2nd Quarter 2018 Highlights:
Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $44.4
million for the current quarter, an increase of $10.7 million, or
32 percent, from the $33.7 million of net income for the prior year
second quarter. Diluted earnings per share for the current
quarter was $0.52 per share, an increase of $0.09, or 21 percent,
from the prior year second quarter diluted earnings per share of
$0.43. Included in the current quarter was $2.9 million of
acquisition-related expenses. “We were very pleased to see
our business really pick up speed later in the current
quarter. This resulted in strong second quarter and year to
date performance across the board. The strength of our
Western markets and the Glacier team once again exceeded
expectations,” said Randy Chesler, President and Chief Executive
Officer.
Net income for the six months ended June 30,
2018 was $82.9 million, an increase of $18.0 million, or 28
percent, from the $64.9 million of net income for the first six
months of the prior year. Diluted earnings per share for the
first half of 2018 was $1.00 per share, an increase of $0.16, or 19
percent, from the diluted earnings per share of $0.84 for the same
period in the prior year.
On February 28, 2018, the Company completed
the acquisition of Inter-Mountain Bancorp, Inc., the holding
company for First Security Bank, a community bank in Bozeman,
Montana (collectively, “FSB”). On January 31, 2018, the
Company completed the acquisition of Columbine Capital Corp., the
holding company for Collegiate Peaks Bank, a community bank in
Buena Vista, Colorado (collectively, “Collegiate”). The
Company’s results of operations and financial condition include the
acquisitions beginning on the acquisition dates and the following
table discloses the preliminary fair value estimates of selected
classifications of assets and liabilities acquired:
|
FSB |
|
Collegiate |
|
|
(Dollars in
thousands) |
February 28, 2018 |
|
January 31, 2018 |
|
Total |
Total assets |
$ |
1,109,684 |
|
|
551,198 |
|
|
1,660,882 |
|
Debt securities |
271,865 |
|
|
42,177 |
|
|
314,042 |
|
Loans receivable |
627,767 |
|
|
354,252 |
|
|
982,019 |
|
Non-interest bearing
deposits |
301,468 |
|
|
170,022 |
|
|
471,490 |
|
Interest bearing
deposits |
576,118 |
|
|
267,149 |
|
|
843,267 |
|
Borrowings |
36,880 |
|
|
12,509 |
|
|
49,389 |
|
|
|
|
|
|
|
|
|
|
Asset Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
Cash and cash
equivalents |
$ |
368,132 |
|
|
451,048 |
|
|
200,004 |
|
|
237,590 |
|
|
(82,916 |
) |
|
168,128 |
|
|
130,542 |
|
Debt securities,
available-for-sale |
2,177,352 |
|
|
2,154,845 |
|
|
1,778,243 |
|
|
2,142,472 |
|
|
22,507 |
|
|
399,109 |
|
|
34,880 |
|
Debt securities,
held-to-maturity |
620,409 |
|
|
634,413 |
|
|
648,313 |
|
|
659,347 |
|
|
(14,004 |
) |
|
(27,904 |
) |
|
(38,938 |
) |
Total
debt securities |
2,797,761 |
|
|
2,789,258 |
|
|
2,426,556 |
|
|
2,801,819 |
|
|
8,503 |
|
|
371,205 |
|
|
(4,058 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
835,382 |
|
|
831,021 |
|
|
720,728 |
|
|
712,726 |
|
|
4,361 |
|
|
114,654 |
|
|
122,656 |
|
Commercial real estate |
4,384,781 |
|
|
4,251,003 |
|
|
3,577,139 |
|
|
3,393,753 |
|
|
133,778 |
|
|
807,642 |
|
|
991,028 |
|
Other
commercial |
1,940,435 |
|
|
1,839,293 |
|
|
1,579,353 |
|
|
1,549,067 |
|
|
101,142 |
|
|
361,082 |
|
|
391,368 |
|
Home
equity |
511,043 |
|
|
489,879 |
|
|
457,918 |
|
|
445,245 |
|
|
21,164 |
|
|
53,125 |
|
|
65,798 |
|
Other
consumer |
277,031 |
|
|
258,834 |
|
|
242,686 |
|
|
244,971 |
|
|
18,197 |
|
|
34,345 |
|
|
32,060 |
|
Loans
receivable |
7,948,672 |
|
|
7,670,030 |
|
|
6,577,824 |
|
|
6,345,762 |
|
|
278,642 |
|
|
1,370,848 |
|
|
1,602,910 |
|
Allowance
for loan and lease losses |
(131,564 |
) |
|
(127,608 |
) |
|
(129,568 |
) |
|
(129,877 |
) |
|
(3,956 |
) |
|
(1,996 |
) |
|
(1,687 |
) |
Loans
receivable, net |
7,817,108 |
|
|
7,542,422 |
|
|
6,448,256 |
|
|
6,215,885 |
|
|
274,686 |
|
|
1,368,852 |
|
|
1,601,223 |
|
|
Other assets |
914,643 |
|
|
876,050 |
|
|
631,533 |
|
|
644,200 |
|
|
38,593 |
|
|
283,110 |
|
|
270,443 |
|
Total
assets |
$ |
11,897,644 |
|
|
11,658,778 |
|
|
9,706,349 |
|
|
9,899,494 |
|
|
238,866 |
|
|
2,191,295 |
|
|
1,998,150 |
|
|
Total debt securities of $2.798 billion at June
30, 2018 increased $8.5 million, or 30 basis points, during the
current quarter and decreased $4.1 million, or 14 basis points,
from the prior year second quarter. Debt securities
represented 24 percent of total assets at June 30, 2018
compared to 28 percent of total assets at June 30, 2017.
The Company had a successful quarter in loan
growth and the loan portfolio of $7.9 billion increased $279
million, or 15 percent annualized, during the current
quarter. The loan category with the largest increase was
commercial real estate loans which increased $134 million, or 3
percent. Excluding the FSB and Collegiate acquisitions, the
loan portfolio increased $621 million, or 10 percent, since June
30, 2017 and was primarily driven by growth in commercial real
estate loans, which increased $373 million, or 11 percent.
Credit Quality Summary
|
At or for theSix Months ended |
|
At or for theThree Months ended |
|
At or for theYear ended |
|
At or for theSix Months ended |
(Dollars in
thousands) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
Allowance for loan and
lease losses |
|
|
|
|
|
|
|
Balance
at beginning of period |
$ |
129,568 |
|
|
129,568 |
|
|
129,572 |
|
|
129,572 |
|
Provision
for loan losses |
5,513 |
|
|
795 |
|
|
10,824 |
|
|
4,611 |
|
Charge-offs |
(7,611 |
) |
|
(5,007 |
) |
|
(19,331 |
) |
|
(8,818 |
) |
Recoveries |
4,094 |
|
|
2,252 |
|
|
8,503 |
|
|
4,512 |
|
Balance
at end of period |
$ |
131,564 |
|
|
127,608 |
|
|
129,568 |
|
|
129,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned |
$ |
13,616 |
|
|
14,132 |
|
|
14,269 |
|
|
18,500 |
|
Accruing loans 90 days
or more past due |
12,751 |
|
|
5,402 |
|
|
6,077 |
|
|
3,198 |
|
Non-accrual loans |
58,170 |
|
|
54,449 |
|
|
44,833 |
|
|
47,183 |
|
Total
non-performing assets |
$ |
84,537 |
|
|
73,983 |
|
|
65,179 |
|
|
68,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percentage of subsidiary assets |
0.71 |
% |
|
0.64 |
% |
|
0.68 |
% |
|
0.70 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
186 |
% |
|
213 |
% |
|
255 |
% |
|
258 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
1.66 |
% |
|
1.66 |
% |
|
1.97 |
% |
|
2.05 |
% |
Net charge-offs as a
percentage of total loans |
0.04 |
% |
|
0.04 |
% |
|
0.17 |
% |
|
0.07 |
% |
Accruing loans 30-89
days past due |
$ |
39,650 |
|
|
44,963 |
|
|
37,687 |
|
|
31,124 |
|
Accruing troubled debt
restructurings |
$ |
34,991 |
|
|
41,649 |
|
|
38,491 |
|
|
31,742 |
|
Non-accrual troubled
debt restructurings |
$ |
18,380 |
|
|
13,289 |
|
|
23,709 |
|
|
25,418 |
|
U.S. government
guarantees included in non-performing assets |
$ |
7,265 |
|
|
4,548 |
|
|
2,513 |
|
|
1,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets at June 30, 2018 were
$84.5 million, an increase of $10.6 million, or 14 percent, from
the prior quarter and an increase of $15.7 million, or 23 percent,
from the prior year second quarter. Non-performing assets as
a percentage of subsidiary assets at June 30, 2018 was 0.71
percent, an increase of 7 basis points from the prior quarter, and
an increase of 1 basis point from the prior year second
quarter. Early stage delinquencies (accruing loans 30-89 days
past due) of $39.7 million at June 30, 2018 decreased $5.3 million
from the prior quarter and early stage delinquencies as a
percentage of loans at June 30, 2018 was 0.50 percent which was a
decrease of 9 basis points from the prior quarter and a 1 basis
point increase from prior year second quarter. The allowance
for loan and lease losses (“allowance”) as a percent of total loans
outstanding at June 30, 2018 was 1.66 percent, which was
stable compared to the prior quarter and a decrease of 31 basis
points from 1.97 percent at December 31, 2017. This
decrease was primarily driven by the addition of loans from new
acquisitions, as they are added to the portfolio on a fair value
basis and as a result do not require an allowance.
Credit Quality Trends and Provision for Loan
Losses
(Dollars in
thousands) |
Provisionfor LoanLosses |
|
Net Charge-Offs |
|
ALLLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
Second quarter
2018 |
$ |
4,718 |
|
$ |
762 |
|
1.66% |
|
0.50% |
|
0.71% |
First quarter 2018 |
795 |
|
2,755 |
|
1.66% |
|
0.59% |
|
0.64% |
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% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs for the current quarter were
$762 thousand compared to $2.8 million for the prior quarter and
$2.4 million from the same quarter last year. Current quarter
provision for loan losses was $4.7 million, compared to $795
thousand in the prior quarter and $3.0 million in the prior year
second 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) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,914,885 |
|
|
2,811,469 |
|
|
2,311,902 |
|
|
2,234,058 |
|
|
103,416 |
|
|
602,983 |
|
|
680,827 |
|
NOW and
DDA accounts |
2,354,214 |
|
|
2,400,693 |
|
|
1,695,246 |
|
|
1,717,351 |
|
|
(46,479 |
) |
|
658,968 |
|
|
636,863 |
|
Savings
accounts |
1,330,637 |
|
|
1,328,047 |
|
|
1,082,604 |
|
|
1,059,717 |
|
|
2,590 |
|
|
248,033 |
|
|
270,920 |
|
Money
market deposit accounts |
1,723,681 |
|
|
1,778,068 |
|
|
1,512,693 |
|
|
1,608,994 |
|
|
(54,387 |
) |
|
210,988 |
|
|
114,687 |
|
Certificate accounts |
927,608 |
|
|
955,105 |
|
|
817,259 |
|
|
886,504 |
|
|
(27,497 |
) |
|
110,349 |
|
|
41,104 |
|
Core
deposits, total |
9,251,025 |
|
|
9,273,382 |
|
|
7,419,704 |
|
|
7,506,624 |
|
|
(22,357 |
) |
|
1,831,321 |
|
|
1,744,401 |
|
Wholesale
deposits |
172,550 |
|
|
145,463 |
|
|
160,043 |
|
|
291,339 |
|
|
27,087 |
|
|
12,507 |
|
|
(118,789 |
) |
Deposits,
total |
9,423,575 |
|
|
9,418,845 |
|
|
7,579,747 |
|
|
7,797,963 |
|
|
4,730 |
|
|
1,843,828 |
|
|
1,625,612 |
|
Repurchase
agreements |
361,515 |
|
|
395,794 |
|
|
362,573 |
|
|
451,050 |
|
|
(34,279 |
) |
|
(1,058 |
) |
|
(89,535 |
) |
Federal Home Loan Bank
advances |
395,037 |
|
|
155,057 |
|
|
353,995 |
|
|
211,505 |
|
|
239,980 |
|
|
41,042 |
|
|
183,532 |
|
Other borrowed
funds |
9,917 |
|
|
8,204 |
|
|
8,224 |
|
|
5,817 |
|
|
1,713 |
|
|
1,693 |
|
|
4,100 |
|
Subordinated
debentures |
134,058 |
|
|
134,061 |
|
|
126,135 |
|
|
126,063 |
|
|
(3 |
) |
|
7,923 |
|
|
7,995 |
|
Other liabilities |
99,550 |
|
|
92,793 |
|
|
76,618 |
|
|
97,139 |
|
|
6,757 |
|
|
22,932 |
|
|
2,411 |
|
Total
liabilities |
$ |
10,423,652 |
|
|
10,204,754 |
|
|
8,507,292 |
|
|
8,689,537 |
|
|
218,898 |
|
|
1,916,360 |
|
|
1,734,115 |
|
|
Core deposits of $9.251 billion as of June 30,
2018 decreased $22.4 million, or 24 basis points, from the prior
quarter. Excluding acquisitions, core deposits increased $430
million, or 6 percent, from the prior year second quarter.
Non-interest bearing deposits as of June 30, 2018 increased $103
million, or 4 percent from the prior quarter and organically
increased $209 million, or 9 percent from the prior year second
quarter.
Securities sold under agreements to repurchase
of $362 million at June 30, 2018 decreased $34.3 million, or 9
percent, over prior quarter and decreased $89.5 million, or 20
percent, over prior year second quarter. Federal Home Loan
Bank (“FHLB”) advances of $395 million at June 30, 2018, increased
$240 million over the prior quarter to fund loan growth during the
current quarter.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands,
except per share data) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
Common equity |
$ |
1,494,274 |
|
|
1,471,047 |
|
|
1,201,036 |
|
|
1,204,258 |
|
|
23,227 |
|
|
293,238 |
|
|
290,016 |
|
Accumulated other
comprehensive (loss) income |
(20,282 |
) |
|
(17,023 |
) |
|
(1,979 |
) |
|
5,699 |
|
|
(3,259 |
) |
|
(18,303 |
) |
|
(25,981 |
) |
Total
stockholders’ equity |
1,473,992 |
|
|
1,454,024 |
|
|
1,199,057 |
|
|
1,209,957 |
|
|
19,968 |
|
|
274,935 |
|
|
264,035 |
|
|
Goodwill and core
deposit intangible, net |
(342,243 |
) |
|
(343,991 |
) |
|
(191,995 |
) |
|
(193,249 |
) |
|
1,748 |
|
|
(150,248 |
) |
|
(148,994 |
) |
Tangible
stockholders’ equity |
$ |
1,131,749 |
|
|
1,110,033 |
|
|
1,007,062 |
|
|
1,016,708 |
|
|
21,716 |
|
|
124,687 |
|
|
115,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to
total assets |
|
12.39 |
% |
|
12.47 |
% |
|
12.35 |
% |
|
12.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’
equity to total tangible assets |
|
9.79 |
% |
|
9.81 |
% |
|
10.58 |
% |
|
10.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
17.44 |
|
|
$ |
17.21 |
|
|
$ |
15.37 |
|
|
$ |
15.51 |
|
|
0.23 |
|
|
2.07 |
|
|
1.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
common share |
$ |
13.39 |
|
|
$ |
13.13 |
|
|
$ |
12.91 |
|
|
$ |
13.03 |
|
|
0.26 |
|
|
0.48 |
|
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity of $1.132 billion at June 30, 2018
increased $22 million compared to the prior quarter which was the
result of earnings retention. Tangible stockholders’ equity
increased $115 million over the prior year second quarter which was
the result of earnings retention, $181 million and $69.8 million of
Company stock issued for the acquisitions of FSB and Collegiate,
respectively; these increases more than offset the increase in
goodwill and core deposit intangibles associated with the
acquisitions. Tangible book value per common share at quarter
end increased $0.26 per share from the prior quarter and increased
$0.36 per share from a year ago.
Cash DividendsOn June 27, 2018, the Company’s
Board of Directors declared a quarterly cash dividend of $0.26 per
share, an increase of $0.03 per share, or 13 percent from the prior
quarter. The dividend was payable July 19, 2018 to
shareholders of record on July 10, 2018. The dividend was the
133rd consecutive quarterly dividend. Dividends declared for
the first half of 2018 were $0.49 per share, an increase of $0.07
per share, or 17 percent, over the same period last year. 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
June 30, 2018Compared to March 31, 2018
and June 30, 2017
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Jun 30, 2017 |
|
Mar 31, 2018 |
|
Jun 30, 2017 |
Net interest
income |
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
117,715 |
|
|
103,066 |
|
|
94,032 |
|
|
14,649 |
|
|
23,683 |
|
Interest
expense |
9,161 |
|
|
7,774 |
|
|
7,774 |
|
|
1,387 |
|
|
1,387 |
|
Total net
interest income |
108,554 |
|
|
95,292 |
|
|
86,258 |
|
|
13,262 |
|
|
22,296 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
18,804 |
|
|
16,871 |
|
|
17,495 |
|
|
1,933 |
|
|
1,309 |
|
Miscellaneous loan fees and charges |
2,243 |
|
|
1,477 |
|
|
1,092 |
|
|
766 |
|
|
1,151 |
|
Gain on
sale of loans |
8,142 |
|
|
6,097 |
|
|
7,532 |
|
|
2,045 |
|
|
610 |
|
Loss on
sale of investments |
(56 |
) |
|
(333 |
) |
|
(522 |
) |
|
277 |
|
|
466 |
|
Other
income |
2,695 |
|
|
1,974 |
|
|
2,059 |
|
|
721 |
|
|
636 |
|
Total
non-interest income |
31,828 |
|
|
26,086 |
|
|
27,656 |
|
|
5,742 |
|
|
4,172 |
|
Total
income |
$ |
140,382 |
|
|
121,378 |
|
|
113,914 |
|
|
19,004 |
|
|
26,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax-equivalent) |
4.17 |
% |
|
4.10 |
% |
|
4.12 |
% |
|
|
|
|
|
Net Interest IncomeThe current quarter interest
income of $118 million increased $14.6 million, or 14 percent, from
the prior quarter and increased $23.7 million, or 25 percent, over
the prior year second quarter with both increases primarily
attributable to the increase in interest income from commercial
loans. Interest income on commercial loans increased $10.3
million, or 16 percent, from the prior quarter and increased $19.6
million, or 35 percent, from the prior year second quarter.
The current quarter interest expense of $9.2
million increased $1.4 million, or 18 percent, from the prior
quarter and increased $1.4 million, or 18 percent, from the prior
year second quarter. The total cost of funding (including
non-interest bearing deposits) for the current quarter was 36 basis
points compared to 35 basis points for the prior quarter and 37
basis points for the prior year second quarter. The 1 basis
point increase from the prior quarter was driven by an increase in
deposit rates which was partially offset by the increase in
non-interest bearing deposits.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.17 percent compared to 4.10 percent in the
prior quarter. The 7 basis points increase in the net
interest margin was primarily the result of increased yields on the
loan portfolio and also included a 2 basis points increase in loan
discount accretion from the fair value adjustments of recently
acquired banks. The current quarter net interest margin
increased 5 basis points over the prior year second quarter net
interest margin of 4.12 percent. Included in the current
quarter margin was a 14 basis points decrease due to the reduction
in the federal corporate income tax rate in 2018 by the Tax Cut and
Jobs Act (“Tax Act”). The increase in the core margin from
the prior year second quarter resulted from the remix of earning
assets to higher yielding loans, increased yields on the loan
portfolio, and stable funding costs. “The Bank divisions have
been excellent in pricing loans at higher yields where possible in
the current quarter. They remain focused on maintaining a
quality deposit franchise. We were especially pleased to see
growth in non-interest bearing deposits,” said Ron Copher, Chief
Financial Officer.
Non-interest IncomeNon-interest income for the
current quarter totaled $31.8 million, an increase of $5.7 million,
or 22 percent, from the prior quarter and an increase of $4.2
million, or 15 percent, over the same quarter last year.
Service charges and other fees of $18.8 million for the current
quarter, increased $1.9 million, or 11 percent, from the prior
quarter as a result of seasonality and the increased number of
accounts, including from acquisitions. Service charges and
other fees increased $1.3 million, 7 percent, from the prior year
second quarter primarily due to the increased number of accounts
from organic growth and acquisitions. Miscellaneous loan fees
and charges increased $766 thousand, or 52 percent from prior
quarter and increased $1.2 million, or 105 percent, from the prior
year second quarter as a result of the recent acquisitions and
increased loan growth. Gain on sale of loans increased $2.0
million, or 34 percent, from the prior quarter as a result of
seasonality.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Jun 30, 2017 |
|
Mar 31, 2018 |
|
Jun 30, 2017 |
Compensation and
employee benefits |
$ |
49,023 |
|
|
45,721 |
|
|
39,498 |
|
|
3,302 |
|
|
9,525 |
|
Occupancy and
equipment |
7,662 |
|
|
7,274 |
|
|
6,560 |
|
|
388 |
|
|
1,102 |
|
Advertising and
promotions |
2,530 |
|
|
2,170 |
|
|
2,169 |
|
|
360 |
|
|
361 |
|
Data processing |
4,241 |
|
|
3,967 |
|
|
3,409 |
|
|
274 |
|
|
832 |
|
Other real estate
owned |
211 |
|
|
72 |
|
|
442 |
|
|
139 |
|
|
(231 |
) |
Regulatory assessments
and insurance |
1,329 |
|
|
1,206 |
|
|
1,087 |
|
|
123 |
|
|
242 |
|
Core deposit
intangibles amortization |
1,748 |
|
|
1,056 |
|
|
639 |
|
|
692 |
|
|
1,109 |
|
Other expenses |
15,051 |
|
|
12,161 |
|
|
11,505 |
|
|
2,890 |
|
|
3,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
$ |
81,795 |
|
|
73,627 |
|
|
65,309 |
|
|
8,168 |
|
|
16,486 |
|
|
Total non-interest expense of $81.8 million for
the current quarter increased $8.2 million, or 11 percent, over the
prior quarter and increased $16.5 million, or 25 percent, over the
prior year second quarter. Compensation and employee benefits
increased by $3.3 million, or 7 percent, from the prior quarter due
to the increased number of employees from acquisitions.
Compensation and employee benefits increased by $9.5 million, or 24
percent, from the prior year second quarter due to the increased
number of employees from acquisitions and organic growth combined
with annual salary increases. Occupancy and equipment expense
increased $388 thousand, or 5 percent, over the prior quarter and
increased $1.1 million, or 17 percent, over the prior year second
quarter and was attributable to increased costs from
acquisitions. Data processing expense increased $274
thousand, or 7 percent, from the prior quarter and increased $832
thousand, or 24 percent, from the prior year second quarter due to
increased expenses from the acquisitions. Other expenses
increased $2.9 million, or 24 percent, from the prior quarter and
increased $3.5 million, or 31 percent, from the prior year second
quarter primarily from an increase in acquisition-related
expenses. Acquisition-related expenses were $2.9 million
during the current quarter compared to $1.8 million in the prior
quarter and $867 thousand in the prior year second quarter.
Federal and State Income Tax ExpenseTax expense
during the second quarter of 2018 was $9.5 million, which is a
decrease of $2.4 million, or 20 percent, from the prior year second
quarter and was attributable to the decrease in the federal income
tax rate driven by the Tax Act. The effective tax rate in the
second quarter of 2018 was 18 percent compared to 26 percent in the
prior year second quarter.
Efficiency RatioThe current quarter efficiency
ratio was 55.44 percent, a 236 basis points improvement from the
prior quarter efficiency ratio of 57.80 percent. The decrease
was the result of an increase in interest income and seasonal
increases in gain on sale of loans and deposit service charges
combined with the Company controlling operating costs.
Operating Results for Six Months Ended
June 30, 2018Compared to June 30,
2017
Income Summary
|
Six Months Ended |
|
|
|
|
(Dollars in
thousands) |
Jun 30, 2018 |
|
Jun 30, 2017 |
|
$ Change |
|
% Change |
Net interest
income |
|
|
|
|
|
|
|
Interest
income |
$ |
220,781 |
|
|
$ |
181,660 |
|
|
$ |
39,121 |
|
|
22 % |
Interest
expense |
16,935 |
|
|
15,140 |
|
|
1,795 |
|
|
12 % |
Total net
interest income |
203,846 |
|
|
166,520 |
|
|
37,326 |
|
|
22 % |
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
Service
charges and other fees |
35,675 |
|
|
33,128 |
|
|
2,547 |
|
|
8 % |
Miscellaneous loan fees and charges |
3,720 |
|
|
2,072 |
|
|
1,648 |
|
|
80 % |
Gain on
sale of loans |
14,239 |
|
|
13,890 |
|
|
349 |
|
|
3 % |
Loss on
sale of investments |
(389 |
) |
|
(622 |
) |
|
233 |
|
|
(37)% |
Other
income |
4,669 |
|
|
4,877 |
|
|
(208 |
) |
|
(4)% |
Total
non-interest income |
57,914 |
|
|
53,345 |
|
|
4,569 |
|
|
9 % |
|
$ |
261,760 |
|
|
$ |
219,865 |
|
|
$ |
41,895 |
|
|
19 % |
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax-equivalent) |
4.14 |
% |
|
4.08 |
% |
|
|
|
|
|
Net Interest IncomeInterest income for the the
first six months of 2018 increased $39.1 million, or 22 percent,
from the first six months of 2017 and was primarily attributable to
a $35.2 million increase in interest income from commercial
loans. Interest expense of $16.9 million for the first half
of 2018 increased $1.8 million over the prior year same
period. Interest expense on deposits decreased $408 thousand,
or 5 percent, from the prior year and was due to the decrease in
wholesale deposits. Interest expense on repurchase
agreements, FHLB advances, and subordinated debt increased $2.2
million, or 36 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 2018 was 36
basis points compared to 37 basis points for 2017.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, for the first six months
of 2018 was 4.14 percent, a 6 basis points increase from the net
interest margin of 4.08 percent for the first half of 2017.
Included in the current year margin was a 14 basis points decrease
compared to the prior year driven by the reduction in the federal
corporate income tax rate. The increase in the margin was
principally due to a shift in earning assets to higher yielding
loans along with an increase in yields on the loan portfolio
combined with stable cost of funds.
Non-interest IncomeNon-interest income of $57.9
million for the first six months of 2018 increased $4.6 million, or
9 percent, over the same period last year. Service charges
and other fees of $35.7 million for 2018 increased $2.5 million, or
8 percent, from the prior year as a result of an increased number
of deposit accounts from organic growth and acquisitions.
Miscellaneous loan fees and charges for the first half of 2018
increased $1.6 million, or 80 percent from the prior year as a
result of the recent acquisitions and increased loan growth.
Non-interest Expense Summary
|
Six Months Ended |
|
|
|
|
(Dollars in
thousands) |
Jun 30, 2018 |
|
Jun 30, 2017 |
|
$ Change |
|
% Change |
Compensation and
employee benefits |
$ |
94,744 |
|
|
$ |
78,744 |
|
|
$ |
16,000 |
|
|
20 % |
Occupancy and
equipment |
14,936 |
|
|
13,206 |
|
|
1,730 |
|
|
13 % |
Advertising and
promotions |
4,700 |
|
|
4,142 |
|
|
558 |
|
|
13 % |
Data processing |
8,208 |
|
|
6,533 |
|
|
1,675 |
|
|
26 % |
Other real estate
owned |
283 |
|
|
715 |
|
|
(432 |
) |
|
(60)% |
Regulatory assessments
and insurance |
2,535 |
|
|
2,148 |
|
|
387 |
|
|
18 % |
Core deposit
intangibles amortization |
2,804 |
|
|
1,240 |
|
|
1,564 |
|
|
126 % |
Other expenses |
27,212 |
|
|
21,925 |
|
|
5,287 |
|
|
24 % |
Total
non-interest expense |
$ |
155,422 |
|
|
$ |
128,653 |
|
|
$ |
26,769 |
|
|
21 % |
|
Total non-interest expense of $155.4 million for
the first half of 2018 increased $26.8 million, or 21 percent, over
prior year first half. Compensation and employee benefits for first
six months of 2018 increased $16.0 million, or 20 percent, from the
same period last year due to the increased number of employees from
acquisitions and organic growth combined with annual salary
increases. Occupancy and equipment expense for the first half of
2018 increased $1.7 million, or 13 percent from the prior year as a
result of increased costs from acquisitions. Data processing
expense for the current year increased $1.7 million, or 26 percent,
from the prior year as a result of increased costs from the
acquisitions. Current year other expenses of $27.2 million
increased $5.3 million, or 24 percent, from the prior year and was
from an increase in acquisition-related expenses.
Acquisition-related expenses were $4.8 million during the first
half of 2018 compared to $949 thousand in the prior year first
half.
Provision for Loan LossesThe provision for loan
losses was $5.5 million for the first half of 2018, an increase of
$902 thousand from the same period in the prior year. Net
charge-offs during the first half of 2018 were $3.5 million
compared to $4.3 million during the same period in 2017.
Federal and State Income Tax ExpenseTax expense
of $17.9 million in the first half of 2018 decreased $3.8
million, or 17 percent, over the prior year same period as a result
of a decrease in the federal corporate income tax rate by the Tax
Act. The effective tax rate in 2018 was 18 percent compared
to 25 percent in the prior year.
Efficiency RatioThe efficiency ratio of 56.54
percent for the first six months of 2018 increased 237 basis points
from the prior year first six months efficiency ratio of
54.17. The increase included 280 basis points related to the
decrease in the federal income tax rate and the increase in
acquisition-related expenses.
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, both generally and as a result of the Company
exceeding $10 billion in total consolidated assets;
- 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 InformationThe 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 6584388. To participate on the
webcast, log on to: https://edge.media-server.com/m6/p/ihbz5btx. 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 6584388 by August 3, 2018.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc.
is the parent company for Glacier Bank, Kalispell and its bank
divisions: First Security Bank of Missoula; Valley Bank of Helena;
Western Security Bank, Billings; First Bank of Montana, Lewistown;
and First Security Bank, Bozeman, all located in Montana; as well
as Mountain West Bank, Coeur d’Alene, operating in Idaho, Utah and
Washington; First Bank, Powell, operating in Wyoming and Utah;
Citizens Community Bank, Pocatello, operating in Idaho; Bank of the
San Juans, Durango; and Collegiate Peaks Bank, Buena Vista both
operating in Colorado; First State Bank, Wheatland, operating in
Wyoming; North Cascades Bank, Chelan, operating in Washington; and
The Foothills Bank, Yuma, operating in Arizona.
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Financial Condition |
|
|
|
|
|
|
|
|
(Dollars in thousands,
except per share data) |
June 30, 2018 |
|
March 31, 2018 |
|
December 31, 2017 |
|
June 30, 2017 |
Assets |
|
|
|
|
|
|
|
Cash on
hand and in banks |
$ |
174,239 |
|
|
140,625 |
|
|
139,948 |
|
|
163,913 |
|
Federal
funds sold |
— |
|
|
230 |
|
|
— |
|
|
— |
|
Interest
bearing cash deposits |
193,893 |
|
|
310,193 |
|
|
60,056 |
|
|
73,677 |
|
Cash and
cash equivalents |
368,132 |
|
|
451,048 |
|
|
200,004 |
|
|
237,590 |
|
Debt
securities, available-for-sale |
2,177,352 |
|
|
2,154,845 |
|
|
1,778,243 |
|
|
2,142,472 |
|
Debt
securities, held-to-maturity |
620,409 |
|
|
634,413 |
|
|
648,313 |
|
|
659,347 |
|
Total
debt securities |
2,797,761 |
|
|
2,789,258 |
|
|
2,426,556 |
|
|
2,801,819 |
|
Loans
held for sale, at fair value |
53,788 |
|
|
37,058 |
|
|
38,833 |
|
|
37,726 |
|
Loans
receivable |
7,948,672 |
|
|
7,670,030 |
|
|
6,577,824 |
|
|
6,345,762 |
|
Allowance
for loan and lease losses |
(131,564 |
) |
|
(127,608 |
) |
|
(129,568 |
) |
|
(129,877 |
) |
Loans
receivable, net |
7,817,108 |
|
|
7,542,422 |
|
|
6,448,256 |
|
|
6,215,885 |
|
Premises
and equipment, net |
240,373 |
|
|
238,491 |
|
|
177,348 |
|
|
179,823 |
|
Other
real estate owned |
13,616 |
|
|
14,132 |
|
|
14,269 |
|
|
18,500 |
|
Accrued
interest receivable |
55,973 |
|
|
54,376 |
|
|
44,462 |
|
|
46,921 |
|
Deferred
tax asset |
34,211 |
|
|
32,929 |
|
|
38,344 |
|
|
59,186 |
|
Core
deposit intangible, net |
52,708 |
|
|
54,456 |
|
|
14,184 |
|
|
15,438 |
|
Goodwill |
289,535 |
|
|
289,535 |
|
|
177,811 |
|
|
177,811 |
|
Non-marketable equity securities |
26,107 |
|
|
21,910 |
|
|
29,884 |
|
|
23,995 |
|
Bank-owned life insurance |
81,379 |
|
|
81,787 |
|
|
59,351 |
|
|
58,612 |
|
Other
assets |
66,953 |
|
|
51,376 |
|
|
37,047 |
|
|
26,188 |
|
Total
assets |
$ |
11,897,644 |
|
|
11,658,778 |
|
|
9,706,349 |
|
|
9,899,494 |
|
Liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,914,885 |
|
|
2,811,469 |
|
|
2,311,902 |
|
|
2,234,058 |
|
Interest
bearing deposits |
6,508,690 |
|
|
6,607,376 |
|
|
5,267,845 |
|
|
5,563,905 |
|
Securities sold under agreements to repurchase |
361,515 |
|
|
395,794 |
|
|
362,573 |
|
|
451,050 |
|
FHLB
advances |
395,037 |
|
|
155,057 |
|
|
353,995 |
|
|
211,505 |
|
Other
borrowed funds |
9,917 |
|
|
8,204 |
|
|
8,224 |
|
|
5,817 |
|
Subordinated debentures |
134,058 |
|
|
134,061 |
|
|
126,135 |
|
|
126,063 |
|
Accrued
interest payable |
3,952 |
|
|
3,740 |
|
|
3,450 |
|
|
3,535 |
|
Other
liabilities |
95,598 |
|
|
89,053 |
|
|
73,168 |
|
|
93,604 |
|
Total
liabilities |
10,423,652 |
|
|
10,204,754 |
|
|
8,507,292 |
|
|
8,689,537 |
|
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 |
845 |
|
|
845 |
|
|
780 |
|
|
780 |
|
Paid-in
capital |
1,049,724 |
|
|
1,048,860 |
|
|
797,997 |
|
|
796,707 |
|
Retained
earnings - substantially restricted |
443,705 |
|
|
421,342 |
|
|
402,259 |
|
|
406,771 |
|
Accumulated other comprehensive (loss) income |
(20,282 |
) |
|
(17,023 |
) |
|
(1,979 |
) |
|
5,699 |
|
Total
stockholders’ equity |
1,473,992 |
|
|
1,454,024 |
|
|
1,199,057 |
|
|
1,209,957 |
|
Total
liabilities and stockholders’ equity |
$ |
11,897,644 |
|
|
11,658,778 |
|
|
9,706,349 |
|
|
9,899,494 |
|
|
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations |
|
|
Three Months ended |
|
Six Months Ended |
(Dollars in thousands,
except per share data) |
June 30, 2018 |
|
March 31, 2018 |
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2017 |
Interest
Income |
|
|
|
|
|
|
|
|
|
Debt
securities |
$ |
22,370 |
|
|
20,142 |
|
|
21,379 |
|
|
42,512 |
|
|
43,318 |
|
Residential real estate loans |
10,149 |
|
|
8,785 |
|
|
8,350 |
|
|
18,934 |
|
|
16,268 |
|
Commercial loans |
75,824 |
|
|
65,515 |
|
|
56,182 |
|
|
141,339 |
|
|
106,152 |
|
Consumer
and other loans |
9,372 |
|
|
8,624 |
|
|
8,121 |
|
|
17,996 |
|
|
15,922 |
|
Total
interest income |
117,715 |
|
|
103,066 |
|
|
94,032 |
|
|
220,781 |
|
|
181,660 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Deposits |
4,617 |
|
|
3,916 |
|
|
4,501 |
|
|
8,533 |
|
|
8,941 |
|
Securities sold under agreements to repurchase |
486 |
|
|
485 |
|
|
443 |
|
|
971 |
|
|
825 |
|
Federal
Home Loan Bank advances |
2,513 |
|
|
2,089 |
|
|
1,734 |
|
|
4,602 |
|
|
3,244 |
|
Other
borrowed funds |
26 |
|
|
16 |
|
|
19 |
|
|
42 |
|
|
34 |
|
Subordinated debentures |
1,519 |
|
|
1,268 |
|
|
1,077 |
|
|
2,787 |
|
|
2,096 |
|
Total
interest expense |
9,161 |
|
|
7,774 |
|
|
7,774 |
|
|
16,935 |
|
|
15,140 |
|
Net Interest
Income |
108,554 |
|
|
95,292 |
|
|
86,258 |
|
|
203,846 |
|
|
166,520 |
|
Provision
for loan losses |
4,718 |
|
|
795 |
|
|
3,013 |
|
|
5,513 |
|
|
4,611 |
|
Net
interest income after provision for loan losses |
103,836 |
|
|
94,497 |
|
|
83,245 |
|
|
198,333 |
|
|
161,909 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
18,804 |
|
|
16,871 |
|
|
17,495 |
|
|
35,675 |
|
|
33,128 |
|
Miscellaneous loan fees and charges |
2,243 |
|
|
1,477 |
|
|
1,092 |
|
|
3,720 |
|
|
2,072 |
|
Gain on
sale of loans |
8,142 |
|
|
6,097 |
|
|
7,532 |
|
|
14,239 |
|
|
13,890 |
|
Loss on
sale of debt securities |
(56 |
) |
|
(333 |
) |
|
(522 |
) |
|
(389 |
) |
|
(622 |
) |
Other
income |
2,695 |
|
|
1,974 |
|
|
2,059 |
|
|
4,669 |
|
|
4,877 |
|
Total
non-interest income |
31,828 |
|
|
26,086 |
|
|
27,656 |
|
|
57,914 |
|
|
53,345 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
49,023 |
|
|
45,721 |
|
|
39,498 |
|
|
94,744 |
|
|
78,744 |
|
Occupancy
and equipment |
7,662 |
|
|
7,274 |
|
|
6,560 |
|
|
14,936 |
|
|
13,206 |
|
Advertising and promotions |
2,530 |
|
|
2,170 |
|
|
2,169 |
|
|
4,700 |
|
|
4,142 |
|
Data
processing |
4,241 |
|
|
3,967 |
|
|
3,409 |
|
|
8,208 |
|
|
6,533 |
|
Other
real estate owned |
211 |
|
|
72 |
|
|
442 |
|
|
283 |
|
|
715 |
|
Regulatory assessments and insurance |
1,329 |
|
|
1,206 |
|
|
1,087 |
|
|
2,535 |
|
|
2,148 |
|
Core
deposit intangibles amortization |
1,748 |
|
|
1,056 |
|
|
639 |
|
|
2,804 |
|
|
1,240 |
|
Other
expenses |
15,051 |
|
|
12,161 |
|
|
11,505 |
|
|
27,212 |
|
|
21,925 |
|
Total
non-interest expense |
81,795 |
|
|
73,627 |
|
|
65,309 |
|
|
155,422 |
|
|
128,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
53,869 |
|
|
46,956 |
|
|
45,592 |
|
|
100,825 |
|
|
86,601 |
|
Federal
and state income tax expense |
9,485 |
|
|
8,397 |
|
|
11,905 |
|
|
17,882 |
|
|
21,659 |
|
Net
Income |
$ |
44,384 |
|
|
38,559 |
|
|
33,687 |
|
|
82,943 |
|
|
64,942 |
|
|
|
|
Glacier Bancorp, Inc.Average
Balance Sheets |
|
|
|
Three Months ended |
|
June 30, 2018 |
|
June 30, 2017 |
(Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
874,839 |
|
|
$ |
10,149 |
|
|
4.64 |
% |
|
$ |
738,309 |
|
|
$ |
8,350 |
|
|
4.52 |
% |
Commercial loans 1 |
6,158,095 |
|
|
76,834 |
|
|
5.00 |
% |
|
4,729,848 |
|
|
57,709 |
|
|
4.89 |
% |
Consumer
and other loans |
761,751 |
|
|
9,372 |
|
|
4.93 |
% |
|
680,158 |
|
|
8,121 |
|
|
4.79 |
% |
Total
loans 2 |
7,794,685 |
|
|
96,355 |
|
|
4.96 |
% |
|
6,148,315 |
|
|
74,180 |
|
|
4.84 |
% |
Tax-exempt debt securities 3 |
1,085,520 |
|
|
12,634 |
|
|
4.66 |
% |
|
1,201,746 |
|
|
17,154 |
|
|
5.71 |
% |
Taxable
debt securities 4 |
1,931,846 |
|
|
12,630 |
|
|
2.62 |
% |
|
1,795,189 |
|
|
10,416 |
|
|
2.32 |
% |
Total
earning assets |
10,812,051 |
|
|
121,619 |
|
|
4.51 |
% |
|
9,145,250 |
|
|
101,750 |
|
|
4.46 |
% |
Goodwill
and intangibles |
343,201 |
|
|
|
|
|
|
174,857 |
|
|
|
|
|
Non-earning assets |
473,750 |
|
|
|
|
|
|
393,574 |
|
|
|
|
|
Total
assets |
$ |
11,629,002 |
|
|
|
|
|
|
$ |
9,713,681 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,800,719 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,118,776 |
|
|
$ |
— |
|
|
— |
% |
NOW and
DDA accounts |
2,316,927 |
|
|
1,009 |
|
|
0.17 |
% |
|
1,624,246 |
|
|
282 |
|
|
0.07 |
% |
Savings
accounts |
1,319,966 |
|
|
231 |
|
|
0.07 |
% |
|
1,047,790 |
|
|
154 |
|
|
0.06 |
% |
Money
market deposit accounts |
1,746,960 |
|
|
856 |
|
|
0.20 |
% |
|
1,551,009 |
|
|
608 |
|
|
0.16 |
% |
Certificate accounts |
941,099 |
|
|
1,592 |
|
|
0.68 |
% |
|
906,416 |
|
|
1,303 |
|
|
0.58 |
% |
Total
core deposits |
9,125,671 |
|
|
3,688 |
|
|
0.16 |
% |
|
7,248,237 |
|
|
2,347 |
|
|
0.13 |
% |
Wholesale
deposits 5 |
153,127 |
|
|
929 |
|
|
2.43 |
% |
|
313,511 |
|
|
2,154 |
|
|
2.76 |
% |
FHLB
advances |
290,391 |
|
|
2,513 |
|
|
3.42 |
% |
|
340,259 |
|
|
1,734 |
|
|
2.02 |
% |
Repurchase agreements and other borrowed funds |
510,636 |
|
|
2,031 |
|
|
1.60 |
% |
|
552,036 |
|
|
1,539 |
|
|
1.12 |
% |
Total
funding liabilities |
10,079,825 |
|
|
9,161 |
|
|
0.36 |
% |
|
8,454,043 |
|
|
7,774 |
|
|
0.37 |
% |
Other
liabilities |
74,600 |
|
|
|
|
|
|
71,119 |
|
|
|
|
|
Total
liabilities |
10,154,425 |
|
|
|
|
|
|
8,525,162 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
845 |
|
|
|
|
|
|
775 |
|
|
|
|
|
Paid-in
capital |
1,049,270 |
|
|
|
|
|
|
780,891 |
|
|
|
|
|
Retained
earnings |
443,607 |
|
|
|
|
|
|
405,772 |
|
|
|
|
|
Accumulated other comprehensive (loss) income |
(19,145 |
) |
|
|
|
|
|
1,081 |
|
|
|
|
|
Total
stockholders’ equity |
1,474,577 |
|
|
|
|
|
|
1,188,519 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
11,629,002 |
|
|
|
|
|
|
$ |
9,713,681 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
112,458 |
|
|
|
|
|
|
$ |
93,976 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.15 |
% |
|
|
|
|
|
4.09 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.17 |
% |
|
|
|
|
|
4.12 |
% |
______________________________ |
1
|
|
Includes
tax effect of $1.0 million and $1.5 million on tax-exempt municipal
loan and lease income for the three months ended June 30, 2018
and 2017, 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 $2.6 million and $5.9 million on tax-exempt debt
securities income for the three months ended June 30, 2018 and
2017, respectively. |
4 |
|
Includes
tax effect of $305 thousand and $339 thousand on federal income tax
credits for the three months ended June 30, 2018 and 2017,
respectively. |
5 |
|
Wholesale deposits include brokered deposits classified as NOW,
DDA, money market deposit and certificate accounts. |
|
|
|
|
Glacier Bancorp, Inc.Average
Balance Sheets (continued) |
|
|
|
Six Months Ended |
|
June 30, 2018 |
|
June 30, 2017 |
(Dollars in
thousands) |
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
829,579 |
|
|
$ |
18,934 |
|
|
4.56 |
% |
|
$ |
723,950 |
|
|
$ |
16,268 |
|
|
4.49 |
% |
Commercial loans 1 |
5,856,533 |
|
|
143,308 |
|
|
4.93 |
% |
|
4,552,062 |
|
|
109,044 |
|
|
4.83 |
% |
Consumer
and other loans |
740,569 |
|
|
17,996 |
|
|
4.90 |
% |
|
676,340 |
|
|
15,922 |
|
|
4.75 |
% |
Total
loans 2 |
7,426,681 |
|
|
180,238 |
|
|
4.89 |
% |
|
5,952,352 |
|
|
141,234 |
|
|
4.78 |
% |
Tax-exempt debt securities 3 |
1,089,605 |
|
|
25,429 |
|
|
4.67 |
% |
|
1,223,431 |
|
|
34,915 |
|
|
5.71 |
% |
Taxable
debt securities 4 |
1,793,849 |
|
|
22,902 |
|
|
2.55 |
% |
|
1,826,090 |
|
|
20,991 |
|
|
2.30 |
% |
Total
earning assets |
10,310,135 |
|
|
228,569 |
|
|
4.47 |
% |
|
9,001,873 |
|
|
197,140 |
|
|
4.42 |
% |
Goodwill
and intangibles |
281,673 |
|
|
|
|
|
|
167,017 |
|
|
|
|
|
Non-earning assets |
432,533 |
|
|
|
|
|
|
381,492 |
|
|
|
|
|
Total
assets |
$ |
11,024,341 |
|
|
|
|
|
|
$ |
9,550,382 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,637,342 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,045,124 |
|
|
$ |
— |
|
|
— |
% |
NOW and
DDA accounts |
2,165,039 |
|
|
1,827 |
|
|
0.17 |
% |
|
1,600,221 |
|
|
529 |
|
|
0.07 |
% |
Savings
accounts |
1,252,760 |
|
|
423 |
|
|
0.07 |
% |
|
1,031,540 |
|
|
300 |
|
|
0.06 |
% |
Money
market deposit accounts |
1,689,730 |
|
|
1,576 |
|
|
0.19 |
% |
|
1,520,771 |
|
|
1,173 |
|
|
0.16 |
% |
Certificate accounts |
908,940 |
|
|
2,911 |
|
|
0.65 |
% |
|
929,841 |
|
|
2,636 |
|
|
0.57 |
% |
Total
core deposits |
8,653,811 |
|
|
6,737 |
|
|
0.16 |
% |
|
7,127,497 |
|
|
4,638 |
|
|
0.13 |
% |
Wholesale
deposits 5 |
151,362 |
|
|
1,796 |
|
|
2.39 |
% |
|
322,831 |
|
|
4,303 |
|
|
2.69 |
% |
FHLB
advances |
257,800 |
|
|
4,602 |
|
|
3.55 |
% |
|
305,933 |
|
|
3,244 |
|
|
2.11 |
% |
Repurchase agreements and other borrowed funds |
516,108 |
|
|
3,800 |
|
|
1.48 |
% |
|
557,303 |
|
|
2,955 |
|
|
1.07 |
% |
Total
funding liabilities |
9,579,081 |
|
|
16,935 |
|
|
0.36 |
% |
|
8,313,564 |
|
|
15,140 |
|
|
0.37 |
% |
Other
liabilities |
50,421 |
|
|
|
|
|
|
76,241 |
|
|
|
|
|
Total
liabilities |
9,629,502 |
|
|
|
|
|
|
8,389,805 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
827 |
|
|
|
|
|
|
771 |
|
|
|
|
|
Paid-in
capital |
978,046 |
|
|
|
|
|
|
764,959 |
|
|
|
|
|
Retained
earnings |
432,143 |
|
|
|
|
|
|
397,829 |
|
|
|
|
|
Accumulated other comprehensive loss |
(16,177 |
) |
|
|
|
|
|
(2,982 |
) |
|
|
|
|
Total
stockholders’ equity |
1,394,839 |
|
|
|
|
|
|
1,160,577 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
11,024,341 |
|
|
|
|
|
|
$ |
9,550,382 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
211,634 |
|
|
|
|
|
|
$ |
182,000 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.11 |
% |
|
|
|
|
|
4.05 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.14 |
% |
|
|
|
|
|
4.08 |
% |
______________________________ |
1
|
|
Includes
tax effect of $2.0 million and $2.9 million on tax-exempt municipal
loan and lease income for the six months ended June 30, 2018
and 2017, 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 $5.2 million and $11.9 million on tax-exempt
investment securities income for the six months ended June 30,
2018 and 2017, respectively. |
4 |
|
Includes
tax effect of $609 thousand and $677 thousand on federal income tax
credits for the six months ended June 30, 2018 and 2017,
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) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
Custom and owner
occupied construction |
$ |
138,171 |
|
|
$ |
140,440 |
|
|
$ |
109,555 |
|
|
$ |
103,816 |
|
|
(2)% |
|
26 % |
|
33% |
Pre-sold and spec
construction |
96,008 |
|
|
100,376 |
|
|
72,160 |
|
|
76,553 |
|
|
(4)% |
|
33 % |
|
25% |
Total residential construction |
234,179 |
|
|
240,816 |
|
|
181,715 |
|
|
180,369 |
|
|
(3)% |
|
29 % |
|
30% |
Land development |
108,641 |
|
|
76,528 |
|
|
82,398 |
|
|
80,044 |
|
|
42 % |
|
32 % |
|
36% |
Consumer land or
lots |
110,846 |
|
|
119,469 |
|
|
102,289 |
|
|
107,124 |
|
|
(7)% |
|
8 % |
|
3% |
Unimproved land |
72,150 |
|
|
68,862 |
|
|
65,753 |
|
|
67,935 |
|
|
5 % |
|
10 % |
|
6% |
Developed lots for
operative builders |
12,708 |
|
|
13,093 |
|
|
14,592 |
|
|
12,337 |
|
|
(3)% |
|
(13)% |
|
3% |
Commercial lots |
27,661 |
|
|
43,232 |
|
|
23,770 |
|
|
25,675 |
|
|
(36)% |
|
16 % |
|
8% |
Other construction |
478,037 |
|
|
420,632 |
|
|
391,835 |
|
|
307,547 |
|
|
14 % |
|
22 % |
|
55% |
Total land, lot, and other construction |
810,043 |
|
|
741,816 |
|
|
680,637 |
|
|
600,662 |
|
|
9 % |
|
19 % |
|
35% |
Owner occupied |
1,302,737 |
|
|
1,292,206 |
|
|
1,132,833 |
|
|
1,091,119 |
|
|
1 % |
|
15 % |
|
19% |
Non-owner occupied |
1,495,532 |
|
|
1,449,166 |
|
|
1,186,066 |
|
|
1,148,831 |
|
|
3 % |
|
26 % |
|
30% |
Total commercial real estate |
2,798,269 |
|
|
2,741,372 |
|
|
2,318,899 |
|
|
2,239,950 |
|
|
2 % |
|
21 % |
|
25% |
Commercial and
industrial |
909,688 |
|
|
865,574 |
|
|
751,221 |
|
|
769,105 |
|
|
5 % |
|
21 % |
|
18% |
Agriculture |
661,218 |
|
|
620,342 |
|
|
450,616 |
|
|
457,286 |
|
|
7 % |
|
47 % |
|
45% |
1st lien |
1,072,917 |
|
|
1,014,361 |
|
|
877,335 |
|
|
849,601 |
|
|
6 % |
|
22 % |
|
26% |
Junior lien |
64,821 |
|
|
66,288 |
|
|
51,155 |
|
|
53,316 |
|
|
(2)% |
|
27 % |
|
22% |
Total 1-4 family |
1,137,738 |
|
|
1,080,649 |
|
|
928,490 |
|
|
902,917 |
|
|
5 % |
|
23 % |
|
26% |
Multifamily
residential |
218,061 |
|
|
219,310 |
|
|
189,342 |
|
|
172,523 |
|
|
(1)% |
|
15 % |
|
26% |
Home equity lines of
credit |
500,036 |
|
|
481,204 |
|
|
440,105 |
|
|
419,940 |
|
|
4 % |
|
14 % |
|
19% |
Other consumer |
164,288 |
|
|
162,171 |
|
|
148,247 |
|
|
155,098 |
|
|
1 % |
|
11 % |
|
6% |
Total consumer |
664,324 |
|
|
643,375 |
|
|
588,352 |
|
|
575,038 |
|
|
3 % |
|
13 % |
|
16% |
States and
political subdivisions |
419,025 |
|
|
421,252 |
|
|
383,252 |
|
|
341,159 |
|
|
(1)% |
|
9 % |
|
23% |
Other |
149,915 |
|
|
132,582 |
|
|
144,133 |
|
|
144,479 |
|
|
13 % |
|
4 % |
|
4% |
Total
loans receivable, including loans held for sale |
8,002,460 |
|
|
7,707,088 |
|
|
6,616,657 |
|
|
6,383,488 |
|
|
4 % |
|
21 % |
|
25% |
Less loans held
for sale 1 |
(53,788 |
) |
|
(37,058 |
) |
|
(38,833 |
) |
|
(37,726 |
) |
|
45 % |
|
39 % |
|
43% |
Total
loans receivable |
$ |
7,948,672 |
|
|
$ |
7,670,030 |
|
|
$ |
6,577,824 |
|
|
$ |
6,345,762 |
|
|
4 % |
|
21 % |
|
25% |
______________________________ |
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 |
|
AccruingLoans90 Daysor MorePast Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
|
Jun 30, 2018 |
|
Jun 30, 2018 |
|
Jun 30, 2018 |
Custom and owner
occupied construction |
$ |
48 |
|
|
48 |
|
|
48 |
|
|
177 |
|
|
— |
|
|
— |
|
|
48 |
|
Pre-sold and spec
construction |
492 |
|
|
492 |
|
|
38 |
|
|
272 |
|
|
492 |
|
|
— |
|
|
— |
|
Total residential construction |
540 |
|
|
540 |
|
|
86 |
|
|
449 |
|
|
492 |
|
|
— |
|
|
48 |
|
Land development |
7,564 |
|
|
7,802 |
|
|
7,888 |
|
|
8,428 |
|
|
901 |
|
|
— |
|
|
6,663 |
|
Consumer land or
lots |
1,593 |
|
|
1,622 |
|
|
1,861 |
|
|
1,868 |
|
|
510 |
|
|
— |
|
|
1,083 |
|
Unimproved land |
9,962 |
|
|
10,294 |
|
|
10,866 |
|
|
11,933 |
|
|
8,453 |
|
|
28 |
|
|
1,481 |
|
Developed lots for
operative builders |
126 |
|
|
83 |
|
|
116 |
|
|
116 |
|
|
43 |
|
|
— |
|
|
83 |
|
Commercial lots |
1,059 |
|
|
1,312 |
|
|
1,312 |
|
|
1,559 |
|
|
13 |
|
|
— |
|
|
1,046 |
|
Other construction |
155 |
|
|
319 |
|
|
151 |
|
|
151 |
|
|
17 |
|
|
— |
|
|
138 |
|
Total land, lot and other construction |
20,459 |
|
|
21,432 |
|
|
22,194 |
|
|
24,055 |
|
|
9,937 |
|
|
28 |
|
|
10,494 |
|
Owner occupied |
12,891 |
|
|
12,594 |
|
|
13,848 |
|
|
17,757 |
|
|
11,251 |
|
|
113 |
|
|
1,527 |
|
Non-owner occupied |
15,337 |
|
|
5,346 |
|
|
4,584 |
|
|
2,791 |
|
|
7,734 |
|
|
7,108 |
|
|
495 |
|
Total commercial real estate |
28,228 |
|
|
17,940 |
|
|
18,432 |
|
|
20,548 |
|
|
18,985 |
|
|
7,221 |
|
|
2,022 |
|
Commercial and
industrial |
7,692 |
|
|
6,313 |
|
|
5,294 |
|
|
4,753 |
|
|
6,577 |
|
|
1,070 |
|
|
45 |
|
Agriculture |
10,497 |
|
|
10,476 |
|
|
3,931 |
|
|
2,877 |
|
|
7,946 |
|
|
2,551 |
|
|
— |
|
1st lien |
9,725 |
|
|
8,717 |
|
|
9,261 |
|
|
9,057 |
|
|
7,964 |
|
|
1,426 |
|
|
335 |
|
Junior lien |
3,257 |
|
|
4,271 |
|
|
567 |
|
|
727 |
|
|
3,220 |
|
|
37 |
|
|
— |
|
Total 1-4 family |
12,982 |
|
|
12,988 |
|
|
9,828 |
|
|
9,784 |
|
|
11,184 |
|
|
1,463 |
|
|
335 |
|
Multifamily
residential |
634 |
|
|
652 |
|
|
— |
|
|
— |
|
|
634 |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
3,112 |
|
|
3,312 |
|
|
3,292 |
|
|
5,864 |
|
|
2,205 |
|
|
274 |
|
|
633 |
|
Other consumer |
393 |
|
|
330 |
|
|
322 |
|
|
551 |
|
|
210 |
|
|
144 |
|
|
39 |
|
Total consumer |
3,505 |
|
|
3,642 |
|
|
3,614 |
|
|
6,415 |
|
|
2,415 |
|
|
418 |
|
|
672 |
|
States and
political subdivisions |
— |
|
|
— |
|
|
1,800 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total |
$ |
84,537 |
|
|
73,983 |
|
|
65,179 |
|
|
68,881 |
|
|
58,170 |
|
|
12,751 |
|
|
13,616 |
|
|
|
|
|
|
Glacier Bancorp, Inc.Credit
Quality Summary by Regulatory Classification
(continued) |
|
|
|
|
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
Custom and owner
occupied construction |
$ |
1,525 |
|
|
$ |
611 |
|
|
$ |
300 |
|
|
$ |
493 |
|
|
150 % |
|
408 % |
|
209 % |
Pre-sold and spec
construction |
721 |
|
|
267 |
|
|
102 |
|
|
155 |
|
|
170 % |
|
607 % |
|
365 % |
Total residential construction |
2,246 |
|
|
878 |
|
|
402 |
|
|
648 |
|
|
156 % |
|
459 % |
|
247 % |
Land development |
728 |
|
|
585 |
|
|
— |
|
|
— |
|
|
24 % |
|
n/m |
|
n/m |
Consumer land or
lots |
471 |
|
|
485 |
|
|
353 |
|
|
808 |
|
|
(3)% |
|
33 % |
|
(42)% |
Unimproved land |
1,450 |
|
|
889 |
|
|
662 |
|
|
1,115 |
|
|
63 % |
|
119 % |
|
30 % |
Developed lots for
operative builders |
— |
|
|
464 |
|
|
7 |
|
|
— |
|
|
(100)% |
|
(100)% |
|
n/m |
Commercial lots |
— |
|
|
194 |
|
|
108 |
|
|
— |
|
|
(100)% |
|
(100)% |
|
n/m |
Other construction |
— |
|
|
76 |
|
|
— |
|
|
— |
|
|
(100)% |
|
n/m |
|
n/m |
Total land, lot and other construction |
2,649 |
|
|
2,693 |
|
|
1,130 |
|
|
1,923 |
|
|
(2)% |
|
134 % |
|
38 % |
Owner occupied |
3,571 |
|
|
13,904 |
|
|
4,726 |
|
|
5,038 |
|
|
(74)% |
|
(24)% |
|
(29)% |
Non-owner occupied |
8,414 |
|
|
3,842 |
|
|
2,399 |
|
|
6,533 |
|
|
119 % |
|
251 % |
|
29 % |
Total commercial real estate |
11,985 |
|
|
17,746 |
|
|
7,125 |
|
|
11,571 |
|
|
(32)% |
|
68 % |
|
4 % |
Commercial and
industrial |
5,745 |
|
|
5,746 |
|
|
6,472 |
|
|
5,825 |
|
|
— % |
|
(11)% |
|
(1)% |
Agriculture |
5,288 |
|
|
3,845 |
|
|
3,205 |
|
|
1,067 |
|
|
38 % |
|
65 % |
|
396 % |
1st lien |
5,132 |
|
|
9,597 |
|
|
10,865 |
|
|
2,859 |
|
|
(47)% |
|
(53)% |
|
80 % |
Junior lien |
989 |
|
|
240 |
|
|
4,348 |
|
|
815 |
|
|
312 % |
|
(77)% |
|
21 % |
Total 1-4 family |
6,121 |
|
|
9,837 |
|
|
15,213 |
|
|
3,674 |
|
|
(38)% |
|
(60)% |
|
67 % |
Multifamily
Residential |
— |
|
|
— |
|
|
— |
|
|
2,011 |
|
|
n/m |
|
n/m |
|
(100)% |
Home equity lines of
credit |
3,940 |
|
|
2,316 |
|
|
1,962 |
|
|
2,819 |
|
|
70 % |
|
101 % |
|
40 % |
Other consumer |
1,665 |
|
|
1,849 |
|
|
2,109 |
|
|
1,572 |
|
|
(10)% |
|
(21)% |
|
6 % |
Total consumer |
5,605 |
|
|
4,165 |
|
|
4,071 |
|
|
4,391 |
|
|
35 % |
|
38 % |
|
28 % |
Other |
11 |
|
|
53 |
|
|
69 |
|
|
14 |
|
|
(79)% |
|
(84)% |
|
(21)% |
Total |
$ |
39,650 |
|
|
$ |
44,963 |
|
|
$ |
37,687 |
|
|
$ |
31,124 |
|
|
(12)% |
|
5 % |
|
27
% |
______________________________ |
1 |
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) |
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Jun 30, 2017 |
|
Jun 30, 2018 |
|
Jun 30, 2018 |
Pre-sold and spec
construction |
$ |
(344 |
) |
|
(339 |
) |
|
(23 |
) |
|
(15 |
) |
|
17 |
|
|
361 |
|
Total residential construction |
(344 |
) |
|
(339 |
) |
|
(23 |
) |
|
(15 |
) |
|
17 |
|
|
361 |
|
Land development |
(107 |
) |
|
(5 |
) |
|
(143 |
) |
|
(46 |
) |
|
— |
|
|
107 |
|
Consumer land or
lots |
(92 |
) |
|
(3 |
) |
|
222 |
|
|
(107 |
) |
|
206 |
|
|
298 |
|
Unimproved land |
(144 |
) |
|
(73 |
) |
|
(304 |
) |
|
(110 |
) |
|
— |
|
|
144 |
|
Developed lots for
operative builders |
33 |
|
|
— |
|
|
(107 |
) |
|
(10 |
) |
|
33 |
|
|
— |
|
Commercial lots |
4 |
|
|
(2 |
) |
|
(6 |
) |
|
(3 |
) |
|
7 |
|
|
3 |
|
Other construction |
— |
|
|
— |
|
|
389 |
|
|
390 |
|
|
— |
|
|
— |
|
Total land, lot and other construction |
(306 |
) |
|
(83 |
) |
|
51 |
|
|
114 |
|
|
246 |
|
|
552 |
|
Owner occupied |
1,000 |
|
|
962 |
|
|
3,908 |
|
|
853 |
|
|
1,084 |
|
|
84 |
|
Non-owner occupied |
(4 |
) |
|
(47 |
) |
|
368 |
|
|
(2 |
) |
|
59 |
|
|
63 |
|
Total commercial real estate |
996 |
|
|
915 |
|
|
4,276 |
|
|
851 |
|
|
1,143 |
|
|
147 |
|
Commercial and
industrial |
1,471 |
|
|
1,430 |
|
|
883 |
|
|
494 |
|
|
1,922 |
|
|
451 |
|
Agriculture |
44 |
|
|
(2 |
) |
|
9 |
|
|
14 |
|
|
50 |
|
|
6 |
|
1st lien |
(193 |
) |
|
(65 |
) |
|
(23 |
) |
|
(32 |
) |
|
47 |
|
|
240 |
|
Junior lien |
(34 |
) |
|
(29 |
) |
|
719 |
|
|
746 |
|
|
47 |
|
|
81 |
|
Total 1-4 family |
(227 |
) |
|
(94 |
) |
|
696 |
|
|
714 |
|
|
94 |
|
|
321 |
|
Multifamily
residential |
(6 |
) |
|
(6 |
) |
|
(230 |
) |
|
(229 |
) |
|
— |
|
|
6 |
|
Home equity lines of
credit |
(38 |
) |
|
(32 |
) |
|
272 |
|
|
271 |
|
|
19 |
|
|
57 |
|
Other consumer |
111 |
|
|
73 |
|
|
505 |
|
|
(8 |
) |
|
258 |
|
|
147 |
|
Total consumer |
73 |
|
|
41 |
|
|
777 |
|
|
263 |
|
|
277 |
|
|
204 |
|
Other |
1,816 |
|
|
893 |
|
|
4,389 |
|
|
2,100 |
|
|
3,862 |
|
|
2,046 |
|
Total |
$ |
3,517 |
|
|
2,755 |
|
|
10,828 |
|
|
4,306 |
|
|
7,611 |
|
|
4,094 |
|
|
Visit our website at www.glacierbancorp.com
CONTACT:Randall M. Chesler, CEO(406) 751-4722Ron J. Copher,
CFO(406) 751-7706
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