• Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2023

    المصدر: Nasdaq GlobeNewswire / 20 أبريل 2023 15:30:01   America/Chicago

    1st Quarter 2023 Highlights:

    • Net income was $61.2 million for the current quarter, a decrease of $18.5 million, or 23 percent, from the prior quarter net income of $79.7 million. Net income for the current quarter decreased $6.6 million, or 10 percent, from the prior year first quarter net income of $67.8 million.
    • Interest income of $232 million in the current quarter increased $6.8 million, or 3 percent, over the prior quarter interest income of $225 million. Interest income in the current quarter increased $41.4 million, or 22 percent, over the prior year first quarter.
    • Total deposits and retail repurchase agreements of $21.340 billion at the current quarter end increased $289 million, or 1 percent, during March and decreased $213 million, or 1 percent, during the current quarter.
    • The loan portfolio of $15.519 billion, increased $272 million, or 7 percent annualized, during the current quarter.
    • The loan yield for the current quarter of 5.02 percent, increased 19 basis points, compared to 4.83 percent in the prior quarter and increased 43 basis points from the prior year first quarter loan yield of 4.59 percent. New loan production yields for the quarter were 6.96 percent.
    • The Company increased its cash position by $1.1 billion during the current quarter.
    • Available liquidity of $15.1 billion including cash, borrowing capacity from the Federal Home Loan Bank (“FHLB”) and Federal Reserve facilities, unpledged securities, brokered deposits, and other sources.
    • Non-performing assets as a percentage of subsidiary assets was 0.12 percent in the current and prior quarter, compared to 0.24 percent in the prior year first quarter.
    • Stockholders’ equity of $2.927 billion increased $83.6 million, or 3 percent, during the current quarter.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 152 consecutive quarterly dividends and has increased the dividend 49 times.

    Financial Summary  

     At or for the Three Months ended
    (Dollars in thousands, except per share and market data)Mar 31,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022
    Operating results     
    Net income$61,211  79,677  67,795 
    Basic earnings per share$0.55  0.72  0.61 
    Diluted earnings per share$0.55  0.72  0.61 
    Dividends declared per share$0.33  0.33  0.33 
    Market value per share     
    Closing$42.01  49.42  50.28 
    High$50.03  59.70  60.69 
    Low$37.07  48.64  49.61 
    Selected ratios and other data     

    Number of common stock shares outstanding    		 110,868,713  110,777,780  110,763,316 
    Average outstanding shares - basic 110,824,648  110,773,084  110,724,655 
    Average outstanding shares - diluted 110,881,708  110,872,127  110,800,001 
    Return on average assets (annualized) 0.93% 1.19% 1.06%
    Return on average equity (annualized) 8.54% 11.35% 8.97%
    Efficiency ratio 60.39% 53.18% 57.11%
    Dividend payout 60.00% 45.83% 54.10%
    Loan to deposit ratio 77.09% 74.05% 63.52%

    Number of full time equivalent employees    		 3,390  3,390  3,439 
    Number of locations 222  221  223 
    Number of ATMs 263  265  273 
              

    KALISPELL, Mont., April 20, 2023 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $61.2 million for the current quarter, a decrease of $6.6 million, or 10 percent, from the $67.8 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.55 per share, a decrease of 10 percent from the prior year first quarter diluted earnings per share of $0.61. The decrease in net income versus the prior quarter and prior year first quarter is primarily due to the significant increase in funding costs. “The historic pace of the Federal Reserve interest rate increases and the banking crisis drove borrowing costs up further and impacted our profitability. Our ability to weather these events is a clear demonstration of the strength of our business model and our team,” said Randy Chesler, President and Chief Executive Officer. “We remain confident in the strength of our Company and the dynamic markets and customers we serve.”

    Asset Summary

           $ Change from
    (Dollars in thousands)Mar 31,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022    		 Dec 31,
    2022    		 Mar 31,
    2022
    Cash and cash equivalents$1,529,534  401,995  436,805  1,127,539  1,092,729 
    Debt securities, available-for-sale 5,198,313  5,307,307  6,535,763  (108,994) (1,337,450)
    Debt securities, held-to-maturity 3,664,393  3,715,052  3,576,941  (50,659) 87,452 
    Total debt securities 8,862,706  9,022,359  10,112,704  (159,653) (1,249,998)

    Loans receivable    		         
    Residential real estate 1,508,403  1,446,008  1,125,648  62,395  382,755 
    Commercial real estate 9,992,019  9,797,047  8,865,585  194,972  1,126,434 
    Other commercial 2,804,104  2,799,668  2,661,048  4,436  143,056 
    Home equity 829,844  822,232  715,963  7,612  113,881 
    Other consumer 384,242  381,857  362,775  2,385  21,467 
    Loans receivable 15,518,612  15,246,812  13,731,019  271,800  1,787,593 
    Allowance for credit losses (186,604) (182,283) (176,159) (4,321) (10,445)
    Loans receivable, net 15,332,008  15,064,529  13,554,860  267,479  1,777,148 

    Other assets    		 2,078,186  2,146,492  1,995,955  (68,306) 82,231 
    Total assets$27,802,434  26,635,375  26,100,324  1,167,059  1,702,110 


    Total debt securities of $8.863 billion at March 31, 2023 decreased $160 million, or 2 percent, during the current quarter and decreased $1.250 billion, or 12 percent, from the prior year first quarter. The Company continues to utilize cash flow from the securities portfolio to primarily fund loan growth. Debt securities represented 32 percent of total assets at March 31, 2023 compared to 34 percent at December 31, 2022 and 39 percent at March 31, 2022. In addition, the Company increased its cash position by $1.1 billion during the current quarter to further strengthen its liquidity position.

    The loan portfolio of $15.519 billion increased $272 million, or 7 percent annualized, during the current quarter with the largest dollar increase in commercial real estate which increased $195 million, or 8 percent annualized. The loan portfolio increased $1.788 billion, or 13 percent, from the prior year first quarter with the largest dollar increase in commercial real estate loans which increased $1.126 billion, or 13 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,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022
    Allowance for credit losses     
    Balance at beginning of period$182,283  172,665  172,665 
    Provision for credit losses 6,260  17,433  4,344 
    Charge-offs (3,293) (14,970) (2,695)
    Recoveries 1,354  7,155  1,845 
    Balance at end of period$186,604  182,283  176,159 

    Provision for credit losses    		     
    Loan portfolio$6,260  17,433  4,344 
    Unfunded loan commitments (790) 2,530  2,687 
    Total provision for credit losses$5,470  19,963  7,031 

    Other real estate owned    		$—  —  — 
    Other foreclosed assets 31  32  43 
    Accruing loans 90 days or more past due 3,545  1,559  4,510 
    Non-accrual loans 28,403  31,151  57,923 
    Total non-performing assets$31,979  32,742  62,476 

    Non-performing assets as a percentage of subsidiary assets    		 0.12% 0.12% 0.24%
    Allowance for credit losses as a percentage of non-performing loans 584% 557% 282%
    Allowance for credit losses as a percentage of total loans 1.20% 1.20% 1.28%
    Net charge-offs as a percentage of total loans 0.01% 0.05% 0.01%
    Accruing loans 30-89 days past due$24,993  20,967  16,080 
    U.S. government guarantees included in non-performing assets$2,071  2,312  5,068 


    Non-performing assets of $32.0 million at March 31, 2023 decreased $763 thousand, or 2 percent, over the prior quarter and decreased $30.5 million, or 49 percent, over prior year first quarter. Non-performing assets as a percentage of subsidiary assets at March 31, 2023 was 0.12 percent compared to 0.12 percent in the prior quarter and 0.24 percent in the prior year first quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) of $24.9 million at March 31, 2023 increased $3.9 million from the prior quarter and increased $8.8 million from the prior year first quarter. Early stage delinquencies as a percentage of loans at March 31, 2023 was 16 basis points, which compared to 14 basis points in the prior quarter and 12 basis points from prior year first quarter.

    The current quarter credit loss expense of $5.5 million included $6.3 million of credit loss expense from loans and $790 thousand of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at March 31, 2023 was 1.20 percent which was the same compared to the prior quarter and an 8 basis points decrease from the prior year first 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
    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%
    Fourth quarter 2021 19,301   616  1.29% 0.38% 0.26%
    Third quarter 2021 2,313   152  1.36% 0.23% 0.24%
    Second quarter 2021 (5,723)  (725) 1.35% 0.11% 0.26%


    Net charge-offs for the current and prior quarter of $2.0 million compared to $850 thousand for the prior year first quarter. Net charge-offs of $2.0 million included $2.0 million in deposit overdraft net charge-offs and $31 thousand of net loan recoveries.

    The current quarter provision for credit loss expense for loans was $6.3 million which was an increase of $200 thousand from the prior quarter and a $1.9 million increase from the prior year first 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)Mar 31,
    2023    		 Dec 31,
    2022    		  Mar 31,
    2022    		  Dec 31,
    2022    		 Mar 31,
    2022
    Deposits           
    Non-interest bearing deposits$7,001,241  7,690,751  7,990,003  (689,510) (988,762)
    NOW and DDA accounts 5,156,709  5,330,614  5,376,881  (173,905) (220,172)
    Savings accounts 2,985,351  3,200,321  3,287,521  (214,970) (302,170)
    Money market deposit accounts 3,429,123  3,472,281  4,044,655  (43,158) (615,532)
    Certificate accounts 1,155,494  880,589  995,147  274,905  160,347 
    Core deposits, total 19,727,918  20,574,556  21,694,207  (846,638) (1,966,289)
    Wholesale deposits 420,390  31,999  3,688  388,391  416,702 
    Deposits, total 20,148,308  20,606,555  21,697,895  (458,247) (1,549,587)
    Repurchase agreements 1,191,323  945,916  958,479  245,407  232,844 
    Deposits and repurchase agreements, total 21,339,631  21,552,471  22,656,374  (212,840) (1,316,743)
    Federal Home Loan Bank advances 335,000  1,800,000  80,000  (1,465,000) 255,000 
    FRB Bank Term Funding 2,740,000  —  —  2,740,000  2,740,000 
    Other borrowed funds 76,185  77,293  57,258  (1,108) 18,927 
    Subordinated debentures 132,822  132,782  132,661  40  161 
    Other liabilities 251,892  229,524  239,838  22,368  12,054 
    Total liabilities$24,875,530  23,792,070  23,166,131  1,083,460  1,709,399 


    During the current quarter, the Company continued to focus on its diversified deposit and repurchase agreement product offerings. Total deposits and retail repurchase agreements of $21.340 billion at the current quarter end increased $289 million, or 1 percent, during March and decreased $213 million, or 1 percent, during the current quarter. Non-interest bearing deposits were 35 percent of total core deposits at March 31, 2023 compared to 37 percent at December 31, 2022 and March 31, 2022.

    During the current quarter, the Company participated in the Bank Term Funding Program of the Federal Reserve Bank (“FRB”) which enabled the Company to pay off higher rate FHLB advances. The FHLB advances decreased $1.465 billion during the current quarter while FRB Bank Term funding increased $2.740 billion and was used to fund the FHLB pay down, support the additional $1.1 billion cash position and the current quarter decrease in deposits. 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 $15.1 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)Mar 31,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022    		 Dec 31,
    2022    		  Mar 31,
    2022
    Common equity$3,337,132  3,312,097  3,182,002  25,035  155,130 
    Accumulated other comprehensive loss (410,228) (468,792) (247,809) 58,564  (162,419)
    Total stockholders’ equity 2,926,904  2,843,305  2,934,193  83,599  (7,289)
    Goodwill and core deposit intangible, net (1,024,545) (1,026,994) (1,034,987) 2,449  10,442 
    Tangible stockholders’ equity$1,902,359  1,816,311  1,899,206  86,048  3,153 


    Stockholders’ equity to total assets 10.53% 10.67% 11.24%     
    Tangible stockholders’ equity to total tangible assets 7.10% 7.09% 7.58%     
    Book value per common share$26.40  25.67  26.49  0.73  (0.09)
    Tangible book value per common share$17.16  16.40  17.15  0.76  0.01 


    Tangible stockholders’ equity of $1.902 billion at March 31, 2023 increased $86.0 million, or 5 percent, from the prior quarter which was primarily due to earnings retention and the decrease in the net unrealized loss (after-tax) on the AFS debt securities. Accumulated other comprehensive income (“AOCI”) includes the net unrealized loss (after-tax) on AFS debt securities. AOCI does not include $278 million of net unrealized loss on HTM debt securities. Tangible book value per common share of $17.16 at the current quarter end increased $0.76 per share, or 5 percent, from the prior quarter. The tangible book value per common share increased $0.01 per share from the prior year first quarter.

    Cash Dividends
    On March 29, 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 first quarter. The dividend was payable April 20, 2023 to shareholders of record on April 11, 2023. The dividend was the Company’s 152nd 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, 2023 
    Compared to December 31, 2022, and March 31, 2022

    Income Summary

     Three Months ended$ Change from
    (Dollars in thousands)Mar 31,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022    		 Dec 31,
    2022    		 Mar 31,
    2022
    Net interest income         
    Interest income$231,888  225,085  190,516  6,803  41,372 
    Interest expense 45,696  21,026  4,961  24,670  40,735 
    Total net interest income 186,192  204,059  185,555  (17,867) 637 

    Non-interest income    		         
    Service charges and other fees 17,771  18,734  17,111  (963) 660 
    Miscellaneous loan fees and charges 3,967  3,905  3,555  62  412 
    Gain on sale of loans 2,400  2,175  9,015  225  (6,615)
    (Loss) gain on sale of investments (114) 519  446  (633) (560)
    Other income 3,871  3,150  3,436  721  435 
    Total non-interest income 27,895  28,483  33,563  (588) (5,668)
    Total income 214,087  232,542  219,118  (18,455) (5,031)

    Net interest margin (tax-equivalent)    		 3.08% 3.30% 3.20%    


    Net Interest Income
    The current quarter interest income of $232 million increased $6.8 million, or 3 percent, over the prior quarter and was driven primarily by the increase in the loan portfolio and an increase in loan yields. The current quarter interest income increased $41.4 million, or 22 percent, over the prior year first quarter also due to loan growth and increased loan yields.

    The current quarter interest expense of $45.7 million increased $24.7 million, or 117 percent, over the prior quarter and increased $40.7 million, or 821 percent, over the prior year first quarter primarily the result of an increase in rates on deposits and borrowings along with increased use of borrowing programs. Core deposit cost (including non-interest bearing deposits) was 23 basis points for the current quarter compared to 8 basis points in the prior quarter and 7 basis points for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) was 79 basis points in the current quarter compared to 35 basis points in the prior quarter and 9 basis points in the prior year first 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 3.08 percent compared to 3.30 percent in the prior quarter and 3.20 percent in the prior year first quarter. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the PPP loans, was 3.07 percent compared to 3.27 percent in the prior quarter and 3.07 percent in the prior year first quarter. The core net interest margin decreased 20 basis points in the current quarter primarily as a result of increased deposit and borrowing rates. The loan yield of 5.02 percent in the current quarter increased 19 basis points from the prior quarter loan yield of 4.83 percent and increased 43 basis points from the prior year first quarter core loan yield of 4.59 percent. New loan production yields for the quarter were 6.96 percent.

    Non-interest Income
    Non-interest income for the current quarter totaled $27.9 million which was a decrease of $588 thousand, or 2 percent, over the prior quarter. Current quarter non-interest income decreased $5.7 million, or 17 percent, over the same quarter last year which was primarily driven by the decrease in gain on sale of residential loans. Gain on the sale of residential loans of $2.4 million for the current quarter increased $225 thousand, or 10 percent, compared to the prior quarter and decreased $6.6 million, or 73 percent, from the prior year first quarter.

    Non-interest Expense Summary

     Three Months ended $ Change from
    (Dollars in thousands)Mar 31,
    2023    		 Dec 31,
    2022    		  Mar 31,
    2022    		  Dec 31,
    2022    		 Mar 31,
    2022
    Compensation and employee benefits$81,477  79,814  79,074  1,663  2,403 
    Occupancy and equipment 11,665  10,734  10,964  931  701 
    Advertising and promotions 4,235  3,558  3,232  677  1,003 
    Data processing 8,109  8,079  7,475  30  634 
    Other real estate owned and foreclosed assets 12  5  —  7  12 
    Regulatory assessments and insurance 4,903  3,425  3,055  1,478  1,848 
    Core deposit intangibles amortization 2,449  2,664  2,664  (215) (215)
    Other expenses 22,132  20,700  23,844  1,432  (1,712)

    Total non-interest expense    		$134,982  128,979  130,308  6,003  4,674 


    Total non-interest expense of $135 million for the current quarter increased $6.0 million, or 5 percent, over the prior quarter and increased $4.7 million, or 4 percent, over the prior year first quarter. “In the current quarter, the Company has done well to limit the growth in its non-interest expense given the inflationary pressure across many expense areas,” said Ron Copher, Chief Financial Officer.

    Compensation and employee expense of $81.5 million for the current quarter increased $1.7 million, or 2 percent, from the prior quarter and increased $2.4 million, or 3 percent, over the prior year first quarter which was driven primarily by annual salary increases. Regulatory assessments and insurance of $4.9 million, increased $1.5 million, or 43 percent, over the prior quarter and $1.8 million, or 60 percent, over the prior year first quarter and was primarily due to the FDIC uniformly increasing all depository institutions premiums in the current quarter. Other expense of $22.1 million in the current quarter increased $1.4 million, or 7 percent, over prior quarter due to a $2.5 million gain on sale of former branch in the prior quarter. Other expense in the current quarter decreased by $1.7 million, or 7 percent, over the prior year first quarter primarily as a result of a decrease in acquisition-related expense which was partially offset by increases in several miscellaneous expense categories. Acquisition-related expense was $352 thousand in the current quarter compared to $804 thousand in the prior quarter and $6.2 million in the prior year first quarter.

    Federal and State Income Tax Expense
    Tax expense during the first quarter of 2023 was $12.4 million, a decrease of $5.3 million, or 30 percent, compared to the prior quarter and a decrease of $1.6 million, or 11 percent, from the prior year first quarter. The effective tax rate in the current quarter was 16.9 percent compared to 18.2 percent in the prior quarter and 17.1 percent in the prior year first quarter.

    Efficiency Ratio
    The efficiency ratio was 60.39 percent in the current quarter compared to 53.18 percent in the prior quarter and 57.11 percent in the prior year first quarter. The increase from prior quarter and prior year first quarter was primarily attributable to the increase in interest expense and non-interest expense in the current quarter.

    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 subject to 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 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 war in Ukraine;
    • 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 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, April 21, 2023. 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/BIf72fb20b6829459481a06c788c220716. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/yix5vmcy. 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)Mar 31,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022
    Assets     
    Cash on hand and in banks$290,960  300,194  282,335 
    Interest bearing cash deposits 1,238,574  101,801  154,470 
    Cash and cash equivalents 1,529,534  401,995  436,805 
    Debt securities, available-for-sale 5,198,313  5,307,307  6,535,763 
    Debt securities, held-to-maturity 3,664,393  3,715,052  3,576,941 
    Total debt securities 8,862,706  9,022,359  10,112,704 
    Loans held for sale, at fair value 14,461  12,314  51,284 
    Loans receivable 15,518,612  15,246,812  13,731,019 
    Allowance for credit losses (186,604) (182,283) (176,159)
    Loans receivable, net 15,332,008  15,064,529  13,554,860 
    Premises and equipment, net 399,740  398,100  373,123 
    Other real estate owned and foreclosed assets 31  32  43 
    Accrued interest receivable 90,642  83,538  81,467 
    Deferred tax asset 172,453  193,187  120,025 
    Core deposit intangible, net 39,152  41,601  49,594 
    Goodwill 985,393  985,393  985,393 
    Non-marketable equity securities 23,414  82,015  13,217 
    Bank-owned life insurance 168,235  169,068  167,298 
    Other assets 184,665  181,244  154,511 
    Total assets$27,802,434  26,635,375  26,100,324 
    Liabilities     
    Non-interest bearing deposits$7,001,241  7,690,751  7,990,003 
    Interest bearing deposits 13,147,067  12,915,804  13,707,892 
    Securities sold under agreements to repurchase 1,191,323  945,916  958,479 
    FHLB advances 335,000  1,800,000  80,000 
    FRB Bank Term Funding 2,740,000  —  — 
    Other borrowed funds 76,185  77,293  57,258 
    Subordinated debentures 132,822  132,782  132,661 
    Accrued interest payable 8,968  4,331  2,284 
    Other liabilities 242,924  225,193  237,554 
    Total liabilities 24,875,530  23,792,070  23,166,131 
    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 at March 31, 2023 and December 31, 2022 and 117,187,500 shares authorized at March 31, 2022 1,109  1,108  1,108 
    Paid-in capital 2,344,514  2,344,005  2,339,405 
    Retained earnings - substantially restricted 991,509  966,984  841,489 
    Accumulated other comprehensive loss (410,228) (468,792) (247,809)
    Total stockholders’ equity 2,926,904  2,843,305  2,934,193 
    Total liabilities and stockholders’ equity$27,802,434  26,635,375  26,100,324 



    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations

     Three Months ended
    (Dollars in thousands, except per share data)Mar 31,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022
    Interest Income       
    Investment securities$43,642  43,818  38,654 
    Residential real estate loans 15,838  14,964  15,515 
    Commercial loans 155,682  150,462  124,556 
    Consumer and other loans 16,726  15,841  11,791 
    Total interest income 231,888  225,085  190,516 
    Interest Expense       
    Deposits 12,545  4,642  3,464 
    Securities sold under agreements to
    repurchase    		 4,606  1,765  393 
    Federal Home Loan Bank advances 23,605  12,689  12 
    FRB Bank Term Funding 3,032  —  — 
    Other borrowed funds 496  464  220 
    Subordinated debentures 1,412  1,466  872 
    Total interest expense 45,696  21,026  4,961 
    Net Interest Income 186,192  204,059  185,555 
    Provision for credit losses 5,470  6,124  7,031 
    Net interest income after provision for credit losses 180,722  197,935  178,524 
    Non-Interest Income       
    Service charges and other fees 17,771  18,734  17,111 
    Miscellaneous loan fees and charges 3,967  3,905  3,555 
    Gain on sale of loans 2,400  2,175  9,015 
    (Loss) gain on sale of debt securities (114) 519  446 
    Other income 3,871  3,150  3,436 
    Total non-interest income 27,895  28,483  33,563 
    Non-Interest Expense       
    Compensation and employee benefits 81,477  79,814  79,074 
    Occupancy and equipment 11,665  10,734  10,964 
    Advertising and promotions 4,235  3,558  3,232 
    Data processing 8,109  8,079  7,475 
    Other real estate owned and foreclosed assets 12  5  — 
    Regulatory assessments and insurance 4,903  3,425  3,055 
    Core deposit intangibles amortization 2,449  2,664  2,664 
    Other expenses 22,132  20,700  23,844 
    Total non-interest expense 134,982  128,979  130,308 
    Income Before Income Taxes 73,635  97,439  81,779 
    Federal and state income tax expense 12,424  17,762  13,984 
    Net Income$61,211  79,677  67,795 



    Glacier Bancorp, Inc.
    Average Balance Sheets

     Three Months ended
     March 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$1,493,938  $15,838  4.24% $1,424,550  $14,964  4.20%
    Commercial loans 1 12,655,551   157,456  5.05%  12,419,414   152,169  4.86%
    Consumer and other loans 1,207,315   16,726  5.62%  1,183,727   15,841  5.31%
    Total loans 2 15,356,804   190,020  5.02%  15,027,691   182,974  4.83%
    Tax-exempt debt securities 3 1,761,533   16,030  3.64%  1,960,007   17,877  3.65%
    Taxable debt securities 4 8,052,662   31,084  1.54%  8,200,203   29,717  1.45%
    Total earning assets 25,170,999   237,134  3.82%  25,187,901   230,568  3.63%
    Goodwill and intangibles 1,025,716       1,028,277     
    Non-earning assets 478,962       436,260     
    Total assets$26,675,677      $26,652,438     
    Liabilities           
    Non-interest bearing deposits$7,274,228  $—  —% $8,010,053  $—  —%
    NOW and DDA accounts 5,080,175   2,271  0.18%  5,388,062   1,077  0.08%
    Savings accounts 3,107,559   514  0.07%  3,255,091   355  0.04%
    Money market deposit accounts 3,468,953   5,834  0.68%  3,679,866   2,168  0.23%
    Certificate accounts 984,770   2,584  1.06%  882,490   834  0.37%
    Total core deposits 19,915,685   11,203  0.23%  21,215,562   4,434  0.08%
    Wholesale deposits 5 120,468   1,342  4.52%  22,462   208  3.69%
    Repurchase agreements 1,035,582   4,606  1.80%  873,819   1,765  0.80%
    FHLB advances 1,990,833   23,605  4.74%  1,291,087   12,689  3.85%
    FRB Bank Term Funding 280,944   3,032  4.32%  —   —  —%
    Subordinated debentures and other borrowed funds 209,547   1,908  3.69%  211,953   1,930  3.61%
    Total funding liabilities 23,553,059   45,696  0.79%  23,614,883   21,026  0.35%
    Other liabilities 217,245       252,298     
    Total liabilities 23,770,304       23,867,181     
    Stockholders’ Equity           
    Common stock 1,108       1,108     
    Paid-in capital 2,344,301       2,343,157     
    Retained earnings 998,340       946,195     
    Accumulated other comprehensive loss (438,376)      (505,203)    
    Total stockholders’ equity 2,905,373       2,785,257     
    Total liabilities and stockholders’ equity$26,675,677      $26,652,438     
    Net interest income (tax-equivalent)  $191,438      $209,542   
    Net interest spread (tax-equivalent)    3.03%     3.28%
    Net interest margin (tax-equivalent)    3.08%     3.30%

    ______________________________
    1     Includes tax effect of $1.8 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2023 and December 31, 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 $3.3 million and $3.6 million on tax-exempt debt securities income for the three months ended March 31, 2023 and December 31, 2022, respectively.
    4 Includes tax effect of $215 thousand and $225 thousand on federal income tax credits for the three months ended March 31, 2023 and December 31, 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)

     Three Months ended
     March 31, 2023 March 31, 2022
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,493,938  $15,838  4.24% $1,140,224  $15,515  5.44%
    Commercial loans 1 12,655,551   157,456  5.05%  11,318,767   125,919  4.51%
    Consumer and other loans 1,207,315   16,726  5.62%  1,075,102   11,791  4.45%
    Total loans 2 15,356,804   190,020  5.02%  13,534,093   153,225  4.59%
    Tax-exempt debt securities 3 1,761,533   16,030  3.64%  1,723,125   15,664  3.64%
    Taxable debt securities 4 8,052,662   31,084  1.54%  8,883,211   26,465  1.19%
    Total earning assets 25,170,999   237,134  3.82%  24,140,429   195,354  3.28%
    Goodwill and intangibles 1,025,716       1,036,315     
    Non-earning assets 478,962       756,422     
    Total assets$26,675,677      $25,933,166     
    Liabilities           
    Non-interest bearing deposits$7,274,228  $—  —% $7,859,706  $—  —%
    NOW and DDA accounts 5,080,175   2,271  0.18%  5,279,984   845  0.06%
    Savings accounts 3,107,559   514  0.07%  3,246,512   332  0.04%
    Money market deposit accounts 3,468,953   5,834  0.68%  4,030,795   1,381  0.14%
    Certificate accounts 984,770   2,584  1.06%  1,019,595   897  0.36%
    Total core deposits 19,915,685   11,203  0.23%  21,436,592   3,455  0.07%
    Wholesale deposits 5 120,468   1,342  4.52%  17,191   9  0.22%
    Repurchase agreements 1,035,582   4,606  1.80%  970,544   393  0.16%
    FHLB advances 1,990,833   23,605  4.74%  15,000   12  0.33%
    FRB Bank Term Funding 280,944   3,032  4.32%  —   —  —%
    Subordinated debentures and other borrowed funds 209,547   1,908  3.69%  179,725   1,092  2.46%
    Total funding liabilities 23,553,059   45,696  0.79%  22,619,052   4,961  0.09%
    Other liabilities 217,245       249,316     
    Total liabilities 23,770,304       22,868,368     
    Stockholders’ Equity           
    Common stock 1,108       1,107     
    Paid-in capital 2,344,301       2,338,887     
    Retained earnings 998,340       847,172     
    Accumulated other comprehensive loss (438,376)      (122,368)    
    Total stockholders’ equity 2,905,373       3,064,798     
    Total liabilities and stockholders’ equity$26,675,677      $25,933,166     
    Net interest income (tax-equivalent)  $191,438      $190,393   
    Net interest spread (tax-equivalent)    3.03%     3.19%
    Net interest margin (tax-equivalent)    3.08%     3.20%

    ______________________________
    1     Includes tax effect of $1.8 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended March 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 $3.3 million and $3.3 million on tax-exempt debt securities income for the three months ended March 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 March 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)Mar 31,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022    		 Dec 31,
    2022    		 Mar 31,
    2022
    Custom and owner occupied construction$295,604  $298,461  $265,579  (1)% 11%
    Pre-sold and spec construction 312,715   297,895   258,429  5% 21%
    Total residential construction 608,319   596,356   524,008  2% 16%
    Land development 230,823   219,842   180,270  5% 28%
    Consumer land or lots 187,498   206,604   184,217  (9)% 2%
    Unimproved land 104,811   104,662   90,498  —% 16%
    Developed lots for operative builders 69,896   60,987   61,276  15% 14%
    Commercial lots 91,780   93,952   98,403  (2)% (7)%
    Other construction 965,244   938,406   833,218  3% 16%
    Total land, lot, and other construction 1,650,052   1,624,453   1,447,882  2% 14%
    Owner occupied 2,885,798   2,833,469   2,675,681  2% 8%
    Non-owner occupied 3,631,158   3,531,673   3,190,519  3% 14%
    Total commercial real estate 6,516,956   6,365,142   5,866,200  2% 11%
    Commercial and industrial 1,353,919   1,377,888   1,378,500  (2)% (2)%
    Agriculture 715,863   735,553   731,248  (3)% (2)%
    1st lien 1,864,294   1,808,502   1,466,279  3% 27%
    Junior lien 42,397   40,445   33,438  5% 27%
    Total 1-4 family 1,906,691   1,848,947   1,499,717  3% 27%
    Multifamily residential 649,148   622,185   545,483  4% 19%
    Home equity lines of credit 893,037   872,899   753,362  2% 19%
    Other consumer 224,125   220,035   207,827  2% 8%
    Total consumer 1,117,162   1,092,934   961,189  2% 16%
    States and political subdivisions 806,878   797,656   659,742  1% 22%
    Other 208,085   198,012   168,334  5% 24%
    Total loans receivable, including
    loans held for sale    		 15,533,073   15,259,126   13,782,303  2% 13%
    Less loans held for sale 1 (14,461)  (12,314)  (51,284) 17% (72)%
    Total loans receivable$15,518,612  $15,246,812  $13,731,019  2% 13%

    ______________________________
    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)Mar 31,
    2023    		 Dec 31,
    2022
    		 Mar 31,
    2022
    		 Mar 31,
    2023
    		 Mar 31,
    2023
    		 Mar 31,
    2023
    Custom and owner occupied construction$220  224  233  220  —  — 
    Pre-sold and spec construction 1,548  389  —  —  1,548  — 
    Total residential construction 1,768  613  233  220  1,548  — 
    Land development 129  138  240  129  —  — 
    Consumer land or lots 112  278  160  112  —  — 
    Unimproved land 51  78  128  51  —  — 
    Developed lots for operative builders 607  251  —  —  607  — 
    Commercial lots 188  —  —  141  47  — 
    Other construction 12,884  12,884  12,884  12,884  —  — 
    Total land, lot and other construction 13,971  13,629  13,412  13,317  654  — 
    Owner occupied 2,682  2,076  3,508  2,424  258  — 
    Non-owner occupied 4,544  805  1,526  4,539  5  — 
    Total commercial real estate 7,226  2,881  5,034  6,963  263  — 
    Commercial and Industrial 2,001  3,326  4,252  1,715  262  24 
    Agriculture 2,573  2,574  28,801  2,208  365  — 
    1st lien 2,015  2,678  2,015  1,950  65  — 
    Junior lien 111  166  301  105  6  — 
    Total 1-4 family 2,126  2,844  2,316  2,055  71  — 
    Multifamily residential —  4,535  6,469  —  —  — 
    Home equity lines of credit 1,225  1,393  1,416  1,042  183  — 
    Other consumer 1,062  911  543  883  172  7 
    Total consumer 2,287  2,304  1,959  1,925  355  7 
    Other 27  36  —  —  27  — 
    Total$31,979  32,742  62,476  28,403  3,545  31 


    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,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022    		 Dec 31,
    2022    		 Mar 31,
    2022
    Custom and owner occupied construction$1,624  $1,082  $703  50% 131%
    Pre-sold and spec construction —   1,712   —  (100)% n/m 
    Total residential construction 1,624   2,794   703  (42)% 131%
    Land development 946   —   317  n/m  198%
    Consumer land or lots 668   442   28  51% 2,286%
    Unimproved land —   120   —  (100)% n/m 
    Developed lots for operative builders —   958   142  (100)% (100)%
    Commercial lots —   47   54  (100)% (100)%
    Other construction 5,264   209   —  2,419% n/m 
    Total land, lot and other construction 6,878   1,776   541  287% 1,171%
    Owner occupied 1,783   3,478   3,778  (49)% (53)%
    Non-owner occupied 429   496   266  (14)% 61%
    Total commercial real estate 2,212   3,974   4,044  (44)% (45)%
    Commercial and industrial 3,677   3,439   3,275  7% 12%
    Agriculture 947   1,367   162  (31)% 485%
    1st lien 3,321   2,174   2,963  53% 12%
    Junior lien 385   190   78  103% 394%
    Total 1-4 family 3,706   2,364   3,041  57% 22%
    Multifamily Residential 201   492   —  (59)% n/m 
    Home equity lines of credit 2,804   1,182   1,315  137% 113%
    Other consumer 1,598   1,824   1,097  (12)% 46%
    Total consumer 4,402   3,006   2,412  46% 83%
    States and political subdivisions —   28   21  (100)% (100)%
    Other 1,346   1,727   1,881  (22)% (28)%
    Total$24,993  $20,967  $16,080  19% 55%

    ______________________________
    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,
    2023    		 Dec 31,
    2022    		 Mar 31,
    2022    		 Mar 31,
    2023
    		 Mar 31,
    2023
    Custom and owner occupied construction$—  17  —  —  — 
    Pre-sold and spec construction (4) (15) (4) —  4 
    Total residential construction (4) 2  (4) —  4 
    Land development —  (34) (21) —  — 
    Consumer land or lots —  (46) (10) —  — 
    Total land, lot and other construction —  (80) (31) —  — 
    Owner occupied (68) 555  (386) —  68 
    Non-owner occupied 298  (242) (2) 300  2 
    Total commercial real estate 230  313  (388) 300  70 
    Commercial and industrial (382) (70) (449) 24  406 
    Agriculture —  (7) (2) —  — 
    1st lien 44  (109) (9) 47  3 
    Junior lien (5) (302) (78) —  5 
    Total 1-4 family 39  (411) (87) 47  8 
    Multifamily residential —  136  —  —  — 
    Home equity lines of credit (39) (91) (5) 4  43 
    Other consumer 125  451  55  160  35 
    Total consumer 86  360  50  164  78 
    Other 1,970  7,572  1,761  2,758  788 
    Total$1,939  7,815  850  3,293  1,354 


    Visit our website at www.glacierbancorp.com

     

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

     


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