1st Quarter 2019 Highlights:
Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $49.1
million for the current quarter, an increase of $10.5 million, or
27 percent, from the $38.6 million of net income for the prior year
first quarter. Diluted earnings per share for the current
quarter was $0.58 per share, an increase of 21 percent from the
prior year first quarter diluted earnings per share of $0.48.
Included in the current quarter was $214 thousand of
acquisition-related expenses. “The Glacier team delivered a
great first quarter with solid business performance and the
announcement of two acquisitions totaling over $1.1 billion in
assets. We continue to selectively grow the business and are
pleased to see the continued improvement in our credit quality,”
said Randy Chesler, President and Chief Executive Officer.
“We are all very excited about the prospect of First National Bank
of Layton and Heritage Bank joining the Glacier family.”
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 six banking offices located in Layton, Bountiful,
Clearfield, and Draper. As of December 31, 2018, FNB had
total assets of $335 million, total loans of $243 million and total
deposits of $285 million. The acquisition has received the
required regulatory approvals, is subject to other customary
conditions of closing and is expected to be completed during the
second quarter of 2019. Upon closing of the transaction, FNB will
become the Company’s fifteenth Bank Division.
On April 3, 2019, the Company announced the
signing of a definitive agreement to acquire Heritage Bancorp, the
bank holding company for Heritage Bank of Nevada, a community bank
based in Reno, Nevada (collectively, “Heritage”). Heritage
provides banking services to individuals and businesses throughout
Northern Nevada with seven banking offices located in Carson City,
Gardnerville, Reno and Sparks. As of December 31, 2018,
Heritage had total assets of $830 million, total loans of $596
million and total deposits of $720 million. The acquisition
is subject to required regulatory approvals and other customary
conditions of closing and is expected to be completed during the
third quarter of 2019. Upon closing of the transaction,
Heritage will become the Company’s sixteenth Bank
Division.
Asset Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Cash and cash
equivalents |
$ |
202,527 |
|
|
203,790 |
|
|
451,048 |
|
|
(1,263 |
) |
|
(248,521 |
) |
Debt securities,
available-for-sale |
2,522,322 |
|
|
2,571,663 |
|
|
2,154,845 |
|
|
(49,341 |
) |
|
367,477 |
|
Debt securities,
held-to-maturity |
255,572 |
|
|
297,915 |
|
|
634,413 |
|
|
(42,343 |
) |
|
(378,841 |
) |
Total debt
securities |
2,777,894 |
|
|
2,869,578 |
|
|
2,789,258 |
|
|
(91,684 |
) |
|
(11,364 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
Residential
real estate |
884,732 |
|
|
887,742 |
|
|
831,021 |
|
|
(3,010 |
) |
|
53,711 |
|
Commercial
real estate |
4,686,082 |
|
|
4,657,561 |
|
|
4,251,003 |
|
|
28,521 |
|
|
435,079 |
|
Other
commercial |
1,909,452 |
|
|
1,911,171 |
|
|
1,839,293 |
|
|
(1,719 |
) |
|
70,159 |
|
Home
equity |
562,381 |
|
|
544,688 |
|
|
489,879 |
|
|
17,693 |
|
|
72,502 |
|
Other
consumer |
283,423 |
|
|
286,387 |
|
|
258,834 |
|
|
(2,964 |
) |
|
24,589 |
|
Loans
receivable |
8,326,070 |
|
|
8,287,549 |
|
|
7,670,030 |
|
|
38,521 |
|
|
656,040 |
|
Allowance
for loan and lease losses |
(129,786 |
) |
|
(131,239 |
) |
|
(127,608 |
) |
|
1,453 |
|
|
(2,178 |
) |
Loans
receivable, net |
8,196,284 |
|
|
8,156,310 |
|
|
7,542,422 |
|
|
39,974 |
|
|
653,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
897,074 |
|
|
885,806 |
|
|
876,050 |
|
|
11,268 |
|
|
21,024 |
|
Total
assets |
$ |
12,073,779 |
|
|
12,115,484 |
|
|
11,658,778 |
|
|
(41,705 |
) |
|
415,001 |
|
Total debt securities of $2.778 billion at March
31, 2019 decreased $91.7 million, or 3 percent, during the current
quarter and decreased $11.4 million, or 41 basis points, from the
prior year first quarter. Debt securities represented
23 percent of total assets at March 31, 2019 compared to 24
percent of total assets at December 31, 2018 and March
31, 2018.
The loan portfolio of $8.326 billion increased
$38.5 million, or 2 percent annualized, during the current
quarter. The loan category with the largest dollar increase
was commercial real estate loans which increased $28.5 million, or
61 basis points. The loan category with the largest
percentage increase was home equity loans which increased $17.7
million, or 3 percent. The loan portfolio increased $656
million, or 9 percent, since March 31, 2018, with the largest
increase in commercial real estate loans, which increased $435
million, or 10 percent.
Credit Quality Summary
|
At or for the Three Months ended |
|
At or for the Year ended |
|
At or for the Three Months ended |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Allowance for loan and
lease losses |
|
|
|
|
|
Balance at beginning of
period |
$ |
131,239 |
|
|
129,568 |
|
|
129,568 |
|
Provision
for loan losses |
57 |
|
|
9,953 |
|
|
795 |
|
Charge-offs |
(3,341 |
) |
|
(17,807 |
) |
|
(5,007 |
) |
Recoveries |
1,831 |
|
|
9,525 |
|
|
2,252 |
|
Balance at
end of period |
$ |
129,786 |
|
|
131,239 |
|
|
127,608 |
|
Other real estate
owned |
$ |
8,125 |
|
|
7,480 |
|
|
14,132 |
|
Accruing loans 90 days or
more past due |
2,451 |
|
|
2,018 |
|
|
5,402 |
|
Non-accrual loans |
40,269 |
|
|
47,252 |
|
|
54,449 |
|
Total
non-performing assets |
$ |
50,845 |
|
|
56,750 |
|
|
73,983 |
|
Non-performing assets
as a percentage of subsidiary assets |
0.42 |
% |
|
0.47 |
% |
|
0.64 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
304 |
% |
|
266 |
% |
|
213 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
1.56 |
% |
|
1.58 |
% |
|
1.66 |
% |
Net charge-offs as a
percentage of total loans |
0.02 |
% |
|
0.10 |
% |
|
0.04 |
% |
Accruing loans 30-89
days past due |
$ |
36,894 |
|
|
33,567 |
|
|
44,963 |
|
Accruing troubled debt
restructurings |
$ |
24,468 |
|
|
25,833 |
|
|
41,649 |
|
Non-accrual troubled
debt restructurings |
$ |
6,747 |
|
|
10,660 |
|
|
13,289 |
|
U.S. government
guarantees included in non-performing assets |
$ |
2,649 |
|
|
4,811 |
|
|
4,548 |
|
The current quarter had continued improvement in
non-performing assets which ended the current quarter at $50.8
million, which was a decrease of $5.9 million, or 10 percent, from
the prior quarter and a decrease of $23.1 million, or 31 percent,
from the prior year first quarter. Non-performing assets as a
percentage of subsidiary assets at March 31, 2019 was 0.42
percent, a decrease of 5 basis points from the prior quarter, and a
decrease of 22 basis points from the prior year first
quarter. Early stage delinquencies (accruing loans 30-89 days
past due) of $36.9 million at March 31, 2019 increased $3.3 million
from prior quarter and decreased $8.1 million from prior year first
quarter. Early stage delinquencies as a percentage of loans
at March 31, 2019 was 0.44 percent, which was an increase of 3
basis points from prior quarter and was a decrease of 15 basis
points from prior year first quarter. The allowance for loan
and lease losses (“allowance”) as a percent of total loans
outstanding at March 31, 2019 was 1.56 percent, which was
a 2 basis points decrease compared to the prior quarter and a
decrease of 10 basis points from a year ago with such decreases
reflective of the stabilizing credit quality.
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First quarter 2019 |
$ |
57 |
|
|
$ |
1,510 |
|
|
1.56 |
% |
|
0.44 |
% |
|
0.42 |
% |
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 |
% |
Net charge-offs for the current quarter were
$1.5 million compared to $2.5 million for the prior quarter and
$2.8 million from the same quarter last year. Current quarter
provision for loan losses was $57 thousand, compared to $1.2
million in the prior quarter and $795 thousand in the prior year
first quarter. Loan portfolio growth, composition, average
loan size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
Supplemental information regarding credit
quality and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is
based primarily on collateral type while the Company’s loan
segments presented herein are based on the purpose of the loan.
Liability Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Deposits |
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
$ |
3,051,119 |
|
|
3,001,178 |
|
|
2,811,469 |
|
|
49,941 |
|
|
239,650 |
|
NOW and
DDA accounts |
2,383,806 |
|
|
2,391,307 |
|
|
2,400,693 |
|
|
(7,501 |
) |
|
(16,887 |
) |
Savings
accounts |
1,373,544 |
|
|
1,346,790 |
|
|
1,328,047 |
|
|
26,754 |
|
|
45,497 |
|
Money
market deposit accounts |
1,689,962 |
|
|
1,684,284 |
|
|
1,778,068 |
|
|
5,678 |
|
|
(88,106 |
) |
Certificate accounts |
896,731 |
|
|
901,484 |
|
|
955,105 |
|
|
(4,753 |
) |
|
(58,374 |
) |
Core
deposits, total |
9,395,162 |
|
|
9,325,043 |
|
|
9,273,382 |
|
|
70,119 |
|
|
121,780 |
|
Wholesale
deposits |
192,953 |
|
|
168,724 |
|
|
145,463 |
|
|
24,229 |
|
|
47,490 |
|
Deposits,
total |
9,588,115 |
|
|
9,493,767 |
|
|
9,418,845 |
|
|
94,348 |
|
|
169,270 |
|
Repurchase
agreements |
489,620 |
|
|
396,151 |
|
|
395,794 |
|
|
93,469 |
|
|
93,826 |
|
Federal Home Loan Bank
advances |
154,683 |
|
|
440,175 |
|
|
155,057 |
|
|
(285,492 |
) |
|
(374 |
) |
Other borrowed
funds |
14,738 |
|
|
14,708 |
|
|
8,204 |
|
|
30 |
|
|
6,534 |
|
Subordinated
debentures |
134,048 |
|
|
134,051 |
|
|
134,061 |
|
|
(3 |
) |
|
(13 |
) |
Other liabilities |
141,725 |
|
|
120,778 |
|
|
92,793 |
|
|
20,947 |
|
|
48,932 |
|
Total
liabilities |
$ |
10,522,929 |
|
|
10,599,630 |
|
|
10,204,754 |
|
|
(76,701 |
) |
|
318,175 |
|
Core deposits of $9.395 billion as of March 31,
2019 increased $70.1 million, or 3 percent annualized, from the
prior quarter and increased $122 million, or 1 percent, from the
prior year first quarter. Non-interest bearing deposits
increased $49.9 million, or 2 percent, over the prior quarter and
increased $240 million, or 9 percent, over the prior year first
quarter.
Federal Home Loan Bank (“FHLB”) advances of $155
million at March 31, 2019, decreased $285 million over the prior
quarter and was stable over the prior year first quarter.
FHLB advances and wholesale deposits will continue to fluctuate to
supplement liquidity needs as necessary during the year.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands,
except per share data) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Common equity |
$ |
1,526,963 |
|
|
1,525,281 |
|
|
1,471,047 |
|
|
1,682 |
|
|
55,916 |
|
Accumulated other
comprehensive income (loss) |
23,887 |
|
|
(9,427 |
) |
|
(17,023 |
) |
|
33,314 |
|
|
40,910 |
|
Total
stockholders’ equity |
1,550,850 |
|
|
1,515,854 |
|
|
1,454,024 |
|
|
34,996 |
|
|
96,826 |
|
Goodwill and core
deposit intangible, net |
(337,134 |
) |
|
(338,828 |
) |
|
(343,991 |
) |
|
1,694 |
|
|
6,857 |
|
Tangible
stockholders’ equity |
$ |
1,213,716 |
|
|
1,177,026 |
|
|
1,110,033 |
|
|
36,690 |
|
|
103,683 |
|
Stockholders’ equity to
total assets |
12.84 |
% |
|
12.51 |
% |
|
12.47 |
% |
|
|
|
|
Tangible stockholders’
equity to total tangible assets |
10.34 |
% |
|
9.99 |
% |
|
9.81 |
% |
|
|
|
|
Book value per common
share |
$ |
18.33 |
|
|
17.93 |
|
|
17.21 |
|
|
0.40 |
|
|
1.12 |
|
Tangible book value per
common share |
$ |
14.35 |
|
|
13.93 |
|
|
13.13 |
|
|
0.42 |
|
|
1.22 |
|
Tangible stockholders’ equity of $1.214 billion
at March 31, 2019 increased $36.7 million compared to the prior
quarter which was primarily the result of an increase in other
comprehensive income and earnings retention, which was partially
offset by a decrease of $25.5 million from the cumulative-effect
adjustments related to the adoption of new accounting
standards. Tangible stockholders’ equity increased $104
million over the prior year first quarter which was the result of
earnings retention and an increase in other comprehensive income,
which was partially offset by the adoption of the accounting
standards. Tangible book value per common share at quarter
end increased $0.42 per share from the prior quarter and increased
$1.22 per share from a year ago.
Cash DividendsOn March 27, 2019, the Company’s
Board of Directors declared a quarterly cash dividend of $0.26 per
share. The dividend was payable April 18, 2019 to
shareholders of record on April 9, 2019. The dividend was the
136th consecutive quarterly dividend. Future cash dividends
will depend on a variety of factors, including net income, capital,
asset quality, general economic conditions and regulatory
considerations.
Operating Results for Three Months Ended
March 31, 2019Compared to December 31,
2018, and March 31, 2018
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Net interest income |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
126,116 |
|
|
125,310 |
|
|
103,066 |
|
|
806 |
|
|
23,050 |
|
Interest
expense |
10,904 |
|
|
9,436 |
|
|
7,774 |
|
|
1,468 |
|
|
3,130 |
|
Total net
interest income |
115,212 |
|
|
115,874 |
|
|
95,292 |
|
|
(662 |
) |
|
19,920 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
18,015 |
|
|
19,708 |
|
|
16,871 |
|
|
(1,693 |
) |
|
1,144 |
|
Miscellaneous loan fees and charges |
967 |
|
|
1,278 |
|
|
1,477 |
|
|
(311 |
) |
|
(510 |
) |
Gain on sale
of loans |
5,798 |
|
|
5,639 |
|
|
6,097 |
|
|
159 |
|
|
(299 |
) |
Gain (loss)
on sale of investments |
213 |
|
|
(357 |
) |
|
(333 |
) |
|
570 |
|
|
546 |
|
Other
income |
3,481 |
|
|
2,226 |
|
|
1,974 |
|
|
1,255 |
|
|
1,507 |
|
Total
non-interest income |
28,474 |
|
|
28,494 |
|
|
26,086 |
|
|
(20 |
) |
|
2,388 |
|
Total
income |
$ |
143,686 |
|
|
144,368 |
|
|
121,378 |
|
|
(682 |
) |
|
22,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax-equivalent) |
4.34 |
% |
|
4.30 |
% |
|
4.10 |
% |
|
|
|
|
Net Interest IncomeThe current quarter net
interest income of $115 million was stable compared to the prior
quarter and increased $19.9 million, or 21 percent, from the prior
year first quarter. The increase in net interest income over
the prior year first quarter was primarily driven by interest rate
increases and an increase in commercial loans. Interest
income on commercial loans increased $1.3 million, or 2 percent,
from the prior quarter and increased $18.0 million, or 28 percent,
from the prior year first quarter.
The current quarter interest expense of $10.9
million increased $1.5 million, or 16 percent, over the prior
quarter which was primarily driven by seasonal fluctuations in core
deposits, which were supplemented using higher cost
borrowings. As deposits increased during the current quarter,
FHLB advances were reduced by $285 million to $155 million, the
same amount at the end of the prior year first quarter. The
current quarter interest expense increased $3.1 million, or 40
percent, from the prior year first quarter and was primarily due to
the increased amount of deposits and other funding. The cost
of core deposits for the current quarter was 19 basis points
compared to 17 basis points for the prior quarter and 15 basis
points in the prior year first quarter. The total cost of
funding (including non-interest bearing deposits) for the current
quarter was 43 basis points compared to 36 basis points for the
prior quarter and 35 basis points for the prior year first
quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.34 percent compared to 4.30 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
included 2 basis points from the recovery of interest on loans
previously placed on non-accrual. The current quarter net
interest margin increased 24 basis points over the prior year first
quarter net interest margin of 4.10 percent. The increase in
the margin from the prior year first quarter resulted from the
remix of earning assets to higher yielding loans, increased yields
on the loan portfolio which more than offset the increase in
funding costs. “The current quarter net interest margin
expansion reflects the 10 basis points higher yield on earnings
assets, while the cost of core deposit funding increased 2 basis
points,” said Ron Copher, Chief Financial Officer.
Non-interest IncomeNon-interest income for the
current quarter totaled $28.5 million which was comparable to the
prior quarter and an increase of $2.4 million, or 9 percent, over
the same quarter last year. Service charges and other fees of
$18.0 million for the current quarter decreased $1.7 million, or 9
percent, from the prior quarter due to seasonality. Service
charges and other fees for the current quarter increased $1.1
million, or 7 percent, from the prior year first quarter which was
due to the increased number of accounts from organic growth and
acquisitions. Other income increased $1.3 million from the
prior quarter and increased $1.5 million over the prior year first
quarter.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Compensation and
employee benefits |
$ |
52,728 |
|
|
50,385 |
|
|
45,721 |
|
|
2,343 |
|
|
7,007 |
|
Occupancy and
equipment |
8,437 |
|
|
7,884 |
|
|
7,274 |
|
|
553 |
|
|
1,163 |
|
Advertising and
promotions |
2,388 |
|
|
2,434 |
|
|
2,170 |
|
|
(46 |
) |
|
218 |
|
Data processing |
3,892 |
|
|
3,951 |
|
|
3,967 |
|
|
(59 |
) |
|
(75 |
) |
Other real estate
owned |
139 |
|
|
264 |
|
|
72 |
|
|
(125 |
) |
|
67 |
|
Regulatory assessments and
insurance |
1,285 |
|
|
1,263 |
|
|
1,206 |
|
|
22 |
|
|
79 |
|
Core deposit intangibles
amortization |
1,694 |
|
|
1,731 |
|
|
1,056 |
|
|
(37 |
) |
|
638 |
|
Other expenses |
12,267 |
|
|
13,964 |
|
|
12,161 |
|
|
(1,697 |
) |
|
106 |
|
Total
non-interest expense |
$ |
82,830 |
|
|
81,876 |
|
|
73,627 |
|
|
954 |
|
|
9,203 |
|
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 $9.2 million, or 13 percent, over the
prior year first quarter. Compensation and employee benefits
increased by $2.3 million, or 5 percent, from the prior quarter
primarily from annual salary increases and benefit
adjustments. Compensation and employee benefits increased by
$7.0 million, or 15 percent, from the prior year first quarter
principally due to the increased number of employees driven by
organic growth and the prior year first quarter acquisitions.
Occupancy and equipment expense increased $1.2 million, or 16
percent, over the prior year first quarter as a result of the prior
year first quarter acquisitions and general cost increases.
Other expenses of $12.3 million, decreased $1.7 million, or 12
percent, from the prior quarter which was driven by decreases in
several categories including acquisition-related expenses and
expenses connected with equity investments in New Market Tax Credit
projects. Other expenses increased $106 thousand, or 87 basis
points, from the prior year first quarter and included a decrease
of $1.6 million in acquisition-related expenses which was offset by
a general increase in costs from organic growth and the prior year
first quarter acquisitions. Acquisition-related expenses were
$214 thousand during the current quarter compared to $520 thousand
in the prior quarter and $1.8 million in the prior year first
quarter.
Federal and State Income Tax ExpenseTax expense
during the first quarter of 2019 was $11.7 million, with no change
from the prior quarter and an increase of $3.3 million, or 39
percent, from the prior year first quarter. The effective tax
rate in the current and prior quarter was 19 percent which compares
to 18 percent in the prior year first quarter.
Efficiency RatioThe current quarter efficiency
ratio was 55.37 percent, a 144 basis points increase from the prior
quarter efficiency ratio of 53.93 percent and was driven by
increased operating costs combined with a slight decrease in net
interest income. The current quarter efficiency ratio
decreased 243 basis points from the prior year first quarter
efficiency ratio of 57.80 percent and was driven by the increase in
net interest income that more than offset the increased operating
costs.
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
FederalReserve 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;
- costs or difficulties related to the completion and integration
of acquisitions;
- the goodwill the Company has recorded in connection with
acquisitions could become impaired, which may have an adverse
impact on earnings and capital;
- reduced demand for banking products and services;
- the reputation of banks and the financial services industry
could deteriorate, which could adversely affect the Company's
ability to obtain (and maintain) customers;
- competition among financial institutions in the Company's
markets may increase significantly;
- the risks presented by continued public stock market
volatility, which could adversely affect the market price of the
Company’s common stock and the ability to raise additional capital
or grow the Company through acquisitions;
- the projected business and profitability of an expansion or the
opening of a new branch could be lower than expected;
- consolidation in the financial services industry in the
Company’s markets resulting in the creation of larger financial
institutions who may have greater resources could change the
competitive landscape;
- dependence on the Chief Executive Officer, the senior
management team and the Presidents of Glacier Bank divisions;
- material failure, potential interruption or breach in security
of the Company’s systems and technological changes which could
expose us to new risks (e.g., cybersecurity), fraud or system
failures;
- natural disasters, including fires, floods, earthquakes, and
other unexpected events;
- the Company’s success in managing risks involved in the
foregoing; and
- the effects of any reputational damage to the Company resulting
from any of the foregoing.
The Company does not undertake any obligation to
publicly correct or update any forward-looking statement if it
later becomes aware that actual results are likely to differ
materially from those expressed in such forward-looking
statement.
Conference Call InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday, April
19, 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 4067719. To
participate on the webcast, log on
to:https://edge.media-server.com/m6/p/hd6quiqa. 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 4067719 by May 3, 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) |
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
Assets |
|
|
|
|
|
Cash on hand and in
banks |
$ |
139,333 |
|
|
161,782 |
|
|
140,625 |
|
Federal
funds sold |
115 |
|
|
— |
|
|
230 |
|
Interest
bearing cash deposits |
63,079 |
|
|
42,008 |
|
|
310,193 |
|
Cash and
cash equivalents |
202,527 |
|
|
203,790 |
|
|
451,048 |
|
Debt
securities, available-for-sale |
2,522,322 |
|
|
2,571,663 |
|
|
2,154,845 |
|
Debt
securities, held-to-maturity |
255,572 |
|
|
297,915 |
|
|
634,413 |
|
Total
debt securities |
2,777,894 |
|
|
2,869,578 |
|
|
2,789,258 |
|
Loans
held for sale, at fair value |
29,389 |
|
|
33,156 |
|
|
37,058 |
|
Loans
receivable |
8,326,070 |
|
|
8,287,549 |
|
|
7,670,030 |
|
Allowance
for loan and lease losses |
(129,786 |
) |
|
(131,239 |
) |
|
(127,608 |
) |
Loans
receivable, net |
8,196,284 |
|
|
8,156,310 |
|
|
7,542,422 |
|
Premises
and equipment, net |
277,619 |
|
|
241,528 |
|
|
238,491 |
|
Other real
estate owned |
8,125 |
|
|
7,480 |
|
|
14,132 |
|
Accrued
interest receivable |
57,367 |
|
|
54,408 |
|
|
54,376 |
|
Deferred tax
asset |
12,554 |
|
|
23,564 |
|
|
32,929 |
|
Core deposit
intangible, net |
47,548 |
|
|
49,242 |
|
|
54,456 |
|
Goodwill |
289,586 |
|
|
289,586 |
|
|
289,535 |
|
Non-marketable equity securities |
16,435 |
|
|
27,871 |
|
|
21,910 |
|
Bank-owned
life insurance |
82,819 |
|
|
82,320 |
|
|
81,787 |
|
Other
assets |
75,632 |
|
|
76,651 |
|
|
51,376 |
|
Total
assets |
$ |
12,073,779 |
|
|
12,115,484 |
|
|
11,658,778 |
|
Liabilities |
|
|
|
|
|
Non-interest
bearing deposits |
$ |
3,051,119 |
|
|
3,001,178 |
|
|
2,811,469 |
|
Interest
bearing deposits |
6,536,996 |
|
|
6,492,589 |
|
|
6,607,376 |
|
Securities
sold under agreements to repurchase |
489,620 |
|
|
396,151 |
|
|
395,794 |
|
FHLB
advances |
154,683 |
|
|
440,175 |
|
|
155,057 |
|
Other
borrowed funds |
14,738 |
|
|
14,708 |
|
|
8,204 |
|
Subordinated
debentures |
134,048 |
|
|
134,051 |
|
|
134,061 |
|
Accrued
interest payable |
4,709 |
|
|
4,252 |
|
|
3,740 |
|
Other
liabilities |
137,016 |
|
|
116,526 |
|
|
89,053 |
|
Total
liabilities |
10,522,929 |
|
|
10,599,630 |
|
|
10,204,754 |
|
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 |
846 |
|
|
845 |
|
|
845 |
|
Paid-in
capital |
1,051,299 |
|
|
1,051,253 |
|
|
1,048,860 |
|
Retained
earnings - substantially restricted |
474,818 |
|
|
473,183 |
|
|
421,342 |
|
Accumulated
other comprehensive income (loss) |
23,887 |
|
|
(9,427 |
) |
|
(17,023 |
) |
Total
stockholders’ equity |
1,550,850 |
|
|
1,515,854 |
|
|
1,454,024 |
|
Total
liabilities and stockholders’ equity |
$ |
12,073,779 |
|
|
12,115,484 |
|
|
11,658,778 |
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
|
Three Months ended |
(Dollars in thousands,
except per share data) |
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
Interest
Income |
|
|
|
|
|
Debt securities |
$ |
21,351 |
|
|
22,016 |
|
|
20,142 |
|
Residential
real estate loans |
10,779 |
|
|
10,751 |
|
|
8,785 |
|
Commercial
loans |
83,539 |
|
|
82,238 |
|
|
65,515 |
|
Consumer and
other loans |
10,447 |
|
|
10,305 |
|
|
8,624 |
|
Total
interest income |
126,116 |
|
|
125,310 |
|
|
103,066 |
|
Interest
Expense |
|
|
|
|
|
Deposits |
5,341 |
|
|
4,989 |
|
|
3,916 |
|
Securities
sold under agreements to repurchase |
802 |
|
|
707 |
|
|
485 |
|
Federal Home
Loan Bank advances |
3,055 |
|
|
2,146 |
|
|
2,089 |
|
Other
borrowed funds |
38 |
|
|
(10 |
) |
|
16 |
|
Subordinated
debentures |
1,668 |
|
|
1,604 |
|
|
1,268 |
|
Total
interest expense |
10,904 |
|
|
9,436 |
|
|
7,774 |
|
Net Interest
Income |
115,212 |
|
|
115,874 |
|
|
95,292 |
|
Provision
for loan losses |
57 |
|
|
1,246 |
|
|
795 |
|
Net interest
income after provision for loan losses |
115,155 |
|
|
114,628 |
|
|
94,497 |
|
Non-Interest
Income |
|
|
|
|
|
Service
charges and other fees |
18,015 |
|
|
19,708 |
|
|
16,871 |
|
Miscellaneous loan fees and charges |
967 |
|
|
1,278 |
|
|
1,477 |
|
Gain on sale
of loans |
5,798 |
|
|
5,639 |
|
|
6,097 |
|
Gain (loss)
on sale of debt securities |
213 |
|
|
(357 |
) |
|
(333 |
) |
Other
income |
3,481 |
|
|
2,226 |
|
|
1,974 |
|
Total
non-interest income |
28,474 |
|
|
28,494 |
|
|
26,086 |
|
Non-Interest
Expense |
|
|
|
|
|
Compensation
and employee benefits |
52,728 |
|
|
50,385 |
|
|
45,721 |
|
Occupancy
and equipment |
8,437 |
|
|
7,884 |
|
|
7,274 |
|
Advertising
and promotions |
2,388 |
|
|
2,434 |
|
|
2,170 |
|
Data
processing |
3,892 |
|
|
3,951 |
|
|
3,967 |
|
Other
real estate owned |
139 |
|
|
264 |
|
|
72 |
|
Regulatory assessments and insurance |
1,285 |
|
|
1,263 |
|
|
1,206 |
|
Core deposit
intangibles amortization |
1,694 |
|
|
1,731 |
|
|
1,056 |
|
Other
expenses |
12,267 |
|
|
13,964 |
|
|
12,161 |
|
Total
non-interest expense |
82,830 |
|
|
81,876 |
|
|
73,627 |
|
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
60,799 |
|
|
61,246 |
|
|
46,956 |
|
Federal
and state income tax expense |
11,667 |
|
|
11,647 |
|
|
8,397 |
|
Net
Income |
$ |
49,132 |
|
|
49,599 |
|
|
38,559 |
|
Glacier Bancorp,
Inc.Average Balance Sheets
|
Three Months ended |
|
March 31, 2019 |
|
March 31, 2018 |
(Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate
loans |
$ |
917,324 |
|
|
$ |
10,779 |
|
|
4.70 |
% |
|
$ |
783,817 |
|
|
$ |
8,785 |
|
|
4.48 |
% |
Commercial
loans 1 |
6,524,190 |
|
|
84,613 |
|
|
5.26 |
% |
|
5,551,619 |
|
|
66,474 |
|
|
4.86 |
% |
Consumer and
other loans |
839,011 |
|
|
10,447 |
|
|
5.05 |
% |
|
719,153 |
|
|
8,624 |
|
|
4.86 |
% |
Total
loans 2 |
8,280,525 |
|
|
105,839 |
|
|
5.18 |
% |
|
7,054,589 |
|
|
83,883 |
|
|
4.82 |
% |
Tax-exempt debt securities 3 |
960,569 |
|
|
9,950 |
|
|
4.14 |
% |
|
1,093,736 |
|
|
12,795 |
|
|
4.68 |
% |
Taxable
debt securities 4 |
1,845,677 |
|
|
13,729 |
|
|
2.98 |
% |
|
1,654,318 |
|
|
10,273 |
|
|
2.48 |
% |
Total
earning assets |
11,086,771 |
|
|
129,518 |
|
|
4.74 |
% |
|
9,802,643 |
|
|
106,951 |
|
|
4.42 |
% |
Goodwill and
intangibles |
337,963 |
|
|
|
|
|
|
219,463 |
|
|
|
|
|
Non-earning
assets |
520,353 |
|
|
|
|
|
|
390,857 |
|
|
|
|
|
Total
assets |
$ |
11,945,087 |
|
|
|
|
|
|
$ |
10,412,963 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest
bearing deposits |
$ |
2,943,770 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,472,151 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA
accounts |
2,320,928 |
|
|
961 |
|
|
0.17 |
% |
|
2,011,464 |
|
|
818 |
|
|
0.16 |
% |
Savings
accounts |
1,359,807 |
|
|
234 |
|
|
0.07 |
% |
|
1,184,807 |
|
|
193 |
|
|
0.07 |
% |
Money market
deposit accounts |
1,690,305 |
|
|
1,010 |
|
|
0.24 |
% |
|
1,631,863 |
|
|
719 |
|
|
0.18 |
% |
Certificate
accounts |
905,005 |
|
|
2,014 |
|
|
0.90 |
% |
|
876,425 |
|
|
1,319 |
|
|
0.61 |
% |
Total
core deposits |
9,219,815 |
|
|
4,219 |
|
|
0.19 |
% |
|
8,176,710 |
|
|
3,049 |
|
|
0.15 |
% |
Wholesale
deposits 5 |
169,361 |
|
|
1,122 |
|
|
2.69 |
% |
|
149,577 |
|
|
867 |
|
|
2.35 |
% |
FHLB
advances |
352,773 |
|
|
3,055 |
|
|
3.46 |
% |
|
224,847 |
|
|
2,089 |
|
|
3.72 |
% |
Repurchase
agreements and other borrowed funds |
556,325 |
|
|
2,508 |
|
|
1.83 |
% |
|
521,641 |
|
|
1,769 |
|
|
1.38 |
% |
Total
funding liabilities |
10,298,274 |
|
|
10,904 |
|
|
0.43 |
% |
|
9,072,775 |
|
|
7,774 |
|
|
0.35 |
% |
Other
liabilities |
116,143 |
|
|
|
|
|
|
25,973 |
|
|
|
|
|
Total
liabilities |
10,414,417 |
|
|
|
|
|
|
9,098,748 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
846 |
|
|
|
|
|
|
808 |
|
|
|
|
|
Paid-in
capital |
1,051,261 |
|
|
|
|
|
|
906,030 |
|
|
|
|
|
Retained
earnings |
471,626 |
|
|
|
|
|
|
420,552 |
|
|
|
|
|
Accumulated
other comprehensive loss |
6,937 |
|
|
|
|
|
|
(13,175 |
) |
|
|
|
|
Total
stockholders’ equity |
1,530,670 |
|
|
|
|
|
|
1,314,215 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
11,945,087 |
|
|
|
|
|
|
$ |
10,412,963 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
118,614 |
|
|
|
|
|
|
$ |
99,177 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.31 |
% |
|
|
|
|
|
4.07 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.34 |
% |
|
|
|
|
|
4.10 |
% |
______________________________ |
1 |
Includes tax effect of $1.1 million and $959 thousand on tax-exempt
municipal loan and lease income for the three months ended
March 31, 2019 and 2018, 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 $2.0 million and $2.6
million on tax-exempt debt securities income for the three months
ended March 31, 2019 and 2018, respectively. |
4 |
Includes tax effect of $293 thousand and $304
thousand on federal income tax credits for the three months ended
March 31, 2019 and 2018. |
5 |
Wholesale deposits include brokered deposits
classified as NOW, DDA, money market deposit and certificate
accounts. |
|
|
Glacier Bancorp,
Inc.Loan Portfolio by Regulatory
Classification
|
Loans Receivable, by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Custom and owner
occupied construction |
$ |
126,820 |
|
|
$ |
126,595 |
|
|
$ |
140,440 |
|
|
— |
% |
|
(10 |
)% |
Pre-sold and spec
construction |
135,137 |
|
|
121,938 |
|
|
100,376 |
|
|
11 |
% |
|
35 |
% |
Total residential construction |
261,957 |
|
|
248,533 |
|
|
240,816 |
|
|
5 |
% |
|
9 |
% |
Land development |
126,417 |
|
|
137,814 |
|
|
76,528 |
|
|
(8 |
)% |
|
65 |
% |
Consumer land or lots |
125,818 |
|
|
127,775 |
|
|
119,469 |
|
|
(2 |
)% |
|
5 |
% |
Unimproved land |
75,113 |
|
|
83,579 |
|
|
68,862 |
|
|
(10 |
)% |
|
9 |
% |
Developed lots for
operative builders |
16,171 |
|
|
17,061 |
|
|
13,093 |
|
|
(5 |
)% |
|
24 |
% |
Commercial lots |
35,511 |
|
|
34,096 |
|
|
43,232 |
|
|
4 |
% |
|
(18 |
)% |
Other construction |
454,965 |
|
|
520,005 |
|
|
420,632 |
|
|
(13 |
)% |
|
8 |
% |
Total land, lot, and other construction |
833,995 |
|
|
920,330 |
|
|
741,816 |
|
|
(9 |
)% |
|
12 |
% |
Owner occupied |
1,367,530 |
|
|
1,343,563 |
|
|
1,292,206 |
|
|
2 |
% |
|
6 |
% |
Non-owner occupied |
1,662,390 |
|
|
1,605,960 |
|
|
1,449,166 |
|
|
4 |
% |
|
15 |
% |
Total commercial real estate |
3,029,920 |
|
|
2,949,523 |
|
|
2,741,372 |
|
|
3 |
% |
|
11 |
% |
Commercial and
industrial |
922,124 |
|
|
907,340 |
|
|
865,574 |
|
|
2 |
% |
|
7 |
% |
Agriculture |
641,146 |
|
|
646,822 |
|
|
620,342 |
|
|
(1 |
)% |
|
3 |
% |
1st lien |
1,102,920 |
|
|
1,108,227 |
|
|
1,014,361 |
|
|
— |
% |
|
9 |
% |
Junior lien |
54,964 |
|
|
56,689 |
|
|
66,288 |
|
|
(3 |
)% |
|
(17 |
)% |
Total 1-4 family |
1,157,884 |
|
|
1,164,916 |
|
|
1,080,649 |
|
|
(1 |
)% |
|
7 |
% |
Multifamily
residential |
268,156 |
|
|
247,457 |
|
|
219,310 |
|
|
8 |
% |
|
22 |
% |
Home equity lines of
credit |
557,895 |
|
|
539,938 |
|
|
481,204 |
|
|
3 |
% |
|
16 |
% |
Other consumer |
163,568 |
|
|
165,865 |
|
|
162,171 |
|
|
(1 |
)% |
|
1 |
% |
Total consumer |
721,463 |
|
|
705,803 |
|
|
643,375 |
|
|
2 |
% |
|
12 |
% |
States and
political subdivisions |
398,848 |
|
|
404,671 |
|
|
421,252 |
|
|
(1 |
)% |
|
(5 |
)% |
Other |
119,966 |
|
|
125,310 |
|
|
132,582 |
|
|
(4 |
)% |
|
(10 |
)% |
Total
loans receivable, including loans held for sale |
8,355,459 |
|
|
8,320,705 |
|
|
7,707,088 |
|
|
— |
% |
|
8 |
% |
Less loans held
for sale 1 |
(29,389 |
) |
|
(33,156 |
) |
|
(37,058 |
) |
|
(11 |
)% |
|
(21 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans receivable |
$ |
8,326,070 |
|
|
$ |
8,287,549 |
|
|
$ |
7,670,030 |
|
|
— |
% |
|
9 |
% |
______________________________1 Loans held for sale are
primarily 1st lien 1-4 family loans.
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification
|
Non-performing Assets, by Loan Type |
|
Non-AccrualLoans |
|
AccruingLoans 90 Days or More Past
Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Mar 31, 2019 |
|
Mar 31, 2019 |
|
Mar 31, 2019 |
Custom and owner
occupied construction |
$ |
— |
|
|
— |
|
|
48 |
|
|
— |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
456 |
|
|
463 |
|
|
492 |
|
|
456 |
|
|
— |
|
|
— |
|
Total residential construction |
456 |
|
|
463 |
|
|
540 |
|
|
456 |
|
|
— |
|
|
— |
|
Land development |
2,272 |
|
|
2,166 |
|
|
7,802 |
|
|
713 |
|
|
— |
|
|
1,559 |
|
Consumer land or lots |
1,126 |
|
|
1,428 |
|
|
1,622 |
|
|
635 |
|
|
— |
|
|
491 |
|
Unimproved land |
9,222 |
|
|
9,338 |
|
|
10,294 |
|
|
7,648 |
|
|
42 |
|
|
1,532 |
|
Developed lots for
operative builders |
67 |
|
|
68 |
|
|
83 |
|
|
42 |
|
|
— |
|
|
25 |
|
Commercial lots |
663 |
|
|
1,046 |
|
|
1,312 |
|
|
— |
|
|
— |
|
|
663 |
|
Other construction |
111 |
|
|
120 |
|
|
319 |
|
|
— |
|
|
— |
|
|
111 |
|
Total land, lot and other construction |
13,461 |
|
|
14,166 |
|
|
21,432 |
|
|
9,038 |
|
|
42 |
|
|
4,381 |
|
Owner occupied |
7,229 |
|
|
5,940 |
|
|
12,594 |
|
|
5,953 |
|
|
42 |
|
|
1,234 |
|
Non-owner occupied |
7,368 |
|
|
10,567 |
|
|
5,346 |
|
|
7,368 |
|
|
— |
|
|
— |
|
Total commercial real estate |
14,597 |
|
|
16,507 |
|
|
17,940 |
|
|
13,321 |
|
|
42 |
|
|
1,234 |
|
Commercial and
industrial |
3,893 |
|
|
3,914 |
|
|
6,313 |
|
|
3,602 |
|
|
57 |
|
|
234 |
|
Agriculture |
4,488 |
|
|
7,040 |
|
|
10,476 |
|
|
3,397 |
|
|
941 |
|
|
150 |
|
1st lien |
10,279 |
|
|
10,290 |
|
|
8,717 |
|
|
7,198 |
|
|
1,193 |
|
|
1,888 |
|
Junior lien |
582 |
|
|
565 |
|
|
4,271 |
|
|
512 |
|
|
70 |
|
|
— |
|
Total 1-4 family |
10,861 |
|
|
10,855 |
|
|
12,988 |
|
|
7,710 |
|
|
1,263 |
|
|
1,888 |
|
Multifamily
residential |
— |
|
|
— |
|
|
652 |
|
|
— |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
2,288 |
|
|
2,770 |
|
|
3,312 |
|
|
2,100 |
|
|
— |
|
|
188 |
|
Other consumer |
453 |
|
|
456 |
|
|
330 |
|
|
330 |
|
|
73 |
|
|
50 |
|
Total consumer |
2,741 |
|
|
3,226 |
|
|
3,642 |
|
|
2,430 |
|
|
73 |
|
|
238 |
|
Other |
348 |
|
|
579 |
|
|
— |
|
|
315 |
|
|
33 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
50,845 |
|
|
56,750 |
|
|
73,983 |
|
|
40,269 |
|
|
2,451 |
|
|
8,125 |
|
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
Custom and owner
occupied construction |
$ |
282 |
|
|
$ |
1,661 |
|
|
$ |
611 |
|
|
(83 |
)% |
|
(54 |
)% |
Pre-sold and spec
construction |
553 |
|
|
887 |
|
|
267 |
|
|
(38 |
)% |
|
107 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total residential construction |
835 |
|
|
2,548 |
|
|
878 |
|
|
(67 |
)% |
|
(5 |
)% |
Land development |
— |
|
|
228 |
|
|
585 |
|
|
(100 |
)% |
|
(100 |
)% |
Consumer land or lots |
510 |
|
|
200 |
|
|
485 |
|
|
155 |
% |
|
5 |
% |
Unimproved land |
685 |
|
|
579 |
|
|
889 |
|
|
18 |
% |
|
(23 |
)% |
Developed lots for
operative builders |
4 |
|
|
122 |
|
|
464 |
|
|
(97 |
)% |
|
(99 |
)% |
Commercial lots |
331 |
|
|
203 |
|
|
194 |
|
|
63 |
% |
|
71 |
% |
Other construction |
1,234 |
|
|
4,170 |
|
|
76 |
|
|
(70 |
)% |
|
1,524 |
% |
Total land, lot and other construction |
2,764 |
|
|
5,502 |
|
|
2,693 |
|
|
(50 |
)% |
|
3 |
% |
Owner occupied |
4,463 |
|
|
2,981 |
|
|
13,904 |
|
|
50 |
% |
|
(68 |
)% |
Non-owner occupied |
6,604 |
|
|
1,245 |
|
|
3,842 |
|
|
430 |
% |
|
72 |
% |
Total commercial real estate |
11,067 |
|
|
4,226 |
|
|
17,746 |
|
|
162 |
% |
|
(38 |
)% |
Commercial and
industrial |
4,070 |
|
|
3,374 |
|
|
5,746 |
|
|
21 |
% |
|
(29 |
)% |
Agriculture |
5,709 |
|
|
6,455 |
|
|
3,845 |
|
|
(12 |
)% |
|
48 |
% |
1st lien |
7,179 |
|
|
5,384 |
|
|
9,597 |
|
|
33 |
% |
|
(25 |
)% |
Junior lien |
583 |
|
|
118 |
|
|
240 |
|
|
394 |
% |
|
143 |
% |
Total 1-4 family |
7,762 |
|
|
5,502 |
|
|
9,837 |
|
|
41 |
% |
|
(21 |
)% |
Home equity lines of
credit |
2,925 |
|
|
3,562 |
|
|
2,316 |
|
|
(18 |
)% |
|
26 |
% |
Other consumer |
1,357 |
|
|
1,650 |
|
|
1,849 |
|
|
(18 |
)% |
|
(27 |
)% |
Total consumer |
4,282 |
|
|
5,212 |
|
|
4,165 |
|
|
(18 |
)% |
|
3 |
% |
States and
political subdivisions |
— |
|
|
229 |
|
|
— |
|
|
(100 |
)% |
|
n/m |
Other |
405 |
|
|
519 |
|
|
53 |
|
|
(22 |
)% |
|
664 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
36,894 |
|
|
$ |
33,567 |
|
|
$ |
44,963 |
|
|
10 |
% |
|
(18 |
)% |
______________________________n/m - not measurable
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in
thousands) |
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
|
Mar 31, 2019 |
|
Mar 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-sold and
spec construction |
$ |
(4 |
) |
|
(352 |
) |
|
(339 |
) |
|
— |
|
|
4 |
|
Land development |
23 |
|
|
(116 |
) |
|
(5 |
) |
|
42 |
|
|
19 |
|
Consumer land or lots |
(20 |
) |
|
(146 |
) |
|
(3 |
) |
|
15 |
|
|
35 |
|
Unimproved land |
(9 |
) |
|
(445 |
) |
|
(73 |
) |
|
— |
|
|
9 |
|
Developed lots for
operative builders |
— |
|
|
33 |
|
|
— |
|
|
— |
|
|
— |
|
Commercial lots |
(2 |
) |
|
1 |
|
|
(2 |
) |
|
— |
|
|
2 |
|
Other construction |
— |
|
|
(19 |
) |
|
— |
|
|
9 |
|
|
9 |
|
Total land, lot and other construction |
(8 |
) |
|
(692 |
) |
|
(83 |
) |
|
66 |
|
|
74 |
|
Owner occupied |
75 |
|
|
1,320 |
|
|
962 |
|
|
118 |
|
|
43 |
|
Non-owner occupied |
30 |
|
|
853 |
|
|
(47 |
) |
|
130 |
|
|
100 |
|
Total commercial real estate |
105 |
|
|
2,173 |
|
|
915 |
|
|
248 |
|
|
143 |
|
Commercial and
industrial |
(4 |
) |
|
2,449 |
|
|
1,430 |
|
|
244 |
|
|
248 |
|
Agriculture |
14 |
|
|
16 |
|
|
(2 |
) |
|
17 |
|
|
3 |
|
1st lien |
198 |
|
|
577 |
|
|
(65 |
) |
|
298 |
|
|
100 |
|
Junior lien |
(52 |
) |
|
(371 |
) |
|
(29 |
) |
|
— |
|
|
52 |
|
Total 1-4 family |
146 |
|
|
206 |
|
|
(94 |
) |
|
298 |
|
|
152 |
|
Multifamily
residential |
— |
|
|
(649 |
) |
|
(6 |
) |
|
— |
|
|
— |
|
Home equity lines of
credit |
(5 |
) |
|
(97 |
) |
|
(32 |
) |
|
7 |
|
|
12 |
|
Other consumer |
223 |
|
|
261 |
|
|
73 |
|
|
305 |
|
|
82 |
|
Total consumer |
218 |
|
|
164 |
|
|
41 |
|
|
312 |
|
|
94 |
|
Other |
1,043 |
|
|
4,967 |
|
|
893 |
|
|
2,156 |
|
|
1,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
1,510 |
|
|
8,282 |
|
|
2,755 |
|
|
3,341 |
|
|
1,831 |
|
|
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