1st Quarter 2025 Highlights:
- Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 66 percent from the prior year first quarter diluted earnings per share of $0.29 per share.
- Net income was $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent, from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the prior year first quarter net income of $32.6 million.
- The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent.
- Total deposits of $20.634 billion increased $87.1 million, or 2 percent annualized, during the current quarter.
- The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.
- The total earning asset yield of 4.61 percent in the current quarter increased 4 basis points from the prior quarter earning asset yield of 4.57 percent and increased 30 basis points from the prior year first quarter earning asset yield of 4.31 percent.
- The total core deposit cost (including non-interest bearing deposits) of 1.25 percent in the current quarter decreased 4 basis point from the prior quarter total core deposit cost of 1.29 percent.
- The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis point from the prior quarter total cost of funding of 1.71 percent.
- The Company declared a quarterly dividend of $0.33 per share. The Company has declared 160 consecutive quarterly dividends and has increased the dividend 49 times.
- The Company announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, "BOID") which had total assets of $1.3 billion as of March 31, 2025. This will be the Company's 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years.
Financial Summary
| At or for the Three Months ended | |||||||||
| (Dollars in thousands, except per share and market data) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | ||||||
| Operating results | |||||||||
| Net income | $ | 54,568 | 61,754 | 32,627 | |||||
| Basic earnings per share | $ | 0.48 | 0.54 | 0.29 | |||||
| Diluted earnings per share | $ | 0.48 | 0.54 | 0.29 | |||||
| Dividends declared per share | $ | 0.33 | 0.33 | 0.33 | |||||
| Market value per share | |||||||||
| Closing | $ | 44.22 | 50.22 | 40.28 | |||||
| High | $ | 52.81 | 60.67 | 42.75 | |||||
| Low | $ | 43.18 | 43.70 | 34.74 | |||||
| Selected ratios and other data | |||||||||
| Number of common stock shares outstanding | 113,517,944 | 113,401,955 | 113,388,590 | ||||||
| Average outstanding shares - basic | 113,451,199 | 113,398,213 | 112,492,142 | ||||||
| Average outstanding shares - diluted | 113,546,365 | 113,541,026 | 112,554,402 | ||||||
| Return on average assets (annualized) | 0.80 | % | 0.87 | % | 0.47 | % | |||
| Return on average equity (annualized) | 6.77 | % | 7.62 | % | 4.25 | % | |||
| Efficiency ratio | 65.49 | % | 60.50 | % | 74.41 | % | |||
| Loan to deposit ratio | 83.64 | % | 84.17 | % | 82.04 | % | |||
| Number of full time equivalent employees | 3,457 | 3,441 | 3,438 | ||||||
| Number of locations | 227 | 227 | 232 | ||||||
| Number of ATMs | 286 | 284 | 285 | ||||||
KALISPELL, Mont., April 24, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the $32.6 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 65 percent from the prior year first quarter diluted earnings per share of $0.29. "We are very pleased with the long-term positive trends we see in our Company. Deposit costs are decreasing, loan yields are increasing, and margin continues to grow," said Randy Chesler, President and Chief Executive Officer. "While uncertainty about the economy persists, we remain optimistic about our customers' ability to quickly adapt to a changing environment."
On January 13, 2025, the Company announced the signing of a definitive agreement to acquire BOID with 15 branches across eastern Idaho, Boise and eastern Washington. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion. Upon closing of the transaction, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The acquisition has received all required regulatory approvals and is scheduled to close on April 30, 2025, subject to satisfaction of the remaining conditions set forth in the merger agreement and the approval by the BOID shareholders.
Asset Summary
| $ Change from | |||||||||||||||
| (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2024 | ||||||||||
| Cash and cash equivalents | $ | 981,485 | 848,408 | 788,660 | 133,077 | 192,825 | |||||||||
| Debt securities, available-for-sale | 4,172,312 | 4,245,205 | 4,629,073 | (72,893 | ) | (456,761 | ) | ||||||||
| Debt securities, held-to-maturity | 3,261,575 | 3,294,847 | 3,451,583 | (33,272 | ) | (190,008 | ) | ||||||||
| Total debt securities | 7,433,887 | 7,540,052 | 8,080,656 | (106,165 | ) | (646,769 | ) | ||||||||
| Loans receivable | |||||||||||||||
| Residential real estate | 1,850,079 | 1,858,929 | 1,752,514 | (8,850 | ) | 97,565 | |||||||||
| Commercial real estate | 10,952,809 | 10,963,713 | 10,672,269 | (10,904 | ) | 280,540 | |||||||||
| Other commercial | 3,121,477 | 3,119,535 | 3,030,608 | 1,942 | 90,869 | ||||||||||
| Home equity | 920,132 | 930,994 | 883,062 | (10,862 | ) | 37,070 | |||||||||
| Other consumer | 374,021 | 388,678 | 394,049 | (14,657 | ) | (20,028 | ) | ||||||||
| Loans receivable | 17,218,518 | 17,261,849 | 16,732,502 | (43,331 | ) | 486,016 | |||||||||
| Allowance for credit losses | (210,400 | ) | (206,041 | ) | (198,779 | ) | (4,359 | ) | (11,621 | ) | |||||
| Loans receivable, net | 17,008,118 | 17,055,808 | 16,533,723 | (47,690 | ) | 474,395 | |||||||||
| Other assets | 2,435,389 | 2,458,719 | 2,419,131 | (23,330 | ) | 16,258 | |||||||||
| Total assets | $ | 27,858,879 | 27,902,987 | 27,822,170 | (44,108 | ) | 36,709 | ||||||||
The Company continues to maintain a strong cash position of $981 million at March 31, 2025 which was an increase of $133 million over the prior quarter and an increase of $193 million over the prior year first quarter. Total debt securities of $7.434 billion at March 31, 2025 decreased $106 million, or 1 percent, during the current quarter and decreased $647 million, or 8 percent, from the prior year first quarter. Debt securities represented 27 percent of total assets at March 31, 2025 and December 31, 2024 compared to 29 percent at March 31, 2024.
The loan portfolio of $17.219 billion at March 31, 2025 decreased $43 million, or 25 basis points, during the current quarter and increased $486 million, or 3 percent, from the prior year first quarter. Excluding the Rocky Mountain Bank ("RMB") acquisition on July 19, 2024, the loan portfolio organically increased $214 million, or 1 percent, since the prior year first quarter. Excluding the RMB acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $159 million, or 1 percent.
Credit Quality Summary
| At or for the Three Months ended | At or for the Year ended | At or for the Three Months ended | |||||||
| (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | ||||||
| Allowance for credit losses | |||||||||
| Balance at beginning of period | $ | 206,041 | 192,757 | 192,757 | |||||
| Acquisitions | - | 3 | 3 | ||||||
| Provision for credit losses | 6,154 | 27,179 | 9,091 | ||||||
| Charge-offs | (3,897 | ) | (18,626 | ) | (4,295 | ) | |||
| Recoveries | 2,102 | 4,728 | 1,223 | ||||||
| Balance at end of period | $ | 210,400 | 206,041 | 198,779 | |||||
| Provision for credit losses | |||||||||
| Loan portfolio | $ | 6,154 | 27,179 | 9,091 | |||||
| Unfunded loan commitments | 1,660 | 1,127 | (842 | ) | |||||
| Total provision for credit losses | $ | 7,814 | 28,306 | 8,249 | |||||
| Other real estate owned | $ | 1,085 | 1,085 | 432 | |||||
| Other foreclosed assets | 68 | 79 | 459 | ||||||
| Accruing loans 90 days or more past due | 5,289 | 6,177 | 3,796 | ||||||
| Non-accrual loans | 32,896 | 20,445 | 20,738 | ||||||
| Total non-performing assets | $ | 39,338 | 27,786 | 25,425 | |||||
| Non-performing assets as a percentage of subsidiary assets | 0.14 | % | 0.10 | % | 0.09 | % | |||
| Allowance for credit losses as a percentage of non-performing loans | 551 | % | 774 | % | 810 | % | |||
| Allowance for credit losses as a percentage of total loans | 1.22 | % | 1.19 | % | 1.19 | % | |||
| Net charge-offs as a percentage of total loans | 0.01 | % | 0.08 | % | 0.02 | % | |||
| Accruing loans 30-89 days past due | $ | 46,458 | 32,228 | 62,423 | |||||
| U.S. government guarantees included in non-performing assets | $ | 685 | 748 | 1,490 | |||||
Non-performing assets as a percentage of subsidiary assets at March 31, 2025 was 0.14 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year first quarter. Non-performing assets of $39.3 million at March 31, 2025 increased $11.6 million, or 42 percent, over the prior quarter and increased $13.9 million, or 55 percent, over the prior year first quarter. The increase in the non-performing loans in the current quarter was primarily attributable to a single credit relationship.
Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at March 31, 2025 were 0.27 percent compared to 0.19 percent for the prior quarter end and 0.37 percent for the prior year first quarter. Early stage delinquencies of $46.5 million at March 31, 2025 increased $14.2 million from the prior quarter and decreased $16.0 million from prior year first quarter.
The current quarter credit loss expense of $7.8 million included $6.2 million of provision for credit losses on loans and $1.7 million of provision for credit losses on unfunded commitments.
The allowance for credit losses ("ACL") on loans as a percentage of total loans outstanding at March 31, 2025 was 1.22 percent compared to 1.19 percent at year end and the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.
Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio
| (Dollars in thousands) | Provision for Credit Losses Loans | Net Charge-Offs | ACL as a Percent of Loans | Accruing Loans 30-89 Days Past Due as a Percent of Loans | Non-Performing Assets to Total Subsidiary Assets | |||||||||
| First quarter 2025 | $ | 6,154 | $ | 1,795 | 1.22 | % | 0.27 | % | 0.14 | % | ||||
| Fourth quarter 2024 | 6,041 | 5,170 | 1.19 | % | 0.19 | % | 0.10 | % | ||||||
| Third quarter 2024 | 6,981 | 2,766 | 1.19 | % | 0.33 | % | 0.10 | % | ||||||
| Second quarter 2024 | 5,066 | 2,890 | 1.19 | % | 0.29 | % | 0.06 | % | ||||||
| First quarter 2024 | 9,091 | 3,072 | 1.19 | % | 0.37 | % | 0.09 | % | ||||||
| Fourth quarter 2023 | 4,181 | 3,695 | 1.19 | % | 0.31 | % | 0.09 | % | ||||||
| Third quarter 2023 | 5,095 | 2,209 | 1.19 | % | 0.09 | % | 0.15 | % | ||||||
| Second quarter 2023 | 5,254 | 2,473 | 1.19 | % | 0.16 | % | 0.12 | % | ||||||
Net charge-offs for the current quarter were $1.8 million compared to $5.2 million in the prior quarter and $3.1 million for the prior year first quarter. The current quarter net charge-offs included $1.9 million in deposit overdraft net charge-offs and $78 thousand of net loan recoveries.
Supplemental information regarding credit quality and identification of the Company's loan portfolio based on the regulatory classification of loans 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) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2024 | |||||||
| Deposits | ||||||||||||
| Non-interest bearing deposits | $ | 6,100,548 | 6,136,709 | 6,055,069 | (36,161 | ) | 45,479 | |||||
| NOW and DDA accounts | 5,676,177 | 5,543,512 | 5,376,605 | 132,665 | 299,572 | |||||||
| Savings accounts | 2,896,378 | 2,845,124 | 2,949,908 | 51,254 | (53,530 | ) | ||||||
| Money market deposit accounts | 2,816,874 | 2,878,213 | 3,002,942 | (61,339 | ) | (186,068 | ) | |||||
| Certificate accounts | 3,140,333 | 3,139,821 | 3,039,190 | 512 | 101,143 | |||||||
| Core deposits, total | 20,630,310 | 20,543,379 | 20,423,714 | 86,931 | 206,596 | |||||||
| Wholesale deposits | 3,740 | 3,615 | 3,809 | 125 | (69 | ) | ||||||
| Deposits, total | 20,634,050 | 20,546,994 | 20,427,523 | 87,056 | 206,527 | |||||||
| Repurchase agreements | 1,849,070 | 1,777,475 | 1,540,008 | 71,595 | 309,062 | |||||||
| Deposits and repurchase agreements, total | 22,483,120 | 22,324,469 | 21,967,531 | 158,651 | 515,589 | |||||||
| Federal Home Loan Bank advances | 1,520,000 | 1,800,000 | 2,140,157 | (280,000 | ) | (620,157 | ) | |||||
| Other borrowed funds | 82,443 | 83,341 | 88,814 | (898 | ) | (6,371 | ) | |||||
| Subordinated debentures | 133,145 | 133,105 | 132,984 | 40 | 161 | |||||||
| Other liabilities | 352,563 | 338,218 | 381,977 | 14,345 | (29,414 | ) | ||||||
| Total liabilities | $ | 24,571,271 | 24,679,133 | 24,711,463 | (107,862 | ) | (140,192 | ) | ||||
Total deposits of $20.634 billion at March 31, 2025 increased $87.1 million, or 2 percent annualized, from the prior quarter and increased $207 million, or 1 percent, from the prior year first quarter. Total repurchase agreements of $1.849 billion at March 31, 2025 increased $71.6 million, or 4 percent, from the prior quarter and increased $309 million, or 20 percent, from the prior year first quarter. Total deposits organically decreased $190 million, or 1 percent, from the prior year first quarter and total deposits and repurchase agreements organically increased $115 million, or 52 basis points, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Federal Home Loan Bank ("FHLB") advances of $1.520 billion decreased $280 million, or 16 percent, from the prior quarter and decreased $620 million, or 29 percent, from the prior year first quarter.
Stockholders' Equity Summary
| $ Change from | ||||||||||||||
| (Dollars in thousands, except per share data) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2024 | |||||||||
| Common equity | $ | 3,550,719 | 3,533,150 | 3,483,012 | 17,569 | 67,707 | ||||||||
| Accumulated other comprehensive loss | (263,111 | ) | (309,296 | ) | (372,305 | ) | 46,185 | 109,194 | ||||||
| Total stockholders' equity | 3,287,608 | 3,223,854 | 3,110,707 | 63,754 | 176,901 | |||||||||
| Goodwill and intangibles, net | (1,099,229 | ) | (1,102,500 | ) | (1,069,808 | ) | 3,271 | (29,421 | ) | |||||
| Tangible stockholders' equity | $ | 2,188,379 | 2,121,354 | 2,040,899 | 67,025 | 147,480 | ||||||||
| Stockholders' equity to total assets | 11.80 | % | 11.55 | % | 11.18 | % | ||||||||
| Tangible stockholders' equity to total tangible assets | 8.18 | % | 7.92 | % | 7.63 | % | ||||||||
| Book value per common share | $ | 28.96 | 28.43 | 27.43 | 0.53 | 1.53 | ||||||||
| Tangible book value per common share | $ | 19.28 | 18.71 | 18.00 | 0.57 | 1.28 | ||||||||
Tangible stockholders' equity of $2.188 billion at March 31, 2025 increased $67.0 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities and earnings retention. Tangible stockholders' equity at March 31, 2025 increased $147 million, or 7 percent, compared to the prior year first quarter and was primarily due to the decrease in unrealized loss on the available-for-sale debt securities and earnings retention. The increase was partially offset by the increase in goodwill and core deposits associated with the RMB acquisition. Tangible book value per common share of $19.28 at the current quarter end increased $0.57 per share, or 3 percent, from the prior quarter and increased $1.28 per share, or 7 percent, from the prior year first quarter.
Cash Dividends
On March 26, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 17, 2025 to shareholders of record on April 8, 2025. The dividend was the Company's 160th 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 March 31, 2025
Compared to December 31, 2024, and March 31, 2024
Income Summary
| Three Months ended | $ Change from | ||||||||||||||
| (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2024 | ||||||||||
| Net interest income | |||||||||||||||
| Interest income | $ | 289,925 | 297,036 | 279,402 | (7,111 | ) | 10,523 | ||||||||
| Interest expense | 99,946 | 105,593 | 112,922 | (5,647 | ) | (12,976 | ) | ||||||||
| Total net interest income | 189,979 | 191,443 | 166,480 | (1,464 | ) | 23,499 | |||||||||
| Non-interest income | |||||||||||||||
| Service charges and other fees | 18,818 | 20,322 | 18,563 | (1,504 | ) | 255 | |||||||||
| Miscellaneous loan fees and charges | 4,664 | 4,541 | 4,362 | 123 | 302 | ||||||||||
| Gain on sale of loans | 4,311 | 3,926 | 3,362 | 385 | 949 | ||||||||||
| Gain on sale of securities | - | - | 16 | - | (16 | ) | |||||||||
| Other income | 4,849 | 2,760 | 3,686 | 2,089 | 1,163 | ||||||||||
| Total non-interest income | 32,642 | 31,549 | 29,989 | 1,093 | 2,653 | ||||||||||
| Total income | $ | 222,621 | 222,992 | 196,469 | (371 | ) | 26,152 | ||||||||
| Net interest margin (tax-equivalent) | 3.04 | % | 2.97 | % | 2.59 | % | |||||||||
Net Interest Income
Net interest income of $190 million for the current quarter decreased $1.5 million, or 1 percent, from the prior quarter net interest income of $191 million and increased $23.5 million, or 14 percent, from the prior year first quarter net interest income of $166 million. The current quarter interest income of $290 million decreased $7.1 million, or 2 percent, over the prior quarter and was primarily driven by fewer days in the current quarter coupled with decreased average interest-bearing cash balances. The current quarter interest income increased $10.5 million, or 4 percent, over the prior year first quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.
The current quarter interest expense of $99.9 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $13.0 million, or 11 percent, over the prior year first quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the current quarter compared to 1.29 percent in the prior quarter and 1.34 percent for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis points from the prior quarter and decreased 16 basis point from the prior year first quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent and was primarily driven by the increase in loan yields and the decrease in core deposit cost. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.99 percent in the current quarter compared to 2.97 percent in the prior quarter and 2.59 in the prior year first quarter. "The Company's net interest margin increased for the fifth consecutive quarter," said Ron Copher, Chief Financial Officer. "The continued increase in loan yields and decrease in the deposit costs contributed to the 7 basis points increase in the net interest margin as it expanded to 3.04 percent in the current quarter."
Non-interest Income
Non-interest income for the current quarter totaled $32.6 million, which was an increase of $1.1 million, or 3 percent, over the prior quarter and an increase of $2.7 million, or 9 percent, over the prior year first quarter. Service charges and other fees of $18.8 million for the current quarter decreased $1.5 million, or 7 percent, compared to the prior quarter and increased $255 thousand, or 1 percent, compared to the prior year first quarter. Gain on the sale of residential loans of $4.3 million for the current quarter increased $385 thousand, or 10 percent, compared to the prior quarter and increased $949 thousand, or 28 percent, from the prior year first quarter. Other income of $4.8 million increased $2.1 million, or 75 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds coupled with an increase in income from equity investments and other one-time adjustments. Other income increased $1.2 million, or 32 percent, over the prior year first quarter primarily due to the current quarter proceeds from bank owned life insurance.
Non-interest Expense Summary
| Three Months ended | $ Change from | |||||||||||
| (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2024 | |||||||
| Compensation and employee benefits | $ | 91,443 | 81,600 | 85,789 | 9,843 | 5,654 | ||||||
| Occupancy and equipment | 12,294 | 11,589 | 11,883 | 705 | 411 | |||||||
| Advertising and promotions | 4,144 | 3,725 | 3,983 | 419 | 161 | |||||||
| Data processing | 9,138 | 9,145 | 9,159 | (7 | ) | (21 | ) | |||||
| Other real estate owned and foreclosed assets | 63 | 30 | 25 | 33 | 38 | |||||||
| Regulatory assessments and insurance | 5,534 | 5,890 | 7,761 | (356 | ) | (2,227 | ) | |||||
| Intangibles amortization | 3,270 | 3,613 | 2,760 | (343 | ) | 510 | ||||||
| Other expenses | 25,432 | 25,373 | 30,483 | 59 | (5,051 | ) | ||||||
| Total non-interest expense | $ | 151,318 | 140,965 | 151,843 | 10,353 | (525 | ) | |||||
Total non-interest expense of $151 million for the current quarter increased $10.4 million, or 7 percent, over the prior quarter and decreased $525 thousand, or 35 basis points, over the prior year first quarter. Compensation and employee benefits of $91.4 million increased by $9.8 million, or 12 percent, over the prior quarter and was primarily attributable to increased performance-related compensation. Compensation and employee benefits increased $5.6 million, or 7 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from prior year acquisitions. Regulatory assessment and insurance expense of $5.5 million decreased $2.2 million from the prior year first quarter as a result of adjustments to the FDIC special assessment.
Other expenses of $25.4 million increased $59 thousand, or 23 basis points, from the prior quarter. Other expenses decreased $5.1 million, or 17 percent, from the prior year first quarter and was primarily driven by a decrease in acquisition-related expense. Acquisition-related expense was $587 thousand in the current quarter compared to $491 thousand in the prior quarter and $5.7 million in the prior year first quarter. The current quarter other expenses included $1.2 million of gain from the sale of a former branch facility compared to a $2.1 million gain in the prior quarter and a $989 thousand gain in the prior year first quarter.
Federal and State Income Tax Expense
Tax expense during the first quarter of 2025 was $8.9 million, a decrease of $2.8 million, or 24 percent, compared to the prior quarter and an increase of $5.2 million, or 138 percent, from the prior year first quarter. The effective tax rate in the current quarter was 14.1 percent compared to 16.0 percent in the prior quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was the result of a combination of higher federal income tax credits and a decrease in income before income tax expense.
Efficiency Ratio
The efficiency ratio was 65.49 percent in the current quarter compared to 60.50 percent in the prior quarter and 74.41 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the decrease in net interest income combined with an increase in non-interest expense. The decrease from the prior year first quarter was principally due to the increase in net 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," "will," "intends," "plans," "believes," "should," "projects," "seeks," "estimates" or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:
- risks associated with lending and potential adverse changes in the credit quality of the Company's loan portfolio;
- changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company's net interest income and margin, the fair value of its financial instruments, profitability, and stockholders' equity;
- legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company's business and strategies;
- risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures and the potential for significant changes in economic and trade policies in the new administration;
- risks to the Company's business and the business of the Company's customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or 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 pending or future acquisitions;
- costs or difficulties related to the completion and integration of pending or future acquisitions;
- impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
- reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
- deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers;
- changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
- risks presented by public stock market volatility, which could adversely affect the market price of the Company's common stock and the ability to raise additional capital or grow through acquisitions;
- risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank's divisions;
- material failure, potential interruption or breach in security of the Company's systems or changes in technology 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 any of 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, April 25, 2025. 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-conf.media-server.com/register/BI3016c4b5b4bd4b0aac8f022e74f4c1d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ejk9q5pb.
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).
| CONTACT: Randall M. Chesler, CEO |
| (406) 751-4722 |
| Ron J. Copher, CFO |
| (406) 751-7706 |
| Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition | |||||||||
| (Dollars in thousands, except per share data) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | ||||||
| Assets | |||||||||
| Cash on hand and in banks | $ | 322,253 | 268,746 | 232,064 | |||||
| Interest bearing cash deposits | 659,232 | 579,662 | 556,596 | ||||||
| Cash and cash equivalents | 981,485 | 848,408 | 788,660 | ||||||
| Debt securities, available-for-sale | 4,172,312 | 4,245,205 | 4,629,073 | ||||||
| Debt securities, held-to-maturity | 3,261,575 | 3,294,847 | 3,451,583 | ||||||
| Total debt securities | 7,433,887 | 7,540,052 | 8,080,656 | ||||||
| Loans held for sale, at fair value | 40,523 | 33,060 | 27,035 | ||||||
| Loans receivable | 17,218,518 | 17,261,849 | 16,732,502 | ||||||
| Allowance for credit losses | (210,400 | ) | (206,041 | ) | (198,779 | ) | |||
| Loans receivable, net | 17,008,118 | 17,055,808 | 16,533,723 | ||||||
| Premises and equipment, net | 411,095 | 411,968 | 379,826 | ||||||
| Right-of-use assets, net | 54,441 | 56,252 | 63,447 | ||||||
| Other real estate owned and foreclosed assets | 1,153 | 1,164 | 891 | ||||||
| Accrued interest receivable | 103,992 | 99,262 | 106,063 | ||||||
| Deferred tax asset | 122,942 | 138,955 | 161,327 | ||||||
| Intangibles, net | 47,911 | 51,182 | 46,046 | ||||||
| Goodwill | 1,051,318 | 1,051,318 | 1,023,762 | ||||||
| Non-marketable equity securities | 88,134 | 99,669 | 111,129 | ||||||
| Bank-owned life insurance | 191,044 | 189,849 | 186,625 | ||||||
| Other assets | 322,836 | 326,040 | 312,980 | ||||||
| Total assets | $ | 27,858,879 | 27,902,987 | 27,822,170 | |||||
| Liabilities | |||||||||
| Non-interest bearing deposits | $ | 6,100,548 | 6,136,709 | 6,055,069 | |||||
| Interest bearing deposits | 14,533,502 | 14,410,285 | 14,372,454 | ||||||
| Securities sold under agreements to repurchase | 1,849,070 | 1,777,475 | 1,540,008 | ||||||
| FHLB advances | 1,520,000 | 1,800,000 | 2,140,157 | ||||||
| Other borrowed funds | 82,443 | 83,341 | 88,814 | ||||||
| Subordinated debentures | 133,145 | 133,105 | 132,984 | ||||||
| Accrued interest payable | 30,231 | 33,626 | 32,584 | ||||||
| Other liabilities | 322,332 | 304,592 | 349,393 | ||||||
| Total liabilities | 24,571,271 | 24,679,133 | 24,711,463 | ||||||
| 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 | 1,135 | 1,134 | 1,134 | ||||||
| Paid-in capital | 2,449,311 | 2,448,758 | 2,443,584 | ||||||
| Retained earnings - substantially restricted | 1,100,273 | 1,083,258 | 1,038,294 | ||||||
| Accumulated other comprehensive loss | (263,111 | ) | (309,296 | ) | (372,305 | ) | |||
| Total stockholders' equity | 3,287,608 | 3,223,854 | 3,110,707 | ||||||
| Total liabilities and stockholders' equity | $ | 27,858,879 | 27,902,987 | 27,822,170 | |||||
| Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations | ||||||
| Three Months ended | ||||||
| (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | |||
| Interest Income | ||||||
| Investment securities | $ | 45,646 | 50,381 | 56,218 | ||
| Residential real estate loans | 24,275 | 23,960 | 20,764 | |||
| Commercial loans | 197,388 | 199,260 | 181,472 | |||
| Consumer and other loans | 22,616 | 23,435 | 20,948 | |||
| Total interest income | 289,925 | 297,036 | 279,402 | |||
| Interest Expense | ||||||
| Deposits | 62,865 | 67,079 | 67,196 | |||
| Securities sold under agreements to repurchase | 13,733 | 14,822 | 12,598 | |||
| Federal Home Loan Bank advances | 20,719 | 21,848 | 4,249 | |||
| FRB Bank Term Funding | - | - | 27,097 | |||
| Other borrowed funds | 402 | 348 | 344 | |||
| Subordinated debentures | 2,227 | 1,496 | 1,438 | |||
| Total interest expense | 99,946 | 105,593 | 112,922 | |||
| Net Interest Income | 189,979 | 191,443 | 166,480 | |||
| Provision for credit losses | 7,814 | 8,534 | 8,249 | |||
| Net interest income after provision for credit losses | 182,165 | 182,909 | 158,231 | |||
| Non-Interest Income | ||||||
| Service charges and other fees | 18,818 | 20,322 | 18,563 | |||
| Miscellaneous loan fees and charges | 4,664 | 4,541 | 4,362 | |||
| Gain on sale of loans | 4,311 | 3,926 | 3,362 | |||
| Gain on sale of securities | - | - | 16 | |||
| Other income | 4,849 | 2,760 | 3,686 | |||
| Total non-interest income | 32,642 | 31,549 | 29,989 | |||
| Non-Interest Expense | ||||||
| Compensation and employee benefits | 91,443 | 81,600 | 85,789 | |||
| Occupancy and equipment | 12,294 | 11,589 | 11,883 | |||
| Advertising and promotions | 4,144 | 3,725 | 3,983 | |||
| Data processing | 9,138 | 9,145 | 9,159 | |||
| Other real estate owned and foreclosed assets | 63 | 30 | 25 | |||
| Regulatory assessments and insurance | 5,534 | 5,890 | 7,761 | |||
| Intangibles amortization | 3,270 | 3,613 | 2,760 | |||
| Other expenses | 25,432 | 25,373 | 30,483 | |||
| Total non-interest expense | 151,318 | 140,965 | 151,843 | |||
| Income Before Income Taxes | 63,489 | 73,493 | 36,377 | |||
| Federal and state income tax expense | 8,921 | 11,739 | 3,750 | |||
| Net Income | $ | 54,568 | 61,754 | 32,627 | ||
| Glacier Bancorp, Inc. Average Balance Sheets | |||||||||||||||||
| Three Months ended | |||||||||||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||
| Assets | |||||||||||||||||
| Residential real estate loans | $ | 1,885,497 | $ | 24,275 | 5.15 | % | $ | 1,885,146 | $ | 23,960 | 5.08 | % | |||||
| Commercial loans 1 | 14,091,210 | 198,921 | 5.73 | % | 14,059,864 | 200,956 | 5.69 | % | |||||||||
| Consumer and other loans | 1,302,687 | 22,616 | 7.04 | % | 1,324,341 | 23,435 | 7.04 | % | |||||||||
| Total loans 2 | 17,279,394 | 245,812 | 5.77 | % | 17,269,351 | 248,351 | 5.72 | % | |||||||||
| Tax-exempt debt securities 3 | 1,604,851 | 13,936 | 3.47 | % | 1,615,474 | 14,501 | 3.59 | % | |||||||||
| Taxable debt securities 4, 5 | 6,946,562 | 33,598 | 1.93 | % | 7,314,265 | 38,189 | 2.09 | % | |||||||||
| Total earning assets | 25,830,807 | 293,346 | 4.61 | % | 26,199,090 | 301,041 | 4.57 | % | |||||||||
| Goodwill and intangibles | 1,100,801 | 1,104,362 | |||||||||||||||
| Non-earning assets | 847,855 | 888,404 | |||||||||||||||
| Total assets | $ | 27,779,463 | $ | 28,191,856 | |||||||||||||
| Liabilities | |||||||||||||||||
| Non-interest bearing deposits | $ | 5,989,490 | $ | - | - | % | $ | 6,343,443 | $ | - | - | % | |||||
| NOW and DDA accounts | 5,525,976 | 15,065 | 1.11 | % | 5,491,451 | 15,768 | 1.14 | % | |||||||||
| Savings accounts | 2,861,675 | 5,159 | 0.73 | % | 2,824,126 | 5,316 | 0.75 | % | |||||||||
| Money market deposit accounts | 2,849,470 | 13,526 | 1.93 | % | 2,878,415 | 14,232 | 1.97 | % | |||||||||
| Certificate accounts | 3,152,198 | 29,075 | 3.74 | % | 3,174,923 | 31,716 | 3.97 | % | |||||||||
| Total core deposits | 20,378,809 | 62,825 | 1.25 | % | 20,712,358 | 67,032 | 1.29 | % | |||||||||
| Wholesale deposits 6 | 3,600 | 40 | 4.53 | % | 3,654 | 47 | 4.95 | % | |||||||||
| Repurchase agreements | 1,842,773 | 13,733 | 3.02 | % | 1,866,705 | 14,821 | 3.16 | % | |||||||||
| FHLB advances | 1,744,000 | 20,719 | 4.75 | % | 1,800,000 | 21,848 | 4.75 | % | |||||||||
| Subordinated debentures and other borrowed funds | 216,073 | 2,629 | 4.94 | % | 216,874 | 1,845 | 3.38 | % | |||||||||
| Total funding liabilities | 24,185,255 | 99,946 | 1.68 | % | 24,599,591 | 105,593 | 1.71 | % | |||||||||
| Other liabilities | 326,764 | 369,700 | |||||||||||||||
| Total liabilities | 24,512,019 | 24,969,291 | |||||||||||||||
| Stockholders' Equity | |||||||||||||||||
| Stockholders' equity | 3,267,444 | 3,222,565 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 27,779,463 | $ | 28,191,856 | |||||||||||||
| Net interest income (tax-equivalent) | $ | 193,400 | $ | 195,448 | |||||||||||||
| Net interest spread (tax-equivalent) | 2.93 | % | 2.86 | % | |||||||||||||
| Net interest margin (tax-equivalent) | 3.04 | % | 2.97 | % | |||||||||||||
______________________________
| 1 | Includes tax effect of $1.5 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and December 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 $1.7 million and $2.1 million on tax-exempt debt securities income for the three months ended March 31, 2025 and December 31, 2024, respectively. |
| 4 | Includes interest income of $6.1 million and $9.2 million on average interest-bearing cash balances of $559.5 million and $759.7 million for the three months ended March 31, 2025 and December 31, 2024, respectively. |
| 5 | Includes tax effect of $150 thousand and $203 thousand on federal income tax credits for the three months ended March 31, 2025 and December 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 | |||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||
| Assets | |||||||||||||||||
| Residential real estate loans | $ | 1,885,497 | $ | 24,275 | 5.15 | % | $ | 1,747,184 | $ | 20,764 | 4.75 | % | |||||
| Commercial loans 1 | 14,091,210 | 198,921 | 5.73 | % | 13,513,426 | 183,045 | 5.45 | % | |||||||||
| Consumer and other loans | 1,302,687 | 22,616 | 7.04 | % | 1,283,388 | 20,948 | 6.56 | % | |||||||||
| Total loans 2 | 17,279,394 | 245,812 | 5.77 | % | 16,543,998 | 224,757 | 5.46 | % | |||||||||
| Tax-exempt debt securities 3 | 1,604,851 | 13,936 | 3.47 | % | 1,720,370 | 15,157 | 3.52 | % | |||||||||
| Taxable debt securities 4, 5 | 6,946,562 | 33,598 | 1.93 | % | 8,176,974 | 43,477 | 2.13 | % | |||||||||
| Total earning assets | 25,830,807 | 293,346 | 4.61 | % | 26,441,342 | 283,391 | 4.31 | % | |||||||||
| Goodwill and intangibles | 1,100,801 | 1,051,954 | |||||||||||||||
| Non-earning assets | 847,855 | 611,550 | |||||||||||||||
| Total assets | $ | 27,779,463 | $ | 28,104,846 | |||||||||||||
| Liabilities | |||||||||||||||||
| Non-interest bearing deposits | $ | 5,989,490 | $ | - | - | % | $ | 5,966,546 | $ | - | - | % | |||||
| NOW and DDA accounts | 5,525,976 | 15,065 | 1.11 | % | 5,275,703 | 15,918 | 1.21 | % | |||||||||
| Savings accounts | 2,861,675 | 5,159 | 0.73 | % | 2,900,649 | 5,655 | 0.78 | % | |||||||||
| Money market deposit accounts | 2,849,470 | 13,526 | 1.93 | % | 2,948,294 | 14,393 | 1.96 | % | |||||||||
| Certificate accounts | 3,152,198 | 29,075 | 3.74 | % | 3,000,713 | 31,175 | 4.18 | % | |||||||||
| Total core deposits | 20,378,809 | 62,825 | 1.25 | % | 20,091,905 | 67,141 | 1.34 | % | |||||||||
| Wholesale deposits 6 | 3,600 | 40 | 4.53 | % | 3,965 | 55 | 5.50 | % | |||||||||
| Repurchase agreements | 1,842,773 | 13,733 | 3.02 | % | 1,513,397 | 12,598 | 3.35 | % | |||||||||
| FHLB advances | 1,744,000 | 20,719 | 4.75 | % | 350,754 | 4,249 | 4.79 | % | |||||||||
| FRB Bank Term Funding | - | - | - | % | 2,483,077 | 27,097 | 4.39 | % | |||||||||
| Subordinated debentures and other borrowed funds | 216,073 | 2,629 | 4.94 | % | 218,271 | 1,782 | 3.28 | % | |||||||||
| Total funding liabilities | 24,185,255 | 99,946 | 1.68 | % | 24,661,369 | 112,922 | 1.84 | % | |||||||||
| Other liabilities | 326,764 | 356,554 | |||||||||||||||
| Total liabilities | 24,512,019 | 25,017,923 | |||||||||||||||
| Stockholders' Equity | |||||||||||||||||
| Stockholders' equity | 3,267,444 | 3,086,923 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 27,779,463 | $ | 28,104,846 | |||||||||||||
| Net interest income (tax-equivalent) | $ | 193,400 | $ | 170,469 | |||||||||||||
| Net interest spread (tax-equivalent) | 2.93 | % | 2.47 | % | |||||||||||||
| Net interest margin (tax-equivalent) | 3.04 | % | 2.59 | % | |||||||||||||
______________________________
| 1 | Includes tax effect of $1.5 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and 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 $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended March 31, 2025 and 2024, respectively. |
| 4 | Includes interest income of $6.1 million and $15.3 million on average interest-bearing cash balances of $559.5 million and $1.12 billion for the three months ended March 31, 2025 and 2024, respectively. |
| 5 | Includes tax effect of $150 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2025 and 2024, 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) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2024 | ||||||||||||
| Custom and owner occupied construction | $ | 233,584 | $ | 242,844 | $ | 273,835 | (4)% | (15)% | |||||||||
| Pre-sold and spec construction | 200,921 | 191,926 | 223,294 | 5 | % | (10)% | |||||||||||
| Total residential construction | 434,505 | 434,770 | 497,129 | - | % | (13)% | |||||||||||
| Land development | 177,448 | 197,369 | 215,828 | (10)% | (18)% | ||||||||||||
| Consumer land or lots | 197,553 | 187,024 | 188,635 | 6 | % | 5 | % | ||||||||||
| Unimproved land | 115,528 | 113,532 | 103,032 | 2 | % | 12 | % | ||||||||||
| Developed lots for operative builders | 64,782 | 61,661 | 47,591 | 5 | % | 36 | % | ||||||||||
| Commercial lots | 95,574 | 99,243 | 92,748 | (4)% | 3 | % | |||||||||||
| Other construction | 714,151 | 693,461 | 915,782 | 3 | % | (22)% | |||||||||||
| Total land, lot, and other construction | 1,365,036 | 1,352,290 | 1,563,616 | 1 | % | (13)% | |||||||||||
| Owner occupied | 3,182,589 | 3,197,138 | 3,057,348 | - | % | 4 | % | ||||||||||
| Non-owner occupied | 4,054,107 | 4,053,996 | 3,920,696 | - | % | 3 | % | ||||||||||
| Total commercial real estate | 7,236,696 | 7,251,134 | 6,978,044 | - | % | 4 | % | ||||||||||
| Commercial and industrial | 1,392,365 | 1,395,997 | 1,371,201 | - | % | 2 | % | ||||||||||
| Agriculture | 1,016,081 | 1,024,520 | 929,420 | (1)% | 9 | % | |||||||||||
| First lien | 2,499,494 | 2,481,918 | 2,276,638 | 1 | % | 10 | % | ||||||||||
| Junior lien | 85,343 | 76,303 | 51,579 | 12 | % | 65 | % | ||||||||||
| Total 1-4 family | 2,584,837 | 2,558,221 | 2,328,217 | 1 | % | 11 | % | ||||||||||
| Multifamily residential | 874,071 | 895,242 | 881,117 | (2)% | (1)% | ||||||||||||
| Home equity lines of credit | 989,043 | 1,005,783 | 947,652 | (2)% | 4 | % | |||||||||||
| Other consumer | 188,388 | 209,457 | 223,566 | (10)% | (16)% | ||||||||||||
| Total consumer | 1,177,431 | 1,215,240 | 1,171,218 | (3)% | 1 | % | |||||||||||
| States and political subdivisions | 1,001,058 | 983,601 | 848,454 | 2 | % | 18 | % | ||||||||||
| Other | 176,961 | 183,894 | 191,121 | (4)% | (7)% | ||||||||||||
| Total loans receivable, including loans held for sale | 17,259,041 | 17,294,909 | 16,759,537 | - | % | 3 | % | ||||||||||
| Less loans held for sale 1 | (40,523 | ) | (33,060 | ) | (27,035 | ) | 23 | % | 50 | % | |||||||
| Total loans receivable | $ | 17,218,518 | $ | 17,261,849 | $ | 16,732,502 | - | % | 3 | % | |||||||
______________________________
| 1 | Loans held for sale are primarily first 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) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Mar 31, 2025 | Mar 31, 2025 | Mar 31, 2025 | ||||||
| Custom and owner occupied construction | $ | 194 | 198 | 210 | 194 | - | - | |||||
| Pre-sold and spec construction | 2,896 | 2,132 | 1,049 | 2,133 | 763 | - | ||||||
| Total residential construction | 3,090 | 2,330 | 1,259 | 2,327 | 763 | - | ||||||
| Land development | 935 | 966 | 28 | 935 | - | - | ||||||
| Consumer land or lots | 173 | 78 | 144 | 173 | - | - | ||||||
| Developed lots for operative builders | 531 | 531 | 608 | - | 531 | - | ||||||
| Commercial lots | 47 | 47 | 2,205 | - | 47 | - | ||||||
| Total land, lot and other construction | 1,686 | 1,622 | 2,985 | 1,108 | 578 | - | ||||||
| Owner occupied | 3,601 | 2,979 | 1,501 | 3,073 | 96 | 432 | ||||||
| Non-owner occupied | 2,235 | 2,235 | 8,853 | 1,582 | - | 653 | ||||||
| Total commercial real estate | 5,836 | 5,214 | 10,354 | 4,655 | 96 | 1,085 | ||||||
| Commercial and Industrial | 12,367 | 2,069 | 1,698 | 11,640 | 727 | - | ||||||
| Agriculture | 2,382 | 2,335 | 2,855 | 2,090 | 292 | - | ||||||
| First lien | 8,752 | 9,053 | 2,930 | 6,796 | 1,956 | - | ||||||
| Junior lien | 296 | 315 | 69 | 296 | - | - | ||||||
| Total 1-4 family | 9,048 | 9,368 | 2,999 | 7,092 | 1,956 | - | ||||||
| Multifamily residential | 400 | 389 | 395 | 400 | - | - | ||||||
| Home equity lines of credit | 3,479 | 3,465 | 1,892 | 2,726 | 753 | - | ||||||
| Other consumer | 1,003 | 955 | 927 | 858 | 77 | 68 | ||||||
| Total consumer | 4,482 | 4,420 | 2,819 | 3,584 | 830 | 68 | ||||||
| Other | 47 | 39 | 61 | - | 47 | - | ||||||
| Total | $ | 39,338 | 27,786 | 25,425 | 32,896 | 5,289 | 1,153 | |||||
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
| Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | |||||||||||||
| (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2024 | |||||||||
| Custom and owner occupied construction | $ | 786 | $ | 969 | $ | 4,784 | (19)% | (84)% | ||||||
| Pre-sold and spec construction | - | 564 | 1,181 | (100)% | (100)% | |||||||||
| Total residential construction | 786 | 1,533 | 5,965 | (49)% | (87)% | |||||||||
| Land development | - | 1,450 | 59 | (100)% | (100)% | |||||||||
| Consumer land or lots | 1,026 | 402 | 332 | 155 | % | 209 | % | |||||||
| Unimproved land | 32 | 36 | 575 | (11)% | (94)% | |||||||||
| Developed lots for operative builders | - | 214 | - | (100)% | n/m | |||||||||
| Commercial lots | 189 | - | 1,225 | n/m | (85)% | |||||||||
| Other construction | - | - | 1,248 | n/m | (100)% | |||||||||
| Total land, lot and other construction | 1,247 | 2,102 | 3,439 | (41)% | (64)% | |||||||||
| Owner occupied | 3,786 | 2,867 | 2,991 | 32 | % | 27 | % | |||||||
| Non-owner occupied | 346 | 5,037 | 18,118 | (93)% | (98)% | |||||||||
| Total commercial real estate | 4,132 | 7,904 | 21,109 | (48)% | (80)% | |||||||||
| Commercial and industrial | 5,358 | 6,194 | 14,806 | (13)% | (64)% | |||||||||
| Agriculture | 5,731 | 744 | 3,922 | 670 | % | 46 | % | |||||||
| First lien | 14,826 | 6,326 | 5,626 | 134 | % | 164 | % | |||||||
| Junior lien | 1,023 | 214 | 145 | 378 | % | 606 | % | |||||||
| Total 1-4 family | 15,849 | 6,540 | 5,771 | 142 | % | 175 | % | |||||||
| Home equity lines of credit | 6,993 | 3,731 | 3,668 | 87 | % | 91 | % | |||||||
| Other consumer | 1,824 | 1,775 | 1,948 | 3 | % | (6)% | ||||||||
| Total consumer | 8,817 | 5,506 | 5,616 | 60 | % | 57 | % | |||||||
| States and political subdivisions | 3,220 | - | - | n/m | n/m | |||||||||
| Other | 1,318 | 1,705 | 1,795 | (23)% | (27)% | |||||||||
| Total | $ | 46,458 | $ | 32,228 | $ | 62,423 | 44 | % | (26)% | |||||
______________________________
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) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | Mar 31, 2025 | Mar 31, 2025 | ||||||||
| Pre-sold and spec construction | $ | - | (4 | ) | (4 | ) | - | - | |||||
| Pre-sold and spec construction | $ | - | (4 | ) | (4 | ) | - | - | |||||
| Land development | (341 | ) | 1,095 | (1 | ) | - | 341 | ||||||
| Consumer land or lots | (3 | ) | (22 | ) | (1 | ) | - | 3 | |||||
| Unimproved land | - | 1,338 | - | - | - | ||||||||
| Commercial lots | - | 319 | - | - | - | ||||||||
| Total land, lot and other construction | (344 | ) | 2,730 | (2 | ) | - | 344 | ||||||
| Owner occupied | (1 | ) | (73 | ) | (3 | ) | - | 1 | |||||
| Non-owner occupied | (6 | ) | 2 | (1 | ) | - | 6 | ||||||
| Total commercial real estate | (7 | ) | (71 | ) | (4 | ) | - | 7 | |||||
| Commercial and industrial | 92 | 1,422 | 328 | 421 | 329 | ||||||||
| Agriculture | (1 | ) | 64 | 68 | - | 1 | |||||||
| First lien | (69 | ) | 32 | (4 | ) | - | 69 | ||||||
| Junior lien | (5 | ) | (65 | ) | (5 | ) | - | 5 | |||||
| Total 1-4 family | (74 | ) | (33 | ) | (9 | ) | - | 74 | |||||
| Home equity lines of credit | (20 | ) | 69 | 5 | - | 20 | |||||||
| Other consumer | 276 | 1,078 | 251 | 331 | 55 | ||||||||
| Total consumer | 256 | 1,147 | 256 | 331 | 75 | ||||||||
| Other | 1,873 | 8,643 | 2,439 | 3,145 | 1,272 | ||||||||
| Total | $ | 1,795 | 13,898 | 3,072 | 3,897 | 2,102 | |||||||
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