• Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2023

    المصدر: Nasdaq GlobeNewswire / 19 أكتوبر 2023 16:30:02   America/New_York

    3rd Quarter 2023 Highlights:

    • Net income was $52.4 million for the current quarter, a decrease of $2.6 million, or 5 percent, from the prior quarter net income of $55.0 million. Net income for the current quarter decreased $26.9 million, or 34 percent, from the prior year third quarter net income of $79.3 million.
    • Interest income of $265 million in the current quarter increased $17.5 million, or 7 percent, over the prior quarter interest income of $247 million. Interest income in the current quarter increased $50.5 million, or 24 percent, over the prior year third quarter.
    • Total deposits and retail repurchase agreements of $21.895 billion at the current quarter end increased $530 million, or 10 percent annualized, during the current quarter.
    • Non-interest bearing deposits remained stable in the current quarter with a $7.0 million increase over the prior quarter.
    • The loan portfolio of $16.135 billion increased $180 million, or 5 percent annualized, during the current quarter.
    • The loan yield for the current quarter of 5.27 percent, increased 15 basis points, compared to 5.12 percent in the prior quarter and increased 60 basis points from the prior year third quarter loan yield of 4.67 percent.
    • Early stage delinquencies (accruing loans 30-89 days past due) of $15.3 million at September 30, 2023 decreased $9.6 million from the prior quarter.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 154 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $763 million as of September 30, 2023. This will be the Company’s 25th acquisition since 2000.

    Year-to-date 2023 Highlights

    • Net Income for the first nine months of 2023 was $169 million, a decrease of $54.9 million, or 25 percent, from the $224 million for the prior year first nine months net income.
    • Interest income for the first nine months of 2023 was $744 million, an increase of $139 million, or 23 percent over the first nine months of the prior year interest income of $605 million.
    • Total core deposits and retail repurchase agreements of $21.827 billion at the current quarter end increased $307 million, or 1 percent, during the first nine months of 2023.
    • The loan portfolio of $16.135 billion increased $888 million, or 8 percent annualized, during the first nine months of the current year. The loan portfolio, excluding the Paycheck Protection Program (“PPP”) loans, increased $1.578 billion, or 16 percent annualized, during the first nine months of the prior year.
    • The loan yield was 5.14 percent for the first nine months of the current year, an increase of 54 basis points from the first nine months of the prior year loan yield of 4.60 percent.
    • Stockholders’ equity of $2.875 billion increased $31.3 million, or 1 percent, during the first nine months of the current year.
    • Dividends declared in the first nine months of 2023 were $0.99 per share.

    Financial Summary

     At or for the Three Months ended At or for the Nine Months ended
    (Dollars in thousands, except per share and market data)Sep 30,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2023    		 Sep 30,
    2022    		 Sep 30,
    2023    		 Sep 30,
    2022
    Operating results           
    Net income$52,445  54,955  61,211  79,338  168,611  223,525 
    Basic earnings per share$0.47  0.50  0.55  0.72  1.52  2.02 
    Diluted earnings per share$0.47  0.50  0.55  0.72  1.52  2.02 
    Dividends declared per share$0.33  0.33  0.33  0.33  0.99  0.99 
    Market value per share           
    Closing$28.50  31.17  42.01  49.13  28.50  49.13 
    High$36.45  42.21  50.03  56.10  50.03  60.69 
    Low$26.84  26.77  37.07  46.08  26.77  44.43 
    Selected ratios and other data           
    Number of common stock shares outstanding 110,879,365  110,873,887  110,868,713  110,766,954  110,879,365  110,766,954 
    Average outstanding shares - basic 110,877,534  110,870,964  110,824,648  110,766,502  110,857,788  110,752,231 
    Average outstanding shares - diluted 110,886,959  110,875,535  110,881,708  110,833,594  110,882,718  110,811,267 
    Return on average assets (annualized) 0.75% 0.81% 0.93% 1.18% 0.83% 1.13%
    Return on average equity (annualized) 7.12% 7.52% 8.54% 10.94% 7.72% 10.14%
    Efficiency ratio 63.31% 62.73% 60.39% 52.76% 62.10% 55.14%
    Dividend payout 70.21% 66.00% 60.00% 45.83% 65.13% 49.01%
    Loan to deposit ratio 79.25% 79.92% 77.09% 67.98% 79.25% 67.98%
    Number of full time equivalent employees 3,314  3,369  3,390  3,396  3,314  3,396 
    Number of locations 221  222  222  222  221  222 
    Number of ATMs 274  274  263  272  274  272 


    KALISPELL, Mont., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.4 million for the current quarter, a decrease of $26.9 million, or 34 percent, from the $79.3 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.47 per share, a decrease of 35 percent from the prior year third quarter diluted earnings per share of $0.72. The decrease in net income compared to the prior quarter and prior year third quarter was primarily due to the continued increase in funding costs, which has outpaced the increase in interest income. “Our strong core deposit growth in the quarter shows the strength of our business model and employees. We were able to significantly grow deposits this quarter by leveraging existing banking relationships across all of our divisions,” said Randy Chesler, President and Chief Executive Officer. “We were also pleased to see the increase in interest income for the quarter, reflecting higher yields on loans and investments.”

    Net income for the nine months ended September 30, 2023 was $169 million, a decrease of $54.9 million, or 25 percent, from the $224 million for the first nine months in the prior year, which was primarily driven by the increase in funding costs outpacing the increase in interest income. Diluted earnings per share for the first nine months of 2023 was $1.52 per share, a decrease of 25 percent from the prior year first nine months diluted earnings per share of $2.02.

    On August 8, 2023, the Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), headquartered in Spokane, Washington. Wheatland has 14 branches in eastern Washington with total assets of $763 million, total loans of $491 million and total deposits of $609 million as of September 30, 2023. The acquisition is subject to required regulatory and shareholder approvals and other customary conditions of closing and is expected to be completed in the fourth quarter of 2023.

    Asset Summary

             $ Change from
    (Dollars in thousands)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022
    Cash and cash equivalents$1,672,094  1,051,320  401,995  425,212  620,774  1,270,099  1,246,882 
    Debt securities, available-for-sale 4,741,738  4,999,820  5,307,307  5,755,076  (258,082) (565,569) (1,013,338)
    Debt securities, held-to-maturity 3,553,805  3,608,289  3,715,052  3,756,634  (54,484) (161,247) (202,829)
    Total debt securities 8,295,543  8,608,109  9,022,359  9,511,710  (312,566) (726,816) (1,216,167)
    Loans receivable             
    Residential real estate 1,653,777  1,588,175  1,446,008  1,368,368  65,602  207,769  285,409 
    Commercial real estate 10,292,446  10,220,751  9,797,047  9,582,989  71,695  495,399  709,457 
    Other commercial 2,916,785  2,888,810  2,799,668  2,729,717  27,975  117,117  187,068 
    Home equity 869,963  862,240  822,232  793,556  7,723  47,731  76,407 
    Other consumer 402,075  394,986  381,857  376,603  7,089  20,218  25,472 
    Loans receivable 16,135,046  15,954,962  15,246,812  14,851,233  180,084  888,234  1,283,813 
    Allowance for credit losses (192,271) (189,385) (182,283) (178,191) (2,886) (9,988) (14,080)
    Loans receivable, net 15,942,775  15,765,577  15,064,529  14,673,042  177,198  878,246  1,269,733 
    Other assets 2,153,149  2,102,673  2,146,492  2,122,990  50,476  6,657  30,159 
    Total assets$28,063,561  27,527,679  26,635,375  26,732,954  535,882  1,428,186  1,330,607 


    Total debt securities of $8.296 billion at September 30, 2023 decreased $313 million, or 4 percent, during the current quarter and decreased $1.216 billion, or 13 percent, from the prior year third quarter. The Company continues to utilize cash flow from the securities portfolio to primarily fund loan growth and maintain a strong cash position. The Company increased its cash position by $621 million during the current quarter to further strengthen its liquidity position. Debt securities represented 30 percent of total assets at September 30, 2023, compared to 34 percent at December 31, 2022, and 36 percent at September 30, 2022.

    The loan portfolio of $16.135 billion increased $180 million, or 5 percent annualized, during the current quarter with the largest dollar increase in commercial real estate, which increased $71.7 million, or 3 percent annualized. The loan portfolio increased $1.284 billion, or 9 percent, from the prior year third quarter with the largest dollar increase in commercial real estate loans, which increased $709 million, or 7 percent.

    Credit Quality Summary

     At or for the Nine Months ended At or for the Six Months ended At or for the Year ended At or for the Nine Months ended
    (Dollars in thousands)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022
    Allowance for credit losses       
    Balance at beginning of period$182,283  182,283  172,665  172,665 
    Provision for credit losses 16,609  11,514  17,433  11,373 
    Charge-offs (10,284) (7,083) (14,970) (10,905)
    Recoveries 3,663  2,671  7,155  5,058 
    Balance at end of period$192,271  189,385  182,283  178,191 
    Provision for credit losses       
    Loan portfolio$16,609  11,514  17,433  11,373 
    Unfunded loan commitments (4,827) (3,271) 2,530  2,466 
    Total provision for credit losses$11,782  8,243  19,963  13,839 
    Other real estate owned$—  —  —  — 
    Other foreclosed assets 48  52  32  42 
    Accruing loans 90 days or more past due 3,855  3,876  1,559  2,524 
    Non-accrual loans 38,380  28,094  31,151  32,493 
    Total non-performing assets$42,283  32,022  32,742  35,059 
    Non-performing assets as a percentage of subsidiary assets 0.15% 0.12% 0.12% 0.13%
    Allowance for credit losses as a percentage of non-performing loans 455% 592% 557% 508%
    Allowance for credit losses as a percentage of total loans 1.19% 1.19% 1.20% 1.20%
    Net charge-offs as a percentage of total loans 0.04% 0.03% 0.05% 0.04%
    Accruing loans 30-89 days past due$15,253  24,863  20,967  10,922 
    U.S. government guarantees included in non-performing assets$1,057  1,035  2,312  4,930 


    Non-performing assets of $42.3 million at September 30, 2023 increased $10.3 million, or 32 percent, over the quarter and increased $7.2 million, or 21 percent, over the prior year third quarter. Non-performing assets as a percentage of subsidiary assets at September 30, 2023 was 0.15 percent compared to 0.12 percent in the prior quarter and 0.13 percent in the prior year third quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) of $15.3 million at September 30, 2023 decreased $9.6 million from the prior quarter and decreased $5.7 million from prior year end. Early stage delinquencies as a percentage of loans at September 30, 2023 was 0.09 percent compared to 0.16 for the prior quarter end and 0.14 percent for the prior year end.

    The current quarter credit loss expense of $3.5 million included $5.1 million of credit loss expense from loans and $1.6 million of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2023 was 1.19 percent compared to 1.20 percent in the prior year third 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
    Third quarter 2023$5,095  $2,209 1.19% 0.09% 0.15%
    Second quarter 2023 5,254   2,473 1.19% 0.16% 0.12%
    First quarter 2023 6,260   1,939 1.20% 0.16% 0.12%
    Fourth quarter 2022 6,060   1,968 1.20% 0.14% 0.12%
    Third quarter 2022 8,382   3,154 1.20% 0.07% 0.13%
    Second quarter 2022 (1,353)  1,843 1.20% 0.12% 0.16%
    First quarter 2022 4,344   850 1.28% 0.12% 0.24%
    Fourth quarter 2021 19,301   616 1.29% 0.38% 0.26%


    Net charge-offs for the current quarter were $2.2 million compared to $2.5 million in the prior quarter and $3.2 million for the prior year third quarter. Net charge-offs of $2.2 million included $1.7 million in deposit overdraft net charge-offs and $544 thousand of net loan charge-offs.

    The current quarter provision for credit loss expense for loans was $5.1 million, which was a decrease of $160 thousand from the prior quarter and a $3.3 million decrease from the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

             $ Change from
    (Dollars in thousands)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022
    Deposits             
    Non-interest bearing deposits$6,465,353 6,458,394 7,690,751 8,294,363 6,959  (1,225,398) (1,829,010)
    NOW and DDA accounts 5,253,367 5,154,442 5,330,614 5,462,707 98,925  (77,247) (209,340)
    Savings accounts 2,872,362 2,808,571 3,200,321 3,305,333 63,791  (327,959) (432,971)
    Money market deposit accounts 2,994,631 3,094,302 3,472,281 3,905,676 (99,671) (477,650) (911,045)
    Certificate accounts 2,742,017 2,014,104 880,589 907,560 727,913  1,861,428  1,834,457 
    Core deposits, total 20,327,730 19,529,813 20,574,556 21,875,639 797,917  (246,826) (1,547,909)
    Wholesale deposits 67,434 478,417 31,999 4,003 (410,983) 35,435  63,431 
    Deposits, total 20,395,164 20,008,230 20,606,555 21,879,642 386,934  (211,391) (1,484,478)
    Repurchase agreements 1,499,696 1,356,862 945,916 887,483 142,834  553,780  612,213 
    Deposits and repurchase agreements, total 21,894,860 21,365,092 21,552,471 22,767,125 529,768  342,389  (872,265)
    Federal Home Loan Bank advances — — 1,800,000 705,000 —  (1,800,000) (705,000)
    FRB Bank Term Funding 2,740,000 2,740,000 — — —  2,740,000  2,740,000 
    Other borrowed funds 73,752 75,819 77,293 77,671 (2,067) (3,541) (3,919)
    Subordinated debentures 132,903 132,863 132,782 132,742 40  121  161 
    Other liabilities 347,452 287,379 229,524 278,059 60,073  117,928  69,393 
    Total liabilities$25,188,967 24,601,153 23,792,070 23,960,597 587,814  1,396,897  1,228,370 


    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 $21.895 billion at the current quarter end increased $530 million, or 10 percent annualized, during the current quarter. With the increased core deposits, the Company allowed $411 million of higher cost wholesale deposits to mature. Excluding wholesale deposits, core deposits and retail repurchase agreements increased $941 million, or 18 annualized percent, during the current quarter. Non-interest bearing deposits increased $7.0 million over the prior quarter, representing 32 percent of total core deposits at September 30, 2023 compared to 37 percent at December 31, 2022 and 38 percent at September 30, 2022.

    The Company’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. The Company has available liquidity of $14.8 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)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022
    Common equity$3,374,961  3,357,313  3,312,097  3,267,505  17,648  62,864  107,456 
    Accumulated other comprehensive loss (500,367) (430,787) (468,792) (495,148) (69,580) (31,575) (5,219)
    Total stockholders’ equity 2,874,594  2,926,526  2,843,305  2,772,357  (51,932) 31,289  102,237 
    Goodwill and core deposit intangible, net (1,019,690) (1,022,118) (1,026,994) (1,029,658) 2,428  7,304  9,968 
    Tangible stockholders’ equity$1,854,904  1,904,408  1,816,311  1,742,699  (49,504) 38,593  112,205 


    Stockholders’ equity to total assets 10.24% 10.63% 10.67% 10.37%      
    Tangible stockholders’ equity to total tangible assets 6.86% 7.18% 7.09% 6.78%      
    Book value per common share$25.93  26.40  25.67  25.03  (0.47) 0.26 0.90
    Tangible book value per common share$16.73  17.18  16.40  15.73  (0.45) 0.33 1.00


    Tangible stockholders’ equity of $1.855 billion at September 30, 2023 decreased $49.5 million, or 3 percent, compared to the prior quarter and was due to an increase in net unrealized losses (after-tax) on available-for-sale debt securities during the current quarter. Tangible stockholders’ equity increased $112 million, or 6 percent, from September 30, 2022, which was primarily due to earnings retention. Tangible book value per common share of $16.73 at the current quarter end increased $0.33 per share, or 2 percent, from the prior year end. The tangible book value per common share increased $1.00 per share from the prior year third quarter.

    Cash Dividends
    On September 27, 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 third quarter. The dividend was payable October 19, 2023 to shareholders of record on October 10, 2023. The dividend was the Company’s 154th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended September 30, 2023 
    Compared to June 30, 2023, March 31, 2023 and September 30, 2022

    Income Summary

     Three Months ended $ Change from
    (Dollars in thousands)Sep 30,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2023    		 Sep 30,
    2022    		 Jun 30,
    2023    		 Mar 31,
    2023    		 Sep 30,
    2022
    Net interest income             
    Interest income$264,906  247,365  231,888  214,402  17,541  33,018  50,504 
    Interest expense 97,852  75,385  45,696  9,075  22,467  52,156  88,777 
    Total net interest income 167,054  171,980  186,192  205,327  (4,926) (19,138) (38,273)
    Non-interest income             
    Service charges and other fees 19,304  18,967  17,771  18,970  337  1,533  334 
    Miscellaneous loan fees and charges 4,322  4,162  3,967  4,040  160  355  282 
    Gain on sale of loans 4,046  3,528  2,400  3,846  518  1,646  200 
    Loss on sale of debt securities (65) (23) (114) (85) (42) 49  20 
    Other income 2,633  2,445  3,871  3,635  188  (1,238) (1,002)
    Total non-interest income 30,240  29,079  27,895  30,406  1,161  2,345  (166)
    Total income$197,294  201,059  214,087  235,733  (3,765) (16,793) (38,439)
    Net interest margin (tax-equivalent) 2.58% 2.74% 3.08% 3.34%      


    Net Interest Income
    The current quarter interest income of $265 million increased $17.5 million, or 7 percent, over the prior quarter and was driven primarily by the increase in the loan yields and an increase in interest-bearing cash. The current quarter interest income increased $50.5 million, or 24 percent, over the prior year third quarter and was principally due to loan growth and increased loan yields. The loan yield of 5.27 percent in the current quarter increased 15 basis points from the prior quarter loan yield of 5.12 percent and increased 60 basis points from the prior year third quarter loan yield of 4.67 percent.

    The current quarter interest expense of $97.9 million increased $22.5 million, or 30 percent, over the prior quarter and increased $88.8 million, or 978 percent, over the prior year third quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.03 percent for the current quarter compared to 0.57 percent in the prior quarter and 0.06 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) was 1.58 percent in the current quarter compared to 1.26 percent in the prior quarter and 0.15 percent in the prior year third quarter, which was the result of the increased deposit and borrowing rates.

    The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.58 percent compared to 2.74 percent in the prior quarter and 3.34 percent in the prior year third quarter. Although the net interest margin has been negatively impacted by the increase in interest rates in the current year, the Company experienced a slower pace in the decline in the net interest margin during the current quarter. The current quarter decrease in net interest margin was 16 basis points compared to a decrease of 34 basis points in the prior quarter and a decrease of 22 basis points in the first quarter of the current year. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the PPP loans, was 2.55 percent compared to 2.72 percent in the prior quarter and 3.29 percent in the prior year third quarter.

    Non-interest Income
    Non-interest income for the current quarter totaled $30.2 million, which was an increase of $1.2 million, or 4 percent, over the prior quarter. Gain on the sale of residential loans of $4.0 million for the current quarter increased $518 thousand, or 15 percent, compared to the prior quarter and increased $200 thousand, or 5 percent, from the prior year third quarter. Service charges and other fees of $19.3 million in the current quarter increased $337 thousand, or 2 percent, over the prior quarter and increased $334 thousand, or 2 percent, over the prior year third quarter.

    Non-interest Expense Summary

     Three Months ended $ Change from
    (Dollars in thousands)Sep 30,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2023    		 Sep 30,
    2022    		 Jun 30,
    2023    		 Mar 31,
    2023    		 Sep 30,
    2022
    Compensation and employee benefits$77,387 78,764 81,477 80,612 (1,377) (4,090) (3,225)
    Occupancy and equipment 10,553 10,827 11,665 10,797 (274) (1,112) (244)
    Advertising and promotions 4,052 3,733 4,235 3,768 319  (183) 284 
    Data processing 8,730 8,402 8,109 7,716 328  621  1,014 
    Other real estate owned and foreclosed assets 15 14 12 66 1  3  (51)
    Regulatory assessments and insurance 6,060 5,314 4,903 3,339 746  1,157  2,721 
    Core deposit intangibles amortization 2,428 2,427 2,449 2,665 1  (21) (237)
    Other expenses 20,351 21,123 22,132 21,097 (772) (1,781) (746)
    Total non-interest expense$129,576 130,604 134,982 130,060 (1,028) (5,406) (484)


    Total non-interest expense of $130 million for the current quarter decreased $1.0 million, or 79 basis points, over the prior quarter and decreased $484 thousand, or 37 basis points, over the prior year third quarter. Compensation and employee benefits expense of $77.4 million for the current quarter decreased $1.4 million, or 2 percent, from the prior quarter and decreased $3.2 million, or 4 percent, over the prior year third quarter, which was driven primarily by decreases in accrued expenses for employee benefits. Regulatory assessments and insurance of $6.1 million, increased $2.7 million, or 81 percent, over the prior year third quarter and was primarily due to the Federal Deposit Insurance Corporation (“FDIC”) uniformly increasing all depository institutions premiums at the beginning of the current year. “The reduction in non-interest expense reflects the Company’s continued focus on staffing levels and containing costs in other areas,” said Ron Copher, Chief Financial Officer.

    Federal and State Income Tax Expense
    Tax expense during the third quarter of 2023 was $11.7 million, a decrease of $993 thousand, or 8 percent, compared to the prior quarter and a decrease of $6.3 million, or 35 percent, from the prior year third quarter. The effective tax rate in the current quarter was 18.3 percent compared to 18.8 percent in the prior quarter and 18.5 percent in the prior year third quarter.

    Efficiency Ratio
    The efficiency ratio was 63.31 percent in the current quarter compared to 62.73 percent in the prior quarter and 52.76 percent in the prior year third quarter. The increase from prior quarter and prior year third quarter was primarily attributable to the increase in interest expense in the current quarter that outpaced the increase in interest income.

    Operating Results for Nine Months Ended September 30, 2023
    Compared to September 30, 2022

    Income Summary

     Nine Months ended  
    (Dollars in thousands)Sep 30,
    2023    		 Sep 30,
    2022    		 $ Change % Change
    Net interest income       
    Interest income$744,159  $604,555  $139,604  23%
    Interest expense 218,933   20,235   198,698  982%
    Total net interest income 525,226   584,320   (59,094) (10)%
    Non-interest income       
    Service charges and other fees 56,042   53,390   2,652  5%
    Miscellaneous loan fees and charges 12,451   11,445   1,006  9%
    Gain on sale of loans 9,974   17,857   (7,883) (44)%
    (Loss) gain on sale of debt securities (202)  101   (303) (300)%
    Other income 8,949   9,456   (507) (5)%
    Total non-interest income 87,214   92,249   (5,035) (5)%
    Total Income$612,440  $676,569  $(64,129) (9)%
    Net interest margin (tax-equivalent) 2.79%  3.26%    


    Net Interest Income
    Net-interest income of $525 million for the first nine months of 2023 decreased $59.1 million, or 10 percent, over the same period of 2022 and was primarily driven by increased interest expense. Interest income of $744 million for the first nine months in the current year increased $139.6 million, or 23 percent, from the same period in the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.14 percent for the first nine months of the current year, an increase of 54 basis points from the first nine months of the prior year loan yield of 4.60 percent.

    Interest expense of $218.9 million for the first nine months of 2023 increased $199 million, or 982 percent, over the same period in the prior year and was the result of increased borrowings and higher interest rates on borrowings and deposits. Core deposit cost (including non-interest bearing deposits) was 0.62 percent for the nine months of 2023 compared to 0.06 percent for the same period in 2022. The total funding cost (including non-interest bearing deposits) for the first nine months of the current year was 1.22 percent, which was an increase of 110 basis points over the prior year first nine months of 0.12 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2023 was 2.79 percent, a 47 basis points decrease from the net interest margin of 3.26 percent for the same period in the prior year. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the PPP loans, was 2.77 percent for the first nine months of the current year, which was a 41 basis points decrease from the core margin of 3.18 percent in the same period of the prior year.

    Non-interest Income
    Non-interest income of $87.2 million for the first nine months of 2023 decreased $5.0 million, or 5 percent, over the same period last year and was primarily due to the decrease in gain on sale of residential loans, which was partially offset by the increase in service charges and other fees. Gain on sale of residential loans of $10.0 million in the current year decreased by $7.9 million, or 44 percent, over the prior year as result of the reduction in residential purchase and refinance activity as mortgage rates significantly increased during the current year. Miscellaneous loan fees of $12.5 million, increased $1.0 million, or 9 percent, which was primarily driven by increased credit card interchange fees due to increased activity.

    Non-interest Expense Summary

     Nine Months ended    
    (Dollars in thousands)Sep 30,
    2023    		 Sep 30,
    2022    		 $ Change % Change
    Compensation and employee benefits$237,628 $239,489 $(1,861) (1)%
    Occupancy and equipment 33,045  32,527  518  2%
    Advertising and promotions 12,020  10,766  1,254  12%
    Data processing 25,241  22,744  2,497  11%
    Other real estate owned and foreclosed assets 41  72  (31) (43)%
    Regulatory assessments and insurance 16,277  9,479  6,798  72%
    Core deposit intangibles amortization 7,304  7,994  (690) (9)%
    Other expenses 63,606  66,818  (3,212) (5)%
    Total non-interest expense$395,162 $389,889 $5,273  1%


    Total non-interest expense of $395 million for the first nine months of 2023 increased $5.3 million, or 1 percent, over the same period in the prior year. Regulatory assessments and insurance of $16.3 million for the first nine months of 2023 increased $6.8 million, or 72 percent, over the prior year and was primarily due to the FDIC uniformly increasing all depository institutions premiums beginning in 2023. Other expense of $63.6 million for the first nine months of 2023 decreased $3.2 million, or 5 percent, from the first nine months of the prior year and was primarily due to the decrease in acquisition-related expenses along with changes in several miscellaneous categories. Acquisition-related expenses were $842 thousand in the first nine months of the current year compared to $9.2 million in the same period of last year.

    Provision for Credit Losses
    The provision for credit loss expense was $11.8 million for the first nine months of 2023 and decreased $2.1 million, or 15 percent, over the same period of the prior year. The provision for credit loss expense for the first nine months of 2023 included provision for credit loss expense of $16.6 million on the loan portfolio and credit loss benefit of $4.8 million on the unfunded loan commitments. Net charge-offs during the first nine months of the current year were $6.6 million compared to $5.8 million during the same period of the prior year.

    Federal and State Income Tax Expense
    Tax expense of $36.9 million for the first nine months of 2023 decreased $12.4 million, or 25 percent, over the first nine months of the prior year. The effective tax rate for first nine months of 2023 was 17.9 percent compared to 18.1 percent for the first nine months of 2022.

    Efficiency Ratio
    The efficiency ratio was 62.10 percent for the first nine months of 2023 compared to 55.14 percent for the same period last year. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased banking and consumer protection regulations, that may adversely affect the Company’s business;
    • risks related to overall economic conditions, including the impact on the economy of a rising interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
    • costs or difficulties related to the completion and integration of 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, October 20, 2023. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BIbe718214dea94214b3ab02d160926dd0. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/w8zz3hr8. 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)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022
    Assets       
    Cash on hand and in banks$264,067  285,920  300,194  260,456 
    Interest bearing cash deposits 1,408,027  765,400  101,801  164,756 
    Cash and cash equivalents 1,672,094  1,051,320  401,995  425,212 
    Debt securities, available-for-sale 4,741,738  4,999,820  5,307,307  5,755,076 
    Debt securities, held-to-maturity 3,553,805  3,608,289  3,715,052  3,756,634 
    Total debt securities 8,295,543  8,608,109  9,022,359  9,511,710 
    Loans held for sale, at fair value 29,027  35,006  12,314  21,720 
    Loans receivable 16,135,046  15,954,962  15,246,812  14,851,233 
    Allowance for credit losses (192,271) (189,385) (182,283) (178,191)
    Loans receivable, net 15,942,775  15,765,577  15,064,529  14,673,042 
    Premises and equipment, net 415,343  405,407  398,100  395,639 
    Other real estate owned and foreclosed assets 48  52  32  42 
    Accrued interest receivable 104,476  88,351  83,538  93,300 
    Deferred tax asset 203,745  179,815  193,187  204,351 
    Core deposit intangible, net 34,297  36,725  41,601  44,265 
    Goodwill 985,393  985,393  985,393  985,393 
    Non-marketable equity securities 11,330  10,014  82,015  38,215 
    Bank-owned life insurance 170,175  169,195  169,068  168,187 
    Other assets 199,315  192,715  181,244  171,878 
    Total assets$28,063,561  27,527,679  26,635,375  26,732,954 
    Liabilities       
    Non-interest bearing deposits$6,465,353  6,458,394  7,690,751  8,294,363 
    Interest bearing deposits 13,929,811  13,549,836  12,915,804  13,585,279 
    Securities sold under agreements to repurchase 1,499,696  1,356,862  945,916  887,483 
    FHLB advances —  —  1,800,000  705,000 
    FRB Bank Term Funding 2,740,000  2,740,000  —  — 
    Other borrowed funds 73,752  75,819  77,293  77,671 
    Subordinated debentures 132,903  132,863  132,782  132,742 
    Accrued interest payable 91,874  47,742  4,331  2,740 
    Other liabilities 255,578  239,637  225,193  275,319 
    Total liabilities 25,188,967  24,601,153  23,792,070  23,960,597 
    Commitments and Contingent Liabilities       
    Stockholders’ Equity       
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding —  —  —  — 
    Common stock, $0.01 par value per share, 234,000,000 shares authorized 1,109  1,109  1,108  1,108 
    Paid-in capital 2,348,305  2,346,422  2,344,005  2,342,452 
    Retained earnings - substantially restricted 1,025,547  1,009,782  966,984  923,945 
    Accumulated other comprehensive loss (500,367) (430,787) (468,792) (495,148)
    Total stockholders’ equity 2,874,594  2,926,526  2,843,305  2,772,357 
    Total liabilities and stockholders’ equity$28,063,561  27,527,679  26,635,375  26,732,954 


    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
     Three Months ended Nine Months ended
    (Dollars in thousands, except per share data)Sep 30,
    2023    		 Jun 30,
    2023    		 Mar 31,
    2023    		 Sep 30,
    2022    		 Sep 30,
    2023    		 Sep 30,
    2022
    Interest Income           
    Investment securities$53,397  47,658  43,642  43,722  144,697  125,217
    Residential real estate loans 18,594  17,076  15,838  13,738  51,508  42,279
    Commercial loans 173,437  164,587  155,682  142,692  493,706  398,507
    Consumer and other loans 19,478  18,044  16,726  14,250  54,248  38,552
    Total interest income 264,906  247,365  231,888  214,402  744,159  604,555
    Interest Expense           
    Deposits 54,697  31,700  12,545  3,279  98,942  9,884
    Securities sold under agreements to
    repurchase    		 10,972  8,607  4,606  675  24,185  1,435
    Federal Home Loan Bank advances —  3,305  23,605  3,318  26,910  4,628
    FRB Bank Term Funding 30,229  29,899  3,032  —  63,160  —
    Other borrowed funds 489  443  496  214  1,428  698
    Subordinated debentures 1,465  1,431  1,412  1,589  4,308  3,590
    Total interest expense 97,852  75,385  45,696  9,075  218,933  20,235
    Net Interest Income 167,054  171,980  186,192  205,327  525,226  584,320
    Provision for credit losses 3,539  2,773  5,470  8,341  11,782  13,839
    Net interest income after provision for credit losses 163,515  169,207  180,722  196,986  513,444  570,481
    Non-Interest Income           
    Service charges and other fees 19,304  18,967  17,771  18,970  56,042  53,390
    Miscellaneous loan fees and charges 4,322  4,162  3,967  4,040  12,451  11,445
    Gain on sale of loans 4,046  3,528  2,400  3,846  9,974  17,857
    (Loss) gain on sale of debt securities (65) (23) (114) (85) (202) 101
    Other income 2,633  2,445  3,871  3,635  8,949  9,456
    Total non-interest income 30,240  29,079  27,895  30,406  87,214  92,249
    Non-Interest Expense           
    Compensation and employee benefits 77,387  78,764  81,477  80,612  237,628  239,489
    Occupancy and equipment 10,553  10,827  11,665  10,797  33,045  32,527
    Advertising and promotions 4,052  3,733  4,235  3,768  12,020  10,766
    Data processing 8,730  8,402  8,109  7,716  25,241  22,744
    Other real estate owned and foreclosed assets 15  14  12  66  41  72
    Regulatory assessments and insurance 6,060  5,314  4,903  3,339  16,277  9,479
    Core deposit intangibles amortization 2,428  2,427  2,449  2,665  7,304  7,994
    Other expenses 20,351  21,123  22,132  21,097  63,606  66,818
    Total non-interest expense 129,576  130,604  134,982  130,060  395,162  389,889
    Income Before Income Taxes 64,179  67,682  73,635  97,332  205,496  272,841
    Federal and state income tax expense 11,734  12,727  12,424  17,994  36,885  49,316
    Net Income$52,445  54,955  61,211  79,338  168,611  223,525


    Glacier Bancorp, Inc.
    Average Balance Sheets
     
     Three Months ended
     September 30, 2023 June 30, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,649,947  $18,594 4.51% $1,567,136  $17,076 4.36%
    Commercial loans 1 13,120,479   174,822 5.29%  12,950,934   165,874 5.14%
    Consumer and other loans 1,263,775   19,478 6.11%  1,236,763   18,044 5.85%
    Total loans 2 16,034,201   212,894 5.27%  15,754,833   200,994 5.12%
    Tax-exempt debt securities 3 1,732,227   14,486 3.34%  1,743,852   14,462 3.32%
    Taxable debt securities 4 8,485,157   41,052 1.94%  8,177,551   35,202 1.72%
    Total earning assets 26,251,585   268,432 4.06%  25,676,236   250,658 3.92%
    Goodwill and intangibles 1,020,868       1,023,291     
    Non-earning assets 528,145       523,349     
    Total assets$27,800,598      $27,222,876     
    Liabilities           
    Non-interest bearing deposits$6,461,350  $— —% $6,584,082  $— —%
    NOW and DDA accounts 5,231,741   12,906 0.98%  5,108,421   7,429 0.58%
    Savings accounts 2,840,620   3,492 0.49%  2,846,015   1,064 0.15%
    Money market deposit accounts 3,039,177   12,646 1.65%  3,256,007   10,174 1.25%
    Certificate accounts 2,462,266   23,151 3.73%  1,451,218   8,878 2.45%
    Total core deposits 20,035,154   52,195 1.03%  19,245,743   27,545 0.57%
    Wholesale deposits 5 188,523   2,502 5.27%  330,655   4,155 5.04%
    Repurchase agreements 1,401,765   10,972 3.11%  1,273,045   8,607 2.71%
    FHLB advances —   — —%  245,055   3,305 5.33%
    FRB Bank Term Funding 2,740,000   30,229 4.38%  2,740,000   29,899 4.38%
    Subordinated debentures and other borrowed funds 208,336   1,954 3.72%  208,804   1,874 3.60%
    Total funding liabilities 24,573,778   97,852 1.58%  24,043,302   75,385 1.26%
    Other liabilities 302,564       247,319     
    Total liabilities 24,876,342       24,290,621     
    Stockholders’ Equity           
    Common stock 1,109       1,108     
    Paid-in capital 2,347,323       2,345,438     
    Retained earnings 1,035,276       1,017,456     
    Accumulated other comprehensive loss (459,452)      (431,747)    
    Total stockholders’ equity 2,924,256       2,932,255     
    Total liabilities and stockholders’ equity$27,800,598      $27,222,876     
    Net interest income (tax-equivalent)  $170,580     $175,273  
    Net interest spread (tax-equivalent)    2.48%     2.66%
    Net interest margin (tax-equivalent)    2.58%     2.74%

    ______________________________

    1 Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2023 and June 30, 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.9 million and $1.8 million on tax-exempt debt securities income for the three months ended September 30, 2023 and June 30, 2023, respectively.
    4 Includes tax effect of $215 thousand and $214 thousand on federal income tax credits for the three months ended September 30, 2023 and June 30, 2023, respectively.
    5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
     Three Months ended
     September 30, 2023 September 30, 2022
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,649,947  $18,594 4.51% $1,338,606  $13,738 4.11%
    Commercial loans 1 13,120,479   174,822 5.29%  12,146,551   144,357 4.72%
    Consumer and other loans 1,263,775   19,478 6.11%  1,156,305   14,250 4.89%
    Total loans 2 16,034,201   212,894 5.27%  14,641,462   172,345 4.67%
    Tax-exempt debt securities 3 1,732,227   14,486 3.34%  2,000,404   18,484 3.70%
    Taxable debt securities 4 8,485,157   41,052 1.94%  8,426,933   29,297 1.39%
    Total earning assets 26,251,585   268,432 4.06%  25,068,799   220,126 3.48%
    Goodwill and intangibles 1,020,868       1,030,961     
    Non-earning assets 528,145       604,754     
    Total assets$27,800,598      $26,704,514     
    Liabilities           
    Non-interest bearing deposits$6,461,350  $— —% $8,158,207  $— —%
    NOW and DDA accounts 5,231,741   12,906 0.98%  5,473,458   794 0.06%
    Savings accounts 2,840,620   3,492 0.49%  3,319,167   260 0.03%
    Money market deposit accounts 3,039,177   12,646 1.65%  3,999,758   1,483 0.15%
    Certificate accounts 2,462,266   23,151 3.73%  940,507   722 0.30%
    Total core deposits 20,035,154   52,195 1.03%  21,891,097   3,259 0.06%
    Wholesale deposits 5 188,523   2,502 5.27%  3,946   20 2.05%
    Repurchase agreements 1,401,765   10,972 3.11%  917,104   675 0.29%
    FHLB advances —   — —%  541,630   3,318 2.40%
    FRB Bank Term Funding 2,740,000   30,229 4.38%  —   — —%
    Subordinated debentures and other borrowed funds 208,336   1,954 3.72%  202,383   1,803 3.54%
    Total funding liabilities 24,573,778   97,852 1.58%  23,556,160   9,075 0.15%
    Other liabilities 302,564       261,735     
    Total liabilities 24,876,342       23,817,895     
    Stockholders’ Equity           
    Common stock 1,109       1,108     
    Paid-in capital 2,347,323       2,341,648     
    Retained earnings 1,035,276       920,372     
    Accumulated other comprehensive loss (459,452)      (376,509)    
    Total stockholders’ equity 2,924,256       2,886,619     
    Total liabilities and stockholders’ equity$27,800,598      $26,704,514     
    Net interest income (tax-equivalent)  $170,580     $211,051  
    Net interest spread (tax-equivalent)    2.48%     3.33%
    Net interest margin (tax-equivalent)    2.58%     3.34%

    ______________________________

    1 Includes tax effect of $1.4 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended September 30, 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 $1.9 million and $3.8 million on tax-exempt debt securities income for the three months ended September 30, 2023 and 2022, respectively.
    4 Includes tax effect of $215 thousand and $225 thousand on federal income tax credits for the three months ended September 30, 2023 and 2022, respectively.
    5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
     Nine Months ended
     September 30, 2023 September 30, 2022
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,570,911  $51,508 4.37% $1,236,674  $42,279 4.56%
    Commercial loans 1 12,910,691   498,152 5.16%  11,728,932   403,075 4.59%
    Consumer and other loans 1,236,158   54,248 5.87%  1,113,232   38,552 4.63%
    Total loans 2 15,717,760   603,908 5.14%  14,078,838   483,906 4.60%
    Tax-exempt debt securities 3 1,745,764   44,978 3.44%  1,902,147   52,561 3.68%
    Taxable debt securities 4 8,240,041   107,338 1.74%  8,663,590   84,235 1.30%
    Total earning assets 25,703,565   756,224 3.93%  24,644,575   620,702 3.37%
    Goodwill and intangibles 1,023,274       1,033,606     
    Non-earning assets 510,332       659,727     
    Total assets$27,237,171      $26,337,908     
    Liabilities           
    Non-interest bearing deposits$6,770,242  $— —% $8,004,395  $— —%
    NOW and DDA accounts 5,140,668   22,606 0.59%  5,387,013   2,362 0.06%
    Savings accounts 2,930,420   5,070 0.23%  3,276,092   836 0.03%
    Money market deposit accounts 3,253,138   28,654 1.18%  4,009,931   4,233 0.14%
    Certificate accounts 1,638,163   34,613 2.82%  980,543   2,416 0.33%
    Total core deposits 19,732,631   90,943 0.62%  21,657,974   9,847 0.06%
    Wholesale deposits 5 213,465   7,999 5.01%  8,290   37 0.59%
    Repurchase agreements 1,238,139   24,185 2.61%  936,840   1,435 0.20%
    FHLB advances 738,004   26,910 4.81%  346,465   4,628 1.76%
    FRB Bank Term Funding 1,929,322   63,160 4.38%  —   — —%
    Subordinated debentures and other borrowed funds 208,891   5,737 3.67%  190,810   4,288 3.00%
    Total funding liabilities 24,060,452   218,934 1.22%  23,140,379   20,235 0.12%
    Other liabilities 256,022       249,001     
    Total liabilities 24,316,474       23,389,380     
    Stockholders’ Equity           
    Common stock 1,109       1,107     
    Paid-in capital 2,345,698       2,340,208     
    Retained earnings 1,017,159       881,208     
    Accumulated other comprehensive loss (443,269)      (273,995)    
    Total stockholders’ equity 2,920,697       2,948,528     
    Total liabilities and stockholders’ equity$27,237,171      $26,337,908     
    Net interest income (tax-equivalent)  $537,290     $600,467  
    Net interest spread (tax-equivalent)    2.71%     3.25%
    Net interest margin (tax-equivalent)    2.79%     3.26%

    ______________________________

    1 Includes tax effect of $4.4 million and $4.6 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 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 $7.0 million and $10.9 million on tax-exempt debt securities income for the nine months ended September 30, 2023 and 2022, respectively.
    4 Includes tax effect of $644 thousand and $676 thousand on federal income tax credits for the nine months ended September 30, 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)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022
    Custom and owner occupied construction$306,106  $315,651  $298,461  $288,977  (3)% 3% 6%
    Pre-sold and spec construction 287,048   306,440   297,895   291,146  (6)% (4)% (1)%
    Total residential construction 593,154   622,091   596,356   580,123  (5)% (1)% 2%
    Land development 234,995   238,897   219,842   217,878  (2)% 7% 8%
    Consumer land or lots 184,685   182,251   206,604   204,241  1% (11)% (10)%
    Unimproved land 87,089   91,157   104,662   101,684  (4)% (17)% (14)%
    Developed lots for operative builders 62,485   65,134   60,987   62,800  (4)% 2% (1)%
    Commercial lots 84,194   94,334   93,952   94,395  (11)% (10)% (11)%
    Other construction 982,384   1,039,192   938,406   893,846  (5)% 5% 10%
    Total land, lot, and other construction 1,635,832   1,710,965   1,624,453   1,574,844  (4)% 1% 4%
    Owner occupied 2,976,821   2,934,724   2,833,469   2,811,614  1% 5% 6%
    Non-owner occupied 3,765,266   3,714,531   3,531,673   3,448,044  1% 7% 9%
    Total commercial real estate 6,742,087   6,649,255   6,365,142   6,259,658  1% 6% 8%
    Commercial and industrial 1,363,198   1,370,393   1,377,888   1,308,272  (1)% (1)% 4%
    Agriculture 785,208   770,378   735,553   770,282  2% 7% 2%
    1st lien 2,054,497   1,956,205   1,808,502   1,738,151  5% 14% 18%
    Junior lien 47,490   46,616   40,445   36,677  2% 17% 29%
    Total 1-4 family 2,101,987   2,002,821   1,848,947   1,774,828  5% 14% 18%
    Multifamily residential 714,822   664,859   622,185   574,366  8% 15% 24%
    Home equity lines of credit 950,204   940,048   872,899   841,143  1% 9% 13%
    Other consumer 233,980   231,519   220,035   219,036  1% 6% 7%
    Total consumer 1,184,184   1,171,567   1,092,934   1,060,179  1% 8% 12%
    States and political subdivisions 833,618   812,688   797,656   776,875  3% 5% 7%
    Other 209,983   214,951   198,012   193,526  (2)% 6% 9%
    Total loans receivable, including
    loans held for sale    		 16,164,073   15,989,968   15,259,126   14,872,953  1% 6% 9%
    Less loans held for sale 1 (29,027)  (35,006)  (12,314)  (21,720) (17)% 136% 34%
    Total loans receivable$16,135,046  $15,954,962  $15,246,812  $14,851,233  1% 6% 9%

    ______________________________

    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)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022    		 Sep 30,
    2023    		 Sep 30,
    2023    		 Sep 30,
    2023
    Custom and owner occupied construction$219 219 224 227 219 — —
    Pre-sold and spec construction 763 1,548 389 1,016 — 763 —
    Total residential construction 982 1,767 613 1,243 219 763 —
    Land development 80 118 138 149 80 — —
    Consumer land or lots 314 239 278 285 314 — —
    Unimproved land 36 43 78 94 36 — —
    Developed lots for operative builders 608 608 251 255 — 608 —
    Commercial lots 188 188 — — 141 47 —
    Other construction 12,884 12,884 12,884 12,884 12,884 — —
    Total land, lot and other construction 14,110 14,080 13,629 13,667 13,455 655 —
    Owner occupied 1,445 2,251 2,076 2,687 1,326 119 —
    Non-owner occupied 15,105 4,450 805 820 15,105 — —
    Total commercial real estate 16,550 6,701 2,881 3,507 16,431 119 —
    Commercial and Industrial 1,367 1,339 3,326 3,453 907 460 —
    Agriculture 2,450 2,564 2,574 4,102 2,449 1 —
    1st lien 2,766 2,794 2,678 2,149 2,644 107 15
    Junior lien 363 273 166 139 147 216 —
    Total 1-4 family 3,129 3,067 2,844 2,288 2,791 323 15
    Multifamily residential — — 4,535 4,635 — — —
    Home equity lines of credit 1,612 1,256 1,393 1,550 1,402 210 —
    Other consumer 942 1,116 911 555 726 183 33
    Total consumer 2,554 2,372 2,304 2,105 2,128 393 33
    Other 1,141 132 36 59 — 1,141 —
    Total$42,283 32,022 32,742 35,059 38,380 3,855 48


    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
     Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from
    (Dollars in thousands)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022
    Custom and owner occupied construction$— $324 $1,082 $427 (100)% (100)% (100)%
    Pre-sold and spec construction 599  129  1,712  — 364% (65)% n/m
    Total residential construction 599  453  2,794  427 32% (79)% 40%
    Land development 44  244  —  596 (82)% n/m (93)%
    Consumer land or lots 528  565  442  — (7)% 19% n/m
    Unimproved land 87  —  120  36 n/m (28)% 142%
    Developed lots for operative builders —  —  958  30 n/m (100)% (100)%
    Commercial lots 1,245  3,404  47  2,158 (63)% 2,549% (42)%
    Other construction —  1,114  209  — (100)% (100)% n/m
    Total land, lot and other construction 1,904  5,327  1,776  2,820 (64)% 7% (32)%
    Owner occupied 652  1,053  3,478  527 (38)% (81)% 24%
    Non-owner occupied 213  8,595  496  — (98)% (57)% n/m
    Total commercial real estate 865  9,648  3,974  527 (91)% (78)% 64%
    Commercial and industrial 2,946  2,096  3,439  2,087 41% (14)% 41%
    Agriculture 604  871  1,367  641 (31)% (56)% (6)%
    1st lien 1,006  1,115  2,174  761 (10)% (54)% 32%
    Junior lien 355  385  190  72 (8)% 87% 393%
    Total 1-4 family 1,361  1,500  2,364  833 (9)% (42)% 63%
    Multifamily Residential —  —  492  — n/m (100)% n/m
    Home equity lines of credit 3,638  2,021  1,182  1,004 80% 208% 262%
    Other consumer 1,821  1,714  1,824  1,089 6% —% 67%
    Total consumer 5,459  3,735  3,006  2,093 46% 82% 161%
    States and political subdivisions —  —  28  — n/m (100)% n/m
    Other 1,515  1,233  1,727  1,494 23% (12)% 1%
    Total$15,253 $24,863 $20,967 $10,922 (39)% (27)% 40%

    ______________________________

    n/m - not measurable

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
     Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		 Charge-Offs Recoveries
    (Dollars in thousands)Sep 30,
    2023    		 Jun 30,
    2023    		 Dec 31,
    2022    		 Sep 30,
    2022    		 Sep 30,
    2023    		 Sep 30,
    2023
    Custom and owner occupied construction$—  —  17  17  — —
    Pre-sold and spec construction (12) (8) (15) (12) — 12
    Total residential construction (12) (8) 2  5  — 12
    Land development (134) (132) (34) (24) — 134
    Consumer land or lots (14) (14) (46) (46) — 14
    Unimproved land —  —  —  —  — —
    Total land, lot and other construction (148) (146) (80) (70) — 148
    Owner occupied (104) (76) 555  229  16 120
    Non-owner occupied 500  299  (242) (4) 507 7
    Total commercial real estate 396  223  313  225  523 127
    Commercial and industrial (11) (18) (70) 395  616 627
    Agriculture —  —  (7) (5) — —
    1st lien 98  101  (109) (99) 111 13
    Junior lien 32  38  (302) (303) 49 17
    Total 1-4 family 130  139  (411) (402) 160 30
    Multifamily residential —  —  136  —  — —
    Home equity lines of credit 20  56  (91) (98) 102 82
    Other consumer 816  401  451  257  999 183
    Total consumer 836  457  360  159  1,101 265
    Other 5,430  3,765  7,572  5,540  7,884 2,454
    Total$6,621  4,412  7,815  5,847  10,284 3,663


    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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