 | 19,963 | |||||
| Other real estate owned | $ | 1,032 | - | - | |||||
| Other foreclosed assets | 471 | 48 | 32 | ||||||
| Accruing loans 90 days or more past due | 3,312 | 3,855 | 1,559 | ||||||
| Non-accrual loans | 20,816 | 38,380 | 31,151 | ||||||
| Total non-performing assets | $ | 25,631 | 42,283 | 32,742 | |||||
| Non-performing assets as a percentage of subsidiary assets | 0.09 | % | 0.15 | % | 0.12 | % | |||
| Allowance for credit losses as a percentage of non-performing loans | 799 | % | 455 | % | 557 | % | |||
| Allowance for credit losses as a percentage of total loans | 1.19 | % | 1.19 | % | 1.20 | % | |||
| Net charge-offs as a percentage of total loans | 0.06 | % | 0.04 | % | 0.05 | % | |||
| Accruing loans 30-89 days past due | $ | 49,967 | 15,253 | 20,967 | |||||
| U.S. government guarantees included in non-performing assets | $ | 1,503 | 1,057 | 2,312 | |||||
Non-performing assets of $25.6 million at December 31, 2023 decreased $16.7 million, or 39 percent, over the prior quarter and increased $7.1 million, or 22 percent, over the prior year end. Non-performing assets as a percentage of subsidiary assets at December 31, 2023 was 0.09 percent compared to 0.15 percent in the prior quarter and 0.12 percent in the prior year fourth quarter.
Early stage delinquencies (accruing loans 30-89 days past due) of $50.0 million at December 31, 2023 increased $34.7 million from the prior quarter and increased $29.0 million from prior year end. The current quarter increase included a $13 million loan that was brought current shortly after quarter end. The remaining early stage delinquencies was driven by seasonality and a few isolated loans. Early stage delinquencies as a percentage of loans at December 31, 2023 were 0.31 percent compared to 0.09 percent for the prior quarter end and 0.14 percent for the prior year end.
The current quarter credit loss expense of $3.0 million included $4.2 million of credit loss expense from loans and $1.2 million of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans ("ACL") as a percentage of total loans outstanding at December 31, 2023 was 1.19 percent compared to 1.20 percent in the prior year fourth quarter.
Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio
| (Dollars in thousands) | Provision for Credit Losses Loans | Net Charge-Offs (Recoveries) | 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 | ||||||||||
| 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 | % | |||||||
| Second quarter 2022 | (1,353 | ) | 1,843 | 1.20 | % | 0.12 | % | 0.16 | % | ||||||
| First quarter 2022 | 4,344 | 850 | 1.28 | % | 0.12 | % | 0.24 | % | |||||||
Net charge-offs for the current quarter were $3.7 million compared to $2.2 million in the prior quarter and $2.0 million for the prior year fourth quarter. Net charge-offs of $3.7 million included $2.0 million in deposit overdraft net charge-offs and $1.7 million of net loan charge-offs.
The current quarter provision for credit loss expense for loans was $4.2 million, which was a decrease of $914 thousand from the prior quarter and a $1.9 million decrease from the prior year fourth 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.
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) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2022 | |||||||
| Deposits | ||||||||||||
| Non-interest bearing deposits | $ | 6,022,980 | 6,465,353 | 7,690,751 | (442,373 | ) | (1,667,771 | ) | ||||
| NOW and DDA accounts | 5,321,257 | 5,253,367 | 5,330,614 | 67,890 | (9,357 | ) | ||||||
| Savings accounts | 2,833,887 | 2,872,362 | 3,200,321 | (38,475 | ) | (366,434 | ) | |||||
| Money market deposit accounts | 2,831,624 | 2,994,631 | 3,472,281 | (163,007 | ) | (640,657 | ) | |||||
| Certificate accounts | 2,915,393 | 2,742,017 | 880,589 | 173,376 | 2,034,804 | |||||||
| Core deposits, total | 19,925,141 | 20,327,730 | 20,574,556 | (402,589 | ) | (649,415 | ) | |||||
| Wholesale deposits | 4,026 | 67,434 | 31,999 | (63,408 | ) | (27,973 | ) | |||||
| Deposits, total | 19,929,167 | 20,395,164 | 20,606,555 | (465,997 | ) | (677,388 | ) | |||||
| Repurchase agreements | 1,486,850 | 1,499,696 | 945,916 | (12,846 | ) | 540,934 | ||||||
| Deposits and repurchase agreements, total | 21,416,017 | 21,894,860 | 21,552,471 | (478,843 | ) | (136,454 | ) | |||||
| Federal Home Loan Bank advances | - | - | 1,800,000 | - | (1,800,000 | ) | ||||||
| FRB Bank Term Funding | 2,740,000 | 2,740,000 | - | - | 2,740,000 | |||||||
| Other borrowed funds | 81,695 | 73,752 | 77,293 | 7,943 | 4,402 | |||||||
| Subordinated debentures | 132,943 | 132,903 | 132,782 | 40 | 161 | |||||||
| Other liabilities | 351,693 | 347,452 | 229,524 | 4,241 | 122,169 | |||||||
| Total liabilities | $ | 24,722,348 | 25,188,967 | 23,792,070 | (466,619 | ) | 930,278 | |||||
During the current year, the Company experienced unprecedented fluctuations in the deposit balances and higher deposit rates, primarily due to the volatile interest rate environment. As a result of the Company's focus on diversified deposits and repurchase agreements, core deposits and retail repurchase agreements decreased $108 million, or 50 basis points, from the prior year end. Total core deposits of $19.9 billion at the current quarter end decreased $403 million, or 2 percent, during the current quarter. Non-interest bearing deposits represented 30 percent of total core deposits at December 31, 2023 compared to 37 percent at December 31, 2022.
The Company's liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. The Company has available liquidity of $15.0 billion including cash, borrowing capacity from the FHLB and Federal Reserve facilities, unpledged securities, brokered deposits, and other sources.
Stockholders' Equity Summary
| $ Change from | |||||||||||||
| (Dollars in thousands, except per share data) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2022 | ||||||||
| Common equity | $ | 3,394,394 | 3,374,961 | 3,312,097 | 19,433 | 82,297 | |||||||
| Accumulated other comprehensive loss | (374,113 | ) | (500,367 | ) | (468,792 | ) | 126,254 | 94,679 | |||||
| Total stockholders' equity | 3,020,281 | 2,874,594 | 2,843,305 | 145,687 | 176,976 | ||||||||
| Goodwill and core deposit intangible, net | (1,017,263 | ) | (1,019,690 | ) | (1,026,994 | ) | 2,427 | 9,731 | |||||
| Tangible stockholders' equity | $ | 2,003,018 | 1,854,904 | 1,816,311 | 148,114 | 186,707 | |||||||
| Stockholders' equity to total assets | 10.89 | % | 10.24 | % | 10.67 | % | |||||||
| Tangible stockholders' equity to total tangible assets | 7.49 | % | 6.86 | % | 7.09 | % | |||||||
| Book value per common share | $ | 27.24 | 25.93 | 25.67 | 1.31 | 1.57 | |||||||
| Tangible book value per common share | $ | 18.06 | 16.73 | 16.40 | 1.33 | 1.66 |
Tangible stockholders' equity of $2.003 billion at December 31, 2023 increased $148 million, or 8 percent, compared to the prior quarter and was primarily due to a decrease in net unrealized losses (after-tax) on available-for-sale ("AFS") debt securities during the current quarter. Tangible stockholders' equity increased $187 million, or 10 percent, from December 31, 2022, which was primarily due to earnings retention and a decrease in net unrealized losses (after-tax) on AFS debt securities. Tangible book value per common share of $18.06 at the current quarter end increased $1.33 per share, or 8 percent, from the prior quarter. The tangible book value per common share increased $1.66 per share, or 10 percent, from the prior year end.
Cash Dividends
On November 15, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The current quarter dividend of $0.33 per share was consistent with the dividend declared in the prior quarter and the prior year fourth quarter. The dividend was payable December 14, 2023 to shareholders of record on December 5, 2023. The dividend was the Company's 155th 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 December 31, 2023
Compared to September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022
Income Summary
| Three Months ended | ||||||||||||||||
| (Dollars in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||
| Net interest income | ||||||||||||||||
| Interest income | $ | 273,496 | 264,906 | 247,365 | 231,888 | 225,085 | ||||||||||
| Interest expense | 107,040 | 97,852 | 75,385 | 45,696 | 21,026 | |||||||||||
| Total net interest income | 166,456 | 167,054 | 171,980 | 186,192 | 204,059 | |||||||||||
| Non-interest income | ||||||||||||||||
| Service charges and other fees | 19,115 | 19,304 | 18,967 | 17,771 | 18,734 | |||||||||||
| Miscellaneous loan fees and charges | 4,484 | 4,322 | 4,162 | 3,967 | 3,905 | |||||||||||
| Gain on sale of loans | 2,228 | 4,046 | 3,528 | 2,400 | 2,175 | |||||||||||
| Gain (loss) on sale of securities | 1,712 | (65 | ) | (23 | ) | (114 | ) | 519 | ||||||||
| Other income | 3,326 | 2,633 | 2,445 | 3,871 | 3,150 | |||||||||||
| Total non-interest income | 30,865 | 30,240 | 29,079 | 27,895 | 28,483 | |||||||||||
| Total income | $ | 197,321 | 197,294 | 201,059 | 214,087 | 232,542 | ||||||||||
| Net interest margin (tax-equivalent) | 2.56 | % | 2.58 | % | 2.74 | % | 3.08 | % | 3.30 | % | ||||||
| $ Change from | ||||||||||||||||
| (Dollars in thousands) | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | ||||||||||||
| Net interest income | ||||||||||||||||
| Interest income | $ | 8,590 | 26,131 | 41,608 | 48,411 | |||||||||||
| Interest expense | 9,188 | 31,655 | 61,344 | 86,014 | ||||||||||||
| Total net interest income | (598 | ) | (5,524 | ) | (19,736 | ) | (37,603 | ) | ||||||||
| Non-interest income | ||||||||||||||||
| Service charges and other fees | (189 | ) | 148 | 1,344 | 381 | |||||||||||
| Miscellaneous loan fees and charges | 162 | 322 | 517 | 579 | ||||||||||||
| Gain on sale of loans | (1,818 | ) | (1,300 | ) | (172 | ) | 53 | |||||||||
| Gain (loss) on sale of securities | 1,777 | 1,735 | 1,826 | 1,193 | ||||||||||||
| Other income | 693 | 881 | (545 | ) | 176 | |||||||||||
| Total non-interest income | 625 | 1,786 | 2,970 | 2,382 | ||||||||||||
| Total income | $ | 27 | (3,738 | ) | (16,766 | ) | (35,221 | ) | ||||||||
Net Interest Income
The current quarter interest income of $273 million increased $8.6 million, or 3 percent, over the prior quarter and was driven primarily by the increase in the loan yields and an increase in average balances of the loan portfolio and interest-bearing cash. The current quarter interest income increased $48.4 million, or 22 percent, over the prior year fourth quarter and was principally due to loan growth and increased loan yields. The loan yield of 5.34 percent in the current quarter increased 7 basis points from the prior quarter loan yield of 5.27 percent and increased 51 basis points from the prior year fourth quarter loan yield of 4.83 percent.
The current quarter interest expense of $107 million increased $9.2 million, or 9 percent, over the prior quarter and increased $86.0 million, or 409 percent, over the prior year fourth quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.24 percent for the current quarter compared to 1.03 percent in the prior quarter and 0.08 percent for the prior year fourth quarter. The total cost of funding (including non-interest bearing deposits) was 1.72 percent in the current quarter compared to 1.58 percent in the prior quarter and 0.35 percent in the prior year fourth quarter, which was the result of the increased deposit and borrowing rates.
The Company's net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.56 percent compared to 2.58 percent in the prior quarter and 3.30 percent in the prior year fourth quarter. Although the net interest margin has been negatively impacted by the increase in interest rates during the current year, the Company continued to experience a slower pace in the decline in the net interest margin during the current quarter. The current quarter decrease in net interest margin was 2 basis points compared to a decrease of 16 basis points during the prior quarter.
Non-interest Income
Non-interest income for the current quarter totaled $30.9 million, which was an increase of $625 thousand, or 2 percent, over the prior quarter. Gain on the sale of residential loans of $2.2 million for the current quarter decreased $1.8 million, or 45 percent, compared to the prior quarter and increased $53 thousand, or 2 percent, from the prior year fourth quarter. Included in the current quarter gain on sale of securities was $1.7 million of gain on the sale of all of the Company's Visa class B shares.
Non-interest Expense Summary
| Three Months ended | |||||||||||||||
| (Dollars in thousands) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | ||||||||||
| Compensation and employee benefits | $ | 71,420 | 77,387 | 78,764 | 81,477 | 79,814 | |||||||||
| Occupancy and equipment | 10,533 | 10,553 | 10,827 | 11,665 | 10,734 | ||||||||||
| Advertising and promotions | 3,410 | 4,052 | 3,733 | 4,235 | 3,558 | ||||||||||
| Data processing | 8,511 | 8,730 | 8,402 | 8,109 | 8,079 | ||||||||||
| Other real estate owned and foreclosed assets | 78 | 15 | 14 | 12 | 5 | ||||||||||
| Regulatory assessments and insurance | 12,435 | 6,060 | 5,314 | 4,903 | 3,425 | ||||||||||
| Core deposit intangibles amortization | 2,427 | 2,428 | 2,427 | 2,449 | 2,664 | ||||||||||
| Other expenses | 23,382 | 20,351 | 21,123 | 22,132 | 20,700 | ||||||||||
| Total non-interest expense | $ | 132,196 | 129,576 | 130,604 | 134,982 | 128,979 | |||||||||
| $ Change from | |||||||||||||||
| (Dollars in thousands) | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||
| Compensation and employee benefits | $ | (5,967 | ) | (7,344 | ) | (10,057 | ) | (8,394 | ) | ||||||
| Occupancy and equipment | (20 | ) | (294 | ) | (1,132 | ) | (201 | ) | |||||||
| Advertising and promotions | (642 | ) | (323 | ) | (825 | ) | (148 | ) | |||||||
| Data processing | (219 | ) | 109 | 402 | 432 | ||||||||||
| Other real estate owned and foreclosed assets | 63 | 64 | 66 | 73 | |||||||||||
| Regulatory assessments and insurance | 6,375 | 7,121 | 7,532 | 9,010 | |||||||||||
| Core deposit intangibles amortization | (1 | ) | - | (22 | ) | (237 | ) | ||||||||
| Other expenses | 3,031 | 2,259 | 1,250 | 2,682 | |||||||||||
| Total non-interest expense | $ | 2,620 | 1,592 | (2,786 | ) | 3,217 | |||||||||
Total non-interest expense of $132 million for the current quarter increased $2.6 million, or 2 percent, over the prior quarter and increased $3.2 million, or 2 percent, over the prior year fourth quarter. Compensation and employee benefits expense of $71.4 million for the current quarter decreased $6.0 million, or 8 percent, from the prior quarter and decreased $8.4 million, or 11 percent, over the prior year fourth quarter, which was driven primarily by a decrease in performance-related compensation including in real estate commissions. The Company has also benefited during the year from increased operating efficiencies and a decrease in staffing. Included in the current quarter regulatory assessment and insurance expense was a $6.0 million expense related to the FDIC special assessment pursuant to a systemic risk determination. Excluding the FDIC special assessment, the $6.4 million regulatory assessments and insurance expense in the current quarter increased $3.0 million, or 88 percent, over the prior year fourth quarter and was primarily due to the FDIC uniformly increasing all depository institutions premiums at the beginning of the current year. Other expense of $23.4 million, increased $3.0 million, or 15 percent, from the prior quarter and was driven by several miscellaneous category increases. Other expense for the current quarter increased $2.7 million, or 13 percent, from the prior year fourth quarter and was primarily attributable to a $2.5 million gain on the sale of a former branch building in the prior year fourth quarter. "The reduction in non-interest expense in the current quarter was primarily due to the reduction in accrued performance-based compensation. In addition, the Company continues to improve operating efficiencies while monitoring staffing levels," said Ron Copher, Chief Financial Officer.
Federal and State Income Tax Expense
Tax expense during the fourth quarter of 2023 was $7.8 million, a decrease of $3.9 million, or 34 percent, compared to the prior quarter and a decrease of $10.0 million, or 56 percent, from the prior year fourth quarter. The effective tax rate in the current quarter was 12.6 percent compared to 18.3 percent in the prior quarter and 18.2 percent in the prior year fourth quarter. The current quarter 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 blended state tax rate.
Efficiency Ratio
The efficiency ratio was 65.2 percent in the current quarter compared to 63.31 percent in the prior quarter and 53.18 percent in the prior year fourth quarter. The increase from the prior quarter was principally driven by the FDIC special assessment and the decrease in the gain on the sale of residential loans. The increase from the prior year fourth quarter was primarily attributable to the increase in interest expense, which outpaced the increase in interest income.
Operating Results for Year Ended December 31, 2023
Compared to December 31, 2022
Income Summary
| Year ended | |||||||||||||
| (Dollars in thousands) | Dec 31, 2023 | Dec 31, 2022 | $ Change | % Change | |||||||||
| Net interest income | |||||||||||||
| Interest income | $ | 1,017,655 | $ | 829,640 | $ | 188,015 | 23% | ||||||
| Interest expense | 325,973 | 41,261 | 284,712 | 690% | |||||||||
| Total net interest income | 691,682 | 788,379 | (96,697 | ) | (12)% | ||||||||
| Non-interest income | |||||||||||||
| Service charges and other fees | 75,157 | 72,124 | 3,033 | 4% | |||||||||
| Miscellaneous loan fees and charges | 16,935 | 15,350 | 1,585 | 10% | |||||||||
| Gain on sale of loans | 12,202 | 20,032 | (7,830 | ) | (39)% | ||||||||
| Gain on sale of securities | 1,510 | 620 | 890 | 144% | |||||||||
| Other income | 12,275 | 12,606 | (331 | ) | (3)% | ||||||||
| Total non-interest income | 118,079 | 120,732 | (2,653 | ) | (2)% | ||||||||
| Total Income | $ | 809,761 | $ | 909,111 | $ | (99,350 | ) | (11)% | |||||
| Net interest margin (tax-equivalent) | 2.73 | % | 3.27 | % | |||||||||
Net Interest Income
Net-interest income of $692 million for 2023 decreased $96.7 million, or 12 percent, over 2022 and was primarily driven by increased interest expense. Interest income of $1.018 billion for 2023 increased $188 million, or 23 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 5.19 percent for 2023, an increase of 53 basis points from the prior year loan yield of 4.66 percent.
Interest expense of $326 million for 2023 increased $285 million, or 690 percent, over the same period in the prior year and was the result of increased borrowings and higher interest rates on borrowings and deposits. Core deposit cost (including non-interest bearing deposits) was 0.77 percent for 2023 compared to 0.07 percent for the prior year. The total funding cost (including non-interest bearing deposits) for 2023 was 1.35 percent, which was an increase of 117 basis points over the prior year funding cost of 0.18 percent.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2023 was 2.73 percent, a 54 basis points decrease from the net interest margin of 3.27 percent for the prior year. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the Paycheck Protection Program loans, was 2.71 percent for 2023, which was a 49 basis points decrease from the core margin of 3.20 percent in the same period of the prior year.
Non-interest Income
Non-interest income of $118 million for 2023 decreased $2.7 million, or 2 percent, over the same period last year and was primarily due to the decrease in gain on sale of residential loans, which was partially offset by the increase in service charges and other fees. Miscellaneous loan fees of $16.9 million increased $1.6 million for 2023, or 10 percent, which was primarily driven by increased credit card interchange fees due to increased activity. Gain on sale of residential loans of $12.2 million in 2023 decreased by $7.8 million, or 39 percent, over the prior year, primarily as result of the reduction in residential purchase and refinance activity as mortgage rates significantly increased during 2023.
Non-interest Expense Summary
| Year ended | |||||||||||
| (Dollars in thousands) | Dec 31, 2023 | Dec 31, 2022 | $ Change | % Change | |||||||
| Compensation and employee benefits | $ | 309,048 | $ | 319,303 | $ | (10,255) | (3)% | ||||
| Occupancy and equipment | 43,578 | 43,261 | 317 | 1% | |||||||
| Advertising and promotions | 15,430 | 14,324 | 1,106 | 8% | |||||||
| Data processing | 33,752 | 30,823 | 2,929 | 10% | |||||||
| Other real estate owned and foreclosed assets | 119 | 77 | 42 | 55% | |||||||
| Regulatory assessments and insurance | 28,712 | 12,904 | 15,808 | 123% | |||||||
| Core deposit intangibles amortization | 9,731 | 10,658 | (927) | (9)% | |||||||
| Other expenses | 86,988 | 87,518 | (530) | (1)% | |||||||
| Total non-interest expense | $ | 527,358 | $ | 518,868 | $ | 8,490 | 2% | ||||
Total non-interest expense of $527 million for 2023 increased $8.5 million, or 2 percent, over the same period in the prior year. Compensation and employee benefits expense of $309 million in 2023 decreased $10.3 million, or 3 percent, over the prior year and was driven by a decrease in accrued performance-related compensation and a decrease in real estate commissions. Regulatory assessments and insurance of $28.7 million for 2023 increased $15.8 million, or 123 percent, over the prior year and was primarily due to the $6.0 million FDIC special assessment and the FDIC uniformly increasing all depository institutions premiums beginning in 2023. Other expense of $87.0 million for 2023 decreased $530 thousand, or 1 percent, from the prior year and included changes in several miscellaneous categories. Acquisition-related expenses were $1.3 million in 2023 compared to $10.0 million in 2022.
Provision for Credit Losses
The provision for credit loss expense was $14.8 million for 2023, a decrease of $5.2 million, or 26 percent, over the same period in the prior year. The provision for credit loss expense for 2023 included provision for credit loss expense of $20.8 million on the loan portfolio and credit loss benefit of $6.0 million on the unfunded loan commitments. Net charge-offs during 2023 were $10.3 million compared to $7.8 million during 2022.
Federal and State Income Tax Expense
Tax expense of $44.7 million for 2023 decreased $22.4 million, or 33 percent, over the prior year. The effective tax rate for 2023 was 16.7 percent compared to 18.1 percent for the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of a decrease in the pre-tax income, an increase in federal tax credits and a decrease in the blended state tax rate.
Efficiency Ratio
The efficiency ratio was 62.85 percent for 2023 compared to 54.64 percent for 2022. 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.
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 or increased banking and consumer protection regulations, that may adversely affect the Company's business;
- risks related to overall economic conditions, including the impact on the economy of a rising interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
- risks associated with the Company's ability to negotiate, complete, and successfully integrate any future acquisitions;
- costs or difficulties related to the completion and integration of pending or future acquisitions;
- impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
- reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
- deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers;
- changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
- risks presented by continued public stock market volatility, which could adversely affect the market price of the Company's common stock and the ability to raise additional capital or grow through acquisitions;
- risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank's divisions;
- material failure, potential interruption or breach in security of the Company's systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
- risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
- success in managing risks involved in the foregoing; and
- effects of any reputational damage to the Company resulting from any of the foregoing.
The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.
Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 26, 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/BI418b19026885468085e5f5ca09a5f67e. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/2w5869im. 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), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT).
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
| (Dollars in thousands, except per share data) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | ||||||
| Assets | |||||||||
| Cash on hand and in banks | $ | 246,525 | 264,067 | 300,194 | |||||
| Interest bearing cash deposits | 1,107,817 | 1,408,027 | 101,801 | ||||||
| Cash and cash equivalents | 1,354,342 | 1,672,094 | 401,995 | ||||||
| Debt securities, available-for-sale | 4,785,719 | 4,741,738 | 5,307,307 | ||||||
| Debt securities, held-to-maturity | 3,502,411 | 3,553,805 | 3,715,052 | ||||||
| Total debt securities | 8,288,130 | 8,295,543 | 9,022,359 | ||||||
| Loans held for sale, at fair value | 15,691 | 29,027 | 12,314 | ||||||
| Loans receivable | 16,198,082 | 16,135,046 | 15,246,812 | ||||||
| Allowance for credit losses | (192,757 | ) | (192,271 | ) | (182,283 | ) | |||
| Loans receivable, net | 16,005,325 | 15,942,775 | 15,064,529 | ||||||
| Premises and equipment, net | 421,791 | 415,343 | 398,100 | ||||||
| Other real estate owned and foreclosed assets | 1,503 | 48 | 32 | ||||||
| Accrued interest receivable | 94,526 | 104,476 | 83,538 | ||||||
| Deferred tax asset | 159,070 | 203,745 | 193,187 | ||||||
| Core deposit intangible, net | 31,870 | 34,297 | 41,601 | ||||||
| Goodwill | 985,393 | 985,393 | 985,393 | ||||||
| Non-marketable equity securities | 12,755 | 11,330 | 82,015 | ||||||
| Bank-owned life insurance | 171,101 | 170,175 | 169,068 | ||||||
| Other assets | 201,132 | 199,315 | 181,244 | ||||||
| Total assets | $ | 27,742,629 | 28,063,561 | 26,635,375 | |||||
| Liabilities | |||||||||
| Non-interest bearing deposits | $ | 6,022,980 | 6,465,353 | 7,690,751 | |||||
| Interest bearing deposits | 13,906,187 | 13,929,811 | 12,915,804 | ||||||
| Securities sold under agreements to repurchase | 1,486,850 | 1,499,696 | 945,916 | ||||||
| FHLB advances | - | - | 1,800,000 | ||||||
| FRB Bank Term Funding | 2,740,000 | 2,740,000 | - | ||||||
| Other borrowed funds | 81,695 | 73,752 | 77,293 | ||||||
| Subordinated debentures | 132,943 | 132,903 | 132,782 | ||||||
| Accrued interest payable | 125,907 | 91,874 | 4,331 | ||||||
| Other liabilities | 225,786 | 255,578 | 225,193 | ||||||
| Total liabilities | 24,722,348 | 25,188,967 | 23,792,070 | ||||||
| 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 | 1,109 | 1,109 | 1,108 | ||||||
| Paid-in capital | 2,350,104 | 2,348,305 | 2,344,005 | ||||||
| Retained earnings - substantially restricted | 1,043,181 | 1,025,547 | 966,984 | ||||||
| Accumulated other comprehensive loss | (374,113 | ) | (500,367 | ) | (468,792 | ) | |||
| Total stockholders' equity | 3,020,281 | 2,874,594 | 2,843,305 | ||||||
| Total liabilities and stockholders' equity | $ | 27,742,629 | 28,063,561 | 26,635,375 | |||||
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
| Three Months ended | Year ended | |||||||||||
| (Dollars in thousands, except per share data) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | |||||||
| Interest Income | ||||||||||||
| Investment securities | $ | 57,233 | 53,397 | 43,818 | 201,930 | 169,035 | ||||||
| Residential real estate loans | 19,820 | 18,594 | 14,964 | 71,328 | 57,243 | |||||||
| Commercial loans | 175,957 | 173,437 | 150,462 | 669,663 | 548,969 | |||||||
| Consumer and other loans | 20,486 | 19,478 | 15,841 | 74,734 | 54,393 | |||||||
| Total interest income | 273,496 | 264,906 | 225,085 | 1,017,655 | 829,640 | |||||||
| Interest Expense | ||||||||||||
| Deposits | 63,484 | 54,697 | 4,642 | 162,426 | 14,526 | |||||||
| Securities sold under agreements to repurchase | 12,229 | 10,972 | 1,765 | 36,414 | 3,200 | |||||||
| Federal Home Loan Bank advances | - | - | 12,689 | 26,910 | 17,317 | |||||||
| FRB Bank Term Funding | 30,228 | 30,229 | - | 93,388 | - | |||||||
| Other borrowed funds | (372 | ) | 489 | 464 | 1,056 | 1,329 | ||||||
| Subordinated debentures | 1,471 | 1,465 | 1,466 | 5,779 | 4,889 | |||||||
| Total interest expense | 107,040 | 97,852 | 21,026 | 325,973 | 41,261 | |||||||
| Net Interest Income | 166,456 | 167,054 | 204,059 | 691,682 | 788,379 | |||||||
| Provision for credit losses | 3,013 | 3,539 | 6,124 | 14,795 | 19,963 | |||||||
| Net interest income after provision for credit losses | 163,443 | 163,515 | 197,935 | 676,887 | 768,416 | |||||||
| Non-Interest Income | ||||||||||||
| Service charges and other fees | 19,115 | 19,304 | 18,734 | 75,157 | 72,124 | |||||||
| Miscellaneous loan fees and charges | 4,484 | 4,322 | 3,905 | 16,935 | 15,350 | |||||||
| Gain on sale of loans | 2,228 | 4,046 | 2,175 | 12,202 | 20,032 | |||||||
| Gain (loss) on sale of securities | 1,712 | (65 | ) | 519 | 1,510 | 620 | ||||||
| Other income | 3,326 | 2,633 | 3,150 | 12,275 | 12,606 | |||||||
| Total non-interest income | 30,865 | 30,240 | 28,483 | 118,079 | 120,732 | |||||||
| Non-Interest Expense | ||||||||||||
| Compensation and employee benefits | 71,420 | 77,387 | 79,814 | 309,048 | 319,303 | |||||||
| Occupancy and equipment | 10,533 | 10,553 | 10,734 | 43,578 | 43,261 | |||||||
| Advertising and promotions | 3,410 | 4,052 | 3,558 | 15,430 | 14,324 | |||||||
| Data processing | 8,511 | 8,730 | 8,079 | 33,752 | 30,823 | |||||||
| Other real estate owned and foreclosed assets | 78 | 15 | 5 | 119 | 77 | |||||||
| Regulatory assessments and insurance | 12,435 | 6,060 | 3,425 | 28,712 | 12,904 | |||||||
| Core deposit intangibles amortization | 2,427 | 2,428 | 2,664 | 9,731 | 10,658 | |||||||
| Other expenses | 23,382 | 20,351 | 20,700 | 86,988 | 87,518 | |||||||
| Total non-interest expense | 132,196 | 129,576 | 128,979 | 527,358 | 518,868 | |||||||
| Income Before Income Taxes | 62,112 | 64,179 | 97,439 | 267,608 | 370,280 | |||||||
| Federal and state income tax expense | 7,796 | 11,734 | 17,762 | 44,681 | 67,078 | |||||||
| Net Income | $ | 54,316 | 52,445 | 79,677 | 222,927 | 303,202 | ||||||
Glacier Bancorp, Inc.
Average Balance Sheets
| Three Months ended | |||||||||||||||||
| December 31, 2023 | 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 | $ | 1,700,598 | $ | 19,820 | 4.66% | $ | 1,649,947 | $ | 18,594 | 4.51% | |||||||
| Commercial loans 1 | 13,196,412 | 177,397 | 5.33% | 13,120,479 | 174,822 | 5.29% | |||||||||||
| Consumer and other loans | 1,279,626 | 20,486 | 6.35% | 1,263,775 | 19,478 | 6.11% | |||||||||||
| Total loans 2 | 16,176,636 | 217,703 | 5.34% | 16,034,201 | 212,894 | 5.27% | |||||||||||
| Tax-exempt debt securities 3 | 1,725,858 | 14,738 | 3.42% | 1,732,227 | 14,486 | 3.34% | |||||||||||
| Taxable debt securities 4 | 8,466,825 | 44,665 | 2.11% | 8,485,157 | 41,052 | 1.94% | |||||||||||
| Total earning assets | 26,369,319 | 277,106 | 4.17% | 26,251,585 | 268,432 | 4.06% | |||||||||||
| Goodwill and intangibles | 1,018,423 | 1,020,868 | |||||||||||||||
| Non-earning assets | 487,979 | 528,145 | |||||||||||||||
| Total assets | $ | 27,875,721 | $ | 27,800,598 | |||||||||||||
| Liabilities | |||||||||||||||||
| Non-interest bearing deposits | $ | 6,262,801 | $ | - | -% | $ | 6,461,350 | $ | - | -% | |||||||
| NOW and DDA accounts | 5,245,602 | 14,751 | 1.12% | 5,231,741 | 12,906 | 0.98% | |||||||||||
| Savings accounts | 2,843,788 | 4,848 | 0.68% | 2,840,620 | 3,492 | 0.49% | |||||||||||
| Money market deposit accounts | 2,911,054 | 13,600 | 1.85% | 3,039,177 | 12,646 | 1.65% | |||||||||||
| Certificate accounts | 2,872,192 | 29,563 | 4.08% | 2,462,266 | 23,151 | 3.73% | |||||||||||
| Total core deposits | 20,135,437 | 62,762 | 1.24% | 20,035,154 | 52,195 | 1.03% | |||||||||||
| Wholesale deposits 5 | 53,841 | 722 | 5.32% | 188,523 | 2,502 | 5.27% | |||||||||||
| Repurchase agreements | 1,488,419 | 12,229 | 3.26% | 1,401,765 | 10,972 | 3.11% | |||||||||||
| FHLB advances | - | - | -% | - | - | -% | |||||||||||
| FRB Bank Term Funding | 2,740,000 | 30,228 | 4.38% | 2,740,000 | 30,229 | 4.38% | |||||||||||
| Subordinated debentures and other borrowed funds | 211,570 | 1,099 | 2.06% | 208,336 | 1,954 | 3.72% | |||||||||||
| Total funding liabilities | 24,629,267 | 107,040 | 1.72% | 24,573,778 | 97,852 | 1.58% | |||||||||||
| Other liabilities | 332,740 | 302,564 | |||||||||||||||
| Total liabilities | 24,962,007 | 24,876,342 | |||||||||||||||
| Stockholders' Equity | |||||||||||||||||
| Common stock | 1,109 | 1,109 | |||||||||||||||
| Paid-in capital | 2,349,177 | 2,347,323 | |||||||||||||||
| Retained earnings | 1,034,258 | 1,035,276 | |||||||||||||||
| Accumulated other comprehensive loss | (470,830 | ) | (459,452 | ) | |||||||||||||
| Total stockholders' equity | 2,913,714 | 2,924,256 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 27,875,721 | $ | 27,800,598 | |||||||||||||
| Net interest income (tax-equivalent) | $ | 170,066 | $ | 170,580 | |||||||||||||
| Net interest spread (tax-equivalent) | 2.45% | 2.48% | |||||||||||||||
| Net interest margin (tax-equivalent) | 2.56% | 2.58% | |||||||||||||||
______________________________
1 Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2023 and September 30, 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 $2.0 million and $1.9 million on tax-exempt debt securities income for the three months ended December 31, 2023 and September 30, 2023, respectively.
4 Includes tax effect of $215 thousand and $215 thousand on federal income tax credits for the three months ended December 31, 2023 and September 30, 2023, respectively.
5 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 | |||||||||||||||||
| December 31, 2023 | December 31, 2022 | ||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||
| Assets | |||||||||||||||||
| Residential real estate loans | $ | 1,700,598 | $ | 19,820 | 4.66% | $ | 1,424,550 | $ | 14,964 | 4.20% | |||||||
| Commercial loans 1 | 13,196,412 | 177,397 | 5.33% | 12,419,414 | 152,169 | 4.86% | |||||||||||
| Consumer and other loans | 1,279,626 | 20,486 | 6.35% | 1,183,727 | 15,841 | 5.31% | |||||||||||
| Total loans 2 | 16,176,636 | 217,703 | 5.34% | 15,027,691 | 182,974 | 4.83% | |||||||||||
| Tax-exempt debt securities 3 | 1,725,858 | 14,738 | 3.42% | 1,960,007 | 17,877 | 3.65% | |||||||||||
| Taxable debt securities 4 | 8,466,825 | 44,665 | 2.11% | 8,200,203 | 29,717 | 1.45% | |||||||||||
| Total earning assets | 26,369,319 | 277,106 | 4.17% | 25,187,901 | 230,568 | 3.63% | |||||||||||
| Goodwill and intangibles | 1,018,423 | 1,028,277 | |||||||||||||||
| Non-earning assets | 487,979 | 436,260 | |||||||||||||||
| Total assets | $ | 27,875,721 | $ | 26,652,438 | |||||||||||||
| Liabilities | |||||||||||||||||
| Non-interest bearing deposits | $ | 6,262,801 | $ | - | -% | $ | 8,010,053 | $ | - | -% | |||||||
| NOW and DDA accounts | 5,245,602 | 14,751 | 1.12% | 5,388,062 | 1,077 | 0.08% | |||||||||||
| Savings accounts | 2,843,788 | 4,848 | 0.68% | 3,255,091 | 355 | 0.04% | |||||||||||
| Money market deposit accounts | 2,911,054 | 13,600 | 1.85% | 3,679,866 | 2,168 | 0.23% | |||||||||||
| Certificate accounts | 2,872,192 | 29,563 | 4.08% | 882,490 | 834 | 0.37% | |||||||||||
| Total core deposits | 20,135,437 | 62,762 | 1.24% | 21,215,562 | 4,434 | 0.08% | |||||||||||
| Wholesale deposits 5 | 53,841 | 722 | 5.32% | 22,462 | 208 | 3.69% | |||||||||||
| Repurchase agreements | 1,488,419 | 12,229 | 3.26% | 873,819 | 1,765 | 0.80% | |||||||||||
| FHLB advances | - | - | -% | 1,291,087 | 12,689 | 3.85% | |||||||||||
| FRB Bank Term Funding | 2,740,000 | 30,228 | 4.38% | - | - | -% | |||||||||||
| Subordinated debentures and other borrowed funds | 211,570 | 1,099 | 2.06% | 211,953 | 1,930 | 3.61% | |||||||||||
| Total funding liabilities | 24,629,267 | 107,040 | 1.72% | 23,614,883 | 21,026 | 0.35% | |||||||||||
| Other liabilities | 332,740 | 252,298 | |||||||||||||||
| Total liabilities | 24,962,007 | 23,867,181 | |||||||||||||||
| Stockholders' Equity | |||||||||||||||||
| Common stock | 1,109 | 1,108 | |||||||||||||||
| Paid-in capital | 2,349,177 | 2,343,157 | |||||||||||||||
| Retained earnings | 1,034,258 | 946,195 | |||||||||||||||
| Accumulated other comprehensive loss | (470,830 | ) | (505,203 | ) | |||||||||||||
| Total stockholders' equity | 2,913,714 | 2,785,257 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 27,875,721 | $ | 26,652,438 | |||||||||||||
| Net interest income (tax-equivalent) | $ | 170,066 | $ | 209,542 | |||||||||||||
| Net interest spread (tax-equivalent) | 2.45% | 3.28% | |||||||||||||||
| Net interest margin (tax-equivalent) | 2.56% | 3.30% | |||||||||||||||
______________________________
1 Includes tax effect of $1.4 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2023 and 2022, 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 $2.0 million and $3.6 million on tax-exempt debt securities income for the three months ended December 31, 2023 and 2022, respectively.
4 Includes tax effect of $215 thousand and $225 thousand on federal income tax credits for the three months ended December 31, 2023 and 2022, respectively.
5 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)
| Year ended | |||||||||||||||||
| December 31, 2023 | December 31, 2022 | ||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||
| Assets | |||||||||||||||||
| Residential real estate loans | $ | 1,603,600 | $ | 71,328 | 4.45% | $ | 1,284,029 | $ | 57,243 | 4.46% | |||||||
| Commercial loans 1 | 12,982,708 | 675,549 | 5.20% | 11,902,971 | 555,244 | 4.66% | |||||||||||
| Consumer and other loans | 1,247,114 | 74,734 | 5.99% | 1,131,000 | 54,393 | 4.81% | |||||||||||
| Total loans 2 | 15,833,422 | 821,611 | 5.19% | 14,318,000 | 666,880 | 4.66% | |||||||||||
| Tax-exempt debt securities 3 | 1,740,746 | 59,716 | 3.43% | 1,916,731 | 70,438 | 3.67% | |||||||||||
| Taxable debt securities 4 | 8,297,203 | 152,003 | 1.83% | 8,546,792 | 113,952 | 1.33% | |||||||||||
| Total earning assets | 25,871,371 | 1,033,330 | 3.99% | 24,781,523 | 851,270 | 3.44% | |||||||||||
| Goodwill and intangibles | 1,022,052 | 1,032,263 | |||||||||||||||
| Non-earning assets | 504,698 | 603,401 | |||||||||||||||
| Total assets | $ | 27,398,121 | $ | 26,417,187 | |||||||||||||
| Liabilities | |||||||||||||||||
| Non-interest bearing deposits | $ | 6,642,339 | $ | - | -% | $ | 8,005,821 | $ | - | -% | |||||||
| NOW and DDA accounts | 5,167,117 | 37,357 | 0.72% | 5,387,277 | 3,439 | 0.06% | |||||||||||
| Savings accounts | 2,908,584 | 9,918 | 0.34% | 3,270,799 | 1,191 | 0.04% | |||||||||||
| Money market deposit accounts | 3,166,914 | 42,254 | 1.33% | 3,926,737 | 6,401 | 0.16% | |||||||||||
| Certificate accounts | 1,949,206 | 64,176 | 3.29% | 955,829 | 3,249 | 0.34% | |||||||||||
| Total core deposits | 19,834,160 | 153,705 | 0.77% | 21,546,463 | 14,280 | 0.07% | |||||||||||
| Wholesale deposits 5 | 173,231 | 8,721 | 5.03% | 11,862 | 246 | 2.07% | |||||||||||
| Repurchase agreements | 1,301,223 | 36,414 | 2.80% | 920,955 | 3,200 | 0.35% | |||||||||||
| FHLB advances | 551,986 | 26,910 | 4.81% | 584,562 | 17,317 | 2.92% | |||||||||||
| FRB Bank Term Funding | 2,133,658 | 93,388 | 4.38% | - | - | -% | |||||||||||
| Subordinated debentures and other borrowed funds | 209,567 | 6,835 | 3.26% | 196,139 | 6,218 | 3.17% | |||||||||||
| Total funding liabilities | 24,203,825 | 325,973 | 1.35% | 23,259,981 | 41,261 | 0.18% | |||||||||||
| Other liabilities | 275,359 | 249,832 | |||||||||||||||
| Total liabilities | 24,479,184 | 23,509,813 | |||||||||||||||
| Stockholders' Equity | |||||||||||||||||
| Common stock | 1,109 | 1,107 | |||||||||||||||
| Paid-in capital | 2,346,575 | 2,340,952 | |||||||||||||||
| Retained earnings | 1,021,469 | 897,587 | |||||||||||||||
| Accumulated other comprehensive loss | (450,216 | ) | (332,272 | ) | |||||||||||||
| Total stockholders' equity | 2,918,937 | 2,907,374 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 27,398,121 | $ | 26,417,187 | |||||||||||||
| Net interest income (tax-equivalent) | $ | 707,357 | $ | 810,009 | |||||||||||||
| Net interest spread (tax-equivalent) | 2.64% | 3.26% | |||||||||||||||
| Net interest margin (tax-equivalent) | 2.73% | 3.27% | |||||||||||||||
______________________________
1 Includes tax effect of $5.9 million and $6.3 million on tax-exempt municipal loan and lease income for the year ended December 31, 2023 and 2022, 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 $8.9 million and $14.5 million on tax-exempt debt securities income for the year ended December 31, 2023 and 2022, respectively.
4 Includes tax effect of $859 thousand and $901 thousand on federal income tax credits for the year ended December 31, 2023 and 2022, respectively.
5 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) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2022 | ||||||||||
| Custom and owner occupied construction | $ | 290,572 | $ | 306,106 | $ | 298,461 | (5)% | (3)% | |||||||
| Pre-sold and spec construction | 236,596 | 287,048 | 297,895 | (18)% | (21)% | ||||||||||
| Total residential construction | 527,168 | 593,154 | 596,356 | (11)% | (12)% | ||||||||||
| Land development | 232,966 | 234,995 | 219,842 | (1)% | 6% | ||||||||||
| Consumer land or lots | 187,545 | 184,685 | 206,604 | 2% | (9)% | ||||||||||
| Unimproved land | 87,739 | 87,089 | 104,662 | 1% | (16)% | ||||||||||
| Developed lots for operative builders | 56,142 | 62,485 | 60,987 | (10)% | (8)% | ||||||||||
| Commercial lots | 87,185 | 84,194 | 93,952 | 4% | (7)% | ||||||||||
| Other construction | 900,547 | 982,384 | 938,406 | (8)% | (4)% | ||||||||||
| Total land, lot, and other construction | 1,552,124 | 1,635,832 | 1,624,453 | (5)% | (4)% | ||||||||||
| Owner occupied | 3,035,768 | 2,976,821 | 2,833,469 | 2% | 7% | ||||||||||
| Non-owner occupied | 3,742,916 | 3,765,266 | 3,531,673 | (1)% | 6% | ||||||||||
| Total commercial real estate | 6,778,684 | 6,742,087 | 6,365,142 | 1% | 6% | ||||||||||
| Commercial and industrial | 1,363,479 | 1,363,198 | 1,377,888 | -% | (1)% | ||||||||||
| Agriculture | 772,458 | 785,208 | 735,553 | (2)% | 5% | ||||||||||
| 1st lien | 2,127,989 | 2,054,497 | 1,808,502 | 4% | 18% | ||||||||||
| Junior lien | 47,230 | 47,490 | 40,445 | (1)% | 17% | ||||||||||
| Total 1-4 family | 2,175,219 | 2,101,987 | 1,848,947 | 3% | 18% | ||||||||||
| Multifamily residential | 796,538 | 714,822 | 622,185 | 11% | 28% | ||||||||||
| Home equity lines of credit | 979,891 | 950,204 | 872,899 | 3% | 12% | ||||||||||
| Other consumer | 229,154 | 233,980 | 220,035 | (2)% | 4% | ||||||||||
| Total consumer | 1,209,045 | 1,184,184 | 1,092,934 | 2% | 11% | ||||||||||
| States and political subdivisions | 834,947 | 833,618 | 797,656 | -% | 5% | ||||||||||
| Other | 204,111 | 209,983 | 198,012 | (3)% | 3% | ||||||||||
| Total loans receivable, including loans held for sale | 16,213,773 | 16,164,073 | 15,259,126 | -% | 6% | ||||||||||
| Less loans held for sale 1 | (15,691 | ) | (29,027 | ) | (12,314 | ) | (46)% | 27% | |||||||
| Total loans receivable | $ | 16,198,082 | $ | 16,135,046 | $ | 15,246,812 | -% | 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- Accrual Loans | Accruing Loans 90 Days or More Past Due | Other real estate owned and foreclosed assets | |||||||||
| (Dollars in thousands) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2023 | Dec 31, 2023 | ||||||
| Custom and owner occupied construction | $ | 214 | 219 | 224 | 214 | - | - | |||||
| Pre-sold and spec construction | 763 | 763 | 389 | - | 763 | - | ||||||
| Total residential construction | 977 | 982 | 613 | 214 | 763 | - | ||||||
| Land development | 35 | 80 | 138 | 35 | - | - | ||||||
| Consumer land or lots | 96 | 314 | 278 | 96 | - | - | ||||||
| Unimproved land | - | 36 | 78 | - | - | - | ||||||
| Developed lots for operative builders | 608 | 608 | 251 | - | 608 | - | ||||||
| Commercial lots | 47 | 188 | - | - | 47 | - | ||||||
| Other construction | - | 12,884 | 12,884 | - | - | - | ||||||
| Total land, lot and other construction | 786 | 14,110 | 13,629 | 131 | 655 | - | ||||||
| Owner occupied | 1,838 | 1,445 | 2,076 | 821 | - | 1,017 | ||||||
| Non-owner occupied | 11,016 | 15,105 | 805 | 10,757 | 259 | - | ||||||
| Total commercial real estate | 12,854 | 16,550 | 2,881 | 11,578 | 259 | 1,017 | ||||||
| Commercial and Industrial | 1,971 | 1,367 | 3,326 | 1,245 | 575 | 151 | ||||||
| Agriculture | 2,558 | 2,450 | 2,574 | 2,557 | 1 | - | ||||||
| 1st lien | 2,664 | 2,766 | 2,678 | 2,533 | 116 | 15 | ||||||
| Junior lien | 180 | 363 | 166 | 144 | 36 | - | ||||||
| Total 1-4 family | 2,844 | 3,129 | 2,844 | 2,677 | 152 | 15 | ||||||
| Multifamily residential | 395 | - | 4,535 | - | 395 | - | ||||||
| Home equity lines of credit | 2,043 | 1,612 | 1,393 | 1,778 | 265 | - | ||||||
| Other consumer | 1,187 | 942 | 911 | 636 | 231 | 320 | ||||||
| Total consumer | 3,230 | 2,554 | 2,304 | 2,414 | 496 | 320 | ||||||
| Other | 16 | 1,141 | 36 | - | 16 | - | ||||||
| Total | $ | 25,631 | 42,283 | 32,742 | 20,816 | 3,312 | 1,503 | |||||
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
| Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | |||||||||||
| (Dollars in thousands) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Sep 30, 2023 | Dec 31, 2022 | |||||||
| Custom and owner occupied construction | $ | 2,549 | $ | - | $ | 1,082 | n/m | 136% | ||||
| Pre-sold and spec construction | 1,219 | 599 | 1,712 | 104% | (29)% | |||||||
| Total residential construction | 3,768 | 599 | 2,794 | 529% | 35% | |||||||
| Land development | 163 | 44 | - | 270% | n/m | |||||||
| Consumer land or lots | 624 | 528 | 442 | 18% | 41% | |||||||
| Unimproved land | - | 87 | 120 | (100)% | (100)% | |||||||
| Developed lots for operative builders | - | - | 958 | n/m | (100)% | |||||||
| Commercial lots | 2,159 | 1,245 | 47 | 73% | 4,494% | |||||||
| Other construction | - | - | 209 | n/m | (100)% | |||||||
| Total land, lot and other construction | 2,946 | 1,904 | 1,776 | 55% | 66% | |||||||
| Owner occupied | 2,222 | 652 | 3,478 | 241% | (36)% | |||||||
| Non-owner occupied | 14,471 | 213 | 496 | 6,694% | 2,818% | |||||||
| Total commercial real estate | 16,693 | 865 | 3,974 | 1,830% | 320% | |||||||
| Commercial and industrial | 12,905 | 2,946 | 3,439 | 338% | 275% | |||||||
| Agriculture | 594 | 604 | 1,367 | (2)% | (57)% | |||||||
| 1st lien | 3,768 | 1,006 | 2,174 | 275% | 73% | |||||||
| Junior lien | 1 | 355 | 190 | (100)% | (99)% | |||||||
| Total 1-4 family | 3,769 | 1,361 | 2,364 | 177% | 59% | |||||||
| Multifamily Residential | - | - | 492 | n/m | (100)% | |||||||
| Home equity lines of credit | 4,518 | 3,638 | 1,182 | 24% | 282% | |||||||
| Other consumer | 3,264 | 1,821 | 1,824 | 79% | 79% | |||||||
| Total consumer | 7,782 | 5,459 | 3,006 | 43% | 159% | |||||||
| States and political subdivisions | - | - | 28 | n/m | (100)% | |||||||
| Other | 1,510 | 1,515 | 1,727 | -% | (13)% | |||||||
| Total | $ | 49,967 | $ | 15,253 | $ | 20,967 | 228% | 138% | ||||
______________________________
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) | Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2023 | ||||||||
| Custom and owner occupied construction | $ | - | - | 17 | - | - | |||||||
| Pre-sold and spec construction | (15 | ) | (12 | ) | (15 | ) | - | 15 | |||||
| Total residential construction | (15 | ) | (12 | ) | 2 | - | 15 | ||||||
| Land development | (135 | ) | (134 | ) | (34 | ) | - | 135 | |||||
| Consumer land or lots | (19 | ) | (14 | ) | (46 | ) | - | 19 | |||||
| Other construction | 889 | - | - | 889 | - | ||||||||
| Total land, lot and other construction | 735 | (148 | ) | (80 | ) | 889 | 154 | ||||||
| Owner occupied | (59 | ) | (104 | ) | 555 | 66 | 125 | ||||||
| Non-owner occupied | 799 | 500 | (242 | ) | 807 | 8 | |||||||
| Total commercial real estate | 740 | 396 | 313 | 873 | 133 | ||||||||
| Commercial and industrial | 364 | (11 | ) | (70 | ) | 1,040 | 676 | ||||||
| Agriculture | - | - | (7 | ) | - | - | |||||||
| 1st lien | 66 | 98 | (109 | ) | 110 | 44 | |||||||
| Junior lien | 24 | 32 | (302 | ) | 49 | 25 | |||||||
| Total 1-4 family | 90 | 130 | (411 | ) | 159 | 69 | |||||||
| Multifamily residential | (136 | ) | - | 136 | - | 136 | |||||||
| Home equity lines of credit | (6 | ) | 20 | (91 | ) | 129 | 135 | ||||||
| Other consumer | 1,097 | 816 | 451 | 1,368 | 271 | ||||||||
| Total consumer | 1,091 | 836 | 360 | 1,497 | 406 | ||||||||
| Other | 7,447 | 5,430 | 7,572 | 10,637 | 3,190 | ||||||||
| Total | $ | 10,316 | 6,621 | 7,815 | 15,095 | 4,779 | |||||||
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