4th Quarter 2017 Highlights:
Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $34.7
million for the current quarter, an increase of $3.7 million, or 12
percent, from the $31.0 million of net income for the prior year
fourth quarter, excluding the impact of the Tax Act. Diluted
earnings per share for the current quarter was $0.44 per share, an
increase of $0.03, or 7 percent, from the prior year fourth quarter
diluted earnings per share of $0.41, excluding the impact from the
Tax Act. Included in the current quarter was $937 thousand of
acquisition-related expenses. “2017 was an excellent year for
the Company and we are extremely pleased to see our core business
perform at these levels. We thank all of our customers for
their continued confidence in us and our employees for turning in
another record year,” said Randy Chesler, President and Chief
Executive Officer.
Record net income for the year ended December
31, 2017 was $136 million, an increase of $14.9 million, or 12
percent, from the $121 million of net income for the prior year
excluding the impact from the Tax Act. Diluted earnings per
share for 2017 was $1.75 per share, an increase of $0.16, or 10
percent, from the diluted earnings per share of $1.59 for the same
period in the prior year, excluding the impact from the Tax
Act.
During the fourth quarter of 2017, the Company
announced the signing of a definitive agreement to acquire
Inter-Mountain Bancorp, Inc., the holding company for First
Security Bank, a community bank in Bozeman, Montana (collectively,
“FSB”). As of December 31, 2017, FSB had total assets of
$1.028 billion, gross loans of $640 million and total deposits of
$891 million. The acquisition marks the Company’s 20th
acquisition since 2000 and its ninth announced transaction in the
past five years. The acquisition has received the required
regulatory approvals, is subject to other customary conditions of
closing and is expected to be completed in February 2018.
During the second quarter of 2017, the Company
announced the signing of a definitive agreement to acquire
Columbine Capital Corp., the holding company for Collegiate Peaks
Bank, a community bank in Buena Vista, Colorado (collectively,
“Collegiate”). As of December 31, 2017, Collegiate had total
assets of $533 million, gross loans of $346 million and total
deposits of $464 million. The acquisition has received the
required regulatory approvals, is subject to other customary
conditions of closing and is expected to be completed in January
2018.
On April 30, 2017, the Company completed the
acquisition of TFB Bancorp, Inc., the holding company for The
Foothills Bank, a community bank based in Yuma, Arizona
(collectively, “Foothills”). The Company’s results of
operations and financial condition include the acquisition of
Foothills 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) |
April 30,2017 |
|
|
| |
Total assets |
$ |
385,839 |
|
|
| |
Investment
securities |
25,420 |
|
|
| |
Loans receivable |
292,529 |
|
|
| |
Non-interest bearing
deposits |
97,527 |
|
|
| |
Interest bearing
deposits |
199,233 |
|
|
| |
Federal Home Loan Bank
advances |
22,800 |
|
|
| |
|
|
|
|
Asset Summary
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
$ Change from |
| (Dollars in
thousands) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
|
Sep 30,2017 |
|
Dec 31,2016 |
| Cash and cash
equivalents |
$ |
200,004 |
|
|
220,210 |
|
|
152,541 |
|
|
(20,206 |
) |
|
47,463 |
|
| Investment securities,
available-for-sale |
1,778,243 |
|
|
1,886,517 |
|
|
2,425,477 |
|
|
(108,274 |
) |
|
(647,234 |
) |
| Investment securities,
held-to-maturity |
648,313 |
|
|
655,128 |
|
|
675,674 |
|
|
(6,815 |
) |
|
(27,361 |
) |
|
Total investment securities |
2,426,556 |
|
|
2,541,645 |
|
|
3,101,151 |
|
|
(115,089 |
) |
|
(674,595 |
) |
| Loans receivable |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
720,728 |
|
|
734,242 |
|
|
674,347 |
|
|
(13,514 |
) |
|
46,381 |
|
|
Commercial real estate |
3,577,139 |
|
|
3,503,976 |
|
|
2,990,141 |
|
|
73,163 |
|
|
586,998 |
|
| Other
commercial |
1,579,353 |
|
|
1,575,514 |
|
|
1,342,250 |
|
|
3,839 |
|
|
237,103 |
|
| Home
equity |
457,918 |
|
|
452,291 |
|
|
434,774 |
|
|
5,627 |
|
|
23,144 |
|
| Other
consumer |
242,686 |
|
|
243,410 |
|
|
242,951 |
|
|
(724 |
) |
|
(265 |
) |
|
Loans receivable |
6,577,824 |
|
|
6,509,433 |
|
|
5,684,463 |
|
|
68,391 |
|
|
893,361 |
|
| Allowance
for loan and lease losses |
(129,568 |
) |
|
(129,576 |
) |
|
(129,572 |
) |
|
8 |
|
|
4 |
|
|
Loans receivable, net |
6,448,256 |
|
|
6,379,857 |
|
|
5,554,891 |
|
|
68,399 |
|
|
893,365 |
|
| Other assets |
631,533 |
|
|
656,890 |
|
|
642,017 |
|
|
(25,357 |
) |
|
(10,484 |
) |
|
Total assets |
$ |
9,706,349 |
|
|
9,798,602 |
|
|
9,450,600 |
|
|
(92,253 |
) |
|
255,749 |
|
| |
The Company successfully executed its strategy
to stay below $10 billion in total assets as of year end to delay
the impact of the Durbin Amendment for one additional year.
The Company accomplished this strategy in part by redeploying
investment cash flow selectively and selling securities into the
higher yielding loan portfolio. The Durbin Amendment, which
was passed as part of Dodd-Frank, establishes limits on the amount
of interchange fees that can be charged to merchants for debit card
processing and will reduce the Company’s service charge fee income
in the future.
Total investment securities of $2.427 billion at
December 31, 2017 decreased $115 million, or 5 percent, during the
current quarter and decreased $675 million, or 22 percent, from the
prior year fourth quarter. Investment securities represented
25 percent of total assets at December 31, 2017 compared to 33
percent of total assets at December 31, 2016.
The loan portfolio of $6.6 billion had
seasonally slower growth in the fourth quarter of 2017, increasing
$68.4 million, or 1 percent, during the quarter. The loan
category with the largest increase was commercial real estate loans
which increased $73.2 million, or 2 percent. Excluding the
Foothills acquisition, the loan portfolio increased $601 million,
or 11 percent, since the prior year end and primarily came from
growth in commercial real estate and other commercial loans of $357
million and $209 million, respectively.
Credit Quality Summary
| |
|
|
|
|
|
| |
At or for theYear ended |
|
At or for theNine Monthsended |
|
At or for theYear ended |
| (Dollars in
thousands) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
| Allowance for loan and
lease losses |
|
|
|
|
|
| Balance
at beginning of period |
$ |
129,572 |
|
|
129,572 |
|
|
129,697 |
|
| Provision
for loan losses |
10,824 |
|
|
7,938 |
|
|
2,333 |
|
|
Charge-offs |
(19,331 |
) |
|
(14,801 |
) |
|
(11,496 |
) |
|
Recoveries |
8,503 |
|
|
6,867 |
|
|
9,038 |
|
| Balance
at end of period |
$ |
129,568 |
|
|
129,576 |
|
|
129,572 |
|
| Other real estate
owned |
$ |
14,269 |
|
|
14,359 |
|
|
20,954 |
|
| Accruing loans 90 days
or more past due |
6,077 |
|
|
3,944 |
|
|
1,099 |
|
| Non-accrual loans |
44,833 |
|
|
46,770 |
|
|
49,332 |
|
| Total
non-performing assets |
$ |
65,179 |
|
|
65,073 |
|
|
71,385 |
|
| Non-performing assets
as a percentage of subsidiary assets |
0.68 |
% |
|
0.67 |
% |
|
0.76 |
% |
| Allowance for loan and
lease losses as a percentage of non-performing loans |
255 |
% |
|
256 |
% |
|
257 |
% |
| Allowance for loan and
lease losses as a percentage of total loans |
1.97 |
% |
|
1.99 |
% |
|
2.28 |
% |
| Net charge-offs as a
percentage of total loans |
0.17 |
% |
|
0.12 |
% |
|
0.04 |
% |
| Accruing loans 30-89
days past due |
$ |
37,687 |
|
|
29,115 |
|
|
25,617 |
|
| Accruing troubled debt
restructurings |
$ |
38,491 |
|
|
31,093 |
|
|
52,077 |
|
| Non-accrual troubled
debt restructurings |
$ |
23,709 |
|
|
22,134 |
|
|
21,693 |
|
| U.S. government
guarantees included in non-performing assets |
$ |
2,513 |
|
|
1,913 |
|
|
1,746 |
|
| |
|
|
|
|
|
|
|
|
|
Non-performing assets at December 31, 2017 were
$65.1 million, a decrease of $6.2 million, or 9 percent, from a
year ago. Non-performing assets as a percentage of subsidiary
assets at December 31, 2017 was 0.68 percent which was a decrease
of 8 basis points from the prior year end of 0.76 percent.
Early stage delinquencies (accruing loans 30-89 days past due) of
$37.7 million at December 31, 2017 increased $8.6 million from the
prior quarter and increased $12.1 million from the prior year
end. The allowance for loan and lease losses (“allowance”) as
a percent of total loans outstanding at December 31, 2017 was 1.97
percent, a decrease of 31 basis points from 2.28 percent at
December 31, 2016, such decrease was driven by loan
growth, stabilizing credit quality, and no allowance carried over
from the Foothills acquisition as a result of the acquired loans
recorded at fair value.
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 |
| Fourth quarter
2017 |
$ |
2,886 |
|
|
$ |
2,894 |
|
|
1.97 |
% |
|
0.57 |
% |
|
0.68 |
% |
| Third quarter 2017 |
3,327 |
|
|
3,628 |
|
|
1.99 |
% |
|
0.45 |
% |
|
0.67 |
% |
| Second quarter
2017 |
3,013 |
|
|
2,362 |
|
|
2.05 |
% |
|
0.49 |
% |
|
0.70 |
% |
| 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 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs for the current quarter were
$2.9 million compared to $3.6 million for the prior quarter and
$4.1 million from the same quarter last year. There was $2.9
million of current quarter provision for loan losses, compared to
$3.3 million in the prior quarter and $1.1 million in the prior
year fourth 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) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
|
Sep 30,2017 |
|
Dec 31,2016 |
| Deposits |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,311,902 |
|
|
2,355,983 |
|
|
2,041,852 |
|
|
(44,081 |
) |
|
270,050 |
|
| NOW and
DDA accounts |
1,695,246 |
|
|
1,733,353 |
|
|
1,588,550 |
|
|
(38,107 |
) |
|
106,696 |
|
| Savings
accounts |
1,082,604 |
|
|
1,081,056 |
|
|
996,061 |
|
|
1,548 |
|
|
86,543 |
|
| Money
market deposit accounts |
1,512,693 |
|
|
1,564,738 |
|
|
1,464,415 |
|
|
(52,045 |
) |
|
48,278 |
|
|
Certificate accounts |
817,259 |
|
|
846,005 |
|
|
948,714 |
|
|
(28,746 |
) |
|
(131,455 |
) |
|
Core deposits, total |
7,419,704 |
|
|
7,581,135 |
|
|
7,039,592 |
|
|
(161,431 |
) |
|
380,112 |
|
| Wholesale
deposits |
160,043 |
|
|
186,019 |
|
|
332,687 |
|
|
(25,976 |
) |
|
(172,644 |
) |
|
Deposits, total |
7,579,747 |
|
|
7,767,154 |
|
|
7,372,279 |
|
|
(187,407 |
) |
|
207,468 |
|
| Repurchase
agreements |
362,573 |
|
|
453,596 |
|
|
473,650 |
|
|
(91,023 |
) |
|
(111,077 |
) |
| Federal Home Loan Bank
advances |
353,995 |
|
|
153,685 |
|
|
251,749 |
|
|
200,310 |
|
|
102,246 |
|
| Other borrowed
funds |
8,224 |
|
|
8,243 |
|
|
4,440 |
|
|
(19 |
) |
|
3,784 |
|
| Subordinated
debentures |
126,135 |
|
|
126,099 |
|
|
125,991 |
|
|
36 |
|
|
144 |
|
| Other liabilities |
76,618 |
|
|
83,624 |
|
|
105,622 |
|
|
(7,006 |
) |
|
(29,004 |
) |
|
Total liabilities |
$ |
8,507,292 |
|
|
8,592,401 |
|
|
8,333,731 |
|
|
(85,109 |
) |
|
173,561 |
|
| |
The Company reduced the amount of on-balance
sheet deposits during the quarter as part of its strategy to stay
below $10 billion in total assets. Core deposits decreased
$161 million, or 2 percent, from the prior quarter, and decreased
$380 million, or 5 percent, from the prior year end. The
Company utilized a third party vendor to transfer $433 million of
deposits off balance sheet as of December 31, 2017, an increase of
$268 million over the prior quarter, or 162 percent, over the prior
quarter. These deposits can be brought back onto the
Company’s balance sheet at the Company’s discretion.
Including the deposit accounts transferred, organic core deposits
increased $478 million, or 7 percent, from December 31, 2016.
At December 31, 2017, wholesale deposits were $160 million, a
decrease of $26.0 million, or 14 percent, over the prior quarter
and a decrease of $173 million, or 52 percent, over the prior year
end.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $363 million at December 31, 2017
decreased $91.0 million, or 20 percent, from the prior quarter and
decreased $111 million, or 23 percent, from the prior year
end. Federal Home Loan Bank (“FHLB”) advances of $354 million
at December 31, 2017, increased $200 million over prior quarter and
increased $102 million over the prior year end. The increases
were the result of strategically managing the deposit accounts to
stay below $10 billion and utilizing FHLB advances to manage the
daily liquidity needs for loan growth.
Stockholders’ Equity Summary
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
$ Change from |
| (Dollars in thousands,
except per share data) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
|
Sep 30,2017 |
|
Dec 31,2016 |
| Common equity |
$ |
1,201,036 |
|
|
1,201,534 |
|
|
1,124,251 |
|
|
(498 |
) |
|
76,785 |
|
| Accumulated other
comprehensive (loss) income |
(1,979 |
) |
|
4,667 |
|
|
(7,382 |
) |
|
(6,646 |
) |
|
5,403 |
|
| Total
stockholders’ equity |
1,199,057 |
|
|
1,206,201 |
|
|
1,116,869 |
|
|
(7,144 |
) |
|
82,188 |
|
| Goodwill and core
deposit intangible, net |
(191,995 |
) |
|
(192,609 |
) |
|
(159,400 |
) |
|
614 |
|
|
(32,595 |
) |
| Tangible
stockholders’ equity |
$ |
1,007,062 |
|
|
1,013,592 |
|
|
957,469 |
|
|
(6,530 |
) |
|
49,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ equity to
total assets |
|
12.35 |
% |
|
12.31 |
% |
|
11.82 |
% |
|
|
|
|
|
|
| Tangible stockholders’
equity to total tangible assets |
|
10.58 |
% |
|
10.55 |
% |
|
10.31 |
% |
|
|
|
|
|
|
| Book value per common
share |
$ |
15.37 |
|
|
15.46 |
|
|
14.59 |
|
|
(0.09 |
) |
|
0.78 |
|
| Tangible book value per
common share |
$ |
12.91 |
|
|
12.99 |
|
|
12.51 |
|
|
(0.08 |
) |
|
0.40 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity of $1.007 billion
at December 31, 2017 decreased $6.5 million compared to the prior
quarter which was the result of a decrease in accumulated other
comprehensive income. Tangible stockholders’ equity increased
$49.6 million, or 5 percent, from a year ago, the result of
earnings retention and $46.7 million of Company stock issued in
connection with the Foothills acquisition; such increases more than
offset the increase in goodwill and core deposit intangibles.
Tangible book value per common share at quarter end decreased $0.08
per share from the prior quarter and increased $0.40 per share from
a year ago.
Cash DividendOn November 15, 2017, the Company’s
Board of Directors declared a quarterly cash dividend of $0.21 per
share. The dividend was payable December 14, 2017 to
shareholders of record on December 5, 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
December 31, 2017Compared to
September 30, 2017, June 30, 2017, March 31, 2017
and December 31, 2016
Income Summary
| |
|
| |
Three Months ended |
| (Dollars in
thousands) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Jun 30,2017 |
|
Mar 31,2017 |
|
Dec 31,2016 |
| Net interest
income |
|
|
|
|
|
|
|
|
|
| Interest
income |
$ |
96,898 |
|
|
96,464 |
|
|
94,032 |
|
|
87,628 |
|
|
87,759 |
|
| Interest
expense |
7,072 |
|
|
7,652 |
|
|
7,774 |
|
|
7,366 |
|
|
7,214 |
|
|
Total net interest income |
89,826 |
|
|
88,812 |
|
|
86,258 |
|
|
80,262 |
|
|
80,545 |
|
| Non-interest
income |
|
|
|
|
|
|
|
|
|
| Service
charges and other fees |
17,282 |
|
|
17,307 |
|
|
17,495 |
|
|
15,633 |
|
|
15,645 |
|
|
Miscellaneous loan fees and charges |
1,077 |
|
|
1,211 |
|
|
1,092 |
|
|
980 |
|
|
1,234 |
|
| Gain on
sale of loans |
7,408 |
|
|
9,141 |
|
|
7,532 |
|
|
6,358 |
|
|
9,765 |
|
| (Loss)
gain on sale of investments |
(115 |
) |
|
77 |
|
|
(522 |
) |
|
(100 |
) |
|
(757 |
) |
| Other
income |
2,057 |
|
|
3,449 |
|
|
2,059 |
|
|
2,818 |
|
|
2,127 |
|
|
Total non-interest income |
27,709 |
|
|
31,185 |
|
|
27,656 |
|
|
25,689 |
|
|
28,014 |
|
| |
$ |
117,535 |
|
|
119,997 |
|
|
113,914 |
|
|
105,951 |
|
|
108,559 |
|
| Net interest margin
(tax-equivalent) |
4.23 |
% |
|
4.11 |
% |
|
4.12 |
% |
|
4.03 |
% |
|
4.02 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
$ Change from |
| (Dollars in
thousands) |
|
|
Sep 30,2017 |
|
Jun 30,2017 |
|
Mar 31,2017 |
|
Dec 31,2016 |
| Net interest
income |
|
|
|
|
|
|
|
|
|
| Interest
income |
|
|
$ |
434 |
|
|
2,866 |
|
|
9,270 |
|
|
9,139 |
|
| Interest
expense |
|
|
(580 |
) |
|
(702 |
) |
|
(294 |
) |
|
(142 |
) |
|
Total net interest income |
|
|
1,014 |
|
|
3,568 |
|
|
9,564 |
|
|
9,281 |
|
| Non-interest
income |
|
|
|
|
|
|
|
|
|
| Service
charges and other fees |
|
|
(25 |
) |
|
(213 |
) |
|
1,649 |
|
|
1,637 |
|
|
Miscellaneous loan fees and charges |
|
|
(134 |
) |
|
(15 |
) |
|
97 |
|
|
(157 |
) |
| Gain on
sale of loans |
|
|
(1,733 |
) |
|
(124 |
) |
|
1,050 |
|
|
(2,357 |
) |
| (Loss)
gain on sale of investments |
|
|
(192 |
) |
|
407 |
|
|
(15 |
) |
|
642 |
|
| Other
income |
|
|
(1,392 |
) |
|
(2 |
) |
|
(761 |
) |
|
(70 |
) |
|
Total non-interest income |
|
|
(3,476 |
) |
|
53 |
|
|
2,020 |
|
|
(305 |
) |
|
|
|
|
$ |
(2,462 |
) |
|
3,621 |
|
|
11,584 |
|
|
8,976 |
|
| |
Net Interest IncomeIn the current quarter,
interest income of $96.9 million increased $434 thousand, or 45
basis points, from the prior quarter and increased $9.1 million, or
10 percent, over the prior year fourth quarter with both increases
attributable to the increase in interest from commercial
loans. Interest income on commercial loans increased $1.5
million, or 2 percent, from the prior quarter and increased $11.6
million, or 23 percent, from the prior year fourth quarter.
As a result of the shrinking investment portfolio, interest income
from investments decreased $1.3 million from the prior quarter and
$3.0 million from the prior year fourth quarter.
The current quarter interest expense of $7.1
million decreased $580 thousand, or 8 percent, from the prior
quarter and was driven primarily by the decrease in wholesale
deposits. Current quarter interest expense decreased $142
thousand, or 2 percent, from the prior year fourth quarter.
The total cost of funding (including non-interest bearing deposits)
for the current quarter was 33 basis points compared to 35 basis
points for the prior quarter and 36 basis points for the prior year
fourth quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.23 percent compared to 4.11 percent in the
prior quarter. The 12 basis points increase in the net
interest margin was the result of an 11 basis points increase on
the earning asset yield and a decrease of 2 basis points in cost of
funds. The increase in earning asset yield was primarily
driven by the continuing shift of lower yielding investments to
higher yielding loans coupled with increased yields on loans and
investments. The decrease in cost of funds was driven by the
decrease in wholesale deposits which more than offset the increase
in interest expense on FHLB advances. The current quarter net
interest margin increased 21 basis points over the prior year
fourth quarter net interest margin of 4.02 percent, due to the
remix of earning assets to higher yielding loans and higher
yielding earning assets.
Non-interest IncomeNon-interest income for the
current quarter totaled $27.7 million, a decrease of $3.5 million,
or 11 percent, from the prior quarter and a decrease of $305
thousand, or 1 percent, over the same quarter last year.
Service charges and other fees of $17.3 million, increased $1.6
million, or 10 percent, from the prior year fourth quarter
primarily from the increased number of accounts. Gain
on sale of loans for the current quarter decreased $1.7 million, or
19 percent, from the prior quarter as a result of a seasonal
slowdown in purchase activity. Gain on sale of loans
decreased $2.4 million, or 24 percent, from the prior year fourth
quarter as a result of decreased refinance and purchase
activity. Other income of $2.1 million, decreased $1.4
million, or 40 percent, over the prior quarter due to the decrease
in gain on sale of other real estate owned (“OREO”). Gain on
sale of OREO during the fourth quarter of 2017 was $62.7 thousand
compared to $1.5 million in the prior quarter.
Non-interest Expense Summary
| |
|
| |
Three Months ended |
| (Dollars in
thousands) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Jun 30,2017 |
|
Mar 31,2017 |
|
Dec 31,2016 |
| Compensation and
employee benefits |
$ |
40,465 |
|
|
41,297 |
|
|
39,498 |
|
|
39,246 |
|
|
38,826 |
|
| Occupancy and
equipment |
6,925 |
|
|
6,500 |
|
|
6,560 |
|
|
6,646 |
|
|
6,692 |
|
| Advertising and
promotions |
2,024 |
|
|
2,239 |
|
|
2,169 |
|
|
1,973 |
|
|
2,125 |
|
| Data processing |
3,970 |
|
|
3,647 |
|
|
3,409 |
|
|
3,124 |
|
|
3,408 |
|
| Other real estate
owned |
377 |
|
|
817 |
|
|
442 |
|
|
273 |
|
|
2,076 |
|
| Regulatory assessments
and insurance |
1,069 |
|
|
1,214 |
|
|
1,087 |
|
|
1,061 |
|
|
1,048 |
|
| Core deposit
intangibles amortization |
614 |
|
|
640 |
|
|
639 |
|
|
601 |
|
|
608 |
|
| Other expenses |
12,922 |
|
|
12,198 |
|
|
11,505 |
|
|
10,420 |
|
|
11,934 |
|
| Total
non-interest expense |
$ |
68,366 |
|
|
68,552 |
|
|
65,309 |
|
|
63,344 |
|
|
66,717 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
$ Change from |
| (Dollars
in thousands) |
|
Sep 30,2017 |
|
Jun 30,2017 |
|
Mar 31,2017 |
|
Dec 31,2016 |
| Compensation and
employee benefits |
|
|
$ |
(832 |
) |
|
967 |
|
|
1,219 |
|
|
1,639 |
|
| Occupancy and
equipment |
|
|
425 |
|
|
365 |
|
|
279 |
|
|
233 |
|
| Advertising and
promotions |
|
|
(215 |
) |
|
(145 |
) |
|
51 |
|
|
(101 |
) |
| Data processing |
|
|
323 |
|
|
561 |
|
|
846 |
|
|
562 |
|
| Other real estate
owned |
|
|
(440 |
) |
|
(65 |
) |
|
104 |
|
|
(1,699 |
) |
| Regulatory assessments
and insurance |
|
|
(145 |
) |
|
(18 |
) |
|
8 |
|
|
21 |
|
| Core deposit
intangibles amortization |
|
|
(26 |
) |
|
(25 |
) |
|
13 |
|
|
6 |
|
| Other expense |
|
|
724 |
|
|
1,417 |
|
|
2,502 |
|
|
988 |
|
| Total
non-interest expense |
|
|
$ |
(186 |
) |
|
3,057 |
|
|
5,022 |
|
|
1,649 |
|
| |
During 2016, the Company consolidated its Bank
divisions’ individual core database systems into a single core
database and re-issued debit cards with chip technology (the Core
Consolidation Project or “CCP”). Expenses related to CCP were
$741 thousand during the fourth quarter of 2016. Excluding CCP
expenses, non-interest expense for the current quarter increased
$2.4 million, or 4 percent, over the prior year fourth quarter.
Compensation and employee benefits increased by
$1.6 million, or 4 percent, from the prior year fourth quarter due
to salary increases and the increased number of employees from
acquisitions. Data processing expense increased $323
thousand, or 9 percent, from the prior quarter and increased $562,
or 16 percent, from the prior year fourth quarter. Other
expenses increased $724 thousand, or 6 percent from the prior
quarter and increased $988 thousand, or 8 percent, from the prior
year fourth quarter with changes in several categories and the
primary increase was from acquisition related expenses.
Federal and State Income Tax ExpenseTax expense
during the fourth quarter of 2017 was $31.3 million, an increase
$19.7 million, or 169 percent, over the prior quarter and an
increase of $21.7 million, or 224 percent, over the prior
year fourth quarter with the increases due to the revaluation of
the Company’s net deferred tax asset. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply
to the years in which the temporary differences are expected to be
recognized. The effect on deferred tax assets and liabilities
from a change in tax rates is recognized in net income in the
period that includes the enactment date which occurred on December
22, 2017 with the enactment of the Tax Act. The current year
federal marginal rate was 35 percent and will decrease to 21
percent in 2018. Excluding the impact of the Tax Act, the
effective federal and state income tax rate for the Company was
25.1 percent in 2017 and is expected to decrease to a range of 17
to 18 percent during 2018 as a result of the Tax Act.
Efficiency RatioThe current quarter efficiency
ratio was 54.02 percent, a 58 basis points increase from the prior
quarter efficiency ratio of 53.44 percent which was primarily
driven by a seasonal slowing of residential refinance and purchase
activity which caused a decrease in the gain on sale of
loans. The current quarter efficiency ratio decreased 106
basis points from the prior year fourth quarter ratio of 55.08
percent and was attributable to the increase in net interest income
primarily due to higher interest income on commercial loans.
“The Bank divisions’ success in growing loans at higher yields
while controlling funding costs throughout the year is reflected in
the efficiency ratio improvement,” said Ron Copher, Chief Financial
Officer.
Operating Results for Year ended
December 31, 2017Compared to
December 31, 2016
Income Summary
| |
|
|
|
|
|
| |
Year ended |
|
|
|
|
| (Dollars in
thousands) |
Dec 31,2017 |
|
Dec 31,2016 |
|
$ Change |
|
% Change |
| Net interest
income |
|
|
|
|
|
|
|
| Interest
income |
$ |
375,022 |
|
|
$ |
344,153 |
|
|
$ |
30,869 |
|
|
9 |
% |
| Interest
expense |
29,864 |
|
|
29,631 |
|
|
233 |
|
|
1 |
% |
|
Total net interest income |
345,158 |
|
|
314,522 |
|
|
30,636 |
|
|
10 |
% |
| Non-interest
income |
|
|
|
|
|
|
|
| Service
charges and other fees |
67,717 |
|
|
62,405 |
|
|
5,312 |
|
|
9 |
% |
|
Miscellaneous loan fees and charges |
4,360 |
|
|
4,613 |
|
|
(253 |
) |
|
(5 |
)% |
| Gain on
sale of loans |
30,439 |
|
|
33,606 |
|
|
(3,167 |
) |
|
(9 |
)% |
| Loss on
sale of investments |
(660 |
) |
|
(1,463 |
) |
|
803 |
|
|
(55 |
)% |
| Other
income |
10,383 |
|
|
8,157 |
|
|
2,226 |
|
|
27 |
% |
|
Total non-interest income |
112,239 |
|
|
107,318 |
|
|
4,921 |
|
|
5 |
% |
| |
$ |
457,397 |
|
|
$ |
421,840 |
|
|
$ |
35,557 |
|
|
8 |
% |
| Net interest margin
(tax-equivalent) |
4.12 |
% |
|
4.02 |
% |
|
|
|
|
|
|
Net Interest IncomeInterest income for the
current year increased $30.9 million, or 9 percent, from the prior
year and was attributable to a $38.4 million increase in income
from commercial loans which more than offset the decrease of $8.4
million in interest income on investments.
Interest expense of $29.9 million for the
current year increased $233 thousand over the prior year.
Interest expense on deposits decreased $1.6 million, or 9 percent,
and was due to the decrease in wholesale deposits. Interest
expense on repurchase agreements, FHLB advances, and subordinated
debt increased $1.8 million, or 16 percent, over the prior year and
was primarily driven by the increase in interest rates. The
total funding cost (including non-interest bearing deposits) for
2017 was 36 basis points compared to 37 basis points for 2016.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, for 2017 was 4.12
percent, a 10 basis point increase from the net interest margin of
4.02 percent for 2016. The increase in the margin was
primarily attributable to a shift in earning assets to higher
yielding loans. Additionally, there was an increase in
yields on earning assets combined with a continued increase in low
cost deposits during the current year.
Non-interest IncomeNon-interest income of $112.2
million for 2017 increased $4.9 million, or 5 percent, over last
year. Service charges and other fees of $67.7 million for
2017 increased $5.3 million, or 9 percent, from the prior year as a
result of an increased number of deposit accounts. The gain
on sale of loans of $30.4 million for 2017 decreased $3.2 million,
or 9 percent, from prior year which was due to a lower volume of
refinanced and purchased mortgages. Other income of $10.4
million for 2017 increased $2.2 million, or 27 percent, over last
year and was the result of an increase on gain on sale of OREO.
Non-interest Expense Summary
| |
|
|
|
|
|
| |
Year ended |
|
|
|
|
| (Dollars in
thousands) |
Dec 31,2017 |
|
Dec 31,2016 |
|
$ Change |
|
% Change |
| Compensation and
employee benefits |
$ |
160,506 |
|
|
$ |
151,697 |
|
|
$ |
8,809 |
|
|
6 |
% |
| Occupancy and
equipment |
26,631 |
|
|
25,979 |
|
|
652 |
|
|
3 |
% |
| Advertising and
promotions |
8,405 |
|
|
8,433 |
|
|
(28 |
) |
|
— |
% |
| Data processing |
14,150 |
|
|
14,390 |
|
|
(240 |
) |
|
(2 |
)% |
| Other real estate
owned |
1,909 |
|
|
2,895 |
|
|
(986 |
) |
|
(34 |
)% |
| Regulatory assessments
and insurance |
4,431 |
|
|
4,780 |
|
|
(349 |
) |
|
(7 |
)% |
| Core deposit
intangibles amortization |
2,494 |
|
|
2,970 |
|
|
(476 |
) |
|
(16 |
)% |
| Other expenses |
47,045 |
|
|
47,570 |
|
|
(525 |
) |
|
(1 |
)% |
| Total
non-interest expense |
$ |
265,571 |
|
|
$ |
258,714 |
|
|
$ |
6,857 |
|
|
3 |
% |
| |
Expenses related to CCP were $4.3 million during
2016. Excluding CCP expenses, non-interest expense for the current
year increased $11.2 million, or 4 percent, over the prior
year. Compensation and employee benefits for 2017 increased
$8.8 million, or 6 percent, from the same period last year due to
salary increases and the increased number of employees from the
acquired banks. Occupancy and equipment expense increased
$652 thousand, or 3 percent from the prior year as a result of
increased costs from acquisitions. Data processing expense
decreased $240 thousand, or 2 percent, from the prior year as a
result of decreased costs associated with CCP. Current year
other expenses of $47.0 million decreased $525 thousand, or 1
percent, from the prior year and was principally driven by
decreased costs associated with CCP.
Provision for Loan LossesThe provision for loan
losses was $10.8 million for 2017, an increase of $8.5 million from
the same period in the prior year. Net charge-offs during
2017 were $10.8 million compared to $2.5 million during 2016.
Federal and State Income Tax ExpenseTax expense
of $64.6 million in 2017 increased $25.0 million, or 63 percent,
over the prior year as a result of the $19.7 million revaluation of
the Company’s deferred tax asset related to the Tax Act.
Efficiency RatioThe efficiency ratio of 53.94
percent for 2017 decreased 194 basis points from the prior year
efficiency ratio of 55.88 percent which resulted from the increase
in net interest income largely due to higher interest income on
commercial loans.
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 Federal
Deposit Insurance Corporation 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,
January 26, 2018. The conference call will be accessible by
telephone and through the internet. Interested individuals are
invited to listen to the call by dialing 877-561-2748 and
conference ID 5089588. To participate on the webcast, log on
to: https://edge.media-server.com/m6/p/oqu7ruzu. If you are
unable to participate during the live webcast, the call will be
archived on our website, www.glacierbancorp.com, or by calling
855-859-2056 with the ID 5089588 by February 9, 2018.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc.
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, with operations in Idaho,
Utah and Washington; 1st Bank, Evanston, operating in Wyoming and
Utah; Citizens Community Bank, Pocatello, operating in Idaho; Bank
of the San Juans, Durango, operating in Colorado; First Bank of
Wyoming, Powell, and First State Bank, Wheatland, both operating in
Wyoming; North Cascades Bank, Chelan, with operations in
Washington; and The Foothills Bank, Yuma, with operations in
Arizona.
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Financial Condition
|
|
| (Dollars in thousands,
except per share data) |
December 31,2017 |
|
September 30,2017 |
|
December 31,2016 |
|
Assets |
|
|
|
|
|
| Cash on
hand and in banks |
$ |
139,948 |
|
|
136,822 |
|
|
135,268 |
|
| Federal
funds sold |
— |
|
|
210 |
|
|
— |
|
| Interest
bearing cash deposits |
60,056 |
|
|
83,178 |
|
|
17,273 |
|
|
Cash and cash equivalents |
200,004 |
|
|
220,210 |
|
|
152,541 |
|
|
Investment securities, available-for-sale |
1,778,243 |
|
|
1,886,517 |
|
|
2,425,477 |
|
|
Investment securities, held-to-maturity |
648,313 |
|
|
655,128 |
|
|
675,674 |
|
|
Total investment securities |
2,426,556 |
|
|
2,541,645 |
|
|
3,101,151 |
|
| Loans
held for sale |
38,833 |
|
|
48,709 |
|
|
72,927 |
|
| Loans
receivable |
6,577,824 |
|
|
6,509,433 |
|
|
5,684,463 |
|
| Allowance
for loan and lease losses |
(129,568 |
) |
|
(129,576 |
) |
|
(129,572 |
) |
|
Loans receivable, net |
6,448,256 |
|
|
6,379,857 |
|
|
5,554,891 |
|
| Premises
and equipment, net |
177,348 |
|
|
178,672 |
|
|
176,198 |
|
| Other
real estate owned |
14,269 |
|
|
14,359 |
|
|
20,954 |
|
| Accrued
interest receivable |
44,462 |
|
|
50,492 |
|
|
45,832 |
|
| Deferred
tax asset |
38,344 |
|
|
58,916 |
|
|
67,121 |
|
| Core
deposit intangible, net |
14,184 |
|
|
14,798 |
|
|
12,347 |
|
|
Goodwill |
177,811 |
|
|
177,811 |
|
|
147,053 |
|
|
Non-marketable equity securities |
29,884 |
|
|
21,890 |
|
|
25,550 |
|
| Other
assets |
96,398 |
|
|
91,243 |
|
|
74,035 |
|
|
Total assets |
$ |
9,706,349 |
|
|
9,798,602 |
|
|
9,450,600 |
|
|
Liabilities |
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,311,902 |
|
|
2,355,983 |
|
|
2,041,852 |
|
| Interest
bearing deposits |
5,267,845 |
|
|
5,411,171 |
|
|
5,330,427 |
|
|
Securities sold under agreements to repurchase |
362,573 |
|
|
453,596 |
|
|
473,650 |
|
| FHLB
advances |
353,995 |
|
|
153,685 |
|
|
251,749 |
|
| Other
borrowed funds |
8,224 |
|
|
8,243 |
|
|
4,440 |
|
|
Subordinated debentures |
126,135 |
|
|
126,099 |
|
|
125,991 |
|
| Accrued
interest payable |
3,450 |
|
|
3,154 |
|
|
3,584 |
|
| Other
liabilities |
73,168 |
|
|
80,470 |
|
|
102,038 |
|
|
Total liabilities |
8,507,292 |
|
|
8,592,401 |
|
|
8,333,731 |
|
| 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 |
780 |
|
|
780 |
|
|
765 |
|
| Paid-in
capital |
797,997 |
|
|
797,381 |
|
|
749,107 |
|
| Retained
earnings - substantially restricted |
402,259 |
|
|
403,373 |
|
|
374,379 |
|
|
Accumulated other comprehensive (loss) income |
(1,979 |
) |
|
4,667 |
|
|
(7,382 |
) |
|
Total stockholders’ equity |
1,199,057 |
|
|
1,206,201 |
|
|
1,116,869 |
|
|
Total liabilities and stockholders’ equity |
$ |
9,706,349 |
|
|
9,798,602 |
|
|
9,450,600 |
|
| |
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
| |
|
|
|
| |
Three Months ended |
|
Year ended |
| (Dollars in thousands,
except per share data) |
December 31,2017 |
|
September 30,2017 |
|
December 31,2016 |
|
December 31,2017 |
|
December 31,2016 |
| Interest
Income |
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
18,663 |
|
|
19,987 |
|
|
21,645 |
|
|
81,968 |
|
|
90,392 |
|
|
Residential real estate loans |
8,520 |
|
|
8,326 |
|
|
8,463 |
|
|
33,114 |
|
|
33,410 |
|
|
Commercial loans |
61,329 |
|
|
59,875 |
|
|
49,750 |
|
|
227,356 |
|
|
188,949 |
|
| Consumer
and other loans |
8,386 |
|
|
8,276 |
|
|
7,901 |
|
|
32,584 |
|
|
31,402 |
|
|
Total interest income |
96,898 |
|
|
96,464 |
|
|
87,759 |
|
|
375,022 |
|
|
344,153 |
|
| Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
3,288 |
|
|
4,564 |
|
|
4,497 |
|
|
16,793 |
|
|
18,402 |
|
|
Securities sold under agreements to repurchase |
496 |
|
|
537 |
|
|
325 |
|
|
1,858 |
|
|
1,207 |
|
| Federal
Home Loan Bank advances |
2,106 |
|
|
1,398 |
|
|
1,377 |
|
|
6,748 |
|
|
6,221 |
|
| Other
borrowed funds |
24 |
|
|
21 |
|
|
18 |
|
|
79 |
|
|
67 |
|
|
Subordinated debentures |
1,158 |
|
|
1,132 |
|
|
997 |
|
|
4,386 |
|
|
3,734 |
|
|
Total interest expense |
7,072 |
|
|
7,652 |
|
|
7,214 |
|
|
29,864 |
|
|
29,631 |
|
| Net Interest
Income |
89,826 |
|
|
88,812 |
|
|
80,545 |
|
|
345,158 |
|
|
314,522 |
|
| Provision
for loan losses |
2,886 |
|
|
3,327 |
|
|
1,139 |
|
|
10,824 |
|
|
2,333 |
|
|
Net interest income after provision for loan
losses |
86,940 |
|
|
85,485 |
|
|
79,406 |
|
|
334,334 |
|
|
312,189 |
|
| Non-Interest
Income |
|
|
|
|
|
|
|
|
|
| Service
charges and other fees |
17,282 |
|
|
17,307 |
|
|
15,645 |
|
|
67,717 |
|
|
62,405 |
|
|
Miscellaneous loan fees and charges |
1,077 |
|
|
1,211 |
|
|
1,234 |
|
|
4,360 |
|
|
4,613 |
|
| Gain on
sale of loans |
7,408 |
|
|
9,141 |
|
|
9,765 |
|
|
30,439 |
|
|
33,606 |
|
| (Loss)
gain on sale of investments |
(115 |
) |
|
77 |
|
|
(757 |
) |
|
(660 |
) |
|
(1,463 |
) |
| Other
income |
2,057 |
|
|
3,449 |
|
|
2,127 |
|
|
10,383 |
|
|
8,157 |
|
|
Total non-interest income |
27,709 |
|
|
31,185 |
|
|
28,014 |
|
|
112,239 |
|
|
107,318 |
|
| Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
40,465 |
|
|
41,297 |
|
|
38,826 |
|
|
160,506 |
|
|
151,697 |
|
| Occupancy
and equipment |
6,925 |
|
|
6,500 |
|
|
6,692 |
|
|
26,631 |
|
|
25,979 |
|
|
Advertising and promotions |
2,024 |
|
|
2,239 |
|
|
2,125 |
|
|
8,405 |
|
|
8,433 |
|
| Data
processing |
3,970 |
|
|
3,647 |
|
|
3,408 |
|
|
14,150 |
|
|
14,390 |
|
| Other
real estate owned |
377 |
|
|
817 |
|
|
2,076 |
|
|
1,909 |
|
|
2,895 |
|
|
Regulatory assessments and insurance |
1,069 |
|
|
1,214 |
|
|
1,048 |
|
|
4,431 |
|
|
4,780 |
|
| Core
deposit intangibles amortization |
614 |
|
|
640 |
|
|
608 |
|
|
2,494 |
|
|
2,970 |
|
| Other
expenses |
12,922 |
|
|
12,198 |
|
|
11,934 |
|
|
47,045 |
|
|
47,570 |
|
|
Total non-interest expense |
68,366 |
|
|
68,552 |
|
|
66,717 |
|
|
265,571 |
|
|
258,714 |
|
| Income Before
Income Taxes |
46,283 |
|
|
48,118 |
|
|
40,703 |
|
|
181,002 |
|
|
160,793 |
|
| Federal
and state income tax expense |
31,327 |
|
|
11,639 |
|
|
9,662 |
|
|
64,625 |
|
|
39,662 |
|
| Net
Income |
$ |
14,956 |
|
|
36,479 |
|
|
31,041 |
|
|
116,377 |
|
|
121,131 |
|
|
|
Glacier Bancorp,
Inc.Average Balance Sheets
| |
|
| |
Three Months ended |
| |
December 31, 2017 |
|
December 31, 2016 |
| (Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
758,180 |
|
|
$ |
8,520 |
|
|
4.50 |
% |
|
$ |
756,796 |
|
|
$ |
8,463 |
|
|
4.47 |
% |
|
Commercial loans 1 |
5,089,922 |
|
|
63,140 |
|
|
4.92 |
% |
|
4,225,252 |
|
|
51,039 |
|
|
4.81 |
% |
| Consumer
and other loans |
695,288 |
|
|
8,386 |
|
|
4.79 |
% |
|
677,300 |
|
|
7,901 |
|
|
4.64 |
% |
| Total
loans 2 |
6,543,390 |
|
|
80,046 |
|
|
4.85 |
% |
|
5,659,348 |
|
|
67,403 |
|
|
4.74 |
% |
|
Tax-exempt investment securities 3 |
1,089,640 |
|
|
15,485 |
|
|
5.68 |
% |
|
1,290,962 |
|
|
18,487 |
|
|
5.73 |
% |
| Taxable
investment securities 4 |
1,483,157 |
|
|
8,774 |
|
|
2.37 |
% |
|
1,809,816 |
|
|
9,813 |
|
|
2.17 |
% |
| Total
earning assets |
9,116,187 |
|
|
104,305 |
|
|
4.54 |
% |
|
8,760,126 |
|
|
95,703 |
|
|
4.35 |
% |
| Goodwill
and intangibles |
192,663 |
|
|
|
|
|
|
159,771 |
|
|
|
|
|
|
Non-earning assets |
402,802 |
|
|
|
|
|
|
389,562 |
|
|
|
|
|
| Total
assets |
$ |
9,711,652 |
|
|
|
|
|
|
$ |
9,309,459 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,334,103 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,045,833 |
|
|
$ |
— |
|
|
— |
% |
| NOW and
DDA accounts |
1,704,799 |
|
|
408 |
|
|
0.10 |
% |
|
1,533,225 |
|
|
254 |
|
|
0.07 |
% |
| Savings
accounts |
1,087,212 |
|
|
164 |
|
|
0.06 |
% |
|
979,377 |
|
|
134 |
|
|
0.05 |
% |
| Money
market deposit accounts |
1,552,045 |
|
|
610 |
|
|
0.16 |
% |
|
1,451,803 |
|
|
548 |
|
|
0.15 |
% |
|
Certificate accounts |
831,107 |
|
|
1,203 |
|
|
0.57 |
% |
|
961,707 |
|
|
1,393 |
|
|
0.58 |
% |
| Wholesale
deposits 5 |
161,320 |
|
|
903 |
|
|
2.22 |
% |
|
335,579 |
|
|
2,168 |
|
|
2.57 |
% |
| FHLB
advances |
226,334 |
|
|
2,106 |
|
|
3.64 |
% |
|
220,921 |
|
|
1,377 |
|
|
2.44 |
% |
|
Repurchase agreements and other borrowed funds |
512,780 |
|
|
1,678 |
|
|
1.30 |
% |
|
538,305 |
|
|
1,340 |
|
|
0.99 |
% |
| Total
funding liabilities |
8,409,700 |
|
|
7,072 |
|
|
0.33 |
% |
|
8,066,750 |
|
|
7,214 |
|
|
0.36 |
% |
| Other
liabilities |
93,335 |
|
|
|
|
|
|
101,383 |
|
|
|
|
|
| Total
liabilities |
8,503,035 |
|
|
|
|
|
|
8,168,133 |
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
| Common
stock |
780 |
|
|
|
|
|
|
765 |
|
|
|
|
|
| Paid-in
capital |
797,607 |
|
|
|
|
|
|
748,730 |
|
|
|
|
|
| Retained
earnings |
410,836 |
|
|
|
|
|
|
389,289 |
|
|
|
|
|
|
Accumulated other comprehensive (loss) income |
(606 |
) |
|
|
|
|
|
2,542 |
|
|
|
|
|
| Total
stockholders’ equity |
1,208,617 |
|
|
|
|
|
|
1,141,326 |
|
|
|
|
|
| Total
liabilities and stockholders’ equity |
$ |
9,711,652 |
|
|
|
|
|
|
$ |
9,309,459 |
|
|
|
|
|
| Net interest income
(tax-equivalent) |
|
|
$ |
97,233 |
|
|
|
|
|
|
$ |
88,489 |
|
|
|
| Net interest spread
(tax-equivalent) |
|
|
|
|
4.21 |
% |
|
|
|
|
|
3.99 |
% |
| Net interest margin
(tax-equivalent) |
|
|
|
|
4.23 |
% |
|
|
|
|
|
4.02 |
% |
__________1 Includes tax
effect of $1.8 million and $1.3 million on tax-exempt municipal
loan and lease income for the three months ended December 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 $5.3 million and $6.3 million on tax-exempt
investment securities income for the three months ended
December 31, 2017 and 2016, respectively.4
Includes tax effect of $313 thousand and $353 thousand on federal
income tax credits for the three months ended December 31,
2017 and 2016, respectively.5 Wholesale deposits
include brokered deposits classified as NOW, DDA, money market
deposit and certificate accounts.
Glacier Bancorp,
Inc.Average Balance Sheets
(continued)
| |
|
| |
Year ended |
|
|
December 31, 2017 |
|
December 31, 2016 |
| (Dollars
in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
744,523 |
|
|
$ |
33,114 |
|
|
4.45 |
% |
|
$ |
741,876 |
|
|
$ |
33,410 |
|
|
4.50 |
% |
|
Commercial loans 1 |
4,792,720 |
|
|
233,744 |
|
|
4.88 |
% |
|
3,993,363 |
|
|
193,147 |
|
|
4.84 |
% |
| Consumer
and other loans |
684,129 |
|
|
32,584 |
|
|
4.76 |
% |
|
668,990 |
|
|
31,402 |
|
|
4.69 |
% |
| Total
loans 2 |
6,221,372 |
|
|
299,442 |
|
|
4.81 |
% |
|
5,404,229 |
|
|
257,959 |
|
|
4.77 |
% |
|
Tax-exempt investment securities 3 |
1,160,182 |
|
|
66,077 |
|
|
5.70 |
% |
|
1,325,810 |
|
|
75,907 |
|
|
5.73 |
% |
| Taxable
investment securities 4 |
1,722,264 |
|
|
39,727 |
|
|
2.31 |
% |
|
1,874,240 |
|
|
41,775 |
|
|
2.23 |
% |
| Total
earning assets |
9,103,818 |
|
|
405,246 |
|
|
4.45 |
% |
|
8,604,279 |
|
|
375,641 |
|
|
4.37 |
% |
| Goodwill
and intangibles |
180,014 |
|
|
|
|
|
|
155,981 |
|
|
|
|
|
|
Non-earning assets |
394,363 |
|
|
|
|
|
|
392,353 |
|
|
|
|
|
| Total
assets |
$ |
9,678,195 |
|
|
|
|
|
|
$ |
9,152,613 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,175,750 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,934,543 |
|
|
$ |
— |
|
|
— |
% |
| NOW and
DDA accounts |
1,656,865 |
|
|
1,402 |
|
|
0.08 |
% |
|
1,498,928 |
|
|
1,062 |
|
|
0.07 |
% |
| Savings
accounts |
1,055,688 |
|
|
624 |
|
|
0.06 |
% |
|
920,058 |
|
|
464 |
|
|
0.05 |
% |
| Money
market deposit accounts |
1,547,659 |
|
|
2,407 |
|
|
0.16 |
% |
|
1,420,700 |
|
|
2,183 |
|
|
0.15 |
% |
|
Certificate accounts |
888,887 |
|
|
5,114 |
|
|
0.58 |
% |
|
1,013,046 |
|
|
5,998 |
|
|
0.59 |
% |
| Wholesale
deposits 5 |
275,804 |
|
|
7,246 |
|
|
2.63 |
% |
|
335,616 |
|
|
8,695 |
|
|
2.59 |
% |
| FHLB
advances |
258,528 |
|
|
6,748 |
|
|
2.57 |
% |
|
294,952 |
|
|
6,221 |
|
|
2.07 |
% |
|
Repurchase agreements and other borrowed funds |
547,307 |
|
|
6,323 |
|
|
1.16 |
% |
|
515,254 |
|
|
5,008 |
|
|
0.97 |
% |
| Total
funding liabilities |
8,406,488 |
|
|
29,864 |
|
|
0.36 |
% |
|
7,933,097 |
|
|
29,631 |
|
|
0.37 |
% |
| Other
liabilities |
83,991 |
|
|
|
|
|
|
96,392 |
|
|
|
|
|
| Total
liabilities |
8,490,479 |
|
|
|
|
|
|
8,029,489 |
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
| Common
stock |
775 |
|
|
|
|
|
|
763 |
|
|
|
|
|
| Paid-in
capital |
781,267 |
|
|
|
|
|
|
740,792 |
|
|
|
|
|
| Retained
earnings |
406,200 |
|
|
|
|
|
|
371,925 |
|
|
|
|
|
|
Accumulated other comprehensive (loss) income |
(526 |
) |
|
|
|
|
|
9,644 |
|
|
|
|
|
| Total
stockholders’ equity |
1,187,716 |
|
|
|
|
|
|
1,123,124 |
|
|
|
|
|
| Total
liabilities and stockholders’ equity |
$ |
9,678,195 |
|
|
|
|
|
|
$ |
9,152,613 |
|
|
|
|
|
| Net interest income
(tax-equivalent) |
|
|
$ |
375,382 |
|
|
|
|
|
|
$ |
346,010 |
|
|
|
| Net interest spread
(tax-equivalent) |
|
|
|
|
4.09 |
% |
|
|
|
|
|
4.00 |
% |
| Net interest margin
(tax-equivalent) |
|
|
|
|
4.12 |
% |
|
|
|
|
|
4.02 |
% |
__________1 Includes tax
effect of $6.4 million and $4.2 million on tax-exempt municipal
loan and lease income for the years ended December 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 $22.5 million and $25.9 million on
tax-exempt investment securities income for the years ended
December 31, 2017 and 2016, respectively.4
Includes tax effect of $1.3 million and $1.4 million on federal
income tax credits for the years ended December 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) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
|
Sep 30,2017 |
|
Dec 31,2016 |
| Custom and owner
occupied construction |
$ |
109,555 |
|
|
$ |
106,615 |
|
|
$ |
86,233 |
|
|
3 |
% |
|
27 |
% |
| Pre-sold and spec
construction |
72,160 |
|
|
82,023 |
|
|
66,184 |
|
|
(12 |
)% |
|
9 |
% |
|
Total residential construction |
181,715 |
|
|
188,638 |
|
|
152,417 |
|
|
(4 |
)% |
|
19 |
% |
| Land development |
82,398 |
|
|
83,414 |
|
|
75,078 |
|
|
(1 |
)% |
|
10 |
% |
| Consumer land or
lots |
102,289 |
|
|
99,866 |
|
|
97,449 |
|
|
2 |
% |
|
5 |
% |
| Unimproved land |
65,753 |
|
|
64,610 |
|
|
69,157 |
|
|
2 |
% |
|
(5 |
)% |
| Developed lots for
operative builders |
14,592 |
|
|
12,830 |
|
|
13,254 |
|
|
14 |
% |
|
10 |
% |
| Commercial lots |
23,770 |
|
|
25,984 |
|
|
30,523 |
|
|
(9 |
)% |
|
(22 |
)% |
| Other construction |
391,835 |
|
|
367,060 |
|
|
257,769 |
|
|
7 |
% |
|
52 |
% |
|
Total land, lot, and other construction |
680,637 |
|
|
653,764 |
|
|
543,230 |
|
|
4 |
% |
|
25 |
% |
| Owner occupied |
1,132,833 |
|
|
1,109,796 |
|
|
977,932 |
|
|
2 |
% |
|
16 |
% |
| Non-owner occupied |
1,186,066 |
|
|
1,180,976 |
|
|
929,729 |
|
|
— |
% |
|
28 |
% |
|
Total commercial real estate |
2,318,899 |
|
|
2,290,772 |
|
|
1,907,661 |
|
|
1 |
% |
|
22 |
% |
| Commercial and
industrial |
751,221 |
|
|
766,970 |
|
|
686,870 |
|
|
(2 |
)% |
|
9 |
% |
|
Agriculture |
450,616 |
|
|
468,168 |
|
|
407,208 |
|
|
(4 |
)% |
|
11 |
% |
| 1st lien |
877,335 |
|
|
873,061 |
|
|
877,893 |
|
|
— |
% |
|
— |
% |
| Junior lien |
51,155 |
|
|
53,337 |
|
|
58,564 |
|
|
(4 |
)% |
|
(13 |
)% |
|
Total 1-4 family |
928,490 |
|
|
926,398 |
|
|
936,457 |
|
|
— |
% |
|
(1 |
)% |
| Multifamily
residential |
189,342 |
|
|
185,891 |
|
|
184,068 |
|
|
2 |
% |
|
3 |
% |
| Home equity lines of
credit |
440,105 |
|
|
429,483 |
|
|
402,614 |
|
|
2 |
% |
|
9 |
% |
| Other consumer |
148,247 |
|
|
153,363 |
|
|
155,193 |
|
|
(3 |
)% |
|
(4 |
)% |
|
Total consumer |
588,352 |
|
|
582,846 |
|
|
557,807 |
|
|
1 |
% |
|
5 |
% |
| States and
political subdivisions |
383,252 |
|
|
351,869 |
|
|
255,420 |
|
|
9 |
% |
|
50 |
% |
|
Other |
144,133 |
|
|
142,826 |
|
|
126,252 |
|
|
1 |
% |
|
14 |
% |
| Total
loans receivable, including loans held for sale |
6,616,657 |
|
|
6,558,142 |
|
|
5,757,390 |
|
|
1 |
% |
|
15 |
% |
| Less loans held
for sale 1 |
(38,833 |
) |
|
(48,709 |
) |
|
(72,927 |
) |
|
(20 |
)% |
|
(47 |
)% |
| Total
loans receivable |
$ |
6,577,824 |
|
|
$ |
6,509,433 |
|
|
$ |
5,684,463 |
|
|
1 |
% |
|
16 |
% |
| _______ |
| 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 90Daysor More PastDue |
|
OtherReal EstateOwned |
| (Dollars in
thousands) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
|
Dec 31,2017 |
|
Dec 31,2017 |
|
Dec 31,2017 |
| Custom and owner
occupied construction |
$ |
48 |
|
|
177 |
|
|
— |
|
|
— |
|
|
— |
|
|
48 |
|
| Pre-sold and spec
construction |
38 |
|
|
267 |
|
|
226 |
|
|
38 |
|
|
— |
|
|
— |
|
|
Total residential construction |
86 |
|
|
444 |
|
|
226 |
|
|
38 |
|
|
— |
|
|
48 |
|
| Land development |
7,888 |
|
|
8,116 |
|
|
9,864 |
|
|
806 |
|
|
— |
|
|
7,082 |
|
| Consumer land or
lots |
1,861 |
|
|
2,451 |
|
|
2,137 |
|
|
1,065 |
|
|
— |
|
|
796 |
|
| Unimproved land |
10,866 |
|
|
10,320 |
|
|
11,905 |
|
|
8,760 |
|
|
— |
|
|
2,106 |
|
| Developed lots for
operative builders |
116 |
|
|
116 |
|
|
175 |
|
|
— |
|
|
— |
|
|
116 |
|
| Commercial lots |
1,312 |
|
|
1,374 |
|
|
1,466 |
|
|
260 |
|
|
— |
|
|
1,052 |
|
| Other construction |
151 |
|
|
151 |
|
|
— |
|
|
— |
|
|
— |
|
|
151 |
|
|
Total land, lot and other construction |
22,194 |
|
|
22,528 |
|
|
25,547 |
|
|
10,891 |
|
|
— |
|
|
11,303 |
|
| Owner occupied |
13,848 |
|
|
14,207 |
|
|
18,749 |
|
|
11,778 |
|
|
698 |
|
|
1,372 |
|
| Non-owner occupied |
4,584 |
|
|
4,251 |
|
|
3,426 |
|
|
3,711 |
|
|
312 |
|
|
561 |
|
|
Total commercial real estate |
18,432 |
|
|
18,458 |
|
|
22,175 |
|
|
15,489 |
|
|
1,010 |
|
|
1,933 |
|
| Commercial and
industrial |
5,294 |
|
|
5,190 |
|
|
5,184 |
|
|
4,700 |
|
|
533 |
|
|
61 |
|
|
Agriculture |
3,931 |
|
|
3,998 |
|
|
1,615 |
|
|
3,931 |
|
|
— |
|
|
— |
|
| 1st lien |
9,261 |
|
|
7,688 |
|
|
9,186 |
|
|
6,452 |
|
|
2,605 |
|
|
204 |
|
| Junior lien |
567 |
|
|
591 |
|
|
1,167 |
|
|
518 |
|
|
— |
|
|
49 |
|
|
Total 1-4 family |
9,828 |
|
|
8,279 |
|
|
10,353 |
|
|
6,970 |
|
|
2,605 |
|
|
253 |
|
| Multifamily
residential |
— |
|
|
— |
|
|
400 |
|
|
— |
|
|
— |
|
|
— |
|
| Home equity lines of
credit |
3,292 |
|
|
4,151 |
|
|
5,494 |
|
|
2,652 |
|
|
— |
|
|
640 |
|
| Other consumer |
322 |
|
|
225 |
|
|
391 |
|
|
162 |
|
|
129 |
|
|
31 |
|
|
Total consumer |
3,614 |
|
|
4,376 |
|
|
5,885 |
|
|
2,814 |
|
|
129 |
|
|
671 |
|
| States and
political subdivisions |
1,800 |
|
|
1,800 |
|
|
— |
|
|
— |
|
|
1,800 |
|
|
— |
|
|
Total |
$ |
65,179 |
|
|
65,073 |
|
|
71,385 |
|
|
44,833 |
|
|
6,077 |
|
|
14,269 |
|
| |
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
| |
|
|
|
| |
Accruing 30-89 Days Delinquent Loans,by Loan Type |
|
% Change from |
| (Dollars in
thousands) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
|
Sep 30,2017 |
|
Dec 31,2016 |
| Custom and owner
occupied construction |
$ |
300 |
|
|
$ |
415 |
|
|
$ |
1,836 |
|
|
(28 |
)% |
|
(84 |
)% |
| Pre-sold and spec
construction |
102 |
|
|
451 |
|
|
— |
|
|
(77 |
)% |
|
n/m |
|
|
Total residential construction |
402 |
|
|
866 |
|
|
1,836 |
|
|
(54 |
)% |
|
(78 |
)% |
| Land development |
— |
|
|
5 |
|
|
154 |
|
|
(100 |
)% |
|
(100 |
)% |
| Consumer land or
lots |
353 |
|
|
615 |
|
|
638 |
|
|
(43 |
)% |
|
(45 |
)% |
| Unimproved land |
662 |
|
|
621 |
|
|
1,442 |
|
|
7 |
% |
|
(54 |
)% |
| Developed lots for
operative builders |
7 |
|
|
— |
|
|
— |
|
|
n/m |
|
|
n/m |
|
| Commercial lots |
108 |
|
|
15 |
|
|
— |
|
|
620 |
% |
|
n/m |
|
|
Total land, lot and other construction |
1,130 |
|
|
1,256 |
|
|
2,234 |
|
|
(10 |
)% |
|
(49 |
)% |
| Owner occupied |
4,726 |
|
|
4,450 |
|
|
2,307 |
|
|
6 |
% |
|
105 |
% |
| Non-owner occupied |
2,399 |
|
|
5,502 |
|
|
1,689 |
|
|
(56 |
) % |
|
42 |
% |
|
Total commercial real estate |
7,125 |
|
|
9,952 |
|
|
3,996 |
|
|
(28 |
)% |
|
78 |
% |
| Commercial and
industrial |
6,472 |
|
|
5,784 |
|
|
3,032 |
|
|
12 |
% |
|
113 |
% |
|
Agriculture |
3,205 |
|
|
780 |
|
|
1,133 |
|
|
311 |
% |
|
183 |
% |
| 1st lien |
10,865 |
|
|
2,973 |
|
|
7,777 |
|
|
265 |
% |
|
40 |
% |
| Junior lien |
4,348 |
|
|
3,463 |
|
|
1,016 |
|
|
26 |
% |
|
328 |
% |
|
Total 1-4 family |
15,213 |
|
|
6,436 |
|
|
8,793 |
|
|
136 |
% |
|
73 |
% |
| Multifamily
Residential |
— |
|
|
237 |
|
|
10 |
|
|
(100 |
)% |
|
(100 |
)% |
| Home equity lines of
credit |
1,962 |
|
|
2,065 |
|
|
1,537 |
|
|
(5 |
)% |
|
28 |
% |
| Other consumer |
2,109 |
|
|
1,735 |
|
|
1,180 |
|
|
22 |
% |
|
79 |
% |
|
Total consumer |
4,071 |
|
|
3,800 |
|
|
2,717 |
|
|
7 |
% |
|
50 |
% |
| States and
political subdivisions |
— |
|
|
— |
|
|
1,800 |
|
|
n/m |
|
|
(100 |
)% |
|
Other |
69 |
|
|
4 |
|
|
66 |
|
|
1,625 |
% |
|
5 |
% |
|
Total |
$ |
37,687 |
|
|
$ |
29,115 |
|
|
$ |
25,617 |
|
|
29 |
% |
|
47 |
% |
| _______ |
| 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) |
Dec 31,2017 |
|
Sep 30,2017 |
|
Dec 31,2016 |
|
Dec 31,2017 |
|
Dec 31,2017 |
| Custom and owner
occupied construction |
$ |
— |
|
|
58 |
|
|
(1 |
) |
|
62 |
|
|
62 |
|
| Pre-sold and spec
construction |
(23 |
) |
|
(19 |
) |
|
786 |
|
|
— |
|
|
23 |
|
|
Total residential construction |
(23 |
) |
|
39 |
|
|
785 |
|
|
62 |
|
|
85 |
|
| Land development |
(143 |
) |
|
(67 |
) |
|
(2,661 |
) |
|
— |
|
|
143 |
|
| Consumer land or
lots |
222 |
|
|
(150 |
) |
|
(688 |
) |
|
411 |
|
|
189 |
|
| Unimproved land |
(304 |
) |
|
(177 |
) |
|
(184 |
) |
|
— |
|
|
304 |
|
| Developed lots for
operative builders |
(107 |
) |
|
(16 |
) |
|
(27 |
) |
|
— |
|
|
107 |
|
| Commercial lots |
(6 |
) |
|
(4 |
) |
|
27 |
|
|
— |
|
|
6 |
|
| Other construction |
389 |
|
|
390 |
|
|
— |
|
|
389 |
|
|
— |
|
|
Total land, lot and other construction |
51 |
|
|
(24 |
) |
|
(3,533 |
) |
|
800 |
|
|
749 |
|
| Owner occupied |
3,908 |
|
|
3,416 |
|
|
1,196 |
|
|
4,556 |
|
|
648 |
|
| Non-owner occupied |
368 |
|
|
214 |
|
|
44 |
|
|
382 |
|
|
14 |
|
|
Total commercial real estate |
4,276 |
|
|
3,630 |
|
|
1,240 |
|
|
4,938 |
|
|
662 |
|
| Commercial and
industrial |
883 |
|
|
429 |
|
|
(370 |
) |
|
1,597 |
|
|
714 |
|
|
Agriculture |
9 |
|
|
(11 |
) |
|
50 |
|
|
37 |
|
|
28 |
|
| 1st lien |
(23 |
) |
|
(201 |
) |
|
487 |
|
|
356 |
|
|
379 |
|
| Junior lien |
719 |
|
|
746 |
|
|
60 |
|
|
815 |
|
|
96 |
|
|
Total 1-4 family |
696 |
|
|
545 |
|
|
547 |
|
|
1,171 |
|
|
475 |
|
| Multifamily
residential |
(230 |
) |
|
(229 |
) |
|
229 |
|
|
— |
|
|
230 |
|
| Home equity lines of
credit |
272 |
|
|
262 |
|
|
611 |
|
|
463 |
|
|
191 |
|
| Other consumer |
505 |
|
|
98 |
|
|
257 |
|
|
735 |
|
|
230 |
|
|
Total consumer |
777 |
|
|
360 |
|
|
868 |
|
|
1,198 |
|
|
421 |
|
|
Other |
4,389 |
|
|
3,195 |
|
|
2,642 |
|
|
9,528 |
|
|
5,139 |
|
|
Total |
$ |
10,828 |
|
|
7,934 |
|
|
2,458 |
|
|
19,331 |
|
|
8,503 |
|
| |
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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