4th Quarter 2018 Highlights:
Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $49.6
million for the current quarter, an increase of $14.9 million, or
43 percent, from the $34.7 million of net income for the prior year
fourth quarter, excluding the revaluation of the net deferred tax
asset. Diluted earnings per share for the current quarter was
$0.59 per share, an increase of 34 percent from the prior year
fourth quarter diluted earnings per share of $0.44, excluding the
revaluation of the net deferred tax asset. Included in the
current quarter was $520 thousand of acquisition-related expenses
and $357 thousand of loss on sale of investments. “The
Glacier team delivered very strong results in the fourth quarter
and for the full year in 2018. We are pleased to see all
aspects of the business performing so well. We thank our
employees for their many contributions to the company during the
year and our customers for their continued business,” said Randy
Chesler, President and Chief Executive Officer. “We are also
pleased to see our on-going acquisition strategy combined with
organic growth continues to provide enhanced results.”
Net income of $182 million for 2018, an increase
of $45.8 million, or 34 percent, over the prior year net income of
$136 million, excluding the revaluation of the net deferred tax
asset. Diluted earnings per share of $2.17, an increase of 24
percent from the prior year diluted earnings per share of $1.75,
excluding the revaluation of the net deferred tax asset.
On January 16, 2019, the Company announced the
signing of a definitive agreement to acquire FNB Bancorp, the
holding company for The First National Bank of Layton, a community
bank based in Layton, Utah (collectively, “FNB”). FNB
provides banking services to individuals and businesses throughout
Utah with banking offices located in Layton, Bountiful, Clearfield,
and Draper. As of September 30, 2018, FNB had total
assets of $326 million, total loans of $243 million and total
deposits of $278 million. The acquisition marks the Company’s 21st
acquisition since 2000 and its tenth transaction in the past six
years. The acquisition is subject to required regulatory
approvals and other customary conditions of closing and is expected
to be completed during the second quarter of 2019.
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 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) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
Cash and cash
equivalents |
$ |
203,790 |
|
|
307,104 |
|
|
200,004 |
|
|
(103,314) |
|
|
3,786 |
|
Debt securities,
available-for-sale |
2,571,663 |
|
|
2,103,619 |
|
|
1,778,243 |
|
|
468,044 |
|
|
793,420 |
|
Debt securities,
held-to-maturity |
297,915 |
|
|
590,915 |
|
|
648,313 |
|
|
(293,000) |
|
|
(350,398) |
|
Total
debt securities |
2,869,578 |
|
|
2,694,534 |
|
|
2,426,556 |
|
|
175,044 |
|
|
443,022 |
|
Loans receivable |
|
|
|
|
|
|
|
|
|
Residential real estate |
887,742 |
|
|
862,830 |
|
|
720,728 |
|
|
24,912 |
|
|
167,014 |
|
Commercial real estate |
4,657,561 |
|
|
4,527,577 |
|
|
3,577,139 |
|
|
129,984 |
|
|
1,080,422 |
|
Other
commercial |
1,911,171 |
|
|
1,921,955 |
|
|
1,579,353 |
|
|
(10,784) |
|
|
331,818 |
|
Home
equity |
544,688 |
|
|
528,404 |
|
|
457,918 |
|
|
16,284 |
|
|
86,770 |
|
Other
consumer |
286,387 |
|
|
282,479 |
|
|
242,686 |
|
|
3,908 |
|
|
43,701 |
|
Loans
receivable |
8,287,549 |
|
|
8,123,245 |
|
|
6,577,824 |
|
|
164,304 |
|
|
1,709,725 |
|
Allowance
for loan and lease losses |
(131,239) |
|
|
(132,535) |
|
|
(129,568) |
|
|
1,296 |
|
|
(1,671) |
|
Loans
receivable, net |
8,156,310 |
|
|
7,990,710 |
|
|
6,448,256 |
|
|
165,600 |
|
|
1,708,054 |
|
Other assets |
885,806 |
|
|
916,754 |
|
|
631,533 |
|
|
(30,948) |
|
|
254,273 |
|
Total
assets |
$ |
12,115,484 |
|
|
11,909,102 |
|
|
9,706,349 |
|
|
206,382 |
|
|
2,409,135 |
|
Total debt securities of $2.870 billion at
December 31, 2018 increased $175 million, or 7 percent, during the
current quarter and increased $443 million, or 18 percent, from the
prior year fourth quarter. Debt securities represented 24 percent
of total assets at December 31, 2018 compared to 25 percent of
total assets at December 31, 2017.
The loan portfolio of $8.288 billion increased
$164 million, or 8 percent annualized, during the current quarter.
The loan category with the largest increase was commercial real
estate loans which increased $130 million, or 3 percent. Excluding
the $982 million of loans from the FSB and Collegiate acquisitions,
the loan portfolio increased $728 million, or 11 percent, since
December 31, 2017, with the largest increase in commercial real
estate loans, which increased $463 million, or 13 percent.
Credit Quality Summary
|
At or for the Year ended |
|
At or for the Nine Months ended |
|
At or for the Year ended |
(Dollars in
thousands) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
Allowance for loan and
lease losses |
|
|
|
|
|
Balance at beginning of
period |
$ |
129,568 |
|
|
129,568 |
|
|
129,572 |
|
Provision
for loan losses |
9,953 |
|
|
8,707 |
|
|
10,824 |
|
Charge-offs |
(17,807 |
) |
|
(11,905 |
) |
|
(19,331 |
) |
Recoveries |
9,525 |
|
|
6,165 |
|
|
8,503 |
|
Balance
at end of period |
$ |
131,239 |
|
|
132,535 |
|
|
129,568 |
|
Other real estate
owned |
$ |
7,480 |
|
|
12,399 |
|
|
14,269 |
|
Accruing loans 90 days
or more past due |
2,018 |
|
|
4,333 |
|
|
6,077 |
|
Non-accrual loans |
47,252 |
|
|
55,373 |
|
|
44,833 |
|
Total
non-performing assets |
$ |
56,750 |
|
|
72,105 |
|
|
65,179 |
|
Non-performing assets
as a percentage of subsidiary assets |
0.47 |
% |
|
0.61 |
% |
|
0.68 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
266 |
% |
|
222 |
% |
|
255 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
1.58 |
% |
|
1.63 |
% |
|
1.97 |
% |
Net charge-offs as a
percentage of total loans |
0.10 |
% |
|
0.07 |
% |
|
0.17 |
% |
Accruing loans 30-89
days past due |
$ |
33,567 |
|
|
25,181 |
|
|
37,687 |
|
Accruing troubled debt
restructurings |
$ |
25,833 |
|
|
35,080 |
|
|
38,491 |
|
Non-accrual troubled
debt restructurings |
$ |
10,660 |
|
|
12,911 |
|
|
23,709 |
|
U.S. government
guarantees included in non-performing assets |
$ |
4,811 |
|
|
5,791 |
|
|
2,513 |
|
The Company benefited this quarter from the Bank
divisions continued focus on reducing non-performing assets and
resolving specific troubled credits. Non-performing assets at
December 31, 2018 were $56.8 million, a decrease of $15.4 million,
or 21 percent, from the prior quarter and a decrease of $8.4
million, or 13 percent, from the prior year fourth quarter.
Non-performing assets as a percentage of subsidiary assets at
December 31, 2018 was 0.47 percent, a decrease of 14 basis points
from the prior quarter, and a decrease of 21 basis points from the
prior year fourth quarter. Early stage delinquencies (accruing
loans 30-89 days past due) of $33.6 million at December 31, 2018
decreased $4.1 million from prior year end. Early stage
delinquencies as a percentage of loans at
December 31, 2018 was 0.41 percent which was a decrease
of 16 basis points from prior year end. The allowance for loan and
lease losses (“allowance”) as a percent of total loans outstanding
at December 31, 2018 was 1.58 percent, which was a 5 basis
points decrease compared to the prior quarter and a decrease of 39
basis points from a year ago. The decrease from the prior year end
was driven by stabilizing credit quality and 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 |
Fourth quarter 2018 |
$ |
1,246 |
|
|
$ |
2,542 |
|
|
1.58 |
% |
|
0.41 |
% |
|
0.47 |
% |
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 |
% |
Net charge-offs for the current quarter were
$2.5 million compared to $2.2 million for the prior quarter and
$2.9 million from the same quarter last year. Current quarter
provision for loan losses was $1.2 million, compared to $3.2
million in the prior quarter and $2.9 million in the prior year
fourth quarter. Loan portfolio growth, composition, average
loan size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
Supplemental information regarding credit
quality and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is
based primarily on collateral type while the Company’s loan
segments presented herein are based on the purpose of the loan.
Liability Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
Deposits |
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
$ |
3,001,178 |
|
|
3,103,112 |
|
|
2,311,902 |
|
|
(101,934 |
) |
|
689,276 |
|
NOW and
DDA accounts |
2,391,307 |
|
|
2,346,050 |
|
|
1,695,246 |
|
|
45,257 |
|
|
696,061 |
|
Savings
accounts |
1,346,790 |
|
|
1,345,163 |
|
|
1,082,604 |
|
|
1,627 |
|
|
264,186 |
|
Money
market deposit accounts |
1,684,284 |
|
|
1,722,975 |
|
|
1,512,693 |
|
|
(38,691 |
) |
|
171,591 |
|
Certificate accounts |
901,484 |
|
|
932,461 |
|
|
817,259 |
|
|
(30,977 |
) |
|
84,225 |
|
Core
deposits, total |
9,325,043 |
|
|
9,449,761 |
|
|
7,419,704 |
|
|
(124,718 |
) |
|
1,905,339 |
|
Wholesale
deposits |
168,724 |
|
|
151,421 |
|
|
160,043 |
|
|
17,303 |
|
|
8,681 |
|
Deposits,
total |
9,493,767 |
|
|
9,601,182 |
|
|
7,579,747 |
|
|
(107,415 |
) |
|
1,914,020 |
|
Repurchase
agreements |
396,151 |
|
|
408,754 |
|
|
362,573 |
|
|
(12,603 |
) |
|
33,578 |
|
Federal Home Loan Bank
advances |
440,175 |
|
|
155,328 |
|
|
353,995 |
|
|
284,847 |
|
|
86,180 |
|
Other borrowed
funds |
14,708 |
|
|
9,944 |
|
|
8,224 |
|
|
4,764 |
|
|
6,484 |
|
Subordinated
debentures |
134,051 |
|
|
134,055 |
|
|
126,135 |
|
|
(4 |
) |
|
7,916 |
|
Other liabilities |
120,778 |
|
|
107,227 |
|
|
76,618 |
|
|
13,551 |
|
|
44,160 |
|
Total
liabilities |
$ |
10,599,630 |
|
|
10,416,490 |
|
|
8,507,292 |
|
|
183,140 |
|
|
2,092,338 |
|
Core deposits of $9.325 billion as of December
31, 2018 decreased $125 million, or 1 percent, from the prior
quarter. The Company added back $395 million deposits during the
first quarter of 2018 that were previously moved off the balance
sheet as part of its strategy to say below $10 billion in total
assets through December 31, 2017. Excluding the $1.315 billion of
core deposits from the acquisitions and deposits moved back onto
the balance sheet, core deposits increased $195 million, or 3
percent, from the prior year end.
Federal Home Loan Bank (“FHLB”) advances of $440
million at December 31, 2018, increased $285 million over the prior
quarter and increased $86 million over the prior year fourth
quarter to assist in funding asset growth.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands,
except per share data) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
Common equity |
$ |
1,525,281 |
|
|
1,522,329 |
|
|
1,201,036 |
|
|
2,952 |
|
|
324,245 |
|
Accumulated other
comprehensive (loss) income |
(9,427 |
) |
|
(29,717 |
) |
|
(1,979 |
) |
|
20,290 |
|
|
(7,448 |
) |
Total
stockholders’ equity |
1,515,854 |
|
|
1,492,612 |
|
|
1,199,057 |
|
|
23,242 |
|
|
316,797 |
|
Goodwill and core
deposit intangible, net |
(338,828 |
) |
|
(340,508 |
) |
|
(191,995 |
) |
|
1,680 |
|
|
(146,833 |
) |
Tangible
stockholders’ equity |
$ |
1,177,026 |
|
|
1,152,104 |
|
|
1,007,062 |
|
|
24,922 |
|
|
169,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to
total assets |
|
12.51 |
% |
|
12.53 |
% |
|
12.35 |
% |
|
|
|
|
|
|
Tangible stockholders’
equity to total tangible assets |
|
9.99 |
% |
|
9.96 |
% |
|
10.58 |
% |
|
|
|
|
|
|
Book value per common
share |
$ |
17.93 |
|
|
17.66 |
|
|
15.37 |
|
|
0.27 |
|
|
2.56 |
|
Tangible book value per
common share |
$ |
13.93 |
|
|
13.63 |
|
|
12.91 |
|
|
0.30 |
|
|
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity of $1.177 billion
at December 31, 2018 increased $25 million compared to the prior
quarter which was primarily the result of an increase in other
comprehensive income. Tangible stockholders’ equity increased $170
million over the prior year fourth 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 $0.30 per share from the prior quarter and increased
$1.02 per share from a year ago.
Cash DividendsOn December 27, 2018, the
Company’s Board of Directors declared a special cash dividend of
$0.30 per share, the 15th special dividend the Company has
declared. The dividend was payable January 17, 2019 to shareholders
of record on January 8, 2019. On November 13, 2018, the Company’s
Board of Directors declared a quarterly cash dividend of $0.26 per
share. The dividend was payable December 20, 2018 to
shareholders of record on December 11, 2018. The dividend was the
135th consecutive quarterly dividend. Regular quarterly dividends
declared for 2018 were $1.01 per share, an increase of $0.17 per
share, or 20 percent, compared to prior year quarterly dividends
of $0.84 per share. Future cash dividends will depend on a
variety of factors, including net income, capital, asset quality,
general economic conditions and regulatory considerations.
Operating Results for Three Months Ended
December 31, 2018Compared to
September 30, 2018, June 30, 2018 and March 31,
2018
Income Summary
|
Three Months ended |
(Dollars in
thousands) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
Net interest
income |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
125,310 |
|
|
122,905 |
|
|
117,715 |
|
|
103,066 |
|
|
96,898 |
|
Interest
expense |
9,436 |
|
|
9,160 |
|
|
9,161 |
|
|
7,774 |
|
|
7,072 |
|
Total net
interest income |
115,874 |
|
|
113,745 |
|
|
108,554 |
|
|
95,292 |
|
|
89,826 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
19,708 |
|
|
19,504 |
|
|
18,804 |
|
|
16,871 |
|
|
17,282 |
|
Miscellaneous loan fees and charges |
1,278 |
|
|
1,807 |
|
|
2,243 |
|
|
1,477 |
|
|
1,077 |
|
Gain on
sale of loans |
5,639 |
|
|
7,256 |
|
|
8,142 |
|
|
6,097 |
|
|
7,408 |
|
Loss on
sale of investments |
(357 |
) |
|
(367 |
) |
|
(56 |
) |
|
(333 |
) |
|
(115 |
) |
Other
income |
2,226 |
|
|
4,216 |
|
|
2,695 |
|
|
1,974 |
|
|
2,057 |
|
Total
non-interest income |
28,494 |
|
|
32,416 |
|
|
31,828 |
|
|
26,086 |
|
|
27,709 |
|
Total
income |
$ |
144,368 |
|
|
146,161 |
|
|
140,382 |
|
|
121,378 |
|
|
117,535 |
|
Net interest margin
(tax-equivalent) |
4.30 |
% |
|
4.26 |
% |
|
4.17 |
% |
|
4.10 |
% |
|
4.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
|
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
Net interest
income |
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
$ |
2,405 |
|
|
7,595 |
|
|
22,244 |
|
|
28,412 |
|
Interest
expense |
|
|
276 |
|
|
275 |
|
|
1,662 |
|
|
2,364 |
|
Total net
interest income |
|
|
2,129 |
|
|
7,320 |
|
|
20,582 |
|
|
26,048 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
|
204 |
|
|
904 |
|
|
2,837 |
|
|
2,426 |
|
Miscellaneous loan fees and charges |
|
|
(529 |
) |
|
(965 |
) |
|
(199 |
) |
|
201 |
|
Gain on
sale of loans |
|
|
(1,617 |
) |
|
(2,503 |
) |
|
(458 |
) |
|
(1,769 |
) |
Loss on
sale of investments |
|
|
10 |
|
|
(301 |
) |
|
(24 |
) |
|
(242 |
) |
Other
income |
|
|
(1,990 |
) |
|
(469 |
) |
|
252 |
|
|
169 |
|
Total
non-interest income |
|
|
(3,922 |
) |
|
(3,334 |
) |
|
2,408 |
|
|
785 |
|
Total
income |
|
|
$ |
(1,793 |
) |
|
3,986 |
|
|
22,990 |
|
|
26,833 |
|
Net Interest IncomeThe current quarter interest
income of $125 million increased $2.4 million, or 2 percent, from
the prior quarter and increased $28.4 million, or 29 percent, over
the prior year fourth quarter with both increases primarily
attributable to the increase in interest income from commercial
loans. Interest income on commercial loans increased $1.7 million,
or 2 percent, from the prior quarter and increased $20.9 million,
or 34 percent, from the prior year fourth quarter.
The current quarter interest expense of $9.4
million remained stable from the prior quarter and increased $2.4
million, or 33 percent, from the prior year fourth 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 33 basis points for the prior year fourth
quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.30 percent compared to 4.26 percent in the
prior quarter. The 4 basis points increase in the net interest
margin was primarily the result of increased yields on the loan
portfolio. The current quarter net interest margin increased 7
basis points over the prior year fourth quarter net interest margin
of 4.23 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 fourth quarter
resulted from the remix of earning assets to higher yielding loans,
increased yields on the loan portfolio, and relatively stable
funding costs. “During the quarter and throughout the year, the
Bank divisions maintained good discipline in their deposit and loan
pricing,” said Ron Copher, Chief Financial Officer. “The net
interest margin expansion during each quarter reflected the
increased yields on earnings assets combined with stable funding
costs each quarter.”
Non-interest IncomeNon-interest income for the
current quarter totaled $28.5 million, a decrease of $3.9 million,
or 12 percent, from the prior quarter and an increase of $785
thousand, or 3 percent, over the same quarter last year. Service
charges and other fees of $19.7 million for the current quarter
increased $2.4 million, or 14 percent, from the prior year fourth
quarter with such increases primarily due to the increased number
of accounts from organic growth and acquisitions. Gain on sale of
loans decreased $1.6 million, or 22 percent, from the prior quarter
as a result of seasonal activity and decreased $1.8 million, or 24
percent from the prior year fourth quarter as result of the
decrease in purchase and refinance activity. Other income decreased
$2.0 million, or 47 percent, from the prior quarter and was
primarily due to the prior quarter $2.3 million gain on sale of a
former branch building.
Non-interest Expense Summary
|
Three Months ended |
(Dollars in
thousands) |
|
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
Compensation and
employee benefits |
$ |
50,385 |
|
|
49,927 |
|
|
49,023 |
|
|
45,721 |
|
|
40,465 |
|
Occupancy and
equipment |
7,884 |
|
|
7,914 |
|
|
7,662 |
|
|
7,274 |
|
|
6,925 |
|
Advertising and
promotions |
2,434 |
|
|
2,432 |
|
|
2,530 |
|
|
2,170 |
|
|
2,024 |
|
Data processing |
3,951 |
|
|
3,752 |
|
|
4,241 |
|
|
3,967 |
|
|
3,970 |
|
Other real estate
owned |
264 |
|
|
2,674 |
|
|
211 |
|
|
72 |
|
|
377 |
|
Regulatory assessments
and insurance |
1,263 |
|
|
1,277 |
|
|
1,329 |
|
|
1,206 |
|
|
1,069 |
|
Core deposit
intangibles amortization |
1,731 |
|
|
1,735 |
|
|
1,748 |
|
|
1,056 |
|
|
614 |
|
Other expenses |
13,964 |
|
|
13,118 |
|
|
15,051 |
|
|
12,161 |
|
|
12,922 |
|
Total
non-interest expense |
$ |
81,876 |
|
|
82,829 |
|
|
81,795 |
|
|
73,627 |
|
|
68,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
|
|
Sep 30, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2017 |
Compensation and
employee benefits |
|
|
$ |
458 |
|
|
1,362 |
|
|
4,664 |
|
|
9,920 |
|
Occupancy and
equipment |
|
|
(30 |
) |
|
222 |
|
|
610 |
|
|
959 |
|
Advertising and
promotions |
|
|
2 |
|
|
(96 |
) |
|
264 |
|
|
410 |
|
Data processing |
|
|
199 |
|
|
(290 |
) |
|
(16 |
) |
|
(19 |
) |
Other real estate
owned |
|
|
(2,410 |
) |
|
53 |
|
|
192 |
|
|
(113 |
) |
Regulatory assessments
and insurance |
|
|
(14 |
) |
|
(66 |
) |
|
57 |
|
|
194 |
|
Core deposit
intangibles amortization |
|
|
(4 |
) |
|
(17 |
) |
|
675 |
|
|
1,117 |
|
Other expense |
|
|
846 |
|
|
(1,087 |
) |
|
1,803 |
|
|
1,042 |
|
Total
non-interest expense |
|
|
$ |
(953 |
) |
|
81 |
|
|
8,249 |
|
|
13,510 |
|
Total non-interest expense of $81.9 million for
the current quarter decreased $1.0 million, or 1 percent, over the
prior quarter and increased $13.5 million, or 20 percent, over the
prior year fourth quarter. Compensation and employee benefits
increased by $458 thousand, or 1 percent, from the prior quarter.
Compensation and employee benefits increased by $9.9 million, or 25
percent, from the prior year fourth quarter principally due to the
increased number of employees from acquisitions. Occupancy and
equipment expense increased $959 thousand, or 14 percent, over the
prior year fourth quarter and was attributable to increased costs
from acquisitions. OREO expenses decreased $2.4 million from the
prior quarter, due to a write down of $2.2 million on a single
property during the third quarter of 2018. Acquisition-related
expenses were $520 thousand during the current quarter compared to
$1.3 million in the prior quarter and $936 thousand in the prior
year fourth quarter.
Federal and State Income Tax ExpenseTax expense
during the fourth quarter of 2018 was $11.6 million, which is a
decrease of $19.7 million, from the prior year fourth quarter and
was primarily attributable to the revaluation of the net deferred
tax asset in the prior year which was partially offset by the
decrease in the federal income tax rate driven by the Tax Act. The
effective tax rate in the fourth quarter of 2018 was 19 percent
compared to 25 percent in the prior year fourth quarter, excluding
the revaluation of the net deferred tax asset.
Efficiency RatioThe current quarter efficiency
ratio was 53.93 percent, a 167 basis points increase from the prior
quarter efficiency ratio of 52.26 percent. Excluding the prior
quarter gain from the sale of the former branch building, the prior
quarter efficiency ratio would have been 53.06 percent. The current
quarter efficiency ratio was also higher than the prior quarter
efficiency ratio due to the $1.6 million seasonal decrease in the
gain on sale of loans during the current quarter.
Operating Results for Year ended
December 31, 2018Compared to
December 31, 2017
Income Summary
|
Year ended |
|
|
|
|
(Dollars in
thousands) |
Dec 31, 2018 |
|
Dec 31, 2017 |
|
$ Change |
|
% Change |
Net interest
income |
|
|
|
|
|
|
|
Interest income |
$ |
468,996 |
|
|
$ |
375,022 |
|
|
$ |
93,974 |
|
|
25 |
% |
Interest
expense |
35,531 |
|
|
29,864 |
|
|
5,667 |
|
|
19 |
% |
Total net
interest income |
433,465 |
|
|
345,158 |
|
|
88,307 |
|
|
26 |
% |
Non-interest
income |
|
|
|
|
|
|
|
Service
charges and other fees |
74,887 |
|
|
67,717 |
|
|
7,170 |
|
|
11 |
% |
Miscellaneous loan fees and charges |
6,805 |
|
|
4,360 |
|
|
2,445 |
|
|
56 |
% |
Gain on
sale of loans |
27,134 |
|
|
30,439 |
|
|
(3,305 |
) |
|
(11 |
)% |
Loss on
sale of investments |
(1,113 |
) |
|
(660 |
) |
|
(453 |
) |
|
69 |
% |
Other
income |
11,111 |
|
|
10,383 |
|
|
728 |
|
|
7 |
% |
Total
non-interest income |
118,824 |
|
|
112,239 |
|
|
6,585 |
|
|
6 |
% |
Total
income |
$ |
552,289 |
|
|
$ |
457,397 |
|
|
$ |
94,892 |
|
|
21 |
% |
Net interest margin
(tax-equivalent) |
4.21 |
% |
|
4.12 |
% |
|
|
|
|
Net Interest IncomeInterest income of $469
million for 2018 increased $94.0 million, or 25 percent, from 2017
and was principally due to a $76.8 million increase in interest
income from commercial loans. Interest expense of $35.5 million
for the current year increased $5.7 million over the prior
year same period. The Company has maintained stable funding costs
through its focus on growing non-interest bearing deposits and
continued pricing discipline. The total funding cost for 2018 and
2017 was 36 basis points.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, for 2018 was 4.21
percent, a 9 basis points increase from the net interest margin of
4.12 percent for 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 $119
million for the current year increased $6.6 million, or 6 percent,
over the prior year. Service charges and other fees of $74.9
million for 2018 increased $7.2 million, or 11 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 2018 increased $2.4 million, or 56 percent from the
prior year as a result of the recent acquisitions and increased
loan growth. Gain on sale of loans for the current year decreased
$3.3 million, or 11 percent, from the prior year due to the
decrease in purchase and refinance activity. Other income of $11.1
million, increased $728 thousand, or 7 percent, from the prior year
with increases of $1.9 million from the sale of bank assets and a
decrease of $2.1 million from the gain on sale of OREO.
Non-interest Expense Summary
|
Year ended |
|
|
|
|
(Dollars in
thousands) |
Dec 31, 2018 |
|
Dec 31, 2017 |
|
$ Change |
|
% Change |
Compensation and
employee benefits |
$ |
195,056 |
|
|
$ |
160,506 |
|
|
$ |
34,550 |
|
|
22 |
% |
Occupancy and
equipment |
30,734 |
|
|
26,631 |
|
|
4,103 |
|
|
15 |
% |
Advertising and
promotions |
9,566 |
|
|
8,405 |
|
|
1,161 |
|
|
14 |
% |
Data processing |
15,911 |
|
|
14,150 |
|
|
1,761 |
|
|
12 |
% |
Other real estate
owned |
3,221 |
|
|
1,909 |
|
|
1,312 |
|
|
69 |
% |
Regulatory assessments
and insurance |
5,075 |
|
|
4,431 |
|
|
644 |
|
|
15 |
% |
Core deposit
intangibles amortization |
6,270 |
|
|
2,494 |
|
|
3,776 |
|
|
151 |
% |
Other expenses |
54,294 |
|
|
47,045 |
|
|
7,249 |
|
|
15 |
% |
Total
non-interest expense |
$ |
320,127 |
|
|
$ |
265,571 |
|
|
$ |
54,556 |
|
|
21 |
% |
Total non-interest expense of $320 million for
2018 increased $54.6 million, or 21 percent, over the prior year.
Compensation and employee benefits for 2018 increased $34.6
million, or 22 percent, from the same period last year primarily
due to the increased number of employees from acquisitions.
Occupancy and equipment expense for 2018 increased $4.1 million, or
15 percent from the prior year primarily as a result of increased
costs from acquisitions. Data processing expense for the current
year increased $1.8 million, or 12 percent, from the prior year as
a result of increased costs from the acquisitions and organic
growth. Current year other expenses of $54.3 million increased $7.2
million, or 15 percent, from the prior year due to an increase in
acquisition-related expenses and increased costs from acquired
banks and organic growth. Acquisition-related expenses were $6.6
million during 2018 compared to $2.1 million in 2017.
Provision for Loan LossesThe provision for loan
losses was $10.0 million for 2018, a decrease of $871 thousand from
2017 provision for loan loss of $10.8 million. Net charge-offs
during the 2018 were $8.3 million compared to $10.8 million during
2017.
Federal and State Income Tax ExpenseTax expense
of $40.3 million in 2018 decreased $24.3 million, or 38 percent,
over the prior year same period as a result of a the revaluation of
the net deferred tax asset and the 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,
excluding the revaluation of the net deferred tax asset.
Efficiency RatioFor 2018, the efficiency ratio
was 54.73, a 79 basis points increase over the prior year
efficiency ratio of 53.94. Applying the same 35 percent federal
corporate income tax rate as in effect during the prior year, the
efficiency ratio would be 53.77 percent for 2018, or 17 basis
points lower than 2017.
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,
January 25, 2019. 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 3053399. To participate on the webcast, log on to:
https://edge.media-server.com/m6/p/ddsz3whh. 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 3053399 by February 8, 2019.
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) |
December 31, 2018 |
|
September 30, 2018 |
|
December 31, 2017 |
Assets |
|
|
|
|
|
Cash on hand and in
banks |
$ |
161,782 |
|
|
171,394 |
|
|
139,948 |
|
Federal
funds sold |
— |
|
|
— |
|
|
— |
|
Interest
bearing cash deposits |
42,008 |
|
|
135,710 |
|
|
60,056 |
|
Cash and
cash equivalents |
203,790 |
|
|
307,104 |
|
|
200,004 |
|
Debt
securities, available-for-sale |
2,571,663 |
|
|
2,103,619 |
|
|
1,778,243 |
|
Debt
securities, held-to-maturity |
297,915 |
|
|
590,915 |
|
|
648,313 |
|
Total
debt securities |
2,869,578 |
|
|
2,694,534 |
|
|
2,426,556 |
|
Loans
held for sale, at fair value |
33,156 |
|
|
50,649 |
|
|
38,833 |
|
Loans
receivable |
8,287,549 |
|
|
8,123,245 |
|
|
6,577,824 |
|
Allowance
for loan and lease losses |
(131,239 |
) |
|
(132,535 |
) |
|
(129,568 |
) |
Loans
receivable, net |
8,156,310 |
|
|
7,990,710 |
|
|
6,448,256 |
|
Premises
and equipment, net |
241,528 |
|
|
239,006 |
|
|
177,348 |
|
Other
real estate owned |
7,480 |
|
|
12,399 |
|
|
14,269 |
|
Accrued
interest receivable |
54,408 |
|
|
62,248 |
|
|
44,462 |
|
Deferred
tax asset |
23,564 |
|
|
37,264 |
|
|
38,344 |
|
Core
deposit intangible, net |
49,242 |
|
|
50,973 |
|
|
14,184 |
|
Goodwill |
289,586 |
|
|
289,535 |
|
|
177,811 |
|
Non-marketable equity securities |
27,871 |
|
|
16,502 |
|
|
29,884 |
|
Bank-owned life insurance |
82,320 |
|
|
81,850 |
|
|
59,351 |
|
Other
assets |
76,651 |
|
|
76,328 |
|
|
37,047 |
|
Total
assets |
$ |
12,115,484 |
|
|
11,909,102 |
|
|
9,706,349 |
|
Liabilities |
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,001,178 |
|
|
3,103,112 |
|
|
2,311,902 |
|
Interest
bearing deposits |
6,492,589 |
|
|
6,498,070 |
|
|
5,267,845 |
|
Securities sold under agreements to repurchase |
396,151 |
|
|
408,754 |
|
|
362,573 |
|
FHLB
advances |
440,175 |
|
|
155,328 |
|
|
353,995 |
|
Other
borrowed funds |
14,708 |
|
|
9,944 |
|
|
8,224 |
|
Subordinated debentures |
134,051 |
|
|
134,055 |
|
|
126,135 |
|
Accrued
interest payable |
4,252 |
|
|
4,065 |
|
|
3,450 |
|
Other
liabilities |
116,526 |
|
|
103,162 |
|
|
73,168 |
|
Total
liabilities |
10,599,630 |
|
|
10,416,490 |
|
|
8,507,292 |
|
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 |
|
Paid-in
capital |
1,051,253 |
|
|
1,050,463 |
|
|
797,997 |
|
Retained
earnings - substantially restricted |
473,183 |
|
|
471,021 |
|
|
402,259 |
|
Accumulated other comprehensive loss |
(9,427 |
) |
|
(29,717 |
) |
|
(1,979 |
) |
Total
stockholders’ equity |
1,515,854 |
|
|
1,492,612 |
|
|
1,199,057 |
|
Total
liabilities and stockholders’ equity |
$ |
12,115,484 |
|
|
11,909,102 |
|
|
9,706,349 |
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
|
Three Months ended |
|
Year ended |
(Dollars in thousands,
except per share data) |
December 31, 2018 |
|
September 30, 2018 |
|
December 31, 2017 |
|
December 31, 2018 |
|
December 31, 2017 |
Interest
Income |
|
|
|
|
|
|
|
|
|
Debt securities |
$ |
22,016 |
|
|
21,971 |
|
|
18,663 |
|
|
86,499 |
|
|
81,968 |
|
Residential real estate loans |
10,751 |
|
|
10,356 |
|
|
8,520 |
|
|
40,041 |
|
|
33,114 |
|
Commercial loans |
82,238 |
|
|
80,587 |
|
|
61,329 |
|
|
304,164 |
|
|
227,356 |
|
Consumer
and other loans |
10,305 |
|
|
9,991 |
|
|
8,386 |
|
|
38,292 |
|
|
32,584 |
|
Total
interest income |
125,310 |
|
|
122,905 |
|
|
96,898 |
|
|
468,996 |
|
|
375,022 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Deposits |
4,989 |
|
|
4,837 |
|
|
3,288 |
|
|
18,359 |
|
|
16,793 |
|
Securities sold under agreements to repurchase |
707 |
|
|
570 |
|
|
496 |
|
|
2,248 |
|
|
1,858 |
|
Federal
Home Loan Bank advances |
2,146 |
|
|
2,132 |
|
|
2,106 |
|
|
8,880 |
|
|
6,748 |
|
Other
borrowed funds |
(10) |
|
|
63 |
|
|
24 |
|
|
95 |
|
|
79 |
|
Subordinated debentures |
1,604 |
|
|
1,558 |
|
|
1,158 |
|
|
5,949 |
|
|
4,386 |
|
Total
interest expense |
9,436 |
|
|
9,160 |
|
|
7,072 |
|
|
35,531 |
|
|
29,864 |
|
Net Interest
Income |
115,874 |
|
|
113,745 |
|
|
89,826 |
|
|
433,465 |
|
|
345,158 |
|
Provision
for loan losses |
1,246 |
|
|
3,194 |
|
|
2,886 |
|
|
9,953 |
|
|
10,824 |
|
Net
interest income after provision for loan losses |
114,628 |
|
|
110,551 |
|
|
86,940 |
|
|
423,512 |
|
|
334,334 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
19,708 |
|
|
19,504 |
|
|
17,282 |
|
|
74,887 |
|
|
67,717 |
|
Miscellaneous loan fees and charges |
1,278 |
|
|
1,807 |
|
|
1,077 |
|
|
6,805 |
|
|
4,360 |
|
Gain on
sale of loans |
5,639 |
|
|
7,256 |
|
|
7,408 |
|
|
27,134 |
|
|
30,439 |
|
Loss on
sale of debt securities |
(357 |
) |
|
(367 |
) |
|
(115 |
) |
|
(1,113 |
) |
|
(660 |
) |
Other
income |
2,226 |
|
|
4,216 |
|
|
2,057 |
|
|
11,111 |
|
|
10,383 |
|
Total
non-interest income |
28,494 |
|
|
32,416 |
|
|
27,709 |
|
|
118,824 |
|
|
112,239 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
50,385 |
|
|
49,927 |
|
|
40,465 |
|
|
195,056 |
|
|
160,506 |
|
Occupancy
and equipment |
7,884 |
|
|
7,914 |
|
|
6,925 |
|
|
30,734 |
|
|
26,631 |
|
Advertising and promotions |
2,434 |
|
|
2,432 |
|
|
2,024 |
|
|
9,566 |
|
|
8,405 |
|
Data
processing |
3,951 |
|
|
3,752 |
|
|
3,970 |
|
|
15,911 |
|
|
14,150 |
|
Other
real estate owned |
264 |
|
|
2,674 |
|
|
377 |
|
|
3,221 |
|
|
1,909 |
|
Regulatory assessments and insurance |
1,263 |
|
|
1,277 |
|
|
1,069 |
|
|
5,075 |
|
|
4,431 |
|
Core
deposit intangibles amortization |
1,731 |
|
|
1,735 |
|
|
614 |
|
|
6,270 |
|
|
2,494 |
|
Other
expenses |
13,964 |
|
|
13,118 |
|
|
12,922 |
|
|
54,294 |
|
|
47,045 |
|
Total
non-interest expense |
81,876 |
|
|
82,829 |
|
|
68,366 |
|
|
320,127 |
|
|
265,571 |
|
Income Before
Income Taxes |
61,246 |
|
|
60,138 |
|
|
46,283 |
|
|
222,209 |
|
|
181,002 |
|
Federal
and state income tax expense |
11,647 |
|
|
10,802 |
|
|
31,327 |
|
|
40,331 |
|
|
64,625 |
|
Net
Income |
$ |
49,599 |
|
|
49,336 |
|
|
14,956 |
|
|
181,878 |
|
|
116,377 |
|
Glacier Bancorp,
Inc.Average Balance Sheets
|
Three Months ended |
|
December 31, 2018 |
|
December 31, 2017 |
(Dollars in
thousands) |
|
AverageBalance |
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate
loans |
$ |
919,468 |
|
|
$ |
10,751 |
|
|
4.68 |
% |
|
$ |
758,180 |
|
|
$ |
8,520 |
|
|
4.50 |
% |
Commercial loans 1 |
6,452,215 |
|
|
83,319 |
|
|
5.12 |
% |
|
5,089,922 |
|
|
63,140 |
|
|
4.92 |
% |
Consumer
and other loans |
820,439 |
|
|
10,305 |
|
|
4.98 |
% |
|
695,288 |
|
|
8,386 |
|
|
4.79 |
% |
Total
loans 2 |
8,192,122 |
|
|
104,375 |
|
|
5.05 |
% |
|
6,543,390 |
|
|
80,046 |
|
|
4.85 |
% |
Tax-exempt debt securities 3 |
1,082,702 |
|
|
12,421 |
|
|
4.59 |
% |
|
1,089,640 |
|
|
15,485 |
|
|
5.68 |
% |
Taxable
debt securities 4 |
1,783,881 |
|
|
12,444 |
|
|
2.79 |
% |
|
1,483,157 |
|
|
8,774 |
|
|
2.37 |
% |
Total
earning assets |
11,058,705 |
|
|
129,240 |
|
|
4.64 |
% |
|
9,116,187 |
|
|
104,305 |
|
|
4.54 |
% |
Goodwill
and intangibles |
339,617 |
|
|
|
|
|
|
192,663 |
|
|
|
|
|
Non-earning assets |
471,696 |
|
|
|
|
|
|
402,802 |
|
|
|
|
|
Total
assets |
$ |
11,870,018 |
|
|
|
|
|
|
$ |
9,711,652 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,050,140 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,334,103 |
|
|
$ |
— |
|
|
— |
% |
NOW and
DDA accounts |
2,334,785 |
|
|
1,038 |
|
|
0.18 |
% |
|
1,704,799 |
|
|
408 |
|
|
0.10 |
% |
Savings
accounts |
1,348,907 |
|
|
220 |
|
|
0.06 |
% |
|
1,087,212 |
|
|
164 |
|
|
0.06 |
% |
Money
market deposit accounts |
1,716,296 |
|
|
920 |
|
|
0.21 |
% |
|
1,552,045 |
|
|
610 |
|
|
0.16 |
% |
Certificate accounts |
916,786 |
|
|
1,858 |
|
|
0.80 |
% |
|
831,107 |
|
|
1,203 |
|
|
0.57 |
% |
Total
core deposits |
9,366,914 |
|
|
4,036 |
|
|
0.17 |
% |
|
7,509,266 |
|
|
2,385 |
|
|
0.13 |
% |
Wholesale
deposits 5 |
155,203 |
|
|
953 |
|
|
2.44 |
% |
|
161,320 |
|
|
903 |
|
|
2.22 |
% |
FHLB
advances |
200,654 |
|
|
2,146 |
|
|
4.18 |
% |
|
226,334 |
|
|
2,106 |
|
|
3.64 |
% |
Repurchase agreements and other borrowed funds |
539,548 |
|
|
2,301 |
|
|
1.69 |
% |
|
512,780 |
|
|
1,678 |
|
|
1.30 |
% |
Total
funding liabilities |
10,262,319 |
|
|
9,436 |
|
|
0.36 |
% |
|
8,409,700 |
|
|
7,072 |
|
|
0.33 |
% |
Other
liabilities |
103,441 |
|
|
|
|
|
|
93,335 |
|
|
|
|
|
Total
liabilities |
10,365,760 |
|
|
|
|
|
|
8,503,035 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
845 |
|
|
|
|
|
|
780 |
|
|
|
|
|
Paid-in
capital |
1,050,872 |
|
|
|
|
|
|
797,607 |
|
|
|
|
|
Retained
earnings |
479,347 |
|
|
|
|
|
|
410,836 |
|
|
|
|
|
Accumulated other comprehensive loss |
(26,806 |
) |
|
|
|
|
|
(606 |
) |
|
|
|
|
Total
stockholders’ equity |
1,504,258 |
|
|
|
|
|
|
1,208,617 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
11,870,018 |
|
|
|
|
|
|
$ |
9,711,652 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
119,804 |
|
|
|
|
|
|
$ |
97,233 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.28 |
% |
|
|
|
|
|
4.21 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.30 |
% |
|
|
|
|
|
4.23 |
% |
______________________________
1 Includes tax effect of $1.1
million and $1.8 million on tax-exempt municipal loan and lease
income for the three months ended December 31, 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 December 31, 2018
and 2017, respectively.4 Includes tax effect of
$304 thousand on federal income tax credits for the three months
ended December 31, 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)
|
Year ended |
|
|
December 31, 2018 |
December 31, 2017 |
(Dollars in
thousands) |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate
loans |
$ |
868,467 |
|
|
$ |
40,041 |
|
|
4.61 |
% |
|
$ |
744,523 |
|
|
$ |
33,114 |
|
|
4.45 |
% |
Commercial loans 1 |
6,134,018 |
|
|
308,263 |
|
|
5.03 |
% |
|
4,792,720 |
|
|
233,744 |
|
|
4.88 |
% |
Consumer
and other loans |
774,813 |
|
|
38,292 |
|
|
4.94 |
% |
|
684,129 |
|
|
32,584 |
|
|
4.76 |
% |
Total
loans 2 |
7,777,298 |
|
|
386,596 |
|
|
4.97 |
% |
|
6,221,372 |
|
|
299,442 |
|
|
4.81 |
% |
Tax-exempt debt securities 3 |
1,083,999 |
|
|
50,239 |
|
|
4.63 |
% |
|
1,160,182 |
|
|
66,077 |
|
|
5.70 |
% |
Taxable
debt securities 4 |
1,802,704 |
|
|
47,771 |
|
|
2.65 |
% |
|
1,722,264 |
|
|
39,727 |
|
|
2.31 |
% |
Total
earning assets |
10,664,001 |
|
|
484,606 |
|
|
4.54 |
% |
|
9,103,818 |
|
|
405,246 |
|
|
4.45 |
% |
Goodwill
and intangibles |
311,321 |
|
|
|
|
|
|
180,014 |
|
|
|
|
|
Non-earning assets |
453,394 |
|
|
|
|
|
|
394,363 |
|
|
|
|
|
Total
assets |
$ |
11,428,716 |
|
|
|
|
|
|
$ |
9,678,195 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,829,916 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,175,750 |
|
|
$ |
— |
|
|
— |
% |
NOW and
DDA accounts |
2,242,935 |
|
|
3,862 |
|
|
0.17 |
% |
|
1,656,865 |
|
|
1,402 |
|
|
0.08 |
% |
Savings
accounts |
1,298,985 |
|
|
862 |
|
|
0.07 |
% |
|
1,055,688 |
|
|
624 |
|
|
0.06 |
% |
Money
market deposit accounts |
1,704,269 |
|
|
3,377 |
|
|
0.20 |
% |
|
1,547,659 |
|
|
2,407 |
|
|
0.16 |
% |
Certificate accounts |
919,356 |
|
|
6,497 |
|
|
0.71 |
% |
|
888,887 |
|
|
5,114 |
|
|
0.58 |
% |
Total
core deposits |
8,995,461 |
|
|
14,598 |
|
|
0.16 |
% |
|
7,324,849 |
|
|
9,547 |
|
|
0.13 |
% |
Wholesale
deposits 5 |
156,022 |
|
|
3,761 |
|
|
2.41 |
% |
|
275,804 |
|
|
7,246 |
|
|
2.63 |
% |
FHLB
advances |
231,158 |
|
|
8,880 |
|
|
3.79 |
% |
|
258,528 |
|
|
6,748 |
|
|
2.57 |
% |
Repurchase agreements and other borrowed funds |
526,623 |
|
|
8,292 |
|
|
1.57 |
% |
|
547,307 |
|
|
6,323 |
|
|
1.16 |
% |
Total
funding liabilities |
9,909,264 |
|
|
35,531 |
|
|
0.36 |
% |
|
8,406,488 |
|
|
29,864 |
|
|
0.36 |
% |
Other
liabilities |
71,901 |
|
|
|
|
|
|
83,991 |
|
|
|
|
|
Total
liabilities |
9,981,165 |
|
|
|
|
|
|
8,490,479 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
836 |
|
|
|
|
|
|
775 |
|
|
|
|
|
Paid-in
capital |
1,014,559 |
|
|
|
|
|
|
781,267 |
|
|
|
|
|
Retained
earnings |
452,996 |
|
|
|
|
|
|
406,200 |
|
|
|
|
|
Accumulated other comprehensive loss |
(20,840 |
) |
|
|
|
|
|
(526 |
) |
|
|
|
|
Total
stockholders’ equity |
1,447,551 |
|
|
|
|
|
|
1,187,716 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
11,428,716 |
|
|
|
|
|
|
$ |
9,678,195 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
449,075 |
|
|
|
|
|
|
$ |
375,382 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.18 |
% |
|
|
|
|
|
4.09 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.21 |
% |
|
|
|
|
|
4.12 |
% |
______________________________
1 Includes tax effect of $4.1
million and $6.4 million on tax-exempt municipal loan and lease
income for the year ended December 31, 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 $10.3 million and $22.5 million on tax-exempt investment
securities income for the year ended December 31, 2018 and
2017, respectively.4 Includes tax effect of
$1,217 thousand and $1,294 thousand on federal income tax credits
for the year ended December 31, 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) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
Custom and owner
occupied construction |
$ |
126,595 |
|
|
$ |
123,369 |
|
|
$ |
109,555 |
|
|
3 |
% |
|
16 |
% |
Pre-sold and spec
construction |
121,938 |
|
|
109,214 |
|
|
72,160 |
|
|
12 |
% |
|
69 |
% |
Total residential construction |
248,533 |
|
|
232,583 |
|
|
181,715 |
|
|
7 |
% |
|
37 |
% |
Land development |
137,814 |
|
|
125,272 |
|
|
82,398 |
|
|
10 |
% |
|
67 |
% |
Consumer land or
lots |
127,775 |
|
|
123,979 |
|
|
102,289 |
|
|
3 |
% |
|
25 |
% |
Unimproved land |
83,579 |
|
|
75,183 |
|
|
65,753 |
|
|
11 |
% |
|
27 |
% |
Developed lots for
operative builders |
17,061 |
|
|
14,922 |
|
|
14,592 |
|
|
14 |
% |
|
17 |
% |
Commercial lots |
34,096 |
|
|
30,255 |
|
|
23,770 |
|
|
13 |
% |
|
43 |
% |
Other construction |
520,005 |
|
|
487,428 |
|
|
391,835 |
|
|
7 |
% |
|
33 |
% |
Total land, lot, and other construction |
920,330 |
|
|
857,039 |
|
|
680,637 |
|
|
7 |
% |
|
35 |
% |
Owner occupied |
1,343,563 |
|
|
1,330,024 |
|
|
1,132,833 |
|
|
1 |
% |
|
19 |
% |
Non-owner occupied |
1,605,960 |
|
|
1,564,182 |
|
|
1,186,066 |
|
|
3 |
% |
|
35 |
% |
Total commercial real estate |
2,949,523 |
|
|
2,894,206 |
|
|
2,318,899 |
|
|
2 |
% |
|
27 |
% |
Commercial and
industrial |
907,340 |
|
|
884,414 |
|
|
751,221 |
|
|
3 |
% |
|
21 |
% |
Agriculture |
646,822 |
|
|
672,916 |
|
|
450,616 |
|
|
(4 |
)% |
|
44 |
% |
1st lien |
1,108,227 |
|
|
1,109,308 |
|
|
877,335 |
|
|
— |
% |
|
26 |
% |
Junior lien |
56,689 |
|
|
59,345 |
|
|
51,155 |
|
|
(4 |
)% |
|
11 |
% |
Total 1-4 family |
1,164,916 |
|
|
1,168,653 |
|
|
928,490 |
|
|
— |
% |
|
25 |
% |
Multifamily
residential |
247,457 |
|
|
222,647 |
|
|
189,342 |
|
|
11 |
% |
|
31 |
% |
Home equity lines of
credit |
539,938 |
|
|
521,778 |
|
|
440,105 |
|
|
3 |
% |
|
23 |
% |
Other consumer |
165,865 |
|
|
166,788 |
|
|
148,247 |
|
|
(1 |
)% |
|
12 |
% |
Total consumer |
705,803 |
|
|
688,566 |
|
|
588,352 |
|
|
3 |
% |
|
20 |
% |
States and
political subdivisions |
404,671 |
|
|
429,409 |
|
|
383,252 |
|
|
(6 |
)% |
|
6 |
% |
Other |
125,310 |
|
|
123,461 |
|
|
144,133 |
|
|
1 |
% |
|
(13 |
)% |
Total
loans receivable, including loans held for sale |
8,320,705 |
|
|
8,173,894 |
|
|
6,616,657 |
|
|
2 |
% |
|
26 |
% |
Less loans held
for sale 1 |
(33,156 |
) |
|
(50,649 |
) |
|
(38,833 |
) |
|
(35 |
)% |
|
(15 |
)% |
Total
loans receivable |
$ |
8,287,549 |
|
|
$ |
8,123,245 |
|
|
$ |
6,577,824 |
|
|
2 |
% |
|
26 |
% |
1 Loans held for sale are primarily 1st lien 1-4 family
loans.
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification
|
Non-performing Assets, by Loan Type |
|
Non-AccrualLoans |
|
AccruingLoans 90 Days or More Past
Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Dec 31, 2018 |
|
Dec 31, 2018 |
|
Dec 31, 2018 |
Custom and owner
occupied construction |
$ |
— |
|
|
1,599 |
|
|
48 |
|
|
— |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
463 |
|
|
474 |
|
|
38 |
|
|
463 |
|
|
— |
|
|
— |
|
Total residential construction |
463 |
|
|
2,073 |
|
|
86 |
|
|
463 |
|
|
— |
|
|
— |
|
Land development |
2,166 |
|
|
5,147 |
|
|
7,888 |
|
|
786 |
|
|
— |
|
|
1,380 |
|
Consumer land or
lots |
1,428 |
|
|
1,592 |
|
|
1,861 |
|
|
675 |
|
|
— |
|
|
753 |
|
Unimproved land |
9,338 |
|
|
9,815 |
|
|
10,866 |
|
|
7,806 |
|
|
— |
|
|
1,532 |
|
Developed lots for
operative builders |
68 |
|
|
68 |
|
|
116 |
|
|
43 |
|
|
— |
|
|
25 |
|
Commercial lots |
1,046 |
|
|
1,046 |
|
|
1,312 |
|
|
— |
|
|
— |
|
|
1,046 |
|
Other construction |
120 |
|
|
147 |
|
|
151 |
|
|
9 |
|
|
— |
|
|
111 |
|
Total land, lot and other construction |
14,166 |
|
|
17,815 |
|
|
22,194 |
|
|
9,319 |
|
|
— |
|
|
4,847 |
|
Owner occupied |
5,940 |
|
|
11,246 |
|
|
13,848 |
|
|
4,706 |
|
|
— |
|
|
1,234 |
|
Non-owner occupied |
10,567 |
|
|
10,847 |
|
|
4,584 |
|
|
10,294 |
|
|
— |
|
|
273 |
|
Total commercial real estate |
16,507 |
|
|
22,093 |
|
|
18,432 |
|
|
15,000 |
|
|
— |
|
|
1,507 |
|
Commercial and
industrial |
3,914 |
|
|
5,615 |
|
|
5,294 |
|
|
3,462 |
|
|
210 |
|
|
242 |
|
Agriculture |
7,040 |
|
|
7,856 |
|
|
3,931 |
|
|
6,682 |
|
|
208 |
|
|
150 |
|
1st lien |
10,290 |
|
|
9,543 |
|
|
9,261 |
|
|
8,992 |
|
|
788 |
|
|
510 |
|
Junior lien |
565 |
|
|
2,610 |
|
|
567 |
|
|
531 |
|
|
34 |
|
|
— |
|
Total 1-4 family |
10,855 |
|
|
12,153 |
|
|
9,828 |
|
|
9,523 |
|
|
822 |
|
|
510 |
|
Multifamily
residential |
— |
|
|
613 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
2,770 |
|
|
3,470 |
|
|
3,292 |
|
|
2,188 |
|
|
394 |
|
|
188 |
|
Other consumer |
456 |
|
|
417 |
|
|
322 |
|
|
338 |
|
|
82 |
|
|
36 |
|
Total consumer |
3,226 |
|
|
3,887 |
|
|
3,614 |
|
|
2,526 |
|
|
476 |
|
|
224 |
|
States and
political subdivisions |
— |
|
|
— |
|
|
1,800 |
|
|
— |
|
|
— |
|
|
— |
|
Other |
579 |
|
|
— |
|
|
— |
|
|
277 |
|
|
302 |
|
|
— |
|
Total |
$ |
56,750 |
|
|
72,105 |
|
|
65,179 |
|
|
47,252 |
|
|
2,018 |
|
|
7,480 |
|
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
Custom and owner
occupied construction |
$ |
1,661 |
|
|
$ |
4,502 |
|
|
$ |
300 |
|
|
(63 |
)% |
|
454 |
% |
Pre-sold and spec
construction |
887 |
|
|
494 |
|
|
102 |
|
|
80 |
% |
|
770 |
% |
Total residential construction |
2,548 |
|
|
4,996 |
|
|
402 |
|
|
(49 |
)% |
|
534 |
% |
Land development |
228 |
|
|
516 |
|
|
— |
|
|
(56 |
)% |
|
n/m |
|
Consumer land or
lots |
200 |
|
|
235 |
|
|
353 |
|
|
(15 |
)% |
|
(43 |
)% |
Unimproved land |
579 |
|
|
629 |
|
|
662 |
|
|
(8 |
)% |
|
(13 |
)% |
Developed lots for
operative builders |
122 |
|
|
— |
|
|
7 |
|
|
n/m |
|
|
1,643 |
% |
Commercial lots |
203 |
|
|
— |
|
|
108 |
|
|
n/m |
|
|
88 |
% |
Other construction |
4,170 |
|
|
— |
|
|
— |
|
|
n/m |
|
|
n/m |
|
Total land, lot and other construction |
5,502 |
|
|
1,380 |
|
|
1,130 |
|
|
299 |
% |
|
387 |
% |
Owner occupied |
2,981 |
|
|
2,872 |
|
|
4,726 |
|
|
4 |
% |
|
(37 |
)% |
Non-owner occupied |
1,245 |
|
|
1,131 |
|
|
2,399 |
|
|
10 |
% |
|
(48 |
)% |
Total commercial real estate |
4,226 |
|
|
4,003 |
|
|
7,125 |
|
|
6 |
% |
|
(41 |
)% |
Commercial and
industrial |
3,374 |
|
|
4,791 |
|
|
6,472 |
|
|
(30 |
)% |
|
(48 |
)% |
Agriculture |
6,455 |
|
|
1,332 |
|
|
3,205 |
|
|
385 |
% |
|
101 |
% |
1st lien |
5,384 |
|
|
3,795 |
|
|
10,865 |
|
|
42 |
% |
|
(50 |
)% |
Junior lien |
118 |
|
|
420 |
|
|
4,348 |
|
|
(72 |
)% |
|
(97 |
)% |
Total 1-4 family |
5,502 |
|
|
4,215 |
|
|
15,213 |
|
|
31 |
% |
|
(64 |
)% |
Multifamily
Residential |
— |
|
|
— |
|
|
— |
|
|
n/m |
|
|
n/m |
|
Home equity lines of
credit |
3,562 |
|
|
2,467 |
|
|
1,962 |
|
|
44 |
% |
|
82 |
% |
Other consumer |
1,650 |
|
|
1,903 |
|
|
2,109 |
|
|
(13 |
)% |
|
(22 |
)% |
Total consumer |
5,212 |
|
|
4,370 |
|
|
4,071 |
|
|
19 |
% |
|
28 |
% |
States and
political subdivisions |
229 |
|
|
— |
|
|
— |
|
|
n/m |
|
|
n/m |
|
Other |
519 |
|
|
94 |
|
|
69 |
|
|
452 |
% |
|
652 |
% |
Total |
$ |
33,567 |
|
|
$ |
25,181 |
|
|
$ |
37,687 |
|
|
33 |
% |
|
(11 |
)% |
n/m - not measurable
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in
thousands) |
Dec 31, 2018 |
|
Sep 30, 2018 |
|
Dec 31, 2017 |
|
Dec 31, 2018 |
|
Dec 31, 2018 |
Custom and owner
occupied construction |
$ |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
(352 |
) |
|
(348 |
) |
|
(23 |
) |
|
17 |
|
|
369 |
|
Total residential construction |
(352 |
) |
|
(348 |
) |
|
(23 |
) |
|
17 |
|
|
369 |
|
Land development |
(116 |
) |
|
(110 |
) |
|
(143 |
) |
|
— |
|
|
116 |
|
Consumer land or
lots |
(146 |
) |
|
(121 |
) |
|
222 |
|
|
307 |
|
|
453 |
|
Unimproved land |
(445 |
) |
|
(288 |
) |
|
(304 |
) |
|
— |
|
|
445 |
|
Developed lots for
operative builders |
33 |
|
|
33 |
|
|
(107 |
) |
|
33 |
|
|
— |
|
Commercial lots |
1 |
|
|
3 |
|
|
(6 |
) |
|
7 |
|
|
6 |
|
Other construction |
(19 |
) |
|
(4 |
) |
|
389 |
|
|
— |
|
|
19 |
|
Total land, lot and other construction |
(692 |
) |
|
(487 |
) |
|
51 |
|
|
347 |
|
|
1,039 |
|
Owner occupied |
1,320 |
|
|
902 |
|
|
3,908 |
|
|
1,545 |
|
|
225 |
|
Non-owner occupied |
853 |
|
|
(6 |
) |
|
368 |
|
|
929 |
|
|
76 |
|
Total commercial real estate |
2,173 |
|
|
896 |
|
|
4,276 |
|
|
2,474 |
|
|
301 |
|
Commercial and
industrial |
2,449 |
|
|
1,893 |
|
|
883 |
|
|
3,276 |
|
|
827 |
|
Agriculture |
16 |
|
|
39 |
|
|
9 |
|
|
50 |
|
|
34 |
|
1st lien |
577 |
|
|
8 |
|
|
(23 |
) |
|
836 |
|
|
259 |
|
Junior lien |
(371 |
) |
|
486 |
|
|
719 |
|
|
1,017 |
|
|
1,388 |
|
Total 1-4 family |
206 |
|
|
494 |
|
|
696 |
|
|
1,853 |
|
|
1,647 |
|
Multifamily
residential |
(649 |
) |
|
(6 |
) |
|
(230 |
) |
|
— |
|
|
649 |
|
Home equity lines of
credit |
(97 |
) |
|
(39 |
) |
|
272 |
|
|
147 |
|
|
244 |
|
Other consumer |
261 |
|
|
161 |
|
|
505 |
|
|
597 |
|
|
336 |
|
Total consumer |
164 |
|
|
122 |
|
|
777 |
|
|
744 |
|
|
580 |
|
Other |
4,967 |
|
|
3,137 |
|
|
4,389 |
|
|
9,046 |
|
|
4,079 |
|
Total |
$ |
8,282 |
|
|
5,740 |
|
|
10,828 |
|
|
17,807 |
|
|
9,525 |
|
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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