1st Quarter 2017 Highlights:
Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $31.3
million for the current quarter, an increase of $2.6 million, or 9
percent, from the $28.7 million of net income for the prior year
first quarter. Diluted earnings per share for the current
quarter was $0.41 per share, an increase of $0.03, or 8 percent,
from the prior year first quarter diluted earnings per share of
$0.38. “This strong first quarter performance is a great
start to 2017 for Glacier Bancorp,” said Randy Chesler, President
and Chief Executive Officer. “Our 13 Bank divisions and the
supporting staff groups did an excellent job,” Chesler said.
Asset Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Cash and cash
equivalents |
$ |
234,004 |
|
|
152,541 |
|
|
150,861 |
|
|
81,463 |
|
|
83,143 |
|
Investment securities,
available-for-sale |
2,314,521 |
|
|
2,425,477 |
|
|
2,604,625 |
|
|
(110,956 |
) |
|
(290,104 |
) |
Investment securities,
held-to-maturity |
667,388 |
|
|
675,674 |
|
|
691,663 |
|
|
(8,286 |
) |
|
(24,275 |
) |
Total
investment securities |
2,981,909 |
|
|
3,101,151 |
|
|
3,296,288 |
|
|
(119,242 |
) |
|
(314,379 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
Residential real estate |
685,458 |
|
|
674,347 |
|
|
685,026 |
|
|
11,111 |
|
|
432 |
|
Commercial real estate |
3,056,372 |
|
|
2,990,141 |
|
|
2,680,691 |
|
|
66,231 |
|
|
375,681 |
|
Other
commercial |
1,462,110 |
|
|
1,342,250 |
|
|
1,172,956 |
|
|
119,860 |
|
|
289,154 |
|
Home
equity |
433,554 |
|
|
434,774 |
|
|
423,895 |
|
|
(1,220 |
) |
|
9,659 |
|
Other
consumer |
239,480 |
|
|
242,951 |
|
|
234,625 |
|
|
(3,471 |
) |
|
4,855 |
|
Loans
receivable |
5,876,974 |
|
|
5,684,463 |
|
|
5,197,193 |
|
|
192,511 |
|
|
679,781 |
|
Allowance
for loan and lease losses |
(129,226 |
) |
|
(129,572 |
) |
|
(130,071 |
) |
|
346 |
|
|
845 |
|
Loans
receivable, net |
5,747,748 |
|
|
5,554,891 |
|
|
5,067,122 |
|
|
192,857 |
|
|
680,626 |
|
Other assets |
590,247 |
|
|
642,017 |
|
|
606,471 |
|
|
(51,770 |
) |
|
(16,224 |
) |
Total
assets |
$ |
9,553,908 |
|
|
9,450,600 |
|
|
9,120,742 |
|
|
103,308 |
|
|
433,166 |
|
Total investment securities of $2.982 billion at
March 31, 2017 decreased $119 million, or 4 percent, during the
current quarter and decreased $314 million, or 10 percent, from the
prior year first 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 31 percent
of total assets at March 31, 2017 compared to 33 percent
of total assets at December 31, 2016 and 36 percent of total assets
at March 31, 2016.
The Company experienced another strong quarter
for loan growth with an increase of $193 million, or 14 percent
annualized, during the current quarter. The loan category
with the largest increase was other commercial loans which
increased $120 million, or 9 percent, and included an increase of
$42 million from municipal loans. Excluding the
acquisition of Treasure State Bank (“TSB”), the loan portfolio
increased $628 million, or 12 percent, since March 31, 2016
with the primary increase coming from growth in commercial real
estate and other commercial loans of $351 million and $281 million,
respectively. “First quarter loan growth was strong, driven
by municipal lending growth and broad based activity across our
thirteen Bank divisions,” Chesler said.
Credit Quality Summary
|
At or for the Three Months ended |
|
At or for the Year ended |
|
At or for the Three Months ended |
(Dollars in
thousands) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Allowance for loan and
lease losses |
|
|
|
|
|
Balance
at beginning of period |
$ |
129,572 |
|
|
129,697 |
|
|
129,697 |
|
Provision
for loan losses |
1,598 |
|
|
2,333 |
|
|
568 |
|
Charge-offs |
(4,229 |
) |
|
(11,496 |
) |
|
(1,163 |
) |
Recoveries |
2,285 |
|
|
9,038 |
|
|
969 |
|
Balance
at end of period |
$ |
129,226 |
|
|
129,572 |
|
|
130,071 |
|
Other real estate
owned |
$ |
17,771 |
|
|
20,954 |
|
|
22,085 |
|
Accruing loans 90 days
or more past due |
3,028 |
|
|
1,099 |
|
|
4,615 |
|
Non-accrual loans |
50,674 |
|
|
49,332 |
|
|
53,523 |
|
Total
non-performing assets |
$ |
71,473 |
|
|
71,385 |
|
|
80,223 |
|
Non-performing assets
as a percentage of subsidiary assets |
0.75 |
% |
|
0.76 |
% |
|
0.88 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
241 |
% |
|
257 |
% |
|
224 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
2.20 |
% |
|
2.28 |
% |
|
2.50 |
% |
Net charge-offs as a
percentage of total loans |
0.03 |
% |
|
0.04 |
% |
|
— |
% |
Accruing loans 30-89
days past due |
$ |
39,160 |
|
|
25,617 |
|
|
23,996 |
|
Accruing troubled debt
restructurings |
$ |
38,955 |
|
|
52,077 |
|
|
53,311 |
|
Non-accrual troubled
debt restructurings |
$ |
19,479 |
|
|
21,693 |
|
|
23,879 |
|
U.S. government
guarantees included in non-performing assets |
$ |
1,690 |
|
|
1,746 |
|
|
2,247 |
|
Non-performing assets at March 31, 2017 were
$71.5 million, with a slight increase from the prior quarter and a
decrease of $8.8 million, or 11 percent, from a year ago.
Non-performing assets as a percentage of subsidiary assets at March
31, 2017 was 0.75 percent, which was a decrease of 13 basis points
from the prior year first quarter of 0.88 percent. Early
stage delinquencies (accruing loans 30-89 days past due) of $39.2
million at March 31, 2017 increased $13.5 million from the prior
quarter and increased $15.2 million from the prior year first
quarter with half of the increase from one loan that the Company is
currently in the process of evaluating. The allowance
for loan and lease losses (“allowance”) as a percent of total loans
outstanding at March 31, 2017 was 2.20 percent, a decrease of 8
basis points from 2.28 percent at December 31, 2016.
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 |
First quarter 2017 |
$ |
1,598 |
|
|
$ |
1,944 |
|
|
2.20 |
% |
|
0.67 |
% |
|
0.75 |
% |
Fourth quarter
2016 |
1,139 |
|
|
4,101 |
|
|
2.28 |
% |
|
0.45 |
% |
|
0.76 |
% |
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 |
% |
Net charge-offs for the current quarter were
$1.9 million compared to $4.1 million for the prior quarter and
$194 thousand from the same quarter last year. The quarterly
net charge-offs continue to experience a fair amount of volatility
on a quarterly basis. There was $1.6 million of current
quarter provision for loan losses, compared to $1.1 million in the
prior quarter and $568 thousand in the prior year first
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) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Deposits |
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,049,476 |
|
|
2,041,852 |
|
|
1,887,004 |
|
|
7,624 |
|
|
162,472 |
|
NOW and
DDA accounts |
1,596,353 |
|
|
1,588,550 |
|
|
1,448,454 |
|
|
7,803 |
|
|
147,899 |
|
Savings
accounts |
1,035,023 |
|
|
996,061 |
|
|
879,541 |
|
|
38,962 |
|
|
155,482 |
|
Money
market deposit accounts |
1,516,731 |
|
|
1,464,415 |
|
|
1,411,970 |
|
|
52,316 |
|
|
104,761 |
|
Certificate accounts |
941,628 |
|
|
948,714 |
|
|
1,063,735 |
|
|
(7,086 |
) |
|
(122,107 |
) |
Core
deposits, total |
7,139,211 |
|
|
7,039,592 |
|
|
6,690,704 |
|
|
99,619 |
|
|
448,507 |
|
Wholesale
deposits |
340,946 |
|
|
332,687 |
|
|
325,490 |
|
|
8,259 |
|
|
15,456 |
|
Deposits,
total |
7,480,157 |
|
|
7,372,279 |
|
|
7,016,194 |
|
|
107,878 |
|
|
463,963 |
|
Repurchase
agreements |
497,187 |
|
|
473,650 |
|
|
445,960 |
|
|
23,537 |
|
|
51,227 |
|
Federal Home Loan Bank
advances |
211,627 |
|
|
251,749 |
|
|
313,969 |
|
|
(40,122 |
) |
|
(102,342 |
) |
Other borrowed
funds |
8,894 |
|
|
4,440 |
|
|
6,633 |
|
|
4,454 |
|
|
2,261 |
|
Subordinated
debentures |
126,027 |
|
|
125,991 |
|
|
125,884 |
|
|
36 |
|
|
143 |
|
Other liabilities |
94,776 |
|
|
105,622 |
|
|
118,422 |
|
|
(10,846 |
) |
|
(23,646 |
) |
Total
liabilities |
$ |
8,418,668 |
|
|
8,333,731 |
|
|
8,027,062 |
|
|
84,937 |
|
|
391,606 |
|
The Company benefited from the current quarter
growth in core deposits which increased $99.6 million, or 6 percent
annualized, from the prior quarter. Excluding the TSB
acquisition, core deposits increased $390 million, or 6 percent,
from March 31, 2016. Non-interest bearing deposits of $2.049
billion at March 31, 2017 increased $7.6 million, or 37 basis
points, from the prior quarter. Excluding the TSB
acquisition, non-interest bearing deposits increased $149 million,
or 8 percent, from March 31, 2016.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $497 million at March 31, 2017
increased $23.5 million, or 5 percent, from the prior quarter and
increased $51.2 million, or 11 percent, from the prior year first
quarter. Federal Home Loan Bank (“FHLB”) advances of $212
million at March 31, 2017 decreased $40.1 million, or 16 percent,
from the prior quarter and decreased $102 million, or 33 percent,
from the prior year first quarter due to the increase in
deposits.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands,
except per share data) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Common equity |
$ |
1,139,652 |
|
|
1,124,251 |
|
|
1,088,359 |
|
|
15,401 |
|
|
51,293 |
|
Accumulated other
comprehensive (loss) income |
(4,412 |
) |
|
(7,382 |
) |
|
5,321 |
|
|
2,970 |
|
|
(9,733 |
) |
Total
stockholders’ equity |
1,135,240 |
|
|
1,116,869 |
|
|
1,093,680 |
|
|
18,371 |
|
|
41,560 |
|
Goodwill and core
deposit intangible, net |
(158,799 |
) |
|
(159,400 |
) |
|
(154,396 |
) |
|
601 |
|
|
(4,403 |
) |
Tangible
stockholders’ equity |
$ |
976,441 |
|
|
957,469 |
|
|
939,284 |
|
|
18,972 |
|
|
37,157 |
|
Stockholders’ equity to
total assets |
11.88 |
% |
|
11.82 |
% |
|
11.99 |
% |
|
|
|
|
Tangible stockholders’
equity to total tangible assets |
10.39 |
% |
|
10.31 |
% |
|
10.48 |
% |
|
|
|
|
Book value per common
share |
$ |
14.82 |
|
|
14.59 |
|
|
14.36 |
|
|
0.23 |
|
|
0.46 |
|
Tangible book value per
common share |
$ |
12.74 |
|
|
12.51 |
|
|
12.33 |
|
|
0.23 |
|
|
0.41 |
|
Tangible stockholders’ equity of $976 million at
March 31, 2017 increased $19.0 million, or 2 percent, from the
prior quarter primarily as a result of earnings retention and an
increase in accumulated other comprehensive income. Tangible
stockholders’ equity increased $37.2 million, or 4 percent, from a
year ago, the result of earnings retention and $10.5 million of
Company stock issued in connection with the TSB acquisition; such
increases more than offset the increase in goodwill and other
intangibles from the acquisition and the decrease in accumulated
other comprehensive income. Tangible book value per common
share at quarter end increased $0.23 per share from the prior
quarter and increased $0.41 per share from a year ago.
Cash DividendOn March 29, 2017, the Company’s
Board of Directors declared a quarterly cash dividend of $0.21 per
share, an increase of $0.01 per share, or 5 percent. The
dividend was payable April 20, 2017 to shareholders of record
April 11, 2017. Future cash dividends will depend on a
variety of factors, including net income, capital, asset quality,
general economic conditions and regulatory considerations.
Operating Results for Three Months Ended
March 31, 2017Compared to December 31,
2016 and March 31, 2016
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Net interest
income |
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
87,628 |
|
|
87,759 |
|
|
84,381 |
|
|
(131 |
) |
|
3,247 |
|
Interest
expense |
7,366 |
|
|
7,214 |
|
|
7,675 |
|
|
152 |
|
|
(309 |
) |
Total net
interest income |
80,262 |
|
|
80,545 |
|
|
76,706 |
|
|
(283 |
) |
|
3,556 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
15,633 |
|
|
15,645 |
|
|
14,681 |
|
|
(12 |
) |
|
952 |
|
Miscellaneous loan fees and charges
|
980 |
|
|
1,234 |
|
|
1,021 |
|
|
(254 |
) |
|
(41 |
) |
Gain on
sale of loans |
6,358 |
|
|
9,765 |
|
|
5,992 |
|
|
(3,407 |
) |
|
366 |
|
(Loss)
gain on sale of investments |
(100 |
) |
|
(757 |
) |
|
108 |
|
|
657 |
|
|
(208 |
) |
Other
income |
2,818 |
|
|
2,127 |
|
|
2,450 |
|
|
691 |
|
|
368 |
|
Total
non-interest income |
25,689 |
|
|
28,014 |
|
|
24,252 |
|
|
(2,325 |
) |
|
1,437 |
|
|
$ |
105,951 |
|
|
108,559 |
|
|
100,958 |
|
|
(2,608 |
) |
|
4,993 |
|
Net interest margin
(tax-equivalent) |
4.03 |
% |
|
4.02 |
% |
|
4.01 |
% |
|
|
|
|
Net Interest IncomeIn the current quarter,
interest income of $87.6 million decreased $131 thousand, or 15
basis points, from the prior quarter which was primarily
attributable to two less days during the current quarter.
Current quarter interest income increased $3.2 million, or 4
percent, over the prior year first quarter. Current quarter
interest income on commercial loans increased $5.5 million, or 12
percent, from the prior year first quarter which more than offset
the $1.9 million decrease in investment interest income.
The current quarter interest expense of $7.4
million increased $152 thousand, or 2 percent, from the prior
quarter and decreased $309 thousand, or 4 percent, from the prior
year first quarter. The total cost of funding (including
non-interest bearing deposits) for the current quarter was 37 basis
points compared to 36 basis points for the prior quarter and 39
basis points for the prior year first quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.03 percent compared to 4.02 percent in the
prior quarter which was attributable to an increase in the earning
asset yields from the continuing shift of lower yielding
investments to higher yielding loans. The current quarter net
interest margin increased 2 basis points over the prior year first
quarter net interest margin of 4.01 percent, due to a 2 basis
points decrease in cost of funds and the remix of earning assets to
higher yielding loans. “The Bank divisions’ focus on growing core
deposits combined with the shift of cash flow from the investment
portfolio into higher yielding loans supported the current
quarter’s 4.03 percent net interest margin,” said Ron Copher, Chief
Financial Officer.
Non-interest IncomeNon-interest income for the
current quarter totaled $25.7 million, a decrease of $2.3 million,
or 8 percent, from the prior quarter and an increase of $1.4
million, or 6 percent, over the same quarter last year.
Service fee income of $15.6 million, increased by $952 thousand, or
6 percent, from the prior year first quarter as a result of the
increased number of accounts. Gain on sale of loans for the
current quarter decreased $3.4 million, or 35 percent, from the
prior quarter and was driven by the seasonal activity. Gain
on sale of loans for the current quarter increased $366 thousand,
or 6 percent, from the prior year first quarter. Other income
of $2.8 million, increased $691 thousand, or 32 percent, over the
prior quarter and increased $368 thousand, or 15 percent, over the
prior year first quarter principally due to the current quarter
gain on sale of other real estate owned (“OREO”). Other
income included a gain of $967 thousand from the sale of OREO and
operating revenue of $15 thousand from OREO, a combined total of
$982 thousand for the current quarter compared to $481 thousand for
the prior quarter and $214 thousand for the prior year first
quarter.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Compensation and
employee benefits |
$ |
39,246 |
|
|
38,826 |
|
|
36,941 |
|
|
420 |
|
|
2,305 |
|
Occupancy and
equipment |
6,646 |
|
|
6,692 |
|
|
6,676 |
|
|
(46 |
) |
|
(30 |
) |
Advertising and
promotions |
1,973 |
|
|
2,125 |
|
|
2,125 |
|
|
(152 |
) |
|
(152 |
) |
Data processing |
3,124 |
|
|
3,409 |
|
|
3,373 |
|
|
(285 |
) |
|
(249 |
) |
Other real estate
owned |
273 |
|
|
2,076 |
|
|
390 |
|
|
(1,803 |
) |
|
(117 |
) |
Regulatory assessments
and insurance |
1,061 |
|
|
1,048 |
|
|
1,508 |
|
|
13 |
|
|
(447 |
) |
Core deposit
intangibles amortization |
601 |
|
|
608 |
|
|
797 |
|
|
(7 |
) |
|
(196 |
) |
Other expenses |
10,420 |
|
|
11,933 |
|
|
10,546 |
|
|
(1,513 |
) |
|
(126 |
) |
Total
non-interest expense |
$ |
63,344 |
|
|
66,717 |
|
|
62,356 |
|
|
(3,373 |
) |
|
988 |
|
The Company consolidated its Bank divisions’
individual core database systems into a single core database and
re-issued debit cards with chip technology during 2016 (the Core
Consolidation Project or “CCP”). Expenses related to the CCP
were $741 thousand in the fourth quarter of 2016 and $834 thousand
during the first quarter of 2016. Excluding CCP expenses,
non-interest expense for the current quarter decreased $2.6
million, or 4 percent, over the prior quarter and increased $1.8
million, or 4 percent, over the prior year first quarter.
Compensation and employee benefits for the
current quarter increased by $2.3 million, or 6 percent, from the
prior year first quarter due to salary increases, vesting of
restricted stock awards and the increased number of employees,
including increases from the TSB acquisition. The current
quarter OREO expense of $273 thousand included $234 thousand of
operating expense, $21 thousand of fair value write-downs, and $18
thousand of loss from the sales of OREO. The current quarter
other expenses decreased $1.5 million over the prior quarter
primarily from decreases related to CCP, acquisition related
expenses, and expenses connected with equity investments in New
Market Tax Credit projects. Current quarter other expenses
decreased $126 thousand, or 1 percent, from the prior year first
quarter which was driven by decreased costs from CCP.
Efficiency RatioThe current quarter efficiency
ratio was 55.57 percent, a 49 basis points increase from the prior
quarter efficiency ratio of 55.08 percent. Although there was
a reduction in expenses, the decrease in gain on sale of loans
during the current quarter drove the increase in the efficiency
ratio from the prior quarter. The current quarter efficiency
ratio decreased 96 basis points from the prior year first quarter
ratio of 56.53 percent resulting from the increase in interest
income on commercial loans, which was greater than the increase in
non-interest expense.
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;
- changes in the cost and scope of insurance from the FDIC and
other third parties;
- 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 reputation of banks and the financial services industry
could deteriorate, which could adversely affect the Company's
ability to obtain (and maintain) customers;
- competition among financial institutions in the Company's
markets may increase significantly;
- 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;
- the projected business and profitability of an expansion or the
opening of a new branch could be lower than expected;
- 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;
- material failure, potential interruption or breach in security
of the Company’s systems and technological changes which could
expose us to new risks (e.g., cybersecurity), fraud or system
failures;
- natural disasters, including fires, floods, earthquakes, and
other unexpected events;
- the Company’s success in managing risks involved in the
foregoing; and
- the 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 InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday, April
21, 2017. 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 5756292. To participate on the webcast, log on to:
http://edge.media-server.com/m/p/bi5xib4n. 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 5756292 until May 5, 2017.
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) |
March 31, 2017 |
|
December 31, 2016 |
|
March 31, 2016 |
Assets |
|
|
|
|
|
Cash on
hand and in banks |
$ |
124,501 |
|
|
135,268 |
|
|
104,222 |
|
Federal
funds sold |
190 |
|
|
— |
|
|
1,400 |
|
Interest
bearing cash deposits |
109,313 |
|
|
17,273 |
|
|
45,239 |
|
Cash and
cash equivalents |
234,004 |
|
|
152,541 |
|
|
150,861 |
|
Investment securities, available-for-sale |
2,314,521 |
|
|
2,425,477 |
|
|
2,604,625 |
|
Investment securities, held-to-maturity |
667,388 |
|
|
675,674 |
|
|
691,663 |
|
Total
investment securities |
2,981,909 |
|
|
3,101,151 |
|
|
3,296,288 |
|
Loans
held for sale |
25,649 |
|
|
72,927 |
|
|
40,484 |
|
Loans
receivable |
5,876,974 |
|
|
5,684,463 |
|
|
5,197,193 |
|
Allowance
for loan and lease losses |
(129,226 |
) |
|
(129,572 |
) |
|
(130,071 |
) |
Loans
receivable, net |
5,747,748 |
|
|
5,554,891 |
|
|
5,067,122 |
|
Premises
and equipment, net |
175,283 |
|
|
176,198 |
|
|
192,951 |
|
Other
real estate owned |
17,771 |
|
|
20,954 |
|
|
22,085 |
|
Accrued
interest receivable |
48,043 |
|
|
45,832 |
|
|
47,363 |
|
Deferred
tax asset |
64,575 |
|
|
67,121 |
|
|
55,773 |
|
Core
deposit intangible, net |
11,746 |
|
|
12,347 |
|
|
13,758 |
|
Goodwill |
147,053 |
|
|
147,053 |
|
|
140,638 |
|
Non-marketable equity securities |
23,944 |
|
|
25,550 |
|
|
24,199 |
|
Other
assets |
76,183 |
|
|
74,035 |
|
|
69,220 |
|
Total
assets |
$ |
9,553,908 |
|
|
9,450,600 |
|
|
9,120,742 |
|
Liabilities |
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,049,476 |
|
|
2,041,852 |
|
|
1,887,004 |
|
Interest
bearing deposits |
5,430,681 |
|
|
5,330,427 |
|
|
5,129,190 |
|
Securities sold under agreements to repurchase |
497,187 |
|
|
473,650 |
|
|
445,960 |
|
FHLB
advances |
211,627 |
|
|
251,749 |
|
|
313,969 |
|
Other
borrowed funds |
8,894 |
|
|
4,440 |
|
|
6,633 |
|
Subordinated debentures |
126,027 |
|
|
125,991 |
|
|
125,884 |
|
Accrued
interest payable |
3,467 |
|
|
3,584 |
|
|
3,608 |
|
Other
liabilities |
91,309 |
|
|
102,038 |
|
|
114,814 |
|
Total
liabilities |
8,418,668 |
|
|
8,333,731 |
|
|
8,027,062 |
|
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 |
766 |
|
|
765 |
|
|
762 |
|
Paid-in
capital |
749,381 |
|
|
749,107 |
|
|
736,664 |
|
Retained
earnings - substantially restricted |
389,505 |
|
|
374,379 |
|
|
350,933 |
|
Accumulated other comprehensive (loss) income |
(4,412 |
) |
|
(7,382 |
) |
|
5,321 |
|
Total
stockholders’ equity |
1,135,240 |
|
|
1,116,869 |
|
|
1,093,680 |
|
Total
liabilities and stockholders’ equity |
$ |
9,553,908 |
|
|
9,450,600 |
|
|
9,120,742 |
|
Glacier Bancorp, Inc. |
Unaudited Condensed Consolidated Statements of
Operations |
|
|
Three Months ended |
(Dollars in thousands,
except per share data) |
March 31, 2017 |
|
December 31, 2016 |
|
March 31, 2016 |
Interest
Income |
|
|
|
|
|
Investment securities |
$ |
21,939 |
|
|
21,645 |
|
|
23,883 |
|
Residential real estate loans |
7,918 |
|
|
8,463 |
|
|
8,285 |
|
Commercial loans |
49,970 |
|
|
49,750 |
|
|
44,503 |
|
Consumer
and other loans |
7,801 |
|
|
7,901 |
|
|
7,710 |
|
Total
interest income |
87,628 |
|
|
87,759 |
|
|
84,381 |
|
Interest
Expense |
|
|
|
|
|
Deposits |
4,440 |
|
|
4,497 |
|
|
4,795 |
|
Securities sold under agreements to repurchase |
382 |
|
|
325 |
|
|
318 |
|
Federal
Home Loan Bank advances |
1,510 |
|
|
1,377 |
|
|
1,652 |
|
Federal
funds purchased and other borrowed funds |
15 |
|
|
18 |
|
|
18 |
|
Subordinated debentures |
1,019 |
|
|
997 |
|
|
892 |
|
Total
interest expense |
7,366 |
|
|
7,214 |
|
|
7,675 |
|
Net Interest
Income |
80,262 |
|
|
80,545 |
|
|
76,706 |
|
Provision
for loan losses |
1,598 |
|
|
1,139 |
|
|
568 |
|
Net
interest income after provision for loan losses |
78,664 |
|
|
79,406 |
|
|
76,138 |
|
Non-Interest
Income |
|
|
|
|
|
Service
charges and other fees |
15,633 |
|
|
15,645 |
|
|
14,681 |
|
Miscellaneous loan fees and charges |
980 |
|
|
1,234 |
|
|
1,021 |
|
Gain on
sale of loans |
6,358 |
|
|
9,765 |
|
|
5,992 |
|
(Loss)
gain on sale of investments |
(100 |
) |
|
(757 |
) |
|
108 |
|
Other
income |
2,818 |
|
|
2,127 |
|
|
2,450 |
|
Total
non-interest income |
25,689 |
|
|
28,014 |
|
|
24,252 |
|
Non-Interest
Expense |
|
|
|
|
|
Compensation and employee benefits |
39,246 |
|
|
38,826 |
|
|
36,941 |
|
Occupancy
and equipment |
6,646 |
|
|
6,692 |
|
|
6,676 |
|
Advertising and promotions |
1,973 |
|
|
2,125 |
|
|
2,125 |
|
Data
processing |
3,124 |
|
|
3,409 |
|
|
3,373 |
|
Other
real estate owned |
273 |
|
|
2,076 |
|
|
390 |
|
Regulatory assessments and insurance |
1,061 |
|
|
1,048 |
|
|
1,508 |
|
Core
deposit intangibles amortization |
601 |
|
|
608 |
|
|
797 |
|
Other
expenses |
10,420 |
|
|
11,933 |
|
|
10,546 |
|
Total
non-interest expense |
63,344 |
|
|
66,717 |
|
|
62,356 |
|
Income Before
Income Taxes |
41,009 |
|
|
40,703 |
|
|
38,034 |
|
Federal
and state income tax expense |
9,754 |
|
|
9,662 |
|
|
9,352 |
|
Net
Income |
$ |
31,255 |
|
|
31,041 |
|
|
28,682 |
|
Glacier Bancorp, Inc. |
Average Balance Sheets |
|
|
Three Months ended |
|
March 31, 2017 |
|
March 31, 2016 |
(Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
709,432 |
|
|
$ |
7,918 |
|
|
4.46 |
% |
|
$ |
726,270 |
|
|
$ |
8,285 |
|
|
4.56 |
% |
Commercial loans 1 |
4,372,299 |
|
|
51,335 |
|
|
4.76 |
% |
|
3,749,929 |
|
|
45,335 |
|
|
4.86 |
% |
Consumer
and other loans |
672,480 |
|
|
7,801 |
|
|
4.70 |
% |
|
653,839 |
|
|
7,710 |
|
|
4.74 |
% |
Total
loans 2 |
5,754,211 |
|
|
67,054 |
|
|
4.73 |
% |
|
5,130,038 |
|
|
61,330 |
|
|
4.81 |
% |
Tax-exempt investment securities 3 |
1,245,358 |
|
|
17,761 |
|
|
5.70 |
% |
|
1,352,683 |
|
|
19,383 |
|
|
5.73 |
% |
Taxable
investment securities 4 |
1,857,335 |
|
|
10,575 |
|
|
2.28 |
% |
|
1,999,000 |
|
|
11,461 |
|
|
2.29 |
% |
Total
earning assets |
8,856,904 |
|
|
95,390 |
|
|
4.37 |
% |
|
8,481,721 |
|
|
92,174 |
|
|
4.37 |
% |
Goodwill
and intangibles |
159,089 |
|
|
|
|
|
|
154,790 |
|
|
|
|
|
Non-earning assets |
369,274 |
|
|
|
|
|
|
390,891 |
|
|
|
|
|
Total
assets |
$ |
9,385,267 |
|
|
|
|
|
|
$ |
9,027,402 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
1,970,654 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,863,389 |
|
|
$ |
— |
|
|
— |
% |
NOW and
DDA accounts |
1,575,928 |
|
|
247 |
|
|
0.06 |
% |
|
1,465,181 |
|
|
293 |
|
|
0.08 |
% |
Savings
accounts |
1,015,108 |
|
|
146 |
|
|
0.06 |
% |
|
863,764 |
|
|
104 |
|
|
0.05 |
% |
Money
market deposit accounts |
1,490,198 |
|
|
565 |
|
|
0.15 |
% |
|
1,406,718 |
|
|
553 |
|
|
0.16 |
% |
Certificate accounts |
953,527 |
|
|
1,333 |
|
|
0.57 |
% |
|
1,071,055 |
|
|
1,564 |
|
|
0.59 |
% |
Wholesale
deposits 5 |
332,255 |
|
|
2,149 |
|
|
2.62 |
% |
|
335,126 |
|
|
2,281 |
|
|
2.74 |
% |
FHLB
advances |
271,225 |
|
|
1,510 |
|
|
2.23 |
% |
|
308,040 |
|
|
1,652 |
|
|
2.12 |
% |
Repurchase agreements and other borrowed funds |
562,628 |
|
|
1,416 |
|
|
1.02 |
% |
|
521,565 |
|
|
1,228 |
|
|
0.95 |
% |
Total
funding liabilities |
8,171,523 |
|
|
7,366 |
|
|
0.37 |
% |
|
7,834,838 |
|
|
7,675 |
|
|
0.39 |
% |
Other
liabilities |
81,419 |
|
|
|
|
|
|
96,701 |
|
|
|
|
|
Total
liabilities |
8,252,942 |
|
|
|
|
|
|
7,931,539 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
766 |
|
|
|
|
|
|
761 |
|
|
|
|
|
Paid-in
capital |
748,851 |
|
|
|
|
|
|
736,398 |
|
|
|
|
|
Retained
earnings |
389,798 |
|
|
|
|
|
|
351,536 |
|
|
|
|
|
Accumulated other comprehensive (loss) income |
(7,090 |
) |
|
|
|
|
|
7,168 |
|
|
|
|
|
Total
stockholders’ equity |
1,132,325 |
|
|
|
|
|
|
1,095,863 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
9,385,267 |
|
|
|
|
|
|
$ |
9,027,402 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
88,024 |
|
|
|
|
|
|
$ |
84,499 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.00 |
% |
|
|
|
|
|
3.98 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.03 |
% |
|
|
|
|
|
4.01 |
% |
_____________ |
1
Includes tax effect of $1.4 million and $832 thousand on tax-exempt
municipal loan and lease income for the three months ended
March 31, 2017 and 2016, 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 $6.1 million and $6.6 million on tax-exempt
investment securities income for the three months ended
March 31, 2017 and 2016, respectively. |
4
Includes tax effect of $338 thousand and $352 thousand on federal
income tax credits for the three months ended March 31, 2017
and 2016, 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) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Custom and owner
occupied construction |
$ |
92,835 |
|
|
$ |
86,233 |
|
|
$ |
68,893 |
|
|
8 |
% |
|
35 |
% |
Pre-sold and spec
construction |
68,736 |
|
|
66,184 |
|
|
59,220 |
|
|
4 |
% |
|
16 |
% |
Total residential construction |
161,571 |
|
|
152,417 |
|
|
128,113 |
|
|
6 |
% |
|
26 |
% |
Land development |
78,042 |
|
|
75,078 |
|
|
59,539 |
|
|
4 |
% |
|
31 |
% |
Consumer land or
lots |
94,840 |
|
|
97,449 |
|
|
93,922 |
|
|
(3 |
)% |
|
1 |
% |
Unimproved land |
66,857 |
|
|
69,157 |
|
|
73,791 |
|
|
(3 |
)% |
|
(9 |
)% |
Developed lots for
operative builders |
13,046 |
|
|
13,254 |
|
|
12,973 |
|
|
(2 |
)% |
|
1 |
% |
Commercial lots |
26,639 |
|
|
30,523 |
|
|
23,558 |
|
|
(13 |
)% |
|
13 |
% |
Other construction |
272,184 |
|
|
257,769 |
|
|
166,378 |
|
|
6 |
% |
|
64 |
% |
Total land, lot, and other construction |
551,608 |
|
|
543,230 |
|
|
430,161 |
|
|
2 |
% |
|
28 |
% |
Owner occupied |
988,544 |
|
|
977,932 |
|
|
944,411 |
|
|
1 |
% |
|
5 |
% |
Non-owner occupied |
964,913 |
|
|
929,729 |
|
|
806,856 |
|
|
4 |
% |
|
20 |
% |
Total commercial real estate |
1,953,457 |
|
|
1,907,661 |
|
|
1,751,267 |
|
|
2 |
% |
|
12 |
% |
Commercial and
industrial |
739,475 |
|
|
686,870 |
|
|
664,855 |
|
|
8 |
% |
|
11 |
% |
Agriculture |
411,094 |
|
|
407,208 |
|
|
372,616 |
|
|
1 |
% |
|
10 |
% |
1st lien |
839,387 |
|
|
877,893 |
|
|
841,848 |
|
|
(4 |
)% |
|
— |
% |
Junior lien |
54,801 |
|
|
58,564 |
|
|
63,162 |
|
|
(6 |
)% |
|
(13 |
)% |
Total 1-4 family |
894,188 |
|
|
936,457 |
|
|
905,010 |
|
|
(5 |
)% |
|
(1 |
)% |
Multifamily
residential |
162,636 |
|
|
184,068 |
|
|
197,267 |
|
|
(12 |
)% |
|
(18 |
)% |
Home equity lines of
credit |
405,309 |
|
|
402,614 |
|
|
379,866 |
|
|
1 |
% |
|
7 |
% |
Other consumer |
153,159 |
|
|
155,193 |
|
|
150,047 |
|
|
(1 |
)% |
|
2 |
% |
Total consumer |
558,468 |
|
|
557,807 |
|
|
529,913 |
|
|
— |
% |
|
5 |
% |
Other |
470,126 |
|
|
381,672 |
|
|
258,475 |
|
|
23 |
% |
|
82 |
% |
Total
loans receivable, including loans held for sale
|
5,902,623 |
|
|
5,757,390 |
|
|
5,237,677 |
|
|
3 |
% |
|
13 |
% |
Less loans held
for sale 1 |
(25,649 |
) |
|
(72,927 |
) |
|
(40,484 |
) |
|
(65 |
)% |
|
(37 |
)% |
Total
loans receivable |
$ |
5,876,974 |
|
|
$ |
5,684,463 |
|
|
$ |
5,197,193 |
|
|
3 |
% |
|
13 |
% |
_________ |
1 Loans
held for sale are primarily 1st lien 1-4 family loans. |
Glacier Bancorp, Inc. |
Credit Quality Summary by Regulatory
Classification |
|
|
Non-performing Assets, by Loan Type |
|
Non-AccrualLoans |
|
AccruingLoans 90 Days or More Past
Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Mar 31, 2017 |
|
Mar 31, 2017 |
|
Mar 31, 2017 |
Custom and owner
occupied construction |
$ |
— |
|
|
— |
|
|
995 |
|
|
— |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
227 |
|
|
226 |
|
|
— |
|
|
227 |
|
|
— |
|
|
— |
|
Total residential construction |
227 |
|
|
226 |
|
|
995 |
|
|
227 |
|
|
— |
|
|
— |
|
Land development |
8,856 |
|
|
9,864 |
|
|
18,190 |
|
|
1,482 |
|
|
— |
|
|
7,374 |
|
Consumer land or
lots |
1,728 |
|
|
2,137 |
|
|
1,751 |
|
|
754 |
|
|
— |
|
|
974 |
|
Unimproved land |
12,017 |
|
|
11,905 |
|
|
11,651 |
|
|
8,137 |
|
|
— |
|
|
3,880 |
|
Developed lots for
operative builders |
116 |
|
|
175 |
|
|
457 |
|
|
— |
|
|
— |
|
|
116 |
|
Commercial lots |
1,255 |
|
|
1,466 |
|
|
1,333 |
|
|
— |
|
|
— |
|
|
1,255 |
|
Total land, lot and other construction
|
23,972 |
|
|
25,547 |
|
|
33,382 |
|
|
10,373 |
|
|
— |
|
|
13,599 |
|
Owner occupied |
17,956 |
|
|
18,749 |
|
|
12,130 |
|
|
16,109 |
|
|
148 |
|
|
1,699 |
|
Non-owner occupied |
3,194 |
|
|
3,426 |
|
|
4,354 |
|
|
3,194 |
|
|
— |
|
|
— |
|
Total commercial real estate |
21,150 |
|
|
22,175 |
|
|
16,484 |
|
|
19,303 |
|
|
148 |
|
|
1,699 |
|
Commercial and
industrial |
4,466 |
|
|
5,184 |
|
|
6,046 |
|
|
4,298 |
|
|
65 |
|
|
103 |
|
Agriculture |
1,878 |
|
|
1,615 |
|
|
3,220 |
|
|
1,488 |
|
|
390 |
|
|
— |
|
1st lien |
10,047 |
|
|
9,186 |
|
|
11,041 |
|
|
8,037 |
|
|
296 |
|
|
1,714 |
|
Junior lien |
1,335 |
|
|
1,167 |
|
|
1,111 |
|
|
1,286 |
|
|
49 |
|
|
— |
|
Total 1-4 family |
11,382 |
|
|
10,353 |
|
|
12,152 |
|
|
9,323 |
|
|
345 |
|
|
1,714 |
|
Multifamily
residential |
388 |
|
|
400 |
|
|
432 |
|
|
388 |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
6,008 |
|
|
5,494 |
|
|
5,432 |
|
|
5,136 |
|
|
232 |
|
|
640 |
|
Other consumer |
202 |
|
|
391 |
|
|
280 |
|
|
138 |
|
|
48 |
|
|
16 |
|
Total consumer |
6,210 |
|
|
5,885 |
|
|
5,712 |
|
|
5,274 |
|
|
280 |
|
|
656 |
|
Other |
1,800 |
|
|
— |
|
|
1,800 |
|
|
— |
|
|
1,800 |
|
|
— |
|
Total |
$ |
71,473 |
|
|
71,385 |
|
|
80,223 |
|
|
50,674 |
|
|
3,028 |
|
|
17,771 |
|
Glacier Bancorp, Inc. |
Credit Quality Summary by Regulatory
Classification (continued) |
|
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
Custom and owner
occupied construction |
$ |
380 |
|
|
$ |
1,836 |
|
|
$ |
— |
|
|
(79 |
)% |
|
n/m |
Pre-sold and spec
construction |
488 |
|
|
— |
|
|
304 |
|
|
n/m |
|
61 |
% |
Total residential construction |
868 |
|
|
1,836 |
|
|
304 |
|
|
(53 |
)% |
|
186 |
% |
Land development |
— |
|
|
154 |
|
|
198 |
|
|
(100 |
)% |
|
(100 |
)% |
Consumer land or
lots |
432 |
|
|
638 |
|
|
796 |
|
|
(32 |
)% |
|
(46 |
)% |
Unimproved land |
938 |
|
|
1,442 |
|
|
1,284 |
|
|
(35 |
)% |
|
(27 |
)% |
Commercial lots |
258 |
|
|
— |
|
|
— |
|
|
n/m |
|
n/m |
Other construction |
7,125 |
|
|
— |
|
|
— |
|
|
n/m |
|
n/m |
Total land, lot and other construction
|
8,753 |
|
|
2,234 |
|
|
2,278 |
|
|
292 |
% |
|
284 |
% |
Owner occupied |
6,686 |
|
|
2,307 |
|
|
4,552 |
|
|
190 |
% |
|
47 |
% |
Non-owner occupied |
405 |
|
|
1,689 |
|
|
1,466 |
|
|
(76 |
)% |
|
(72 |
)% |
Total commercial real estate |
7,091 |
|
|
3,996 |
|
|
6,018 |
|
|
77 |
% |
|
18 |
% |
Commercial and
industrial |
6,796 |
|
|
3,032 |
|
|
4,907 |
|
|
124 |
% |
|
38 |
% |
Agriculture |
3,567 |
|
|
1,133 |
|
|
659 |
|
|
215 |
% |
|
441 |
% |
1st lien |
7,132 |
|
|
7,777 |
|
|
5,896 |
|
|
(8 |
)% |
|
21 |
% |
Junior lien |
848 |
|
|
1,016 |
|
|
759 |
|
|
(17 |
)% |
|
12 |
% |
Total 1-4 family |
7,980 |
|
|
8,793 |
|
|
6,655 |
|
|
(9 |
)% |
|
20 |
% |
Multifamily
Residential |
2,028 |
|
|
10 |
|
|
— |
|
|
20,180 |
% |
|
n/m |
Home equity lines of
credit |
703 |
|
|
1,537 |
|
|
2,528 |
|
|
(54 |
)% |
|
(72 |
)% |
Other consumer |
1,317 |
|
|
1,180 |
|
|
607 |
|
|
12 |
% |
|
117 |
% |
Total consumer |
2,020 |
|
|
2,717 |
|
|
3,135 |
|
|
(26 |
)% |
|
(36 |
)% |
Other |
57 |
|
|
1,866 |
|
|
40 |
|
|
(97 |
)% |
|
43 |
% |
Total |
$ |
39,160 |
|
|
$ |
25,617 |
|
|
$ |
23,996 |
|
|
53 |
% |
|
63 |
% |
__________ |
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) |
Mar 31, 2017 |
|
Dec 31, 2016 |
|
Mar 31, 2016 |
|
Mar 31, 2017 |
|
Mar 31, 2017 |
Custom and owner
occupied construction |
$ |
— |
|
|
(1 |
) |
|
— |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
(11 |
) |
|
786 |
|
|
(28 |
) |
|
— |
|
|
11 |
|
Total residential construction |
(11 |
) |
|
785 |
|
|
(28 |
) |
|
— |
|
|
11 |
|
Land development |
(33 |
) |
|
(2,661 |
) |
|
(100 |
) |
|
— |
|
|
33 |
|
Consumer land or
lots |
(57 |
) |
|
(688 |
) |
|
(240 |
) |
|
— |
|
|
57 |
|
Unimproved land |
(96 |
) |
|
(184 |
) |
|
(34 |
) |
|
— |
|
|
96 |
|
Developed lots for
operative builders |
(5 |
) |
|
(27 |
) |
|
(12 |
) |
|
— |
|
|
5 |
|
Commercial lots |
(2 |
) |
|
27 |
|
|
23 |
|
|
— |
|
|
2 |
|
Total land, lot and other construction |
(193 |
) |
|
(3,533 |
) |
|
(363 |
) |
|
— |
|
|
193 |
|
Owner occupied |
795 |
|
|
1,196 |
|
|
(27 |
) |
|
888 |
|
|
93 |
|
Non-owner occupied |
(1 |
) |
|
44 |
|
|
(1 |
) |
|
— |
|
|
1 |
|
Total commercial real estate |
794 |
|
|
1,240 |
|
|
(28 |
) |
|
888 |
|
|
94 |
|
Commercial and
industrial |
344 |
|
|
(370 |
) |
|
69 |
|
|
470 |
|
|
126 |
|
Agriculture |
(3 |
) |
|
50 |
|
|
(1 |
) |
|
— |
|
|
3 |
|
1st lien |
(15 |
) |
|
487 |
|
|
47 |
|
|
44 |
|
|
59 |
|
Junior lien |
(16 |
) |
|
60 |
|
|
(15 |
) |
|
— |
|
|
16 |
|
Total 1-4 family |
(31 |
) |
|
547 |
|
|
32 |
|
|
44 |
|
|
75 |
|
Multifamily
residential |
— |
|
|
229 |
|
|
229 |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
12 |
|
|
611 |
|
|
179 |
|
|
75 |
|
|
63 |
|
Other consumer |
(11 |
) |
|
257 |
|
|
95 |
|
|
73 |
|
|
84 |
|
Total consumer |
1 |
|
|
868 |
|
|
274 |
|
|
148 |
|
|
147 |
|
Other |
1,043 |
|
|
2,642 |
|
|
10 |
|
|
2,679 |
|
|
1,636 |
|
Total |
$ |
1,944 |
|
|
2,458 |
|
|
194 |
|
|
4,229 |
|
|
2,285 |
|
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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