3rd Quarter 2016 Highlights:
Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $31.0
million for the current quarter, an increase of $1.4 million, or 5
percent, from the $29.6 million of net income for the prior year
third quarter. Diluted earnings per share for the current
quarter was $0.40 per share, an increase of $0.01, or 3 percent,
from the prior year third quarter diluted earnings per share of
$0.39. Included in the current quarter was $228 thousand of
acquisition-related expenses and $1.4 million of expenses related
to the Company’s consolidation of its bank divisions’ core database
systems (Core Consolidation Project or “CCP”) including expenses
related to the re-issuance of debit cards with chip
technology. As of September 30, 2016, the Company had
completed the CCP conversion project for ten of its thirteen bank
divisions. “We again delivered a very good quarter as
we reported record earnings, excellent organic loan growth, and a 4
percent net interest margin,” said Mick Blodnick, President and
Chief Executive Officer. “In addition, we are in the final
stage of our two year core consolidation project and will have all
our Banks, including Treasure State Bank on our new ‘Gold Bank’
platform by the end of October,” Blodnick said.
Net income for the nine months ended September
30, 2016 was $90.1 million, an increase of $3.5 million, or 4
percent, from the $86.6 million of net income for the first nine
months of the prior year. Diluted earnings per share for the
first nine months of 2016 was $1.18 per share, an increase of
$0.03, or 3 percent, from the diluted earnings per share of $1.15
for the same period in the prior year.
On August 31, 2016, the Company completed the
acquisition of Treasure State Bank (“TSB”) based in Missoula,
Montana which marks the Company’s 18th acquisition since 2000 and
its sixth announced transaction in the past three years.
The Company’s results of operations and
financial condition include the acquisition of TSB from the
acquisition date and the following table provides information on
the fair value of selected classifications of assets and
liabilities acquired:
(Dollars in
thousands) |
|
August 31,
2016 |
Total assets |
|
$ |
76,165 |
|
Loans receivable |
|
51,875 |
|
Non-interest bearing
deposits |
|
13,005 |
|
Interest bearing
deposits |
|
45,359 |
|
Federal Home Loan Bank
advances |
|
3,260 |
|
|
|
|
|
Asset Summary
|
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
|
Sep 30,
2016 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
Cash and cash
equivalents |
|
$ |
251,413 |
|
|
160,333 |
|
|
193,253 |
|
|
242,835 |
|
|
91,080 |
|
|
58,160 |
|
|
8,578 |
|
Investment securities,
available-for-sale |
|
2,292,079 |
|
|
2,487,955 |
|
|
2,610,760 |
|
|
2,530,994 |
|
|
(195,876 |
) |
|
(318,681 |
) |
|
(238,915 |
) |
Investment securities,
held-to-maturity |
|
679,707 |
|
|
680,574 |
|
|
702,072 |
|
|
651,822 |
|
|
(867 |
) |
|
(22,365 |
) |
|
27,885 |
|
Total investment securities |
|
2,971,786 |
|
|
3,168,529 |
|
|
3,312,832 |
|
|
3,182,816 |
|
|
(196,743 |
) |
|
(341,046 |
) |
|
(211,030 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
696,817 |
|
|
672,895 |
|
|
688,912 |
|
|
644,694 |
|
|
23,922 |
|
|
7,905 |
|
|
52,123 |
|
Commercial real estate |
|
2,919,415 |
|
|
2,773,298 |
|
|
2,633,953 |
|
|
2,500,952 |
|
|
146,117 |
|
|
285,462 |
|
|
418,463 |
|
Other commercial |
|
1,303,241 |
|
|
1,258,227 |
|
|
1,099,564 |
|
|
1,080,715 |
|
|
45,014 |
|
|
203,677 |
|
|
222,526 |
|
Home equity |
|
435,935 |
|
|
431,659 |
|
|
420,901 |
|
|
412,256 |
|
|
4,276 |
|
|
15,034 |
|
|
23,679 |
|
Other consumer |
|
240,554 |
|
|
242,538 |
|
|
235,351 |
|
|
237,802 |
|
|
(1,984 |
) |
|
5,203 |
|
|
2,752 |
|
Loans receivable |
|
5,595,962 |
|
|
5,378,617 |
|
|
5,078,681 |
|
|
4,876,419 |
|
|
217,345 |
|
|
517,281 |
|
|
719,543 |
|
Allowance for loan and lease
losses |
|
(132,534 |
) |
|
(132,386 |
) |
|
(129,697 |
) |
|
(130,768 |
) |
|
(148 |
) |
|
(2,837 |
) |
|
(1,766 |
) |
Loans receivable, net |
|
5,463,428 |
|
|
5,246,231 |
|
|
4,948,984 |
|
|
4,745,651 |
|
|
217,197 |
|
|
514,444 |
|
|
717,777 |
|
Other assets |
|
630,248 |
|
|
624,349 |
|
|
634,163 |
|
|
592,997 |
|
|
5,899 |
|
|
(3,915 |
) |
|
37,251 |
|
Total assets |
|
$ |
9,316,875 |
|
|
9,199,442 |
|
|
9,089,232 |
|
|
8,764,299 |
|
|
117,433 |
|
|
227,643 |
|
|
552,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities of $2.972 billion at
September 30, 2016 decreased $197 million, or 6 percent, during the
current quarter. The decrease in the investment portfolio
resulted from the Company redeploying the investment securities
portfolio cash flow into the Company’s higher yielding loan
portfolio. Investment securities represented 32 percent of
total assets at September 30, 2016 compared to 36 percent of total
assets at December 31, 2015 and 36 percent at September 30,
2015.
Excluding the acquisition of TSB, the loan
portfolio grew $165 million, or 12 percent annualized, during the
current quarter. Excluding the acquisition, the loan category
with the largest increase was commercial real estate which
increased $121 million, or 4 percent. Excluding the TSB
acquisition and the acquisition of Cañon National Bank (“Cañon”) in
October 2015, the loan portfolio increased $508 million, or 10
percent, since September 30, 2015 with $283 million and $198
million of the increase coming from growth in commercial real
estate and other commercial loans, respectively. “Loan growth
in the third quarter continued at a solid pace led by increases in
commercial construction and commercial real estate loans,” Blodnick
said. “During the quarter we continued to add to our
residential construction portfolio something we've been working
hard at the past couple of years. We were also pleased that
with the exception of commercial and industrial loans all other
loan categories increased this quarter.”
Credit Quality Summary
(Dollars in
thousands) |
|
At or for the Nine
Months ended Sep 30, 2016 |
|
At or for the Six
Months ended Jun 30, 2016 |
|
At or for the Year
ended Dec 31, 2015 |
|
At or for the Nine
Months ended Sep 30, 2015 |
Allowance for loan and
lease losses |
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
129,697 |
|
|
129,697 |
|
|
129,753 |
|
|
129,753 |
|
Provision for loan losses |
|
1,194 |
|
|
568 |
|
|
2,284 |
|
|
1,873 |
|
Charge-offs |
|
(5,332 |
) |
|
(2,532 |
) |
|
(7,001 |
) |
|
(4,671 |
) |
Recoveries |
|
6,975 |
|
|
4,653 |
|
|
4,661 |
|
|
3,813 |
|
Balance at end of period |
|
$ |
132,534 |
|
|
132,386 |
|
|
129,697 |
|
|
130,768 |
|
Other real estate
owned |
|
$ |
22,662 |
|
|
24,370 |
|
|
26,815 |
|
|
26,609 |
|
Accruing loans 90 days or
more past due |
|
3,299 |
|
|
6,194 |
|
|
2,131 |
|
|
3,784 |
|
Non-accrual loans |
|
52,280 |
|
|
45,017 |
|
|
51,133 |
|
|
54,632 |
|
Total non-performing assets 1 |
|
$ |
78,241 |
|
|
75,581 |
|
|
80,079 |
|
|
85,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percentage of subsidiary assets |
|
0.84 |
% |
|
0.82 |
% |
|
0.88 |
% |
|
0.97 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
|
238 |
% |
|
259 |
% |
|
244 |
% |
|
224 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
|
2.37 |
% |
|
2.46 |
% |
|
2.55 |
% |
|
2.68 |
% |
Net (recoveries)
charge-offs as a percentage of total loans |
|
(0.03 |
)% |
|
(0.04 |
)% |
|
0.05 |
% |
|
0.02 |
% |
Accruing loans 30-89
days past due |
|
$ |
27,384 |
|
|
23,479 |
|
|
19,413 |
|
|
17,822 |
|
Accruing troubled debt
restructurings |
|
$ |
52,578 |
|
|
50,054 |
|
|
63,590 |
|
|
63,638 |
|
Non-accrual troubled
debt restructurings |
|
$ |
23,427 |
|
|
23,822 |
|
|
27,057 |
|
|
27,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 As of
September 30, 2016, non-performing assets have not been
reduced by U.S. government guarantees of $1.5 million. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets at September 30, 2016 were
$78.2 million, an increase of $2.7 million, or 4 percent,
during the current quarter and a decrease of $6.8 million, or 8
percent, from a year ago. Early stage delinquencies (accruing
loans 30-89 days past due) of $27.4 million at September 30, 2016
increased $3.9 million from the prior quarter.
The allowance loan and lease losses
(“allowance”) as a percent of total loans outstanding at September
30, 2016 was 2.37 percent, a decrease of 18 basis points from 2.55
percent at December 31, 2015 and a decrease of 31 basis points from
2.68 percent at September 30, 2015 which was driven by loan growth
combined with stabilized credit quality.
Credit Quality Trends and Provision for Loan
Losses
(Dollars in thousands) |
|
Provisionfor
LoanLosses |
|
Net Charge-Offs (Recoveries) |
|
ALLLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
Third quarter 2016 |
|
$ |
626 |
|
|
$ |
478 |
|
|
2.37 |
% |
|
0.49 |
% |
|
0.84 |
% |
Second quarter 2016 |
|
— |
|
|
(2,315 |
) |
|
2.46 |
% |
|
0.44 |
% |
|
0.82 |
% |
First quarter 2016 |
|
568 |
|
|
194 |
|
|
2.50 |
% |
|
0.46 |
% |
|
0.88 |
% |
Fourth quarter 2015 |
|
411 |
|
|
1,482 |
|
|
2.55 |
% |
|
0.38 |
% |
|
0.88 |
% |
Third quarter 2015 |
|
826 |
|
|
577 |
|
|
2.68 |
% |
|
0.37 |
% |
|
0.97 |
% |
Second quarter 2015 |
|
282 |
|
|
(381 |
) |
|
2.71 |
% |
|
0.59 |
% |
|
0.98 |
% |
First quarter 2015 |
|
765 |
|
|
662 |
|
|
2.77 |
% |
|
0.71 |
% |
|
1.07 |
% |
Fourth quarter 2014 |
|
191 |
|
|
1,070 |
|
|
2.89 |
% |
|
0.58 |
% |
|
1.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs for the current quarter were
$478 thousand compared to net recoveries of $2.3 million for the
prior quarter and net charge-offs of $577 thousand from the same
quarter last year. The net recoveries and charge-offs
continue to trend in the right direction with a fair amount of
volatility during the quarters. There was $626 thousand of
current quarter provision for loan losses, compared to no provision
in the prior quarter and $826 thousand in the prior year third
quarter. Loan portfolio growth, composition, average loan
size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
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,
2016 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
2,098,747 |
|
|
1,907,026 |
|
|
1,918,310 |
|
|
1,893,723 |
|
|
191,721 |
|
|
180,437 |
|
|
205,024 |
|
NOW and DDA accounts |
|
1,514,330 |
|
|
1,495,952 |
|
|
1,516,026 |
|
|
1,373,295 |
|
|
18,378 |
|
|
(1,696 |
) |
|
141,035 |
|
Savings accounts |
|
938,547 |
|
|
926,865 |
|
|
838,274 |
|
|
771,719 |
|
|
11,682 |
|
|
100,273 |
|
|
166,828 |
|
Money market deposit accounts |
|
1,442,602 |
|
|
1,403,028 |
|
|
1,382,028 |
|
|
1,350,098 |
|
|
39,574 |
|
|
60,574 |
|
|
92,504 |
|
Certificate accounts |
|
975,521 |
|
|
1,017,681 |
|
|
1,060,650 |
|
|
1,094,565 |
|
|
(42,160 |
) |
|
(85,129 |
) |
|
(119,044 |
) |
Core deposits, total |
|
6,969,747 |
|
|
6,750,552 |
|
|
6,715,288 |
|
|
6,483,400 |
|
|
219,195 |
|
|
254,459 |
|
|
486,347 |
|
Wholesale deposits |
|
339,572 |
|
|
338,264 |
|
|
229,720 |
|
|
189,779 |
|
|
1,308 |
|
|
109,852 |
|
|
149,793 |
|
Deposits, total |
|
7,309,319 |
|
|
7,088,816 |
|
|
6,945,008 |
|
|
6,673,179 |
|
|
220,503 |
|
|
364,311 |
|
|
636,140 |
|
Repurchase
agreements |
|
401,243 |
|
|
414,327 |
|
|
423,414 |
|
|
441,041 |
|
|
(13,084 |
) |
|
(22,171 |
) |
|
(39,798 |
) |
Federal Home Loan Bank
advances |
|
211,833 |
|
|
328,832 |
|
|
394,131 |
|
|
329,299 |
|
|
(116,999 |
) |
|
(182,298 |
) |
|
(117,466 |
) |
Other borrowed
funds |
|
5,956 |
|
|
4,926 |
|
|
6,602 |
|
|
6,619 |
|
|
1,030 |
|
|
(646 |
) |
|
(663 |
) |
Subordinated
debentures |
|
125,956 |
|
|
125,920 |
|
|
125,848 |
|
|
125,812 |
|
|
36 |
|
|
108 |
|
|
144 |
|
Other liabilities |
|
114,789 |
|
|
111,962 |
|
|
117,579 |
|
|
113,541 |
|
|
2,827 |
|
|
(2,790 |
) |
|
1,248 |
|
Total liabilities |
|
$ |
8,169,096 |
|
|
8,074,783 |
|
|
8,012,582 |
|
|
7,689,491 |
|
|
94,313 |
|
|
156,514 |
|
|
479,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding the TSB acquisition, non-interest
bearing deposits increased $179 million, or 9 percent, from the
prior quarter which was driven by seasonal fluctuations and a
strong inflow of new accounts. Excluding the TSB and Cañon
acquisitions, non-interest bearing deposits increased $103 million,
or 5 percent, from September 30, 2015. Excluding the TSB
acquisition, core interest bearing deposits decreased $17.9
million, or 37 basis points, from the prior quarter.
Excluding the TSB and Cañon acquisitions, core interest bearing
deposits at September 30, 2016 increased $88 million, or 2 percent,
from September 30, 2015. Wholesale deposits (i.e., brokered
deposits classified as NOW, DDA, money market deposit and
certificate accounts) of $340 million at September 30, 2016
increased $110 million since December 31, 2015 and increased $150
million over the prior year third quarter. A majority of the
increase was driven by a need to obtain wholesale deposits
necessary for an interest rate swap.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $401 million at September 30, 2016
decreased $13.1 million, or 3 percent, from the prior quarter and
decreased $39.8 million, or 9 percent, from the prior year third
quarter. Repurchase agreements fluctuated as certain
customers had significant deposit cash flows. Federal Home
Loan Bank (“FHLB”) advances of $212 million at September 30, 2016
decreased $117 million, or 36 percent, during the current quarter
as the Company’s funding needs decreased because of the increase in
non-interest deposits during the current quarter.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands,
except per share data) |
|
Sep 30,
2016 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
Common equity |
|
$ |
1,130,941 |
|
|
1,104,246 |
|
|
1,074,661 |
|
|
1,066,801 |
|
|
26,695 |
|
|
56,280 |
|
|
64,140 |
|
Accumulated other
comprehensive income |
|
16,838 |
|
|
20,413 |
|
|
1,989 |
|
|
8,007 |
|
|
(3,575 |
) |
|
14,849 |
|
|
8,831 |
|
Total stockholders’ equity |
|
1,147,779 |
|
|
1,124,659 |
|
|
1,076,650 |
|
|
1,074,808 |
|
|
23,120 |
|
|
71,129 |
|
|
72,971 |
|
Goodwill and core deposit
intangible, net |
|
(160,008 |
) |
|
(153,608 |
) |
|
(155,193 |
) |
|
(141,624 |
) |
|
(6,400 |
) |
|
(4,815 |
) |
|
(18,384 |
) |
Tangible stockholders’ equity |
|
$ |
987,771 |
|
|
971,051 |
|
|
921,457 |
|
|
933,184 |
|
|
16,720 |
|
|
66,314 |
|
|
54,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to total assets |
|
|
12.32 |
% |
|
12.23 |
% |
|
11.85 |
% |
|
12.26 |
% |
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity to total tangible
assets |
|
|
10.79 |
% |
|
10.73 |
% |
|
10.31 |
% |
|
10.82 |
% |
|
|
|
|
|
|
|
|
|
Book value per common share |
|
$ |
15.00 |
|
|
14.76 |
|
|
14.15 |
|
|
14.23 |
|
|
0.24 |
|
|
0.85 |
|
|
0.77 |
|
Tangible book value per common share |
|
$ |
12.91 |
|
|
12.75 |
|
|
12.11 |
|
|
12.35 |
|
|
0.16 |
|
|
0.80 |
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity of $988 million at September 30,
2016 increased $16.7 million, or 2 percent, from the prior quarter
primarily from earnings retention and $10.5 million of Company
stock issued in connection with the TSB acquisition, both of which
more than offset the decrease in accumulated other comprehensive
income and the increase in intangibles from the acquisition of
TSB. Tangible stockholders’ equity increased $54.6 million,
or 6 percent, from a year ago, the result of earnings retention, an
increase in accumulated other comprehensive income and $25.6
million of Company stock issued in connection with the TSB and
Cañon acquisitions; such increases more than offset the increase in
goodwill and other intangibles from the acquisitions. Tangible book
value per common share at quarter end increased $0.16 per share
from the prior quarter and increased $0.56 per share from the prior
year third quarter and was principally due to earnings
retention.
Cash DividendOn September 28, 2016, the
Company’s Board of Directors declared a quarterly cash dividend of
$0.20 per share. The dividend was payable October
20, 2016 to shareholders of record October 11, 2016.
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, 2016Compared to June 30,
2016, March 31, 2016 and September 30, 2015
Income Summary
|
|
Three Months
ended |
|
$ Change from |
(Dollars in
thousands) |
|
Sep 30,
2016 |
|
Jun 30,
2016 |
|
Mar 31,
2016 |
|
Sep 30,
2015 |
|
Jun 30,
2016 |
|
Mar 31,
2016 |
|
Sep 30,
2015 |
Net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
85,944 |
|
|
86,069 |
|
|
84,381 |
|
|
80,367 |
|
|
(125 |
) |
|
1,563 |
|
|
5,577 |
|
Interest expense |
|
7,318 |
|
|
7,424 |
|
|
7,675 |
|
|
7,309 |
|
|
(106 |
) |
|
(357 |
) |
|
9 |
|
Total net interest income |
|
78,626 |
|
|
78,645 |
|
|
76,706 |
|
|
73,058 |
|
|
(19 |
) |
|
1,920 |
|
|
5,568 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
16,307 |
|
|
15,772 |
|
|
14,681 |
|
|
15,357 |
|
|
535 |
|
|
1,626 |
|
|
950 |
|
Miscellaneous loan fees and
charges |
|
1,195 |
|
|
1,163 |
|
|
1,021 |
|
|
1,055 |
|
|
32 |
|
|
174 |
|
|
140 |
|
Gain on sale of loans |
|
9,592 |
|
|
8,257 |
|
|
5,992 |
|
|
7,326 |
|
|
1,335 |
|
|
3,600 |
|
|
2,266 |
|
(Loss) gain on sale of
investments |
|
(594 |
) |
|
(220 |
) |
|
108 |
|
|
(31 |
) |
|
(374 |
) |
|
(702 |
) |
|
(563 |
) |
Other income |
|
1,793 |
|
|
1,787 |
|
|
2,450 |
|
|
2,092 |
|
|
6 |
|
|
(657 |
) |
|
(299 |
) |
Total non-interest income |
|
28,293 |
|
|
26,759 |
|
|
24,252 |
|
|
25,799 |
|
|
1,534 |
|
|
4,041 |
|
|
2,494 |
|
|
|
$ |
106,919 |
|
|
105,404 |
|
|
100,958 |
|
|
98,857 |
|
|
1,515 |
|
|
5,961 |
|
|
8,062 |
|
Net interest margin
(tax-equivalent) |
|
4.00 |
% |
|
4.06 |
% |
|
4.01 |
% |
|
3.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest IncomeIn the current quarter,
interest income of $85.9 million decreased $125 thousand, or 15
basis points, from the prior quarter and was primarily driven by
the decrease in interest income from investment securities.
As a result of loan growth, commercial loan interest income
increased $692 thousand, or 1 percent, during the current quarter
and residential real estate loan income increased $414 thousand, or
5 percent, during the current quarter. Current quarter
interest income increased $5.6 million, or 7 percent, over the
prior year third quarter because of increases in interest income on
commercial loans which increased $5.6 million, or 13 percent.
As a result of the decreased investment portfolio, the investment
income decreased during the current quarter by $1.2 million and
decreased $610 thousand compared to the prior year third
quarter.
The current quarter interest expense of $7.3
million decreased $106 thousand, or 1 percent, from the prior
quarter and increased $9 thousand from the prior year third
quarter. The total cost of funding (including non-interest
bearing deposits) for the current quarter was 37 basis points
compared to 38 basis points for the prior quarter and 39 basis
points in the prior year third quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.00 percent compared to 4.06 percent in the
prior quarter. During the current quarter, the earning asset
yield decreased by 8 basis points and was primarily driven by a 4
basis point decrease from the recovery of interest on loans
previously placed on non-accrual and a 4 basis point decrease in
discount accretion associated with the fair value of previously
acquired loans. The Company’s current quarter net interest
margin increased 4 basis points from the prior year third quarter
net interest margin of 3.96 percent. The increase was driven
by the shift in earning assets from the lower yielding investment
securities to higher yielding loans and lower funding cost.
“During the quarter, the bank divisions achieved excellent growth
in their non-interest bearing deposits,” said Ron Copher, Chief
Financial Officer. “The continuing shift in earning assets
from investment securities to the higher yielding loan portfolio
has benefited the Company.”
Non-interest IncomeNon-interest income for the
current quarter totaled $28.3 million, an increase of $1.5 million,
or 6 percent, from the prior quarter and an increase of $2.5
million, or 10 percent, over the same quarter last year.
Service fee income of $16.3 million, increased $535 thousand, or 3
percent, from the prior quarter. Service fee income for the
current quarter increased by $950 thousand, or 6 percent, from the
prior year third quarter because of the increased number of deposit
accounts. Gain on sale of residential loans for the current
quarter increased $1.3 million, or 16 percent, from the prior
quarter due to the third quarter traditionally experiencing
stronger mortgage loan originations. Gain on sale of
residential loans for the current quarter increased $2.3 million,
or 31 percent, from the prior year third quarter as a result of the
housing market continuing to strengthen during the current year
coupled with the low interest rate environment. Included in
other income was operating revenue of $34 thousand from other real
estate owned (“OREO”) and a gain of $134 thousand from the sale of
OREO, a combined total of $168 thousand for the current quarter
compared to $182 thousand for the prior quarter and $129 thousand
for the prior year third quarter.
Non-interest Expense Summary
|
|
|
Three Months
ended |
|
$ Change from |
(Dollars in
thousands) |
|
|
Sep 30,
2016 |
|
Jun 30,
2016 |
|
Mar 31,
2016 |
|
Sep 30,
2015 |
|
Jun 30,
2016 |
|
Mar 31,
2016 |
|
Sep 30,
2015 |
Compensation and
employee benefits |
|
|
$ |
38,370 |
|
|
37,560 |
|
|
36,941 |
|
|
33,534 |
|
|
810 |
|
|
1,429 |
|
|
4,836 |
|
Occupancy and
equipment |
|
|
6,168 |
|
|
6,443 |
|
|
6,676 |
|
|
6,435 |
|
|
(275 |
) |
|
(508 |
) |
|
(267 |
) |
Advertising and
promotions |
|
|
2,098 |
|
|
2,085 |
|
|
2,125 |
|
|
2,459 |
|
|
13 |
|
|
(27 |
) |
|
(361 |
) |
Data processing |
|
|
4,080 |
|
|
3,938 |
|
|
3,373 |
|
|
2,710 |
|
|
142 |
|
|
707 |
|
|
1,370 |
|
Other real estate
owned |
|
|
215 |
|
|
214 |
|
|
390 |
|
|
1,047 |
|
|
1 |
|
|
(175 |
) |
|
(832 |
) |
Regulatory assessments and
insurance |
|
|
1,158 |
|
|
1,066 |
|
|
1,508 |
|
|
1,478 |
|
|
92 |
|
|
(350 |
) |
|
(320 |
) |
Core deposit intangibles
amortization |
|
|
777 |
|
|
788 |
|
|
797 |
|
|
720 |
|
|
(11 |
) |
|
(20 |
) |
|
57 |
|
Other expenses |
|
|
12,314 |
|
|
12,367 |
|
|
10,546 |
|
|
10,729 |
|
|
(53 |
) |
|
1,768 |
|
|
1,585 |
|
Total non-interest expense |
|
|
$ |
65,180 |
|
|
64,461 |
|
|
62,356 |
|
|
59,112 |
|
|
719 |
|
|
2,824 |
|
|
6,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits for the
current quarter increased by $810 thousand, or 2 percent, from the
prior quarter. Compensation and employee benefits for the
current quarter increased by $4.8 million, or 14 percent, from the
prior year third quarter due to the increased number of employees,
including increases from the Cañon acquisition, and annual salary
increases. Current quarter occupancy and equipment expense
decreased $275 thousand, or 4 percent, from the prior quarter and
decreased $267 thousand, or 4 percent, from the prior year third
quarter. The current quarter data processing expense
increased $142 thousand, or 4 percent, from the prior
quarter. The current quarter data processing expense
increased $1.4 million from the prior year third quarter; such
increases primarily from expenses associated with CCP. The
current quarter OREO expense of $215 thousand included $162
thousand of operating expense, $13 thousand of fair value
write-downs, and $40 thousand of loss from the sales of OREO.
Current quarter other expenses of $12.3 million remained stable in
total compared to the prior quarter, however several areas
experienced increases or decreases related to acquisitions, CCP,
and expenses connected with equity investments in New Markets Tax
Credit (“NMTC”) projects. Current quarter other expenses
increased $1.6 million, or 15 percent, from the prior year third
quarter and was primarily driven by increases from costs associated
with CCP.
Efficiency RatioThe current quarter efficiency
ratio was 55.84 percent, a 26 basis points decrease from the prior
quarter efficiency ratio of 56.10 percent which was driven by the
increase in gain on sale of residential loans which outpaced the
increase in operating expenses. The current quarter
efficiency ratio of 55.84 percent compared to 54.32 percent in the
prior year third quarter. The 1.52 percent increase in the
efficiency ratio was the result of additional costs associated with
CCP and increased compensation expense, which was greater than the
benefits experienced in net interest income and non-interest
income.
Operating Results for Nine Months ended
September 30, 2016Compared to
September 30, 2015
Income Summary
|
|
Nine Months
ended |
|
$ Change |
|
% Change |
(Dollars in
thousands) |
|
September 30,
2016 |
|
September 30,
2015 |
|
Net interest
income |
|
|
|
|
|
|
|
|
Interest income |
|
$ |
256,394 |
|
|
$ |
236,470 |
|
|
$ |
19,924 |
|
|
8 |
% |
Interest expense |
|
22,417 |
|
|
22,060 |
|
|
357 |
|
|
2 |
% |
Total net interest income |
|
233,977 |
|
|
214,410 |
|
|
19,567 |
|
|
9 |
% |
Non-interest
income |
|
|
|
|
|
|
|
|
Service charges and other fees |
|
46,760 |
|
|
43,868 |
|
|
2,892 |
|
|
7 |
% |
Miscellaneous loan fees and
charges |
|
3,379 |
|
|
3,354 |
|
|
25 |
|
|
1 |
% |
Gain on sale of loans |
|
23,841 |
|
|
20,356 |
|
|
3,485 |
|
|
17 |
% |
Loss on sale of investments |
|
(706 |
) |
|
(124 |
) |
|
(582 |
) |
|
469 |
% |
Other income |
|
6,030 |
|
|
6,840 |
|
|
(810 |
) |
|
(12 |
)% |
Total non-interest income |
|
79,304 |
|
|
74,294 |
|
|
5,010 |
|
|
7 |
% |
|
|
$ |
313,281 |
|
|
$ |
288,704 |
|
|
$ |
24,577 |
|
|
9 |
% |
Net interest margin
(tax-equivalent) |
|
4.02 |
% |
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest IncomeNet interest income for the
first nine months of the current year was $234 million, an increase
of $19.6 million, or 9 percent, over the same period last
year. Interest income for the first nine months of the
current year increased $19.9 million, or 8 percent, from the prior
year first nine months and was principally due to a $17.3 million
increase in income from commercial loans. Additional
increases included $1.4 million in interest income from investment
securities and $1.4 million in interest income from residential
loans.
Interest expense of $22.4 million for the first
nine months of the current year increased $357 thousand, or 2
percent, over the same period in the prior year. Deposit
interest expense for the first nine months of the current year
increased $1.7 million, or 14 percent, from the prior year first
nine months and was driven by the increase in wholesale deposits
and the additional interest expense for an interest rate swap with
a notional $100 million that began its accrual period in December
2015. FHLB interest expense decreased $1.8 million, or 28
percent, which resulted from long-term advances maturing which were
replaced by lower rate short-term advances. The total funding
cost (including non-interest bearing deposits) for the first nine
months of 2016 was 38 basis points compared to 40 basis points for
the first nine months of 2015.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, for the first nine
months of 2016 was 4.02 percent, a 3 basis point increase from the
net interest margin of 3.99 percent for the first nine months of
2015. The increase in the margin was primarily attributable
to a shift in earning assets to higher yielding loans combined with
a continued increase in low cost deposits.
Non-interest IncomeNon-interest income of $79.3
million for the first nine months of 2016 increased $5.0 million,
or 7 percent, over the same period last year. Service charges
and other fees of $46.8 million for the first nine months of 2016
increased $2.9 million, or 7 percent, from the same period last
year as a result of an increased number of deposit accounts and
increases from recent acquisitions. The gain of $23.8 million
on the sale of residential loans for the first nine months of 2016
increased $3.5 million, or 17 percent, from the first nine months
of 2015 which was attributable to the stronger housing market and
the low interest rate environment. Included in other income
was operating revenue of $84 thousand from OREO and gains of $479
thousand from the sales of OREO, which totaled $563 thousand for
the first nine months of 2016 compared to $869 thousand for the
same period in the prior year.
Non-interest Expense Summary
|
|
Nine Months
ended |
|
$
Change |
|
% Change |
(Dollars in
thousands) |
|
September 30,
2016 |
|
September 30,
2015 |
|
Compensation and
employee benefits |
|
$ |
112,871 |
|
|
$ |
98,507 |
|
|
$ |
14,364 |
|
|
15 |
% |
Occupancy and
equipment |
|
19,287 |
|
|
18,927 |
|
|
360 |
|
|
2 |
% |
Advertising and
promotions |
|
6,308 |
|
|
6,626 |
|
|
(318 |
) |
|
(5 |
)% |
Data processing |
|
11,391 |
|
|
8,232 |
|
|
3,159 |
|
|
38 |
% |
Other real estate
owned |
|
819 |
|
|
3,182 |
|
|
(2,363 |
) |
|
(74 |
)% |
Regulatory assessments and
insurance |
|
3,732 |
|
|
3,789 |
|
|
(57 |
) |
|
(2 |
)% |
Core deposit intangible
amortization |
|
2,362 |
|
|
2,206 |
|
|
156 |
|
|
7 |
% |
Other expenses |
|
35,227 |
|
|
33,085 |
|
|
2,142 |
|
|
6 |
% |
Total non-interest expense |
|
$ |
191,997 |
|
|
$ |
174,554 |
|
|
$ |
17,443 |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits for the first
nine months of 2016 increased $14.4 million, or 15 percent, from
the same period due to the increased number of employees including
from the acquired banks and annual salary increases.
Occupancy and equipment expense of $19.3 million for the first nine
months of 2016 increased $360 thousand, or 2 percent. Outsourced
data processing expense increased $3.2 million, or 38 percent, from
the prior year first nine months as a result of additional costs
from CCP. OREO expense of $819 thousand in the first nine
months of 2016 decreased $2.4 million, or 74 percent, from the
first nine months of the prior year. OREO expense for the
first nine months of 2016 included $443 thousand of operating
expenses, $92 thousand of fair value write-downs, and $284 thousand
of loss from the sales of OREO. Current year other expenses
of $35.2 million increased $2.1 million, or 6 percent, from the
prior year and was driven by increases from costs associated with
CCP which were partially offset by decreases in expenses connected
with the equity investments in NMTC projects.
Provision for Loan LossesThe provision for loan
losses was $1.2 million for the first nine months of 2016, a
decrease of $679 thousand, or 36 percent, from the same period in
the prior year. Net recovery of loans during the first nine
months of 2016 was $1.6 million compared to net charge-offs of $858
thousand from the first nine months of 2015.
Efficiency RatioThe efficiency ratio was 56.15
percent for the first nine months of 2016 and 55.01 percent for the
first nine months of 2015. Although there were
increases in both net interest income and non-interest income, such
increases were outpaced by the increases in CCP expenses and
compensation expenses which contributed to the higher efficiency
ratio in 2016.
Forward-Looking StatementsThis 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 management’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
words of similar meaning. 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 with respect
to future business strategies and decisions that are subject to
change. The following factors, among others, could cause
actual results to differ materially from the anticipated results or
other expectations in the forward-looking statements, including
those set forth in this news release:
- the risks associated with lending and potential adverse changes
of the credit quality of loans in the Company’s portfolio;
- changes in trade, monetary and fiscal policies and laws,
including interest rate policies of the Board of Governors of the
Federal Reserve System or the Federal Reserve Board, which could
adversely affect the Company’s net interest income and
profitability;
- legislative or regulatory changes, including increased banking
and consumer protection regulation that adversely affect the
Company’s business;
- ability to complete pending or prospective future acquisitions,
limit certain sources of revenue, or increase cost of
operations;
- costs or difficulties related to the completion and integration
of acquisitions;
- the goodwill the Company has recorded in connection with
acquisitions could become impaired, which may have an adverse
impact on earnings and capital;
- reduced demand for banking products and services;
- the 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 the Company through acquisitions;
- consolidation in the financial services industry in the
Company’s markets resulting in the creation of larger financial
institutions who may have greater resources could change the
competitive landscape;
- dependence on the Chief Executive Officer, the senior
management team and the Presidents of Glacier Bank divisions;
- potential interruption or breach in security of the Company’s
systems and technological changes which could expose us to new
risks, fraud or system failures; and
- the Company’s success in managing risks involved in the
foregoing.
The Company does not undertake any obligation to
publicly correct or update any forward-looking statement if it
later becomes aware that actual results are likely to differ
materially from those expressed in such forward-looking
statement.
Conference Call InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday,
October 21, 2016. The conference call will be accessible by
telephone and through the Internet. Interested individuals
are invited to listen to the call by telephone at 877-561-2748 and
the conference ID is 91975601. To participate on the webcast,
log on to: http://edge.media-server.com/m/p/hgo5vjek. If you are
unable to participate during the live webcast, the call will be
archived on our Web site, www.glacierbancorp.com, or by calling
855-859-2056 with the ID 91975601 until November 4, 2016.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc.
is a regional bank holding company providing commercial banking
services in 88 communities in Montana, Idaho, Utah, Washington,
Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered
in Kalispell, Montana, and is the parent company for Glacier
Bank, Kalispell and Bank divisions First Security Bank of Missoula;
Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western
Security Bank, Billings; and First Bank of Montana, Lewistown, all
operating in Montana; as well as Mountain West Bank, Coeur d’Alene
operating in Idaho, Utah and Washington; Citizens Community
Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating
in Wyoming and Utah; First Bank of Wyoming, Powell and First
State Bank, Wheatland, each operating in Wyoming; North
Cascades Bank, Chelan, operating in Washington; and Bank of the San
Juans, Durango, operating in Colorado.
Glacier Bancorp,
Inc. |
Unaudited
Condensed Consolidated Statements of Financial
Condition |
|
|
|
|
|
|
|
|
|
(Dollars in thousands,
except per share data) |
|
September 30,
2016 |
|
June 30,
2016 |
|
December 31,
2015 |
|
September 30,
2015 |
Assets |
|
|
|
|
|
|
|
|
Cash on hand and in banks |
|
$ |
129,727 |
|
|
147,748 |
|
|
117,137 |
|
|
104,363 |
|
Federal funds sold |
|
225 |
|
|
— |
|
|
6,080 |
|
|
2,210 |
|
Interest bearing cash deposits |
|
121,461 |
|
|
12,585 |
|
|
70,036 |
|
|
136,262 |
|
Cash and cash equivalents |
|
251,413 |
|
|
160,333 |
|
|
193,253 |
|
|
242,835 |
|
Investment securities,
available-for-sale |
|
2,292,079 |
|
|
2,487,955 |
|
|
2,610,760 |
|
|
2,530,994 |
|
Investment securities,
held-to-maturity |
|
679,707 |
|
|
680,574 |
|
|
702,072 |
|
|
651,822 |
|
Total investment securities |
|
2,971,786 |
|
|
3,168,529 |
|
|
3,312,832 |
|
|
3,182,816 |
|
Loans held for sale |
|
71,069 |
|
|
74,140 |
|
|
56,514 |
|
|
40,456 |
|
Loans receivable |
|
5,595,962 |
|
|
5,378,617 |
|
|
5,078,681 |
|
|
4,876,419 |
|
Allowance for loan and lease
losses |
|
(132,534 |
) |
|
(132,386 |
) |
|
(129,697 |
) |
|
(130,768 |
) |
Loans receivable, net |
|
5,463,428 |
|
|
5,246,231 |
|
|
4,948,984 |
|
|
4,745,651 |
|
Premises and equipment, net |
|
178,638 |
|
|
177,911 |
|
|
194,030 |
|
|
185,864 |
|
Other real estate owned |
|
22,662 |
|
|
24,370 |
|
|
26,815 |
|
|
26,609 |
|
Accrued interest receivable |
|
50,138 |
|
|
47,554 |
|
|
44,524 |
|
|
46,786 |
|
Deferred tax asset |
|
51,757 |
|
|
46,488 |
|
|
58,475 |
|
|
55,095 |
|
Core deposit intangible, net |
|
12,955 |
|
|
12,970 |
|
|
14,555 |
|
|
10,781 |
|
Goodwill |
|
147,053 |
|
|
140,638 |
|
|
140,638 |
|
|
130,843 |
|
Non-marketable equity
securities |
|
20,103 |
|
|
24,791 |
|
|
27,495 |
|
|
24,905 |
|
Other assets |
|
75,873 |
|
|
75,487 |
|
|
71,117 |
|
|
71,658 |
|
Total assets |
|
$ |
9,316,875 |
|
|
9,199,442 |
|
|
9,089,232 |
|
|
8,764,299 |
|
Liabilities |
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
2,098,747 |
|
|
1,907,026 |
|
|
1,918,310 |
|
|
1,893,723 |
|
Interest bearing deposits |
|
5,210,572 |
|
|
5,181,790 |
|
|
5,026,698 |
|
|
4,779,456 |
|
Securities sold under agreements to
repurchase |
|
401,243 |
|
|
414,327 |
|
|
423,414 |
|
|
441,041 |
|
FHLB advances |
|
211,833 |
|
|
328,832 |
|
|
394,131 |
|
|
329,299 |
|
Other borrowed funds |
|
5,956 |
|
|
4,926 |
|
|
6,602 |
|
|
6,619 |
|
Subordinated debentures |
|
125,956 |
|
|
125,920 |
|
|
125,848 |
|
|
125,812 |
|
Accrued interest payable |
|
3,439 |
|
|
3,486 |
|
|
3,517 |
|
|
3,641 |
|
Other liabilities |
|
111,350 |
|
|
108,476 |
|
|
114,062 |
|
|
109,900 |
|
Total liabilities |
|
8,169,096 |
|
|
8,074,783 |
|
|
8,012,582 |
|
|
7,689,491 |
|
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, 117,187,500 shares authorized |
|
765 |
|
|
762 |
|
|
761 |
|
|
755 |
|
Paid-in capital |
|
748,463 |
|
|
737,379 |
|
|
736,368 |
|
|
720,639 |
|
Retained earnings - substantially
restricted |
|
381,713 |
|
|
366,105 |
|
|
337,532 |
|
|
345,407 |
|
Accumulated other comprehensive
income |
|
16,838 |
|
|
20,413 |
|
|
1,989 |
|
|
8,007 |
|
Total stockholders’ equity |
|
1,147,779 |
|
|
1,124,659 |
|
|
1,076,650 |
|
|
1,074,808 |
|
Total liabilities and stockholders’
equity |
|
$ |
9,316,875 |
|
|
9,199,442 |
|
|
9,089,232 |
|
|
8,764,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp,
Inc. |
Unaudited
Condensed Consolidated Statements of Operations |
|
|
|
|
|
|
|
Three Months
ended |
|
Nine Months
ended |
(Dollars in thousands,
except per share data) |
|
September 30,
2016 |
|
June 30,
2016 |
|
September 30,
2015 |
|
September 30,
2016 |
|
September 30,
2015 |
Interest
Income |
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ |
21,827 |
|
|
23,037 |
|
|
22,437 |
|
|
68,747 |
|
|
67,355 |
|
Residential real estate loans |
|
8,538 |
|
|
8,124 |
|
|
7,878 |
|
|
24,947 |
|
|
23,581 |
|
Commercial loans |
|
47,694 |
|
|
47,002 |
|
|
42,137 |
|
|
139,199 |
|
|
121,857 |
|
Consumer and other loans |
|
7,885 |
|
|
7,906 |
|
|
7,915 |
|
|
23,501 |
|
|
23,677 |
|
Total interest income |
|
85,944 |
|
|
86,069 |
|
|
80,367 |
|
|
256,394 |
|
|
236,470 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
4,550 |
|
|
4,560 |
|
|
3,947 |
|
|
13,905 |
|
|
12,206 |
|
Securities sold under agreements to
repurchase |
|
289 |
|
|
275 |
|
|
261 |
|
|
882 |
|
|
734 |
|
Federal Home Loan Bank
advances |
|
1,527 |
|
|
1,665 |
|
|
2,273 |
|
|
4,844 |
|
|
6,685 |
|
Federal funds purchased and other
borrowed funds |
|
17 |
|
|
14 |
|
|
21 |
|
|
49 |
|
|
63 |
|
Subordinated debentures |
|
935 |
|
|
910 |
|
|
807 |
|
|
2,737 |
|
|
2,372 |
|
Total interest expense |
|
7,318 |
|
|
7,424 |
|
|
7,309 |
|
|
22,417 |
|
|
22,060 |
|
Net Interest
Income |
|
78,626 |
|
|
78,645 |
|
|
73,058 |
|
|
233,977 |
|
|
214,410 |
|
Provision for loan losses |
|
626 |
|
|
— |
|
|
826 |
|
|
1,194 |
|
|
1,873 |
|
Net interest income after provision
for loan losses |
|
78,000 |
|
|
78,645 |
|
|
72,232 |
|
|
232,783 |
|
|
212,537 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
16,307 |
|
|
15,772 |
|
|
15,357 |
|
|
46,760 |
|
|
43,868 |
|
Miscellaneous loan fees and
charges |
|
1,195 |
|
|
1,163 |
|
|
1,055 |
|
|
3,379 |
|
|
3,354 |
|
Gain on sale of loans |
|
9,592 |
|
|
8,257 |
|
|
7,326 |
|
|
23,841 |
|
|
20,356 |
|
Loss on sale of investments |
|
(594 |
) |
|
(220 |
) |
|
(31 |
) |
|
(706 |
) |
|
(124 |
) |
Other income |
|
1,793 |
|
|
1,787 |
|
|
2,092 |
|
|
6,030 |
|
|
6,840 |
|
Total non-interest income |
|
28,293 |
|
|
26,759 |
|
|
25,799 |
|
|
79,304 |
|
|
74,294 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Compensation and employee
benefits |
|
38,370 |
|
|
37,560 |
|
|
33,534 |
|
|
112,871 |
|
|
98,507 |
|
Occupancy and equipment |
|
6,168 |
|
|
6,443 |
|
|
6,435 |
|
|
19,287 |
|
|
18,927 |
|
Advertising and promotions |
|
2,098 |
|
|
2,085 |
|
|
2,459 |
|
|
6,308 |
|
|
6,626 |
|
Data processing |
|
4,080 |
|
|
3,938 |
|
|
2,710 |
|
|
11,391 |
|
|
8,232 |
|
Other real estate owned |
|
215 |
|
|
214 |
|
|
1,047 |
|
|
819 |
|
|
3,182 |
|
Regulatory assessments and
insurance |
|
1,158 |
|
|
1,066 |
|
|
1,478 |
|
|
3,732 |
|
|
3,789 |
|
Core deposit intangibles
amortization |
|
777 |
|
|
788 |
|
|
720 |
|
|
2,362 |
|
|
2,206 |
|
Other expenses |
|
12,314 |
|
|
12,367 |
|
|
10,729 |
|
|
35,227 |
|
|
33,085 |
|
Total non-interest expense |
|
65,180 |
|
|
64,461 |
|
|
59,112 |
|
|
191,997 |
|
|
174,554 |
|
Income Before
Income Taxes |
|
41,113 |
|
|
40,943 |
|
|
38,919 |
|
|
120,090 |
|
|
112,277 |
|
Federal and state income tax
expense |
|
10,156 |
|
|
10,492 |
|
|
9,305 |
|
|
30,000 |
|
|
25,658 |
|
Net
Income |
|
$ |
30,957 |
|
|
30,451 |
|
|
29,614 |
|
|
90,090 |
|
|
86,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp,
Inc. |
Average Balance
Sheets |
|
|
|
|
|
Three Months
ended |
|
|
September 30,
2016 |
|
September 30,
2015 |
(Dollars in
thousands) |
|
AverageBalance |
|
Interest
&Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest
&Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
|
$ |
752,723 |
|
|
$ |
8,538 |
|
|
4.54 |
% |
|
$ |
679,037 |
|
|
$ |
7,878 |
|
|
4.64 |
% |
Commercial loans 1 |
|
4,092,627 |
|
|
48,817 |
|
|
4.75 |
% |
|
3,510,098 |
|
|
42,811 |
|
|
4.84 |
% |
Consumer and other loans |
|
678,415 |
|
|
7,885 |
|
|
4.62 |
% |
|
639,155 |
|
|
7,915 |
|
|
4.91 |
% |
Total loans 2 |
|
5,523,765 |
|
|
65,240 |
|
|
4.70 |
% |
|
4,828,290 |
|
|
58,604 |
|
|
4.82 |
% |
Tax-exempt investment securities
3 |
|
1,311,616 |
|
|
18,764 |
|
|
5.72 |
% |
|
1,334,980 |
|
|
19,511 |
|
|
5.85 |
% |
Taxable investment securities
4 |
|
1,774,209 |
|
|
9,813 |
|
|
2.21 |
% |
|
1,930,378 |
|
|
10,063 |
|
|
2.09 |
% |
Total earning assets |
|
8,609,590 |
|
|
93,817 |
|
|
4.33 |
% |
|
8,093,648 |
|
|
88,178 |
|
|
4.32 |
% |
Goodwill and intangibles |
|
155,347 |
|
|
|
|
|
|
142,031 |
|
|
|
|
|
Non-earning assets |
|
398,463 |
|
|
|
|
|
|
384,452 |
|
|
|
|
|
Total assets |
|
$ |
9,163,400 |
|
|
|
|
|
|
$ |
8,620,131 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
1,973,648 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,793,899 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
|
1,501,944 |
|
|
244 |
|
|
0.06 |
% |
|
1,387,334 |
|
|
264 |
|
|
0.08 |
% |
Savings accounts |
|
934,911 |
|
|
119 |
|
|
0.05 |
% |
|
763,430 |
|
|
90 |
|
|
0.05 |
% |
Money market deposit accounts |
|
1,425,655 |
|
|
543 |
|
|
0.15 |
% |
|
1,349,244 |
|
|
514 |
|
|
0.15 |
% |
Certificate accounts |
|
986,411 |
|
|
1,482 |
|
|
0.60 |
% |
|
1,125,276 |
|
|
1,657 |
|
|
0.58 |
% |
Wholesale deposits 5 |
|
345,287 |
|
|
2,162 |
|
|
2.49 |
% |
|
190,724 |
|
|
1,422 |
|
|
2.96 |
% |
FHLB advances |
|
259,216 |
|
|
1,527 |
|
|
2.30 |
% |
|
329,797 |
|
|
2,273 |
|
|
2.70 |
% |
Repurchase agreements and other
borrowed funds |
|
502,391 |
|
|
1,241 |
|
|
0.98 |
% |
|
512,807 |
|
|
1,089 |
|
|
0.84 |
% |
Total funding liabilities |
|
7,929,463 |
|
|
7,318 |
|
|
0.37 |
% |
|
7,452,511 |
|
|
7,309 |
|
|
0.39 |
% |
Other liabilities |
|
93,250 |
|
|
|
|
|
|
92,955 |
|
|
|
|
|
Total liabilities |
|
8,022,713 |
|
|
|
|
|
|
7,545,466 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
762 |
|
|
|
|
|
|
755 |
|
|
|
|
|
Paid-in capital |
|
741,072 |
|
|
|
|
|
|
720,325 |
|
|
|
|
|
Retained earnings |
|
381,197 |
|
|
|
|
|
|
344,768 |
|
|
|
|
|
Accumulated other comprehensive
income |
|
17,656 |
|
|
|
|
|
|
8,817 |
|
|
|
|
|
Total stockholders’ equity |
|
1,140,687 |
|
|
|
|
|
|
1,074,665 |
|
|
|
|
|
Total liabilities and stockholders’
equity |
|
$ |
9,163,400 |
|
|
|
|
|
|
$ |
8,620,131 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
|
$ |
86,499 |
|
|
|
|
|
|
$ |
80,869 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
|
3.96 |
% |
|
|
|
|
|
3.93 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
|
4.00 |
% |
|
|
|
|
|
3.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Includes tax effect of $1.1 million and $674 thousand on tax-exempt
municipal loan and lease income for the three months ended
September 30, 2016 and 2015, respectively. |
2 Total
loans are gross of the allowance for loan and lease 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 $6.4 million and $6.8 million on tax-exempt
investment securities income for the three months ended
September 30, 2016 and 2015, respectively. |
4
Includes tax effect of $352 thousand and $362 thousand on federal
income tax credits for the three months ended September 30,
2016 and 2015, respectively. |
5
Wholesale deposits include brokered deposits classified as NOW,
DDA, money market deposit and certificate accounts. |
|
Glacier Bancorp,
Inc. |
Average Balance
Sheets (continued) |
|
|
|
|
|
Nine Months
ended |
|
|
September 30,
2016 |
|
September 30,
2015 |
(Dollars in
thousands) |
|
AverageBalance |
|
Interest
&Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest
&Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
|
$ |
736,866 |
|
|
$ |
24,947 |
|
|
4.51 |
% |
|
$ |
673,084 |
|
|
$ |
23,581 |
|
|
4.67 |
% |
Commercial loans 1 |
|
3,915,503 |
|
|
142,108 |
|
|
4.85 |
% |
|
3,411,631 |
|
|
123,759 |
|
|
4.85 |
% |
Consumer and other loans |
|
666,200 |
|
|
23,501 |
|
|
4.71 |
% |
|
625,726 |
|
|
23,677 |
|
|
5.06 |
% |
Total loans 2 |
|
5,318,569 |
|
|
190,556 |
|
|
4.79 |
% |
|
4,710,441 |
|
|
171,017 |
|
|
4.85 |
% |
Tax-exempt investment securities
3 |
|
1,337,511 |
|
|
57,420 |
|
|
5.72 |
% |
|
1,317,788 |
|
|
57,026 |
|
|
5.77 |
% |
Taxable investment securities
4 |
|
1,895,871 |
|
|
31,961 |
|
|
2.25 |
% |
|
1,894,572 |
|
|
30,472 |
|
|
2.14 |
% |
Total earning assets |
|
8,551,951 |
|
|
279,937 |
|
|
4.37 |
% |
|
7,922,801 |
|
|
258,515 |
|
|
4.36 |
% |
Goodwill and intangibles |
|
154,708 |
|
|
|
|
|
|
141,851 |
|
|
|
|
|
Non-earning assets |
|
393,290 |
|
|
|
|
|
|
385,216 |
|
|
|
|
|
Total assets |
|
$ |
9,099,949 |
|
|
|
|
|
|
$ |
8,449,868 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
1,897,176 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,702,459 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
|
1,487,413 |
|
|
808 |
|
|
0.07 |
% |
|
1,347,658 |
|
|
790 |
|
|
0.08 |
% |
Savings accounts |
|
900,141 |
|
|
331 |
|
|
0.05 |
% |
|
740,905 |
|
|
263 |
|
|
0.05 |
% |
Money market deposit accounts |
|
1,410,257 |
|
|
1,635 |
|
|
0.15 |
% |
|
1,330,212 |
|
|
1,544 |
|
|
0.16 |
% |
Certificate accounts |
|
1,030,283 |
|
|
4,605 |
|
|
0.60 |
% |
|
1,147,820 |
|
|
5,284 |
|
|
0.62 |
% |
Wholesale deposits 5 |
|
335,628 |
|
|
6,526 |
|
|
2.60 |
% |
|
208,640 |
|
|
4,325 |
|
|
2.77 |
% |
FHLB advances |
|
319,808 |
|
|
4,844 |
|
|
1.99 |
% |
|
315,068 |
|
|
6,685 |
|
|
2.80 |
% |
Repurchase agreements and other
borrowed funds |
|
507,514 |
|
|
3,668 |
|
|
0.97 |
% |
|
504,787 |
|
|
3,169 |
|
|
0.84 |
% |
Total funding liabilities |
|
7,888,220 |
|
|
22,417 |
|
|
0.38 |
% |
|
7,297,549 |
|
|
22,060 |
|
|
0.40 |
% |
Other liabilities |
|
94,718 |
|
|
|
|
|
|
90,300 |
|
|
|
|
|
Total liabilities |
|
7,982,938 |
|
|
|
|
|
|
7,387,849 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
762 |
|
|
|
|
|
|
754 |
|
|
|
|
|
Paid-in capital |
|
738,126 |
|
|
|
|
|
|
717,424 |
|
|
|
|
|
Retained earnings |
|
366,094 |
|
|
|
|
|
|
329,630 |
|
|
|
|
|
Accumulated other comprehensive
income |
|
12,029 |
|
|
|
|
|
|
14,211 |
|
|
|
|
|
Total stockholders’ equity |
|
1,117,011 |
|
|
|
|
|
|
1,062,019 |
|
|
|
|
|
Total liabilities and stockholders’
equity |
|
$ |
9,099,949 |
|
|
|
|
|
|
$ |
8,449,868 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
|
$ |
257,520 |
|
|
|
|
|
|
$ |
236,455 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
|
3.99 |
% |
|
|
|
|
|
3.96 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
|
4.02 |
% |
|
|
|
|
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Includes tax effect of $2.9 million and $1.9 million on tax-exempt
municipal loan and lease income for the nine months ended
September 30, 2016 and 2015, respectively. |
2 Total
loans are gross of the allowance for loan and lease 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 $19.6 million and $19.1 million on
tax-exempt investment securities income for the nine months ended
September 30, 2016 and 2015, respectively. |
4
Includes tax effect of $1.1 million and $1.1 million on federal
income tax credits for the nine months ended September 30,
2016 and 2015, respectively. |
5
Wholesale deposits include brokered deposits classified as NOW,
DDA, money market deposit and certificate accounts. |
|
Glacier Bancorp,
Inc. |
Loan Portfolio
by Regulatory Classification |
|
|
|
|
|
|
|
Loans Receivable,
by Loan Type |
|
% Change from |
(Dollars in
thousands) |
|
Sep 30,
2016 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
Custom and owner
occupied construction |
|
$ |
82,935 |
|
|
$ |
78,525 |
|
|
$ |
75,094 |
|
|
$ |
64,951 |
|
|
6 |
% |
|
10 |
% |
|
28 |
% |
Pre-sold and spec
construction |
|
66,812 |
|
|
59,530 |
|
|
50,288 |
|
|
46,921 |
|
|
12 |
% |
|
33 |
% |
|
42 |
% |
Total residential
construction |
|
149,747 |
|
|
138,055 |
|
|
125,382 |
|
|
111,872 |
|
|
8 |
% |
|
19 |
% |
|
34 |
% |
Land development |
|
68,597 |
|
|
61,803 |
|
|
62,356 |
|
|
83,756 |
|
|
11 |
% |
|
10 |
% |
|
(18 |
)% |
Consumer land or lots |
|
96,798 |
|
|
95,247 |
|
|
97,270 |
|
|
98,490 |
|
|
2 |
% |
|
— |
% |
|
(2 |
)% |
Unimproved land |
|
69,880 |
|
|
70,396 |
|
|
73,844 |
|
|
74,439 |
|
|
(1 |
)% |
|
(5 |
)% |
|
(6 |
)% |
Developed lots for
operative builders |
|
13,256 |
|
|
13,845 |
|
|
12,336 |
|
|
13,697 |
|
|
(4 |
)% |
|
7 |
% |
|
(3 |
)% |
Commercial lots |
|
27,512 |
|
|
26,084 |
|
|
22,035 |
|
|
22,937 |
|
|
5 |
% |
|
25 |
% |
|
20 |
% |
Other construction |
|
246,753 |
|
|
206,343 |
|
|
156,784 |
|
|
122,347 |
|
|
20 |
% |
|
57 |
% |
|
102 |
% |
Total land, lot, and other
construction |
|
522,796 |
|
|
473,718 |
|
|
424,625 |
|
|
415,666 |
|
|
10 |
% |
|
23 |
% |
|
26 |
% |
Owner occupied |
|
963,063 |
|
|
927,237 |
|
|
938,625 |
|
|
885,736 |
|
|
4 |
% |
|
3 |
% |
|
9 |
% |
Non-owner occupied |
|
890,981 |
|
|
835,272 |
|
|
774,192 |
|
|
739,057 |
|
|
7 |
% |
|
15 |
% |
|
21 |
% |
Total commercial real
estate |
|
1,854,044 |
|
|
1,762,509 |
|
|
1,712,817 |
|
|
1,624,793 |
|
|
5 |
% |
|
8 |
% |
|
14 |
% |
Commercial and
industrial |
|
697,598 |
|
|
705,011 |
|
|
649,553 |
|
|
619,688 |
|
|
(1 |
)% |
|
7 |
% |
|
13 |
% |
Agriculture |
|
425,645 |
|
|
421,097 |
|
|
367,339 |
|
|
386,523 |
|
|
1 |
% |
|
16 |
% |
|
10 |
% |
1st lien |
|
883,034 |
|
|
867,918 |
|
|
856,193 |
|
|
801,705 |
|
|
2 |
% |
|
3 |
% |
|
10 |
% |
Junior lien |
|
61,788 |
|
|
64,248 |
|
|
65,383 |
|
|
67,351 |
|
|
(4 |
)% |
|
(5 |
)% |
|
(8 |
)% |
Total 1-4
family |
|
944,822 |
|
|
932,166 |
|
|
921,576 |
|
|
869,056 |
|
|
1 |
% |
|
3 |
% |
|
9 |
% |
Multifamily
residential |
|
204,395 |
|
|
198,583 |
|
|
201,542 |
|
|
189,944 |
|
|
3 |
% |
|
1 |
% |
|
8 |
% |
Home equity lines of
credit |
|
399,446 |
|
|
388,939 |
|
|
372,039 |
|
|
359,605 |
|
|
3 |
% |
|
7 |
% |
|
11 |
% |
Other consumer |
|
154,547 |
|
|
156,568 |
|
|
150,469 |
|
|
154,095 |
|
|
(1 |
)% |
|
3 |
% |
|
— |
% |
Total
consumer |
|
553,993 |
|
|
545,507 |
|
|
522,508 |
|
|
513,700 |
|
|
2 |
% |
|
6 |
% |
|
8 |
% |
Other |
|
313,991 |
|
|
276,111 |
|
|
209,853 |
|
|
185,633 |
|
|
14 |
% |
|
50 |
% |
|
69 |
% |
Total loans receivable, including
loans held for sale |
|
5,667,031 |
|
|
5,452,757 |
|
|
5,135,195 |
|
|
4,916,875 |
|
|
4 |
% |
|
10 |
% |
|
15 |
% |
Less loans held
for sale 1 |
|
(71,069 |
) |
|
(74,140 |
) |
|
(56,514 |
) |
|
(40,456 |
) |
|
(4 |
)% |
|
26 |
% |
|
76 |
% |
Total loans receivable |
|
$ |
5,595,962 |
|
|
$ |
5,378,617 |
|
|
$ |
5,078,681 |
|
|
$ |
4,876,419 |
|
|
4 |
% |
|
10 |
% |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Loans held for sale are primarily
1st lien 1-4 family loans. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp,
Inc. |
Credit Quality
Summary by Regulatory Classification |
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets, by Loan Type |
|
Non-AccrualLoans |
|
AccruingLoans 90
Days or More Past Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
|
Sep 30,
2016 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
|
Sep 30,
2016 |
|
Sep 30,
2016 |
|
Sep 30,
2016 |
Custom and owner occupied
construction |
|
$ |
375 |
|
|
390 |
|
|
1,016 |
|
|
1,048 |
|
|
375 |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
|
250 |
|
|
— |
|
|
— |
|
|
— |
|
|
250 |
|
|
— |
|
|
— |
|
Total residential
construction |
|
625 |
|
|
390 |
|
|
1,016 |
|
|
1,048 |
|
|
625 |
|
|
— |
|
|
— |
|
Land development |
|
11,717 |
|
|
12,830 |
|
|
17,582 |
|
|
17,719 |
|
|
1,588 |
|
|
— |
|
|
10,129 |
|
Consumer land or lots |
|
2,196 |
|
|
1,656 |
|
|
2,250 |
|
|
2,430 |
|
|
766 |
|
|
— |
|
|
1,430 |
|
Unimproved land |
|
12,068 |
|
|
12,147 |
|
|
12,328 |
|
|
12,055 |
|
|
7,980 |
|
|
— |
|
|
4,088 |
|
Developed lots for
operative builders |
|
175 |
|
|
176 |
|
|
488 |
|
|
492 |
|
|
— |
|
|
— |
|
|
175 |
|
Commercial lots |
|
2,165 |
|
|
1,979 |
|
|
1,521 |
|
|
1,631 |
|
|
216 |
|
|
— |
|
|
1,949 |
|
Other construction |
|
— |
|
|
— |
|
|
4,236 |
|
|
4,244 |
|
|
— |
|
|
— |
|
|
— |
|
Total land, lot and other
construction |
|
28,321 |
|
|
28,788 |
|
|
38,405 |
|
|
38,571 |
|
|
10,550 |
|
|
— |
|
|
17,771 |
|
Owner occupied |
|
19,970 |
|
|
10,503 |
|
|
10,952 |
|
|
12,719 |
|
|
18,190 |
|
|
— |
|
|
1,780 |
|
Non-owner occupied |
|
4,005 |
|
|
4,055 |
|
|
3,446 |
|
|
3,833 |
|
|
3,328 |
|
|
— |
|
|
677 |
|
Total commercial real
estate |
|
23,975 |
|
|
14,558 |
|
|
14,398 |
|
|
16,552 |
|
|
21,518 |
|
|
— |
|
|
2,457 |
|
Commercial and
industrial |
|
5,175 |
|
|
7,123 |
|
|
3,993 |
|
|
5,110 |
|
|
5,002 |
|
|
160 |
|
|
13 |
|
Agriculture |
|
2,329 |
|
|
3,979 |
|
|
3,281 |
|
|
3,114 |
|
|
2,145 |
|
|
184 |
|
|
— |
|
1st lien |
|
9,333 |
|
|
11,332 |
|
|
10,691 |
|
|
11,953 |
|
|
6,267 |
|
|
817 |
|
|
2,249 |
|
Junior lien |
|
1,335 |
|
|
1,489 |
|
|
668 |
|
|
660 |
|
|
1,160 |
|
|
35 |
|
|
140 |
|
Total 1-4
family |
|
10,668 |
|
|
12,821 |
|
|
11,359 |
|
|
12,613 |
|
|
7,427 |
|
|
852 |
|
|
2,389 |
|
Multifamily
residential |
|
432 |
|
|
432 |
|
|
113 |
|
|
— |
|
|
432 |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
|
4,734 |
|
|
5,413 |
|
|
5,486 |
|
|
6,013 |
|
|
4,445 |
|
|
289 |
|
|
— |
|
Other consumer |
|
182 |
|
|
275 |
|
|
228 |
|
|
204 |
|
|
136 |
|
|
14 |
|
|
32 |
|
Total
consumer |
|
4,916 |
|
|
5,688 |
|
|
5,714 |
|
|
6,217 |
|
|
4,581 |
|
|
303 |
|
|
32 |
|
Other |
|
1,800 |
|
|
1,802 |
|
|
1,800 |
|
|
1,800 |
|
|
— |
|
|
1,800 |
|
|
— |
|
Total |
|
$ |
78,241 |
|
|
75,581 |
|
|
80,079 |
|
|
85,025 |
|
|
52,280 |
|
|
3,299 |
|
|
22,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2016 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
Custom and owner
occupied construction |
|
$ |
65 |
|
|
$ |
375 |
|
|
$ |
462 |
|
|
$ |
138 |
|
|
(83 |
)% |
|
(86 |
)% |
|
(53 |
)% |
Pre-sold and spec
construction |
|
— |
|
|
304 |
|
|
181 |
|
|
144 |
|
|
(100 |
)% |
|
(100 |
)% |
|
(100 |
)% |
Total residential
construction |
|
65 |
|
|
679 |
|
|
643 |
|
|
282 |
|
|
(90 |
)% |
|
(90 |
)% |
|
(77 |
)% |
Land development |
|
— |
|
|
37 |
|
|
447 |
|
|
— |
|
|
(100 |
)% |
|
(100 |
)% |
|
n/m |
|
Consumer land or lots |
|
130 |
|
|
676 |
|
|
166 |
|
|
266 |
|
|
(81 |
)% |
|
(22 |
)% |
|
(51 |
)% |
Unimproved land |
|
857 |
|
|
879 |
|
|
774 |
|
|
304 |
|
|
(3 |
)% |
|
11 |
% |
|
182 |
% |
Developed lots for
operative builders |
|
— |
|
|
166 |
|
|
— |
|
|
— |
|
|
(100 |
)% |
|
n/m |
|
|
n/m |
|
Other construction |
|
7,125 |
|
|
— |
|
|
337 |
|
|
— |
|
|
n/m |
|
|
2,014 |
% |
|
n/m |
|
Total land, lot and other
construction |
|
8,112 |
|
|
1,758 |
|
|
1,724 |
|
|
570 |
|
|
361 |
% |
|
371 |
% |
|
1,323 |
% |
Owner occupied |
|
586 |
|
|
2,975 |
|
|
2,760 |
|
|
2,497 |
|
|
(80 |
)% |
|
(79 |
)% |
|
(77 |
)% |
Non-owner occupied |
|
5,830 |
|
|
5,364 |
|
|
923 |
|
|
5,529 |
|
|
9 |
% |
|
532 |
% |
|
5 |
% |
Total commercial real
estate |
|
6,416 |
|
|
8,339 |
|
|
3,683 |
|
|
8,026 |
|
|
(23 |
)% |
|
74 |
% |
|
(20 |
)% |
Commercial and
industrial |
|
4,038 |
|
|
4,956 |
|
|
1,968 |
|
|
2,774 |
|
|
(19 |
)% |
|
105 |
% |
|
46 |
% |
Agriculture |
|
989 |
|
|
804 |
|
|
1,014 |
|
|
867 |
|
|
23 |
% |
|
(2 |
)% |
|
14 |
% |
1st lien |
|
3,439 |
|
|
2,667 |
|
|
6,272 |
|
|
2,510 |
|
|
29 |
% |
|
(45 |
)% |
|
37 |
% |
Junior lien |
|
977 |
|
|
1,251 |
|
|
1,077 |
|
|
228 |
|
|
(22 |
)% |
|
(9 |
)% |
|
329 |
% |
Total 1-4
family |
|
4,416 |
|
|
3,918 |
|
|
7,349 |
|
|
2,738 |
|
|
13 |
% |
|
(40 |
)% |
|
61 |
% |
Multifamily
Residential |
|
— |
|
|
— |
|
|
662 |
|
|
114 |
|
|
n/m |
|
|
(100 |
)% |
|
(100 |
)% |
Home equity lines of
credit |
|
2,383 |
|
|
2,253 |
|
|
1,046 |
|
|
1,599 |
|
|
6 |
% |
|
128 |
% |
|
49 |
% |
Other consumer |
|
943 |
|
|
736 |
|
|
1,227 |
|
|
811 |
|
|
28 |
% |
|
(23 |
)% |
|
16 |
% |
Total
consumer |
|
3,326 |
|
|
2,989 |
|
|
2,273 |
|
|
2,410 |
|
|
11 |
% |
|
46 |
% |
|
38 |
% |
Other |
|
22 |
|
|
36 |
|
|
97 |
|
|
41 |
|
|
(39 |
)% |
|
(77 |
)% |
|
(46 |
)% |
Total |
|
$ |
27,384 |
|
|
$ |
23,479 |
|
|
$ |
19,413 |
|
|
$ |
17,822 |
|
|
17 |
% |
|
41 |
% |
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - not measurable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp,
Inc. |
Credit Quality
Summary by Regulatory Classification (continued) |
|
|
|
|
|
|
|
|
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in
thousands) |
|
Sep 30,
2016 |
|
Jun 30,
2016 |
|
Dec 31,
2015 |
|
Sep 30,
2015 |
|
Sep 30,
2016 |
|
Sep 30,
2016 |
Pre-sold and
spec construction |
|
$ |
(39 |
) |
|
(37 |
) |
|
(53 |
) |
|
(34 |
) |
|
— |
|
|
39 |
|
Land development |
|
(2,372 |
) |
|
(2,342 |
) |
|
(288 |
) |
|
(293 |
) |
|
29 |
|
|
2,401 |
|
Consumer land or lots |
|
(487 |
) |
|
(351 |
) |
|
66 |
|
|
(8 |
) |
|
25 |
|
|
512 |
|
Unimproved land |
|
(114 |
) |
|
(46 |
) |
|
(325 |
) |
|
(152 |
) |
|
— |
|
|
114 |
|
Developed lots for
operative builders |
|
(23 |
) |
|
(54 |
) |
|
(85 |
) |
|
(72 |
) |
|
15 |
|
|
38 |
|
Commercial lots |
|
29 |
|
|
21 |
|
|
(26 |
) |
|
(5 |
) |
|
33 |
|
|
4 |
|
Other construction |
|
— |
|
|
— |
|
|
(1 |
) |
|
(1 |
) |
|
— |
|
|
— |
|
Total land, lot and other
construction |
|
(2,967 |
) |
|
(2,772 |
) |
|
(659 |
) |
|
(531 |
) |
|
102 |
|
|
3,069 |
|
Owner occupied |
|
(354 |
) |
|
(51 |
) |
|
247 |
|
|
249 |
|
|
32 |
|
|
386 |
|
Non-owner occupied |
|
9 |
|
|
(3 |
) |
|
93 |
|
|
105 |
|
|
13 |
|
|
4 |
|
Total commercial real
estate |
|
(345 |
) |
|
(54 |
) |
|
340 |
|
|
354 |
|
|
45 |
|
|
390 |
|
Commercial and
industrial |
|
(643 |
) |
|
(112 |
) |
|
1,389 |
|
|
1,011 |
|
|
761 |
|
|
1,404 |
|
Agriculture |
|
(29 |
) |
|
(1 |
) |
|
50 |
|
|
(8 |
) |
|
25 |
|
|
54 |
|
1st lien |
|
132 |
|
|
245 |
|
|
834 |
|
|
(80 |
) |
|
327 |
|
|
195 |
|
Junior lien |
|
(15 |
) |
|
(56 |
) |
|
(125 |
) |
|
(106 |
) |
|
137 |
|
|
152 |
|
Total 1-4
family |
|
117 |
|
|
189 |
|
|
709 |
|
|
(186 |
) |
|
464 |
|
|
347 |
|
Multifamily
residential |
|
229 |
|
|
229 |
|
|
(318 |
) |
|
(318 |
) |
|
229 |
|
|
— |
|
Home equity lines of
credit |
|
450 |
|
|
(25 |
) |
|
740 |
|
|
531 |
|
|
696 |
|
|
246 |
|
Other consumer |
|
255 |
|
|
149 |
|
|
143 |
|
|
39 |
|
|
409 |
|
|
154 |
|
Total
consumer |
|
705 |
|
|
124 |
|
|
883 |
|
|
570 |
|
|
1,105 |
|
|
400 |
|
Other |
|
1,329 |
|
|
313 |
|
|
(1 |
) |
|
— |
|
|
2,601 |
|
|
1,272 |
|
Total |
|
$ |
(1,643 |
) |
|
(2,121 |
) |
|
2,340 |
|
|
858 |
|
|
5,332 |
|
|
6,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit our website at www.glacierbancorp.com
CONTACT: Michael J. Blodnick
(406) 751-4701
Randall M. Chesler
(406) 751-4722
Ron J. Copher
(406) 751-7706
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