3rd Quarter 2018 Highlights:
Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $49.3
million for the current quarter, an increase of $12.8 million, or
35 percent, from the $36.5 million of net income for the prior year
third quarter. Diluted earnings per share for the current
quarter was $0.58 per share, an increase of $0.11, or 23 percent,
from the prior year third quarter diluted earnings per share of
$0.47. Included in the current quarter was $1.3 million of
acquisition-related expenses. “This was a very strong quarter
which highlights the consistent strength of the Glacier team and
business model. We saw solid, broad-based growth in quality
loans and deposits across the franchise,” said Randy Chesler,
President and Chief Executive Officer.
Net income for the nine months ended September
30, 2018 was $132 million, an increase of $30.9 million, or 30
percent, from the $101 million of net income for the first
nine months of the prior year. Diluted earnings per share for
the first nine months of 2018 was $1.59 per share, an increase of
$0.28, or 21 percent, from the diluted earnings per share of $1.31
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) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
Cash and cash
equivalents |
$ |
307,104 |
|
|
368,132 |
|
|
200,004 |
|
|
220,210 |
|
|
(61,028 |
) |
|
107,100 |
|
|
86,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities,
available-for-sale |
2,103,619 |
|
|
2,177,352 |
|
|
1,778,243 |
|
|
1,886,517 |
|
|
(73,733 |
) |
|
325,376 |
|
|
217,102 |
|
Debt securities,
held-to-maturity |
590,915 |
|
|
620,409 |
|
|
648,313 |
|
|
655,128 |
|
|
(29,494 |
) |
|
(57,398 |
) |
|
(64,213 |
) |
Total
debt securities |
2,694,534 |
|
|
2,797,761 |
|
|
2,426,556 |
|
|
2,541,645 |
|
|
(103,227 |
) |
|
267,978 |
|
|
152,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
862,830 |
|
|
835,382 |
|
|
720,728 |
|
|
734,242 |
|
|
27,448 |
|
|
142,102 |
|
|
128,588 |
|
Commercial real estate |
4,527,577 |
|
|
4,384,781 |
|
|
3,577,139 |
|
|
3,503,976 |
|
|
142,796 |
|
|
950,438 |
|
|
1,023,601 |
|
Other
commercial |
1,921,955 |
|
|
1,940,435 |
|
|
1,579,353 |
|
|
1,575,514 |
|
|
(18,480 |
) |
|
342,602 |
|
|
346,441 |
|
Home
equity |
528,404 |
|
|
511,043 |
|
|
457,918 |
|
|
452,291 |
|
|
17,361 |
|
|
70,486 |
|
|
76,113 |
|
Other
consumer |
282,479 |
|
|
277,031 |
|
|
242,686 |
|
|
243,410 |
|
|
5,448 |
|
|
39,793 |
|
|
39,069 |
|
Loans
receivable |
8,123,245 |
|
|
7,948,672 |
|
|
6,577,824 |
|
|
6,509,433 |
|
|
174,573 |
|
|
1,545,421 |
|
|
1,613,812 |
|
Allowance
for loan and lease losses |
(132,535 |
) |
|
(131,564 |
) |
|
(129,568 |
) |
|
(129,576 |
) |
|
(971 |
) |
|
(2,967 |
) |
|
(2,959 |
) |
Loans
receivable, net |
7,990,710 |
|
|
7,817,108 |
|
|
6,448,256 |
|
|
6,379,857 |
|
|
173,602 |
|
|
1,542,454 |
|
|
1,610,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
916,754 |
|
|
914,643 |
|
|
631,533 |
|
|
656,890 |
|
|
2,111 |
|
|
285,221 |
|
|
259,864 |
|
Total
assets |
$ |
11,909,102 |
|
|
11,897,644 |
|
|
9,706,349 |
|
|
9,798,602 |
|
|
11,458 |
|
|
2,202,753 |
|
|
2,110,500 |
|
Total debt securities of $2.695 billion at September 30, 2018
decreased $103 million, or 4 percent, during the current quarter
and increased $153 million, or 6 percent, from the prior year third
quarter. Debt securities represented 23 percent of
total assets at September 30, 2018 compared to 26 percent of
total assets at September 30, 2017.
The loan portfolio of $8.123 billion increased
$175 million, or 9 percent annualized, during the current
quarter. The loan category with the largest increase was
commercial real estate loans which increased $143 million, or 3
percent. Excluding the FSB and Collegiate acquisitions, the
loan portfolio increased $632 million, or 10 percent, since
September 30, 2017 and was primarily driven by growth in commercial
real estate loans, which increased $406 million, or 12 percent.
Credit Quality Summary
|
At or for theNine Months ended |
|
At or for theSix Months
ended |
|
At or for theYear ended |
|
At or for theNine Months
ended |
(Dollars in thousands) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 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 |
8,707 |
|
|
5,513 |
|
|
10,824 |
|
|
7,938 |
|
Charge-offs |
(11,905 |
) |
|
(7,611 |
) |
|
(19,331 |
) |
|
(14,801 |
) |
Recoveries |
6,165 |
|
|
4,094 |
|
|
8,503 |
|
|
6,867 |
|
Balance at end of period |
$ |
132,535 |
|
|
131,564 |
|
|
129,568 |
|
|
129,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
$ |
12,399 |
|
|
13,616 |
|
|
14,269 |
|
|
14,359 |
|
Accruing loans 90 days or more past due |
4,333 |
|
|
12,751 |
|
|
6,077 |
|
|
3,944 |
|
Non-accrual loans |
55,373 |
|
|
58,170 |
|
|
44,833 |
|
|
46,770 |
|
Total non-performing assets |
$ |
72,105 |
|
|
84,537 |
|
|
65,179 |
|
|
65,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets as a percentage of subsidiary assets |
0.61 |
% |
|
0.71 |
% |
|
0.68 |
% |
|
0.67 |
% |
Allowance for loan and lease losses as a percentage of
non-performing loans |
222 |
% |
|
186 |
% |
|
255 |
% |
|
256 |
% |
Allowance for loan and lease losses as a percentage of total
loans |
1.63 |
% |
|
1.66 |
% |
|
1.97 |
% |
|
1.99 |
% |
Net charge-offs as a percentage of total loans |
0.07 |
% |
|
0.04 |
% |
|
0.17 |
% |
|
0.12 |
% |
Accruing loans 30-89 days past due |
$ |
25,181 |
|
|
39,650 |
|
|
37,687 |
|
|
29,115 |
|
Accruing troubled debt restructurings |
$ |
35,080 |
|
|
34,991 |
|
|
38,491 |
|
|
31,093 |
|
Non-accrual troubled debt restructurings |
$ |
12,911 |
|
|
18,380 |
|
|
23,709 |
|
|
22,134 |
|
U.S. government guarantees included in non-performing assets |
$ |
5,791 |
|
|
7,265 |
|
|
2,513 |
|
|
1,913 |
|
Non-performing assets at September 30, 2018 were
$72.1 million, a decrease of $12.4 million, or 15 percent, from the
prior quarter and an increase of $7.0 million, or 11 percent, from
the prior year third quarter. Non-performing assets as a
percentage of subsidiary assets at September 30, 2018 was 0.61
percent, a decrease of 10 basis points from the prior quarter, and
a decrease of 6 basis points from the prior year third
quarter. Early stage delinquencies (accruing loans 30-89 days
past due) of $25.2 million at September 30, 2018 decreased $14.5
million from the prior quarter and decreased $3.9 million from the
prior year third quarter. Early stage delinquencies as a
percentage of loans at September 30, 2018 was 0.31 percent which
was a decrease of 19 basis points from the prior quarter and a 14
basis point decrease from prior year third quarter. The
allowance for loan and lease losses (“allowance”) as a percent of
total loans outstanding at September 30, 2018 was 1.63
percent, which was a 3 basis points decrease compared to the prior
quarter and a decrease of 36 basis points from a year ago.
The decrease from the prior year third quarter was primarily driven
by the addition of loans from new acquisitions, as they are added
to the loan portfolio on a fair value basis with no 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 |
Third quarter 2018 |
$ |
3,194 |
|
|
$ |
2,223 |
|
|
1.63 |
% |
|
0.31 |
% |
|
0.61 |
% |
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 |
% |
Net charge-offs for the current quarter were
$2.2 million compared to $762 thousand for the prior quarter and
$3.6 million from the same quarter last year. Current quarter
provision for loan losses was $3.2 million, compared to $4.7
million in the prior quarter and $3.3 million in the prior year
third quarter. Loan portfolio growth, composition, average
loan size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
Supplemental information regarding credit
quality and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is
based primarily on collateral type while the Company’s loan
segments presented herein are based on the purpose of the loan.
Liability Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,103,112 |
|
|
2,914,885 |
|
|
2,311,902 |
|
|
2,355,983 |
|
|
188,227 |
|
|
791,210 |
|
|
747,129 |
|
NOW and DDA accounts |
2,346,050 |
|
|
2,354,214 |
|
|
1,695,246 |
|
|
1,733,353 |
|
|
(8,164 |
) |
|
650,804 |
|
|
612,697 |
|
Savings accounts |
1,345,163 |
|
|
1,330,637 |
|
|
1,082,604 |
|
|
1,081,056 |
|
|
14,526 |
|
|
262,559 |
|
|
264,107 |
|
Money market deposit accounts |
1,722,975 |
|
|
1,723,681 |
|
|
1,512,693 |
|
|
1,564,738 |
|
|
(706 |
) |
|
210,282 |
|
|
158,237 |
|
Certificate accounts |
932,461 |
|
|
927,608 |
|
|
817,259 |
|
|
846,005 |
|
|
4,853 |
|
|
115,202 |
|
|
86,456 |
|
Core deposits, total |
9,449,761 |
|
|
9,251,025 |
|
|
7,419,704 |
|
|
7,581,135 |
|
|
198,736 |
|
|
2,030,057 |
|
|
1,868,626 |
|
Wholesale deposits |
151,421 |
|
|
172,550 |
|
|
160,043 |
|
|
186,019 |
|
|
(21,129 |
) |
|
(8,622 |
) |
|
(34,598 |
) |
Deposits, total |
9,601,182 |
|
|
9,423,575 |
|
|
7,579,747 |
|
|
7,767,154 |
|
|
177,607 |
|
|
2,021,435 |
|
|
1,834,028 |
|
Repurchase agreements |
408,754 |
|
|
361,515 |
|
|
362,573 |
|
|
453,596 |
|
|
47,239 |
|
|
46,181 |
|
|
(44,842 |
) |
Federal Home Loan Bank advances |
155,328 |
|
|
395,037 |
|
|
353,995 |
|
|
153,685 |
|
|
(239,709 |
) |
|
(198,667 |
) |
|
1,643 |
|
Other borrowed funds |
9,944 |
|
|
9,917 |
|
|
8,224 |
|
|
8,243 |
|
|
27 |
|
|
1,720 |
|
|
1,701 |
|
Subordinated debentures |
134,055 |
|
|
134,058 |
|
|
126,135 |
|
|
126,099 |
|
|
(3 |
) |
|
7,920 |
|
|
7,956 |
|
Other liabilities |
107,227 |
|
|
99,550 |
|
|
76,618 |
|
|
83,624 |
|
|
7,677 |
|
|
30,609 |
|
|
23,603 |
|
Total liabilities |
$ |
10,416,490 |
|
|
10,423,652 |
|
|
8,507,292 |
|
|
8,592,401 |
|
|
(7,162 |
) |
|
1,909,198 |
|
|
1,824,089 |
|
Core deposits of $9.450 billion as of September
30, 2018 increased $199 million, or 2 percent, from the prior
quarter. Excluding acquisitions, core deposits increased $554
million, or 7 percent, from the prior year third quarter. The
Company benefited from the increase in non-interest bearing
deposits which increased $188 million, or 6 percent from the prior
quarter and organically increased $276 million, or 12 percent from
the prior year third quarter.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $409 million at September 30, 2018
increased $47.2 million, or 13 percent, over the prior quarter and
decreased $44.8 million, or 10 percent, over prior year third
quarter. Federal Home Loan Bank (“FHLB”) advances of $155
million at September 30, 2018, decreased $240 million over the
prior quarter and remained stable from the prior year third
quarter. FHLB advances continue to fluctuate to supplement
deposit growth and fund loan growth.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands, except per share data) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
$ |
1,522,329 |
|
|
1,494,274 |
|
|
1,201,036 |
|
|
1,201,534 |
|
|
28,055 |
|
|
321,293 |
|
|
320,795 |
|
Accumulated other comprehensive (loss) income |
(29,717 |
) |
|
(20,282 |
) |
|
(1,979 |
) |
|
4,667 |
|
|
(9,435 |
) |
|
(27,738 |
) |
|
(34,384 |
) |
Total stockholders’ equity |
1,492,612 |
|
|
1,473,992 |
|
|
1,199,057 |
|
|
1,206,201 |
|
|
18,620 |
|
|
293,555 |
|
|
286,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and core deposit intangible, net |
(340,508 |
) |
|
(342,243 |
) |
|
(191,995 |
) |
|
(192,609 |
) |
|
1,735 |
|
|
(148,513 |
) |
|
(147,899 |
) |
Tangible stockholders’ equity |
$ |
1,152,104 |
|
|
1,131,749 |
|
|
1,007,062 |
|
|
1,013,592 |
|
|
20,355 |
|
|
145,042 |
|
|
138,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to total assets |
|
12.53 |
% |
|
12.39 |
% |
|
12.35 |
% |
|
12.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity to total tangible assets |
|
9.96 |
% |
|
9.79 |
% |
|
10.58 |
% |
|
10.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
$ |
17.66 |
|
|
17.44 |
|
|
15.37 |
|
|
15.46 |
|
|
0.22 |
|
|
2.29 |
|
|
2.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share |
$ |
13.63 |
|
|
13.39 |
|
|
12.91 |
|
|
12.99 |
|
|
0.24 |
|
|
0.72 |
|
|
0.64 |
|
Tangible stockholders’ equity of $1.152 billion at September 30,
2018 increased $20 million compared to the prior quarter which was
the result of earnings retention. Tangible stockholders’
equity increased $139 million over the prior year third quarter
which was the result of earnings retention and $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 and the decrease in accumulated
other comprehensive income. Tangible book value per common
share at quarter end increased $0.24 per share from the prior
quarter and increased $0.64 per share from a year ago.
Cash DividendsOn September 26, 2018, the
Company’s Board of Directors declared a quarterly cash dividend of
$0.26 per share. The dividend was payable October
18, 2018 to shareholders of record on October 9, 2018.
The dividend was the 134th consecutive quarterly dividend.
Regular quarterly dividends declared for the first nine months of
2018 were $0.75 per share, an increase of $0.12 per share, or 19
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
September 30, 2018Compared to June 30,
2018, March 31, 2018 and September 30, 2017
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in thousands) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Sep 30, 2017 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Sep 30, 2017 |
Net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
122,905 |
|
|
117,715 |
|
|
103,066 |
|
|
96,464 |
|
|
5,190 |
|
|
19,839 |
|
|
26,441 |
|
Interest expense |
9,160 |
|
|
9,161 |
|
|
7,774 |
|
|
7,652 |
|
|
(1 |
) |
|
1,386 |
|
|
1,508 |
|
Total net interest income |
113,745 |
|
|
108,554 |
|
|
95,292 |
|
|
88,812 |
|
|
5,191 |
|
|
18,453 |
|
|
24,933 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
19,504 |
|
|
18,804 |
|
|
16,871 |
|
|
17,307 |
|
|
700 |
|
|
2,633 |
|
|
2,197 |
|
Miscellaneous loan fees and charges |
1,807 |
|
|
2,243 |
|
|
1,477 |
|
|
1,211 |
|
|
(436 |
) |
|
330 |
|
|
596 |
|
Gain on sale of loans |
7,256 |
|
|
8,142 |
|
|
6,097 |
|
|
9,141 |
|
|
(886 |
) |
|
1,159 |
|
|
(1,885 |
) |
(Loss) gain on sale of investments |
(367 |
) |
|
(56 |
) |
|
(333 |
) |
|
77 |
|
|
(311 |
) |
|
(34 |
) |
|
(444 |
) |
Other income |
4,216 |
|
|
2,695 |
|
|
1,974 |
|
|
3,449 |
|
|
1,521 |
|
|
2,242 |
|
|
767 |
|
Total non-interest income |
32,416 |
|
|
31,828 |
|
|
26,086 |
|
|
31,185 |
|
|
588 |
|
|
6,330 |
|
|
1,231 |
|
Total income |
$ |
146,161 |
|
|
140,382 |
|
|
121,378 |
|
|
119,997 |
|
|
5,779 |
|
|
24,783 |
|
|
26,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax-equivalent) |
4.26 |
% |
|
4.17 |
% |
|
4.10 |
% |
|
4.11 |
% |
|
|
|
|
|
|
Net Interest IncomeThe current quarter interest
income of $123 million increased $5.2 million, or 4 percent, from
the prior quarter and increased $26.4 million, or 27 percent, over
the prior year third quarter with both increases primarily
attributable to the increase in interest income from commercial
loans. Interest income on commercial loans increased $4.8
million, or 6 percent, from the prior quarter and increased $20.7
million, or 35 percent, from the prior year third quarter.
The current quarter interest expense of $9.2
million remained stable from the prior quarter and increased $1.5
million, or 20 percent, from the prior year third quarter.
The total cost of funding (including non-interest bearing deposits)
for the current quarter was 36 basis points compared to 36 basis
points for the prior quarter and 35 basis points for the prior year
third quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.26 percent compared to 4.17 percent in the
prior quarter. The 9 basis points increase in the net
interest margin was primarily the result of increased yields on the
loan portfolio and 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 15
basis points over the prior year third quarter net interest margin
of 4.11 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 margin from the prior year third
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 done well again in
growing their non-interest bearing deposit balances,” said Ron
Copher, Chief Financial Officer. “Growth in these balances
enable the Company to limit rate increases on interest bearing
balances, especially in higher interest rate environments.”
Non-interest IncomeNon-interest income for the
current quarter totaled $32.4 million, an increase of $588
thousand, or 2 percent, from the prior quarter and an increase of
$1.2 million, or 4 percent, over the same quarter last year.
Service charges and other fees of $19.5 million for the current
quarter, increased $700 thousand, or 4 percent, from the prior
quarter and increased $2.2 million, or 13 percent, from the prior
year third quarter with such increases primarily due to the
increased number of accounts from organic growth and
acquisitions. Miscellaneous loan fees and charges decreased
$436 thousand, or 19 percent from prior quarter as a result of
seasonality and increased $596 thousand, or 49 percent, from the
prior year third quarter as a result of the recent acquisitions and
increased loan growth. Gain on sale of loans decreased $886
thousand, or 11 percent, from the prior quarter as a result of
seasonal activity and decreased $1.9 million, or 21 percent from
the prior year third quarter as result of the decrease in purchase
and refinance activity. Other income increased $1.5 million,
or 56 percent, from the prior quarter and was primarily due to a
$2.3 million gain on sale of a former branch building.
Compared to the prior year third quarter, other income increased
$767 thousand, or 22 percent, due to the sale of the former branch
building, which was partially offset by the $1.3 million decrease
in gain on sale of other real estate owned (“OREO”).
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in thousands) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Sep 30, 2017 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Sep 30, 2017 |
Compensation and employee benefits |
$ |
49,927 |
|
|
49,023 |
|
|
45,721 |
|
|
41,297 |
|
|
904 |
|
|
4,206 |
|
|
8,630 |
|
Occupancy and equipment |
7,914 |
|
|
7,662 |
|
|
7,274 |
|
|
6,500 |
|
|
252 |
|
|
640 |
|
|
1,414 |
|
Advertising and promotions |
2,432 |
|
|
2,530 |
|
|
2,170 |
|
|
2,239 |
|
|
(98 |
) |
|
262 |
|
|
193 |
|
Data processing |
3,752 |
|
|
4,241 |
|
|
3,967 |
|
|
3,647 |
|
|
(489 |
) |
|
(215 |
) |
|
105 |
|
Other real estate owned |
2,674 |
|
|
211 |
|
|
72 |
|
|
817 |
|
|
2,463 |
|
|
2,602 |
|
|
1,857 |
|
Regulatory assessments and insurance |
1,277 |
|
|
1,329 |
|
|
1,206 |
|
|
1,214 |
|
|
(52 |
) |
|
71 |
|
|
63 |
|
Core deposit intangibles amortization |
1,735 |
|
|
1,748 |
|
|
1,056 |
|
|
640 |
|
|
(13 |
) |
|
679 |
|
|
1,095 |
|
Other expenses |
13,118 |
|
|
15,051 |
|
|
12,161 |
|
|
12,198 |
|
|
(1,933 |
) |
|
957 |
|
|
920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense |
$ |
82,829 |
|
|
81,795 |
|
|
73,627 |
|
|
68,552 |
|
|
1,034 |
|
|
9,202 |
|
|
14,277 |
|
Total non-interest expense of $82.8 million for
the current quarter increased $1.0 million, or 1 percent, over the
prior quarter and increased $14.3 million, or 21 percent, over the
prior year third quarter. Compensation and employee benefits
increased by $904 thousand, or 2 percent, from the prior
quarter. Compensation and employee benefits increased by $8.6
million, or 21 percent, from the prior year third quarter
principally due to the increased number of employees from
acquisitions. Occupancy and equipment expense increased $1.4
million, or 22 percent, over the prior year third quarter and was
attributable to increased costs from acquisitions. OREO
expenses increased $2.5 million from the prior quarter and
increased $1.9 million from the prior year third quarter, due to a
write down of $2.2 million on a single property. Other
expenses decreased $1.9 million, or 13 percent, from the prior
quarter and was primarily due to a decrease in acquisition-related
expenses. Compared to the prior year third quarter, other
expenses increased $920 thousand, or 8 percent.
Acquisition-related expenses were $1.3 million during the current
quarter compared to $2.9 million in the prior quarter and $245
thousand in the prior year third quarter.
Federal and State Income Tax ExpenseTax expense
during the third quarter of 2018 was $10.8 million, which is a
decrease of $837 thousand, or 7 percent, from the prior year third
quarter and was primarily attributable to the decrease in the
federal income tax rate driven by the Tax Act. The effective
tax rate in the third quarter of 2018 was 18 percent compared to 24
percent in the prior year third quarter.
Efficiency RatioThe current quarter efficiency
ratio was 52.26 percent, a 318 basis points improvement from the
prior quarter efficiency ratio of 55.44 percent. The
improvement was the result of increases in net interest income and
non-interest income, including the $2.3 million gain on the sale of
the former branch building. In addition, there was a decrease
in acquisition-related expenses and the Company continues to
control its operating costs.
Operating Results for Nine Months Ended
September 30, 2018Compared to
September 30, 2017
Income Summary
|
Nine Months Ended |
|
|
|
|
(Dollars in thousands) |
Sep 30, 2018 |
|
Sep 30, 2017 |
|
$ Change |
|
% Change |
Net interest income |
|
|
|
|
|
|
|
Interest income |
$ |
343,686 |
|
|
$ |
278,124 |
|
|
$ |
65,562 |
|
|
24 |
% |
Interest expense |
26,095 |
|
|
22,792 |
|
|
3,303 |
|
|
14 |
% |
Total net interest income |
317,591 |
|
|
255,332 |
|
|
62,259 |
|
|
24 |
% |
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
Service charges and other fees |
55,179 |
|
|
50,435 |
|
|
4,744 |
|
|
9 |
% |
Miscellaneous loan fees and charges |
5,527 |
|
|
3,283 |
|
|
2,244 |
|
|
68 |
% |
Gain on sale of loans |
21,495 |
|
|
23,031 |
|
|
(1,536 |
) |
|
(7 |
)% |
Loss on sale of investments |
(756 |
) |
|
(545 |
) |
|
(211 |
) |
|
39 |
% |
Other income |
8,885 |
|
|
8,326 |
|
|
559 |
|
|
7 |
% |
Total non-interest income |
90,330 |
|
|
84,530 |
|
|
5,800 |
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
407,921 |
|
|
$ |
339,862 |
|
|
$ |
68,059 |
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax-equivalent) |
4.18 |
% |
|
4.09 |
% |
|
|
|
|
Net Interest IncomeInterest income for the first
nine months of 2018 increased $65.6 million, or 24 percent, from
the first nine months of 2017 and was principally due to a $55.9
million increase in interest income from commercial loans.
Interest expense of $26.1 million for the first nine months of 2018
increased $3.3 million over the prior year same period.
Interest expense on repurchase agreements, FHLB advances, and
subordinated debt increased $3.4 million, or 37 percent, over the
prior year and was primarily driven by the increase in market
interest rates. The Company has maintained stable funding
costs through its focus on growing non-interest bearing deposits
and continued pricing discipline. The total funding cost was
36 basis points for the first nine months of 2018 and 2017.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, for the first nine
months of 2018 was 4.18 percent, a 9 basis points increase from the
net interest margin of 4.09 percent for the first nine months 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 from the prior year resulted from the remix
of earning assets to higher yielding loans, increased yields on the
loan portfolio, and stable funding costs.
Non-interest IncomeNon-interest income of $90.3
million for the first nine months of 2018 increased $5.8 million,
or 7 percent, over the same period last year. Service charges
and other fees of $55.2 million for 2018 increased $4.7 million, or
9 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 nine months of
2018 increased $2.2 million, or 68 percent from the prior year as a
result of the recent acquisitions and increased loan growth.
Gain on sale of loans decreased $1.5 million, or 7 percent, from
the prior year first nine months due to the decrease in purchase
and refinance activity. Other income of $8.9 million,
increased $559 thousand, or 7 percent, from the prior year first
nine months with increases of $1.9 million from the sale of bank
assets and a decrease of $2.5 million from the gain on sale of
OREO.
Non-interest Expense Summary
|
Nine Months Ended |
|
|
|
|
(Dollars in thousands) |
Sep 30, 2018 |
|
Sep 30, 2017 |
|
$ Change |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
$ |
144,671 |
|
|
$ |
120,041 |
|
|
$ |
24,630 |
|
|
21 |
% |
Occupancy and equipment |
22,850 |
|
|
19,706 |
|
|
3,144 |
|
|
16 |
% |
Advertising and promotions |
7,132 |
|
|
6,381 |
|
|
751 |
|
|
12 |
% |
Data processing |
11,960 |
|
|
10,180 |
|
|
1,780 |
|
|
17 |
% |
Other real estate owned |
2,957 |
|
|
1,532 |
|
|
1,425 |
|
|
93 |
% |
Regulatory assessments and insurance |
3,812 |
|
|
3,362 |
|
|
450 |
|
|
13 |
% |
Core deposit intangibles amortization |
4,539 |
|
|
1,880 |
|
|
2,659 |
|
|
141 |
% |
Other expenses |
40,330 |
|
|
34,123 |
|
|
6,207 |
|
|
18 |
% |
Total non-interest expense |
$ |
238,251 |
|
|
$ |
197,205 |
|
|
$ |
41,046 |
|
|
21 |
% |
Total non-interest expense of $238.3 million for
the first nine months of 2018 increased $41.0 million, or 21
percent, over prior year same period. Compensation and
employee benefits for the first nine months of 2018 increased $24.6
million, or 21 percent, from the same period last year due to the
increased number of employees from acquisitions. Occupancy and
equipment expense for the first nine months of 2018 increased $3.1
million, or 16 percent from the prior year as a result of increased
costs from acquisitions. Data processing expense for the
current year increased $1.8 million, or 17 percent, from the prior
year as a result of increased costs from the acquisitions and
organic growth. Current year other expenses of $40.3 million
increased $6.2 million, or 18 percent, from the prior year due to
an increase in acquisition-related expenses.
Acquisition-related expenses were $6.1 million during the first
nine months of 2018 compared to $1.2 million in the prior year
first nine months.
Provision for Loan LossesThe provision for loan
losses was $8.7 million for the first nine months of 2018, an
increase of $769 thousand from the same period in the prior
year. Net charge-offs during the first nine months of 2018
were $5.7 million compared to $7.9 million during the same period
in 2017.
Federal and State Income Tax ExpenseTax expense
of $28.7 million in the first nine months of 2018 decreased $4.6
million, or 14 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 55.01
percent for the first nine months of 2018 increased 109 basis
points from the prior year first nine months efficiency ratio of
53.92. The increase included 140 basis points related to the
decrease in the federal income tax rate and a 117 basis points
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 InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday,
October 19, 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 8090339. To participate on the webcast, log on to:
https://edge.media-server.com/m6/p/rbdz6bvt. 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 8090339 by November 2, 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) |
September 30, 2018 |
|
June 30, 2018 |
|
December 31, 2017 |
|
September 30, 2017 |
Assets |
|
|
|
|
|
|
|
Cash on hand and in banks |
$ |
171,394 |
|
|
174,239 |
|
|
139,948 |
|
|
136,822 |
|
Federal funds sold |
— |
|
|
— |
|
|
— |
|
|
210 |
|
Interest bearing cash deposits |
135,710 |
|
|
193,893 |
|
|
60,056 |
|
|
83,178 |
|
Cash and cash equivalents |
307,104 |
|
|
368,132 |
|
|
200,004 |
|
|
220,210 |
|
Debt securities, available-for-sale |
2,103,619 |
|
|
2,177,352 |
|
|
1,778,243 |
|
|
1,886,517 |
|
Debt securities, held-to-maturity |
590,915 |
|
|
620,409 |
|
|
648,313 |
|
|
655,128 |
|
Total debt securities |
2,694,534 |
|
|
2,797,761 |
|
|
2,426,556 |
|
|
2,541,645 |
|
Loans held for sale, at fair value |
50,649 |
|
|
53,788 |
|
|
38,833 |
|
|
48,709 |
|
Loans receivable |
8,123,245 |
|
|
7,948,672 |
|
|
6,577,824 |
|
|
6,509,433 |
|
Allowance for loan and lease losses |
(132,535 |
) |
|
(131,564 |
) |
|
(129,568 |
) |
|
(129,576 |
) |
Loans receivable, net |
7,990,710 |
|
|
7,817,108 |
|
|
6,448,256 |
|
|
6,379,857 |
|
Premises and equipment, net |
239,006 |
|
|
240,373 |
|
|
177,348 |
|
|
178,672 |
|
Other real estate owned |
12,399 |
|
|
13,616 |
|
|
14,269 |
|
|
14,359 |
|
Accrued interest receivable |
62,248 |
|
|
55,973 |
|
|
44,462 |
|
|
50,492 |
|
Deferred tax asset |
37,264 |
|
|
34,211 |
|
|
38,344 |
|
|
58,916 |
|
Core deposit intangible, net |
50,973 |
|
|
52,708 |
|
|
14,184 |
|
|
14,798 |
|
Goodwill |
289,535 |
|
|
289,535 |
|
|
177,811 |
|
|
177,811 |
|
Non-marketable equity securities |
16,502 |
|
|
26,107 |
|
|
29,884 |
|
|
21,890 |
|
Bank-owned life insurance |
81,850 |
|
|
81,379 |
|
|
59,351 |
|
|
58,982 |
|
Other assets |
76,328 |
|
|
66,953 |
|
|
37,047 |
|
|
32,261 |
|
Total assets |
$ |
11,909,102 |
|
|
11,897,644 |
|
|
9,706,349 |
|
|
9,798,602 |
|
Liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,103,112 |
|
|
2,914,885 |
|
|
2,311,902 |
|
|
2,355,983 |
|
Interest bearing deposits |
6,498,070 |
|
|
6,508,690 |
|
|
5,267,845 |
|
|
5,411,171 |
|
Securities sold under agreements to repurchase |
408,754 |
|
|
361,515 |
|
|
362,573 |
|
|
453,596 |
|
FHLB advances |
155,328 |
|
|
395,037 |
|
|
353,995 |
|
|
153,685 |
|
Other borrowed funds |
9,944 |
|
|
9,917 |
|
|
8,224 |
|
|
8,243 |
|
Subordinated debentures |
134,055 |
|
|
134,058 |
|
|
126,135 |
|
|
126,099 |
|
Accrued interest payable |
4,065 |
|
|
3,952 |
|
|
3,450 |
|
|
3,154 |
|
Other liabilities |
103,162 |
|
|
95,598 |
|
|
73,168 |
|
|
80,470 |
|
Total liabilities |
10,416,490 |
|
|
10,423,652 |
|
|
8,507,292 |
|
|
8,592,401 |
|
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 |
1,050,463 |
|
|
1,049,724 |
|
|
797,997 |
|
|
797,381 |
|
Retained earnings - substantially restricted |
471,021 |
|
|
443,705 |
|
|
402,259 |
|
|
403,373 |
|
Accumulated other comprehensive (loss) income |
(29,717 |
) |
|
(20,282 |
) |
|
(1,979 |
) |
|
4,667 |
|
Total stockholders’ equity |
1,492,612 |
|
|
1,473,992 |
|
|
1,199,057 |
|
|
1,206,201 |
|
Total liabilities and
stockholders’ equity |
$ |
11,909,102 |
|
|
11,897,644 |
|
|
9,706,349 |
|
|
9,798,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
|
Three Months ended |
|
Nine Months Ended |
(Dollars in thousands, except per share data) |
September 30, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
Interest Income |
|
|
|
|
|
|
|
|
|
Debt securities |
$ |
21,971 |
|
|
22,370 |
|
|
19,987 |
|
|
64,483 |
|
|
63,305 |
|
Residential real estate loans |
10,356 |
|
|
10,149 |
|
|
8,326 |
|
|
29,290 |
|
|
24,594 |
|
Commercial loans |
80,587 |
|
|
75,824 |
|
|
59,875 |
|
|
221,926 |
|
|
166,027 |
|
Consumer and other loans |
9,991 |
|
|
9,372 |
|
|
8,276 |
|
|
27,987 |
|
|
24,198 |
|
Total interest income |
122,905 |
|
|
117,715 |
|
|
96,464 |
|
|
343,686 |
|
|
278,124 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
Deposits |
4,837 |
|
|
4,617 |
|
|
4,564 |
|
|
13,370 |
|
|
13,505 |
|
Securities sold under agreements to repurchase |
570 |
|
|
486 |
|
|
537 |
|
|
1,541 |
|
|
1,362 |
|
Federal Home Loan Bank advances |
2,132 |
|
|
2,513 |
|
|
1,398 |
|
|
6,734 |
|
|
4,642 |
|
Other borrowed funds |
63 |
|
|
26 |
|
|
21 |
|
|
105 |
|
|
55 |
|
Subordinated debentures |
1,558 |
|
|
1,519 |
|
|
1,132 |
|
|
4,345 |
|
|
3,228 |
|
Total interest expense |
9,160 |
|
|
9,161 |
|
|
7,652 |
|
|
26,095 |
|
|
22,792 |
|
Net Interest Income |
113,745 |
|
|
108,554 |
|
|
88,812 |
|
|
317,591 |
|
|
255,332 |
|
Provision for loan losses |
3,194 |
|
|
4,718 |
|
|
3,327 |
|
|
8,707 |
|
|
7,938 |
|
Net interest income after
provision for loan losses |
110,551 |
|
|
103,836 |
|
|
85,485 |
|
|
308,884 |
|
|
247,394 |
|
Non-Interest Income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
19,504 |
|
|
18,804 |
|
|
17,307 |
|
|
55,179 |
|
|
50,435 |
|
Miscellaneous loan fees and charges |
1,807 |
|
|
2,243 |
|
|
1,211 |
|
|
5,527 |
|
|
3,283 |
|
Gain on sale of loans |
7,256 |
|
|
8,142 |
|
|
9,141 |
|
|
21,495 |
|
|
23,031 |
|
(Loss) gain on sale of debt securities |
(367 |
) |
|
(56 |
) |
|
77 |
|
|
(756 |
) |
|
(545 |
) |
Other income |
4,216 |
|
|
2,695 |
|
|
3,449 |
|
|
8,885 |
|
|
8,326 |
|
Total non-interest income |
32,416 |
|
|
31,828 |
|
|
31,185 |
|
|
90,330 |
|
|
84,530 |
|
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
49,927 |
|
|
49,023 |
|
|
41,297 |
|
|
144,671 |
|
|
120,041 |
|
Occupancy and equipment |
7,914 |
|
|
7,662 |
|
|
6,500 |
|
|
22,850 |
|
|
19,706 |
|
Advertising and promotions |
2,432 |
|
|
2,530 |
|
|
2,239 |
|
|
7,132 |
|
|
6,381 |
|
Data processing |
3,752 |
|
|
4,241 |
|
|
3,647 |
|
|
11,960 |
|
|
10,180 |
|
Other real estate owned |
2,674 |
|
|
211 |
|
|
817 |
|
|
2,957 |
|
|
1,532 |
|
Regulatory assessments and insurance |
1,277 |
|
|
1,329 |
|
|
1,214 |
|
|
3,812 |
|
|
3,362 |
|
Core deposit intangibles amortization |
1,735 |
|
|
1,748 |
|
|
640 |
|
|
4,539 |
|
|
1,880 |
|
Other expenses |
13,118 |
|
|
15,051 |
|
|
12,198 |
|
|
40,330 |
|
|
34,123 |
|
Total non-interest expense |
82,829 |
|
|
81,795 |
|
|
68,552 |
|
|
238,251 |
|
|
197,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
60,138 |
|
|
53,869 |
|
|
48,118 |
|
|
160,963 |
|
|
134,719 |
|
Federal and state income tax expense |
10,802 |
|
|
9,485 |
|
|
11,639 |
|
|
28,684 |
|
|
33,298 |
|
Net Income |
$ |
49,336 |
|
|
44,384 |
|
|
36,479 |
|
|
132,279 |
|
|
101,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp,
Inc.Average Balance Sheets
|
Three Months ended |
|
September 30, 2018 |
|
September 30, 2017 |
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
893,972 |
|
|
$ |
10,356 |
|
|
4.63 |
% |
|
$ |
771,342 |
|
|
$ |
8,326 |
|
|
4.32 |
% |
Commercial loans 1 |
6,361,742 |
|
|
81,636 |
|
|
5.09 |
% |
|
4,968,989 |
|
|
61,560 |
|
|
4.92 |
% |
Consumer and other loans |
796,558 |
|
|
9,991 |
|
|
4.98 |
% |
|
688,294 |
|
|
8,276 |
|
|
4.77 |
% |
Total loans 2 |
8,052,272 |
|
|
101,983 |
|
|
5.02 |
% |
|
6,428,625 |
|
|
78,162 |
|
|
4.82 |
% |
Tax-exempt debt securities 3 |
1,074,266 |
|
|
12,389 |
|
|
4.61 |
% |
|
1,106,288 |
|
|
15,678 |
|
|
5.67 |
% |
Taxable debt securities 4 |
1,838,949 |
|
|
12,425 |
|
|
2.70 |
% |
|
1,757,102 |
|
|
9,961 |
|
|
2.27 |
% |
Total earning assets |
10,965,487 |
|
|
126,797 |
|
|
4.59 |
% |
|
9,292,015 |
|
|
103,801 |
|
|
4.43 |
% |
Goodwill and intangibles |
341,354 |
|
|
|
|
|
|
192,937 |
|
|
|
|
|
Non-earning assets |
476,135 |
|
|
|
|
|
|
411,248 |
|
|
|
|
|
Total assets |
$ |
11,782,976 |
|
|
|
|
|
|
$ |
9,896,200 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,988,562 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,274,387 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
2,304,338 |
|
|
997 |
|
|
0.17 |
% |
|
1,720,374 |
|
|
465 |
|
|
0.11 |
% |
Savings accounts |
1,340,003 |
|
|
219 |
|
|
0.06 |
% |
|
1,071,674 |
|
|
160 |
|
|
0.06 |
% |
Money market deposit accounts |
1,720,845 |
|
|
881 |
|
|
0.20 |
% |
|
1,596,170 |
|
|
624 |
|
|
0.16 |
% |
Certificate accounts |
942,417 |
|
|
1,728 |
|
|
0.73 |
% |
|
866,094 |
|
|
1,275 |
|
|
0.58 |
% |
Total core deposits |
9,296,165 |
|
|
3,825 |
|
|
0.16 |
% |
|
7,528,699 |
|
|
2,524 |
|
|
0.13 |
% |
Wholesale deposits 5 |
166,009 |
|
|
1,012 |
|
|
2.42 |
% |
|
297,768 |
|
|
2,040 |
|
|
2.72 |
% |
FHLB advances |
209,248 |
|
|
2,132 |
|
|
3.99 |
% |
|
197,458 |
|
|
1,398 |
|
|
2.77 |
% |
Repurchase agreements and other borrowed
funds |
534,384 |
|
|
2,191 |
|
|
1.63 |
% |
|
562,169 |
|
|
1,690 |
|
|
1.19 |
% |
Total funding liabilities |
10,205,806 |
|
|
9,160 |
|
|
0.36 |
% |
|
8,586,094 |
|
|
7,652 |
|
|
0.35 |
% |
Other liabilities |
82,621 |
|
|
|
|
|
|
89,898 |
|
|
|
|
|
Total liabilities |
10,288,427 |
|
|
|
|
|
|
8,675,992 |
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
845 |
|
|
|
|
|
|
780 |
|
|
|
|
|
Paid-in capital |
1,050,081 |
|
|
|
|
|
|
797,011 |
|
|
|
|
|
Retained earnings |
467,671 |
|
|
|
|
|
|
418,034 |
|
|
|
|
|
Accumulated other comprehensive (loss) income |
(24,048 |
) |
|
|
|
|
|
4,383 |
|
|
|
|
|
Total stockholders’ equity |
1,494,549 |
|
|
|
|
|
|
1,220,208 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
11,782,976 |
|
|
|
|
|
|
$ |
9,896,200 |
|
|
|
|
|
Net interest income (tax-equivalent) |
|
|
$ |
117,637 |
|
|
|
|
|
|
$ |
96,149 |
|
|
|
Net interest spread (tax-equivalent) |
|
|
|
|
4.23 |
% |
|
|
|
|
|
4.08 |
% |
Net interest margin (tax-equivalent) |
|
|
|
|
4.26 |
% |
|
|
|
|
|
4.11 |
% |
______________________________1 Includes tax
effect of $1.0 million and $1.7 million on tax-exempt municipal
loan and lease income for the three months ended September 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 $2.5 million and $5.3 million on tax-exempt
debt securities income for the three months ended
September 30, 2018 and 2017, respectively.4
Includes tax effect of $304 thousand on federal income tax credits
for the three months ended September 30, 2018 and
2017.5 Wholesale deposits include brokered
deposits classified as NOW, DDA, money market deposit and
certificate accounts.
Glacier Bancorp,
Inc.Average Balance Sheets
(continued)
|
Nine Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
(Dollars in thousands) |
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
851,280 |
|
|
$ |
29,290 |
|
|
4.59 |
% |
|
$ |
739,921 |
|
|
$ |
24,594 |
|
|
4.43 |
% |
Commercial loans 1 |
6,026,787 |
|
|
224,944 |
|
|
4.99 |
% |
|
4,692,565 |
|
|
170,604 |
|
|
4.86 |
% |
Consumer and other loans |
759,437 |
|
|
27,987 |
|
|
4.93 |
% |
|
680,368 |
|
|
24,198 |
|
|
4.76 |
% |
Total loans 2 |
7,637,504 |
|
|
282,221 |
|
|
4.94 |
% |
|
6,112,854 |
|
|
219,396 |
|
|
4.80 |
% |
Tax-exempt debt securities 3 |
1,084,436 |
|
|
37,818 |
|
|
4.65 |
% |
|
1,183,954 |
|
|
50,593 |
|
|
5.70 |
% |
Taxable debt securities 4 |
1,809,047 |
|
|
35,327 |
|
|
2.60 |
% |
|
1,802,842 |
|
|
30,952 |
|
|
2.29 |
% |
Total earning assets |
10,530,987 |
|
|
355,366 |
|
|
4.51 |
% |
|
9,099,650 |
|
|
300,941 |
|
|
4.42 |
% |
Goodwill and intangibles |
301,786 |
|
|
|
|
|
|
175,752 |
|
|
|
|
|
Non-earning assets |
447,226 |
|
|
|
|
|
|
391,519 |
|
|
|
|
|
Total assets |
$ |
11,279,999 |
|
|
|
|
|
|
$ |
9,666,921 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,755,702 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,122,385 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
2,211,982 |
|
|
2,824 |
|
|
0.17 |
% |
|
1,640,712 |
|
|
994 |
|
|
0.08 |
% |
Savings accounts |
1,282,161 |
|
|
642 |
|
|
0.07 |
% |
|
1,045,065 |
|
|
460 |
|
|
0.06 |
% |
Money market deposit accounts |
1,700,216 |
|
|
2,457 |
|
|
0.19 |
% |
|
1,546,181 |
|
|
1,797 |
|
|
0.16 |
% |
Certificate accounts |
920,222 |
|
|
4,639 |
|
|
0.67 |
% |
|
908,359 |
|
|
3,911 |
|
|
0.58 |
% |
Total core deposits |
8,870,283 |
|
|
10,562 |
|
|
0.16 |
% |
|
7,262,702 |
|
|
7,162 |
|
|
0.13 |
% |
Wholesale deposits 5 |
156,298 |
|
|
2,808 |
|
|
2.40 |
% |
|
314,385 |
|
|
6,343 |
|
|
2.70 |
% |
FHLB advances |
241,438 |
|
|
6,734 |
|
|
3.68 |
% |
|
269,377 |
|
|
4,642 |
|
|
2.27 |
% |
Repurchase agreements and other borrowed
funds |
522,267 |
|
|
5,991 |
|
|
1.53 |
% |
|
558,943 |
|
|
4,645 |
|
|
1.11 |
% |
Total funding liabilities |
9,790,286 |
|
|
26,095 |
|
|
0.36 |
% |
|
8,405,407 |
|
|
22,792 |
|
|
0.36 |
% |
Other liabilities |
61,272 |
|
|
|
|
|
|
80,841 |
|
|
|
|
|
Total liabilities |
9,851,558 |
|
|
|
|
|
|
8,486,248 |
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
833 |
|
|
|
|
|
|
774 |
|
|
|
|
|
Paid-in capital |
1,002,321 |
|
|
|
|
|
|
775,761 |
|
|
|
|
|
Retained earnings |
444,116 |
|
|
|
|
|
|
404,638 |
|
|
|
|
|
Accumulated other comprehensive loss |
(18,829 |
) |
|
|
|
|
|
(500 |
) |
|
|
|
|
Total stockholders’ equity |
1,428,441 |
|
|
|
|
|
|
1,180,673 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
11,279,999 |
|
|
|
|
|
|
$ |
9,666,921 |
|
|
|
|
|
Net interest income (tax-equivalent) |
|
|
$ |
329,271 |
|
|
|
|
|
|
$ |
278,149 |
|
|
|
Net interest spread (tax-equivalent) |
|
|
|
|
4.15 |
% |
|
|
|
|
|
4.06 |
% |
Net interest margin (tax-equivalent) |
|
|
|
|
4.18 |
% |
|
|
|
|
|
4.09 |
% |
______________________________1 Includes tax
effect of $3.0 million and $4.6 million on tax-exempt municipal
loan and lease income for the nine months ended September 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 $7.7 million and $17.3 million on tax-exempt
investment securities income for the nine months ended
September 30, 2018 and 2017, respectively.4
Includes tax effect of $913 thousand and $981 thousand on federal
income tax credits for the nine months ended September 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) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom and owner occupied construction |
$ |
123,369 |
|
|
$ |
138,171 |
|
|
$ |
109,555 |
|
|
$ |
106,615 |
|
|
(11 |
)% |
|
13 |
% |
|
16 |
% |
Pre-sold and spec construction |
109,214 |
|
|
96,008 |
|
|
72,160 |
|
|
82,023 |
|
|
14 |
% |
|
51 |
% |
|
33 |
% |
Total residential construction |
232,583 |
|
|
234,179 |
|
|
181,715 |
|
|
188,638 |
|
|
(1 |
)% |
|
28 |
% |
|
23 |
% |
Land development |
125,272 |
|
|
108,641 |
|
|
82,398 |
|
|
83,414 |
|
|
15 |
% |
|
52 |
% |
|
50 |
% |
Consumer land or lots |
123,979 |
|
|
110,846 |
|
|
102,289 |
|
|
99,866 |
|
|
12 |
% |
|
21 |
% |
|
24 |
% |
Unimproved land |
75,183 |
|
|
72,150 |
|
|
65,753 |
|
|
64,610 |
|
|
4 |
% |
|
14 |
% |
|
16 |
% |
Developed lots for operative builders |
14,922 |
|
|
12,708 |
|
|
14,592 |
|
|
12,830 |
|
|
17 |
% |
|
2 |
% |
|
16 |
% |
Commercial lots |
30,255 |
|
|
27,661 |
|
|
23,770 |
|
|
25,984 |
|
|
9 |
% |
|
27 |
% |
|
16 |
% |
Other construction |
487,428 |
|
|
478,037 |
|
|
391,835 |
|
|
367,060 |
|
|
2 |
% |
|
24 |
% |
|
33 |
% |
Total land, lot, and other
construction |
857,039 |
|
|
810,043 |
|
|
680,637 |
|
|
653,764 |
|
|
6 |
% |
|
26 |
% |
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
1,330,024 |
|
|
1,302,737 |
|
|
1,132,833 |
|
|
1,109,796 |
|
|
2 |
% |
|
17 |
% |
|
20 |
% |
Non-owner occupied |
1,564,182 |
|
|
1,495,532 |
|
|
1,186,066 |
|
|
1,180,976 |
|
|
5 |
% |
|
32 |
% |
|
32 |
% |
Total commercial real estate |
2,894,206 |
|
|
2,798,269 |
|
|
2,318,899 |
|
|
2,290,772 |
|
|
3 |
% |
|
25 |
% |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
884,414 |
|
|
909,688 |
|
|
751,221 |
|
|
766,970 |
|
|
(3 |
)% |
|
18 |
% |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
672,916 |
|
|
661,218 |
|
|
450,616 |
|
|
468,168 |
|
|
2 |
% |
|
49 |
% |
|
44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st lien |
1,109,308 |
|
|
1,072,917 |
|
|
877,335 |
|
|
873,061 |
|
|
3 |
% |
|
26 |
% |
|
27 |
% |
Junior lien |
59,345 |
|
|
64,821 |
|
|
51,155 |
|
|
53,337 |
|
|
(8 |
)% |
|
16 |
% |
|
11 |
% |
Total 1-4 family |
1,168,653 |
|
|
1,137,738 |
|
|
928,490 |
|
|
926,398 |
|
|
3 |
% |
|
26 |
% |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
222,647 |
|
|
218,061 |
|
|
189,342 |
|
|
185,891 |
|
|
2 |
% |
|
18 |
% |
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity lines of credit |
521,778 |
|
|
500,036 |
|
|
440,105 |
|
|
429,483 |
|
|
4 |
% |
|
19 |
% |
|
21 |
% |
Other consumer |
166,788 |
|
|
164,288 |
|
|
148,247 |
|
|
153,363 |
|
|
2 |
% |
|
13 |
% |
|
9 |
% |
Total consumer |
688,566 |
|
|
664,324 |
|
|
588,352 |
|
|
582,846 |
|
|
4 |
% |
|
17 |
% |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions |
429,409 |
|
|
419,025 |
|
|
383,252 |
|
|
351,869 |
|
|
2 |
% |
|
12 |
% |
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
123,461 |
|
|
149,915 |
|
|
144,133 |
|
|
142,826 |
|
|
(18 |
)% |
|
(14 |
)% |
|
(14 |
)% |
Total loans receivable, including loans held
for sale |
8,173,894 |
|
|
8,002,460 |
|
|
6,616,657 |
|
|
6,558,142 |
|
|
2 |
% |
|
24 |
% |
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less loans held for sale 1 |
(50,649 |
) |
|
(53,788 |
) |
|
(38,833 |
) |
|
(48,709 |
) |
|
(6 |
)% |
|
30 |
% |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable |
$ |
8,123,245 |
|
|
$ |
7,948,672 |
|
|
$ |
6,577,824 |
|
|
$ |
6,509,433 |
|
|
2 |
% |
|
23 |
% |
|
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 |
|
Accruing Loans90 Days
or MorePast Due |
|
OtherReal EstateOwned |
(Dollars in thousands) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Sep 30, 2018 |
|
Sep 30, 2018 |
|
Sep 30, 2018 |
Custom and owner occupied construction |
$ |
1,599 |
|
|
48 |
|
|
48 |
|
|
177 |
|
|
— |
|
|
1,599 |
|
|
— |
|
Pre-sold and spec construction |
474 |
|
|
492 |
|
|
38 |
|
|
267 |
|
|
474 |
|
|
— |
|
|
— |
|
Total residential construction |
2,073 |
|
|
540 |
|
|
86 |
|
|
444 |
|
|
474 |
|
|
1,599 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development |
5,147 |
|
|
7,564 |
|
|
7,888 |
|
|
8,116 |
|
|
843 |
|
|
— |
|
|
4,304 |
|
Consumer land or lots |
1,592 |
|
|
1,593 |
|
|
1,861 |
|
|
2,451 |
|
|
526 |
|
|
— |
|
|
1,066 |
|
Unimproved land |
9,815 |
|
|
9,962 |
|
|
10,866 |
|
|
10,320 |
|
|
8,307 |
|
|
28 |
|
|
1,480 |
|
Developed lots for operative builders |
68 |
|
|
126 |
|
|
116 |
|
|
116 |
|
|
43 |
|
|
— |
|
|
25 |
|
Commercial lots |
1,046 |
|
|
1,059 |
|
|
1,312 |
|
|
1,374 |
|
|
— |
|
|
— |
|
|
1,046 |
|
Other construction |
147 |
|
|
155 |
|
|
151 |
|
|
151 |
|
|
9 |
|
|
— |
|
|
138 |
|
Total land, lot and other
construction |
17,815 |
|
|
20,459 |
|
|
22,194 |
|
|
22,528 |
|
|
9,728 |
|
|
28 |
|
|
8,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
11,246 |
|
|
12,891 |
|
|
13,848 |
|
|
14,207 |
|
|
9,978 |
|
|
34 |
|
|
1,234 |
|
Non-owner occupied |
10,847 |
|
|
15,337 |
|
|
4,584 |
|
|
4,251 |
|
|
10,574 |
|
|
— |
|
|
273 |
|
Total commercial real estate |
22,093 |
|
|
28,228 |
|
|
18,432 |
|
|
18,458 |
|
|
20,552 |
|
|
34 |
|
|
1,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
5,615 |
|
|
7,692 |
|
|
5,294 |
|
|
5,190 |
|
|
4,956 |
|
|
409 |
|
|
250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
7,856 |
|
|
10,497 |
|
|
3,931 |
|
|
3,998 |
|
|
6,804 |
|
|
1,052 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st lien |
9,543 |
|
|
9,725 |
|
|
9,261 |
|
|
7,688 |
|
|
8,922 |
|
|
528 |
|
|
93 |
|
Junior lien |
2,610 |
|
|
3,257 |
|
|
567 |
|
|
591 |
|
|
709 |
|
|
— |
|
|
1,901 |
|
Total 1-4 family |
12,153 |
|
|
12,982 |
|
|
9,828 |
|
|
8,279 |
|
|
9,631 |
|
|
528 |
|
|
1,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
613 |
|
|
634 |
|
|
— |
|
|
— |
|
|
613 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity lines of credit |
3,470 |
|
|
3,112 |
|
|
3,292 |
|
|
4,151 |
|
|
2,397 |
|
|
508 |
|
|
565 |
|
Other consumer |
417 |
|
|
393 |
|
|
322 |
|
|
225 |
|
|
218 |
|
|
175 |
|
|
24 |
|
Total consumer |
3,887 |
|
|
3,505 |
|
|
3,614 |
|
|
4,376 |
|
|
2,615 |
|
|
683 |
|
|
589 |
|
States and political subdivisions |
— |
|
|
— |
|
|
1,800 |
|
|
1,800 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
72,105 |
|
|
84,537 |
|
|
65,179 |
|
|
65,073 |
|
|
55,373 |
|
|
4,333 |
|
|
12,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in thousands) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
Custom and owner occupied construction |
$ |
4,502 |
|
|
$ |
1,525 |
|
|
$ |
300 |
|
|
$ |
415 |
|
|
195 |
% |
|
1,401 |
% |
|
985 |
% |
Pre-sold and spec construction |
494 |
|
|
721 |
|
|
102 |
|
|
451 |
|
|
(31 |
)% |
|
384 |
% |
|
10 |
% |
Total residential construction |
4,996 |
|
|
2,246 |
|
|
402 |
|
|
866 |
|
|
122 |
% |
|
1,143 |
% |
|
477 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development |
516 |
|
|
728 |
|
|
— |
|
|
5 |
|
|
(29 |
)% |
|
n/m |
|
10,220 |
% |
Consumer land or lots |
235 |
|
|
471 |
|
|
353 |
|
|
615 |
|
|
(50 |
)% |
|
(33 |
)% |
|
(62 |
)% |
Unimproved land |
629 |
|
|
1,450 |
|
|
662 |
|
|
621 |
|
|
(57 |
)% |
|
(5 |
)% |
|
1 |
% |
Developed lots for operative builders |
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
n/m |
|
(100 |
)% |
|
n/m |
Commercial lots |
— |
|
|
— |
|
|
108 |
|
|
15 |
|
|
n/m |
|
(100 |
)% |
|
(100 |
)% |
Other construction |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
n/m |
|
n/m |
|
n/m |
Total land, lot and other
construction |
1,380 |
|
|
2,649 |
|
|
1,130 |
|
|
1,256 |
|
|
(48 |
)% |
|
22 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
2,872 |
|
|
3,571 |
|
|
4,726 |
|
|
4,450 |
|
|
(20 |
)% |
|
(39 |
)% |
|
(35 |
)% |
Non-owner occupied |
1,131 |
|
|
8,414 |
|
|
2,399 |
|
|
5,502 |
|
|
(87 |
)% |
|
(53 |
)% |
|
(79 |
)% |
Total commercial real estate |
4,003 |
|
|
11,985 |
|
|
7,125 |
|
|
9,952 |
|
|
(67 |
)% |
|
(44 |
)% |
|
(60 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
4,791 |
|
|
5,745 |
|
|
6,472 |
|
|
5,784 |
|
|
(17 |
)% |
|
(26 |
)% |
|
(17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
1,332 |
|
|
5,288 |
|
|
3,205 |
|
|
780 |
|
|
(75 |
)% |
|
(58 |
)% |
|
71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st lien |
3,795 |
|
|
5,132 |
|
|
10,865 |
|
|
2,973 |
|
|
(26 |
)% |
|
(65 |
)% |
|
28 |
% |
Junior lien |
420 |
|
|
989 |
|
|
4,348 |
|
|
3,463 |
|
|
(58 |
)% |
|
(90 |
)% |
|
(88 |
)% |
Total 1-4 family |
4,215 |
|
|
6,121 |
|
|
15,213 |
|
|
6,436 |
|
|
(31 |
)% |
|
(72 |
)% |
|
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily Residential |
— |
|
|
— |
|
|
— |
|
|
237 |
|
|
n/m
|
|
n/m
|
|
(100 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity lines of credit |
2,467 |
|
|
3,940 |
|
|
1,962 |
|
|
2,065 |
|
|
(37 |
)% |
|
26 |
% |
|
19 |
% |
Other consumer |
1,903 |
|
|
1,665 |
|
|
2,109 |
|
|
1,735 |
|
|
14 |
% |
|
(10 |
)% |
|
10 |
% |
Total consumer |
4,370 |
|
|
5,605 |
|
|
4,071 |
|
|
3,800 |
|
|
(22 |
)% |
|
7 |
% |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
94 |
|
|
11 |
|
|
69 |
|
|
4 |
|
|
755 |
% |
|
36 |
% |
|
2,250 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
25,181 |
|
|
$ |
39,650 |
|
|
$ |
37,687 |
|
|
$ |
29,115 |
|
|
(36 |
)% |
|
(33 |
)% |
|
(14 |
)% |
______________________________n/m - not measurable
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in thousands) |
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2017 |
|
Sep 30, 2018 |
|
Sep 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom and owner occupied construction |
$ |
— |
|
|
— |
|
|
— |
|
|
58 |
|
|
— |
|
|
— |
|
Pre-sold and spec construction |
(348 |
) |
|
(344 |
) |
|
(23 |
) |
|
(19 |
) |
|
17 |
|
|
365 |
|
Total residential construction |
(348 |
) |
|
(344 |
) |
|
(23 |
) |
|
39 |
|
|
17 |
|
|
365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development |
(110 |
) |
|
(107 |
) |
|
(143 |
) |
|
(67 |
) |
|
— |
|
|
110 |
|
Consumer land or lots |
(121 |
) |
|
(92 |
) |
|
222 |
|
|
(150 |
) |
|
206 |
|
|
327 |
|
Unimproved land |
(288 |
) |
|
(144 |
) |
|
(304 |
) |
|
(177 |
) |
|
— |
|
|
288 |
|
Developed lots for operative builders |
33 |
|
|
33 |
|
|
(107 |
) |
|
(16 |
) |
|
33 |
|
|
— |
|
Commercial lots |
3 |
|
|
4 |
|
|
(6 |
) |
|
(4 |
) |
|
7 |
|
|
4 |
|
Other construction |
(4 |
) |
|
— |
|
|
389 |
|
|
390 |
|
|
— |
|
|
4 |
|
Total land, lot and other
construction |
(487 |
) |
|
(306 |
) |
|
51 |
|
|
(24 |
) |
|
246 |
|
|
733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
902 |
|
|
1,000 |
|
|
3,908 |
|
|
3,416 |
|
|
1,084 |
|
|
182 |
|
Non-owner occupied |
(6 |
) |
|
(4 |
) |
|
368 |
|
|
214 |
|
|
59 |
|
|
65 |
|
Total commercial real estate |
896 |
|
|
996 |
|
|
4,276 |
|
|
3,630 |
|
|
1,143 |
|
|
247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
1,893 |
|
|
1,471 |
|
|
883 |
|
|
429 |
|
|
2,527 |
|
|
634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agriculture |
39 |
|
|
44 |
|
|
9 |
|
|
(11 |
) |
|
50 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st lien |
8 |
|
|
(193 |
) |
|
(23 |
) |
|
(201 |
) |
|
257 |
|
|
249 |
|
Junior lien |
486 |
|
|
(34 |
) |
|
719 |
|
|
746 |
|
|
959 |
|
|
473 |
|
Total 1-4 family |
494 |
|
|
(227 |
) |
|
696 |
|
|
545 |
|
|
1,216 |
|
|
722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
(6 |
) |
|
(6 |
) |
|
(230 |
) |
|
(229 |
) |
|
— |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity lines of credit |
(39 |
) |
|
(38 |
) |
|
272 |
|
|
262 |
|
|
101 |
|
|
140 |
|
Other consumer |
161 |
|
|
111 |
|
|
505 |
|
|
98 |
|
|
381 |
|
|
220 |
|
Total consumer |
122 |
|
|
73 |
|
|
777 |
|
|
360 |
|
|
482 |
|
|
360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
3,137 |
|
|
1,816 |
|
|
4,389 |
|
|
3,195 |
|
|
6,224 |
|
|
3,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
5,740 |
|
|
3,517 |
|
|
10,828 |
|
|
7,934 |
|
|
11,905 |
|
|
6,165 |
|
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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