Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $52.4
million for the current quarter, an increase of $8.0 million, or 18
percent, from the $44.4 million of net income for the prior year
second quarter. Diluted earnings per share for the current
quarter was $0.61 per share, an increase of 17 percent from the
prior year second quarter diluted earnings per share of
$0.52. Included in the current quarter was $1.8 million of
acquisition-related expenses. “We saw excellent loan growth
this quarter supported by a stable net interest margin, consistent
credit performance and efficiency at targeted levels. Growth
in earnings per share and interest income were strong,” said Randy
Chesler, President and Chief Executive Officer. “Hats off to
the Glacier divisions for delivering another quarter of strong
results and we welcome First Community Bank Utah to the Glacier
team.”
Net income for the first six months ended June
30, 2019 was $101.5 million, an increase of $18.6 million, or 22
percent, from the $82.9 million of net income for the first six
months of the prior year. Diluted earnings per share for the
first half of the current year was $1.19 per share, an increase of
$0.19, or 19 percent, from the diluted earnings per share of $1.00
for the same period in the prior year.
In the second quarter of 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 June 30, 2019, Heritage had total assets of
$842 million, gross loans of $612 million and total deposits of
$717 million. The acquisition has received the required
regulatory approvals, is subject to other customary conditions of
closing and is expected to be completed effective July 31,
2019. Upon closing of the transaction, Heritage will become
the Company’s sixteenth Bank division.
On April 30, 2019, the Company completed the
acquisition of FNB Bancorp, the holding company for The First
National Bank of Layton, a community bank based in Layton, Utah
(“FNB”). FNB provides banking services to individuals and
businesses throughout Utah with six banking offices located in
Layton, Bountiful, Clearfield, and Draper. Upon closing of
the transaction, FNB became First Community Bank Utah, the
Company’s fifteenth Bank division. The Company’s results of
operations and financial condition include the acquisition
beginning on the acquisition date and the following table discloses
the preliminary fair value estimates of selected classifications of
assets and liabilities acquired:
|
FNB |
(Dollars in thousands) |
April 30, 2019 |
Total assets |
$ |
379,155 |
|
Debt securities |
47,247 |
|
Loans receivable |
245,485 |
|
Non-interest bearing
deposits |
93,647 |
|
Interest bearing deposits |
180,999 |
|
Borrowings |
7,273 |
|
Asset Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
Cash and cash equivalents |
$ |
231,209 |
|
|
202,527 |
|
|
203,790 |
|
|
368,132 |
|
|
28,682 |
|
|
27,419 |
|
|
(136,923 |
) |
Debt securities,
available-for-sale |
2,470,634 |
|
|
2,522,322 |
|
|
2,571,663 |
|
|
2,177,352 |
|
|
(51,688 |
) |
|
(101,029 |
) |
|
293,282 |
|
Debt securities,
held-to-maturity |
252,097 |
|
|
255,572 |
|
|
297,915 |
|
|
620,409 |
|
|
(3,475 |
) |
|
(45,818 |
) |
|
(368,312 |
) |
Total debt securities |
2,722,731 |
|
|
2,777,894 |
|
|
2,869,578 |
|
|
2,797,761 |
|
|
(55,163 |
) |
|
(146,847 |
) |
|
(75,030 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
920,715 |
|
|
884,732 |
|
|
887,742 |
|
|
835,382 |
|
|
35,983 |
|
|
32,973 |
|
|
85,333 |
|
Commercial real estate |
4,959,863 |
|
|
4,686,082 |
|
|
4,657,561 |
|
|
4,384,781 |
|
|
273,781 |
|
|
302,302 |
|
|
575,082 |
|
Other commercial |
2,076,605 |
|
|
1,909,452 |
|
|
1,911,171 |
|
|
1,940,435 |
|
|
167,153 |
|
|
165,434 |
|
|
136,170 |
|
Home equity |
596,041 |
|
|
562,381 |
|
|
544,688 |
|
|
511,043 |
|
|
33,660 |
|
|
51,353 |
|
|
84,998 |
|
Other consumer |
288,553 |
|
|
283,423 |
|
|
286,387 |
|
|
277,031 |
|
|
5,130 |
|
|
2,166 |
|
|
11,522 |
|
Loans receivable |
8,841,777 |
|
|
8,326,070 |
|
|
8,287,549 |
|
|
7,948,672 |
|
|
515,707 |
|
|
554,228 |
|
|
893,105 |
|
Allowance for loan and lease losses |
(129,054 |
) |
|
(129,786 |
) |
|
(131,239 |
) |
|
(131,564 |
) |
|
732 |
|
|
2,185 |
|
|
2,510 |
|
Loans receivable, net |
8,712,723 |
|
|
8,196,284 |
|
|
8,156,310 |
|
|
7,817,108 |
|
|
516,439 |
|
|
556,413 |
|
|
895,615 |
|
Other assets |
1,009,698 |
|
|
897,074 |
|
|
885,806 |
|
|
914,643 |
|
|
112,624 |
|
|
123,892 |
|
|
95,055 |
|
Total assets |
$ |
12,676,361 |
|
|
12,073,779 |
|
|
12,115,484 |
|
|
11,897,644 |
|
|
602,582 |
|
|
560,877 |
|
|
778,717 |
|
Total debt securities of $2.723 billion at June
30, 2019 decreased $55.2 million, or 2 percent, during the current
quarter and decreased $75.0 million, or 3 percent, from the prior
year second quarter. Debt securities represented 21
percent of total assets at June 30, 2019 compared to 24
percent of total assets at December 31, 2018 and
June 30, 2018.
The loan portfolio of $8.842 billion increased
$270 million, or 13 percent annualized, during the current quarter
excluding the FNB acquisition. The loan category with the
largest increase was other commercial loans which increased $114
million, or 6 percent. Excluding the acquisition, the loan
portfolio increased $648 million, or 8 percent, since June 30,
2018, with the largest increase in commercial real estate loans,
which increased $397 million, or 9 percent.
Credit Quality Summary
|
At or for the Six Months ended |
|
At or for the Three Months ended |
|
At or for the Year ended |
|
At or for the Six Months ended |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
Allowance for loan and lease
losses |
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
131,239 |
|
|
131,239 |
|
|
129,568 |
|
|
129,568 |
|
Provision for loan losses |
57 |
|
|
57 |
|
|
9,953 |
|
|
5,513 |
|
Charge-offs |
(6,200 |
) |
|
(3,341 |
) |
|
(17,807 |
) |
|
(7,611 |
) |
Recoveries |
3,958 |
|
|
1,831 |
|
|
9,525 |
|
|
4,094 |
|
Balance at end of period |
$ |
129,054 |
|
|
129,786 |
|
|
131,239 |
|
|
131,564 |
|
Other real estate owned |
$ |
7,281 |
|
|
8,125 |
|
|
7,480 |
|
|
13,616 |
|
Accruing loans 90 days or more
past due |
3,463 |
|
|
2,451 |
|
|
2,018 |
|
|
12,751 |
|
Non-accrual loans |
41,195 |
|
|
40,269 |
|
|
47,252 |
|
|
58,170 |
|
Total non-performing assets |
$ |
51,939 |
|
|
50,845 |
|
|
56,750 |
|
|
84,537 |
|
Non-performing assets as a
percentage of subsidiary assets |
0.41 |
% |
|
0.42 |
% |
|
0.47 |
% |
|
0.71 |
% |
Allowance for loan and lease
losses as a percentage of non-performing loans |
289 |
% |
|
304 |
% |
|
266 |
% |
|
186 |
% |
Allowance for loan and lease
losses as a percentage of total loans |
1.46 |
% |
|
1.56 |
% |
|
1.58 |
% |
|
1.66 |
% |
Net charge-offs as a
percentage of total loans |
0.03 |
% |
|
0.02 |
% |
|
0.10 |
% |
|
0.04 |
% |
Accruing loans 30-89 days past
due |
$ |
37,937 |
|
|
36,894 |
|
|
33,567 |
|
|
39,650 |
|
Accruing troubled debt
restructurings |
$ |
25,019 |
|
|
24,468 |
|
|
25,833 |
|
|
34,991 |
|
Non-accrual troubled debt
restructurings |
$ |
6,041 |
|
|
6,747 |
|
|
10,660 |
|
|
18,380 |
|
U.S. government guarantees
included in non-performing assets |
$ |
2,785 |
|
|
2,649 |
|
|
4,811 |
|
|
7,265 |
|
Non-performing assets of $51.9 million at June
30, 2019 increased $1.1 million, or 2 percent, over the prior
quarter and decreased $32.6 million, or 39 percent, over the prior
year second quarter. Non-performing assets as a percentage of
subsidiary assets at June 30, 2019 was 0.41 percent, a decrease of
1 basis point from the prior quarter, and a decrease of 30 basis
points from the prior year second quarter. Early stage
delinquencies (accruing loans 30-89 days past due) of $37.9 million
at June 30, 2019 increased $1.0 million from the prior quarter and
decreased $1.7 million from the prior year second quarter.
Early stage delinquencies as a percentage of loans at June 30, 2019
was 0.43 percent, which was a decrease of 1 basis point from prior
quarter and a decrease of 7 basis points from prior year second
quarter. The allowance for loan and lease losses
(“allowance”) as a percent of total loans outstanding at June
30, 2019 was 1.46 percent, which was a 10 basis points
decrease compared to the prior quarter and a decrease of 20 basis
points from a year ago. The decrease was attributable to
stabilizing credit quality and the addition of loans from the FNB
acquisition which were added to the portfolio on a fair value basis
and as a result did not require an allowance at acquisition
date.
Credit Quality Trends and Provision for Loan
Losses
(Dollars in thousands) |
Provisionfor LoanLosses |
|
Net Charge-Offs |
|
ALLLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
Second quarter 2019 |
$ |
— |
|
|
$ |
732 |
|
|
1.46 |
% |
|
0.43 |
% |
|
0.41 |
% |
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 |
% |
Net charge-offs for the current quarter were
$732 thousand compared to $1.5 million for the prior quarter and
$762 thousand from the same quarter last year. There was no
current quarter provision for loan losses compared to $57 thousand
in the prior quarter and $4.7 million in the prior year second
quarter. Loan portfolio growth, composition, average loan
size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
Supplemental information regarding credit
quality and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is
based primarily on collateral type while the Company’s loan
segments presented herein are based on the purpose of the loan.
Liability Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,265,077 |
|
|
3,051,119 |
|
|
3,001,178 |
|
|
2,914,885 |
|
|
213,958 |
|
|
263,899 |
|
|
350,192 |
|
NOW and DDA accounts |
2,487,806 |
|
|
2,383,806 |
|
|
2,391,307 |
|
|
2,354,214 |
|
|
104,000 |
|
|
96,499 |
|
|
133,592 |
|
Savings accounts |
1,412,046 |
|
|
1,373,544 |
|
|
1,346,790 |
|
|
1,330,637 |
|
|
38,502 |
|
|
65,256 |
|
|
81,409 |
|
Money market deposit accounts |
1,647,372 |
|
|
1,689,962 |
|
|
1,684,284 |
|
|
1,723,681 |
|
|
(42,590 |
) |
|
(36,912 |
) |
|
(76,309 |
) |
Certificate accounts |
897,625 |
|
|
896,731 |
|
|
901,484 |
|
|
927,608 |
|
|
894 |
|
|
(3,859 |
) |
|
(29,983 |
) |
Core deposits, total |
9,709,926 |
|
|
9,395,162 |
|
|
9,325,043 |
|
|
9,251,025 |
|
|
314,764 |
|
|
384,883 |
|
|
458,901 |
|
Wholesale deposits |
144,949 |
|
|
192,953 |
|
|
168,724 |
|
|
172,550 |
|
|
(48,004 |
) |
|
(23,775 |
) |
|
(27,601 |
) |
Deposits, total |
9,854,875 |
|
|
9,588,115 |
|
|
9,493,767 |
|
|
9,423,575 |
|
|
266,760 |
|
|
361,108 |
|
|
431,300 |
|
Repurchase agreements |
494,651 |
|
|
489,620 |
|
|
396,151 |
|
|
361,515 |
|
|
5,031 |
|
|
98,500 |
|
|
133,136 |
|
Federal Home Loan Bank
advances |
319,996 |
|
|
154,683 |
|
|
440,175 |
|
|
395,037 |
|
|
165,313 |
|
|
(120,179 |
) |
|
(75,041 |
) |
Other borrowed funds |
14,765 |
|
|
14,738 |
|
|
14,708 |
|
|
9,917 |
|
|
27 |
|
|
57 |
|
|
4,848 |
|
Subordinated debentures |
139,912 |
|
|
134,048 |
|
|
134,051 |
|
|
134,058 |
|
|
5,864 |
|
|
5,861 |
|
|
5,854 |
|
Other liabilities |
164,786 |
|
|
141,725 |
|
|
120,778 |
|
|
99,550 |
|
|
23,061 |
|
|
44,008 |
|
|
65,236 |
|
Total liabilities |
$ |
10,988,985 |
|
|
10,522,929 |
|
|
10,599,630 |
|
|
10,423,652 |
|
|
466,056 |
|
|
389,355 |
|
|
565,333 |
|
Excluding the acquisition, core deposits of
$9.710 billion as of June 30, 2019 increased $110 million, or 2
percent annualized, from the prior quarter and increased $184
million, or 2 percent, from the prior year second quarter.
Non-interest bearing deposits organically increased $120 million,
or 16 percent annualized, over the prior quarter and increased $257
million, or 9 percent, over the prior year second quarter.
Federal Home Loan Bank (“FHLB”) advances of $320
million at June 30, 2019, increased $165 million over the prior
quarter and decreased $75.0 million over the prior year second
quarter. FHLB advances and wholesale deposits will continue
to fluctuate to supplement liquidity needs during the year.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands, except
per share data) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
Common equity |
$ |
1,643,928 |
|
|
1,526,963 |
|
|
1,525,281 |
|
|
1,494,274 |
|
|
116,965 |
|
|
118,647 |
|
|
149,654 |
|
Accumulated other
comprehensive income (loss) |
43,448 |
|
|
23,887 |
|
|
(9,427 |
) |
|
(20,282 |
) |
|
19,561 |
|
|
52,875 |
|
|
63,730 |
|
Total stockholders’ equity |
1,687,376 |
|
|
1,550,850 |
|
|
1,515,854 |
|
|
1,473,992 |
|
|
136,526 |
|
|
171,522 |
|
|
213,384 |
|
Goodwill and core deposit
intangible, net |
(385,533 |
) |
|
(337,134 |
) |
|
(338,828 |
) |
|
(342,243 |
) |
|
(48,399 |
) |
|
(46,705 |
) |
|
(43,290 |
) |
Tangible stockholders’ equity |
$ |
1,301,843 |
|
|
1,213,716 |
|
|
1,177,026 |
|
|
1,131,749 |
|
|
88,127 |
|
|
124,817 |
|
|
170,094 |
|
Stockholders’ equity to total
assets |
13.31 |
% |
|
12.84 |
% |
|
12.51 |
% |
|
12.39 |
% |
|
|
|
|
|
|
Tangible stockholders’ equity
to total tangible assets |
10.59 |
% |
|
10.34 |
% |
|
9.99 |
% |
|
9.79 |
% |
|
|
|
|
|
|
Book value per common share |
$ |
19.48 |
|
|
18.33 |
|
|
17.93 |
|
|
17.44 |
|
|
1.15 |
|
|
1.55 |
|
|
2.04 |
|
Tangible book value per common
share |
$ |
15.03 |
|
|
14.35 |
|
|
13.93 |
|
|
13.39 |
|
|
0.68 |
|
|
1.10 |
|
|
1.64 |
|
Tangible stockholders’ equity of $1.302 billion
at June 30, 2019 increased $88.1 million compared to the prior
quarter which was the result of $87.1 million of Company stock
issued for the acquisition of FNB, earnings retention and an
increase in other comprehensive income; such increases more than
offset the increase in goodwill and core deposits associated with
the acquisition. Tangible stockholders’ equity increased $170
million over the prior year second quarter which was the result of
earnings retention, an increase in other comprehensive income, and
the impact from the FNB acquisition which was offset by a decrease
of $25.5 million from the cumulative-effect adjustments related to
the adoption of new accounting standards. Tangible book value
per common share of $15.03 at current quarter end increased $0.68
per share from the prior quarter and increased $1.64 per share from
a year ago.
Cash DividendsOn June 25, 2019, the Company’s
Board of Directors declared a quarterly cash dividend of $0.27 per
share. The dividend was payable July 18, 2019 to
shareholders of record on July 9, 2019. The dividend was the
137th 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
June 30, 2019Compared to March 31, 2019,
and June 30, 2018
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Jun 30, 2018 |
|
Mar 31, 2019 |
|
Jun 30, 2018 |
Net interest income |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
132,385 |
|
|
126,116 |
|
|
117,715 |
|
|
6,269 |
|
|
14,670 |
|
Interest expense |
12,089 |
|
|
10,904 |
|
|
9,161 |
|
|
1,185 |
|
|
2,928 |
|
Total net interest income |
120,296 |
|
|
115,212 |
|
|
108,554 |
|
|
5,084 |
|
|
11,742 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
20,025 |
|
|
18,015 |
|
|
18,804 |
|
|
2,010 |
|
|
1,221 |
|
Miscellaneous loan fees and charges |
1,192 |
|
|
967 |
|
|
2,243 |
|
|
225 |
|
|
(1,051 |
) |
Gain on sale of loans |
7,762 |
|
|
5,798 |
|
|
8,142 |
|
|
1,964 |
|
|
(380 |
) |
Gain (loss) on sale of investments |
134 |
|
|
213 |
|
|
(56 |
) |
|
(79 |
) |
|
190 |
|
Other income |
1,721 |
|
|
3,481 |
|
|
2,695 |
|
|
(1,760 |
) |
|
(974 |
) |
Total non-interest income |
30,834 |
|
|
28,474 |
|
|
31,828 |
|
|
2,360 |
|
|
(994 |
) |
Total income |
$ |
151,130 |
|
|
143,686 |
|
|
140,382 |
|
|
7,444 |
|
|
10,748 |
|
Net interest margin
(tax-equivalent) |
4.33 |
% |
|
4.34 |
% |
|
4.17 |
% |
|
|
|
|
Net Interest IncomeThe current quarter net
interest income of $120 million increased $5.1 million, or 4
percent, over the prior quarter and increased $11.7 million, or 11
percent, from the prior year second quarter. The increase in
net interest income over the prior quarter and prior year second
quarter was primarily driven by an increase in interest income on
commercial loans. Interest income on commercial loans
increased $4.5 million, or 5 percent, from the prior quarter and
increased $12.2 million, or 16 percent, from the prior year second
quarter.
The current quarter interest expense of $12.1
million increased $1.2 million, or 11 percent, over the prior
quarter which was driven by the increase in FHLB advances which
supplemented the liquidity needs during the current quarter.
The current quarter interest expense increased $3.0 million, or 32
percent, from the prior year second quarter and was primarily due
to the increased amount of deposits and borrowings. The total
cost of funding (including non-interest bearing deposits) for the
current quarter was 45 basis points compared to 43 basis points for
the prior quarter and 36 basis points for the prior year second
quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.33 percent compared to 4.34 percent in the
prior quarter. The yield on loans increased 2 basis points
and was offset by the 2 basis points increase in funding cost
related to the increased short-term borrowings while the cost of
core deposits remained unchanged. The current quarter net
interest margin included 5 basis points of discount accretion on
acquired loans compared to 6 basis points in the prior
quarter. The current quarter also included 1 basis point from
the recovery of interest on loans previously placed on non-accrual
compared to 2 basis points in the prior quarter. Excluding
the 5 basis points from discount accretion and 1 basis point from
non-accrual interest, the core net interest margin was 4.27 percent
compared to 4.26 in the prior quarter and 4.11 percent in the prior
year ago second quarter. The current quarter net interest
margin increased 16 basis points over the prior year second quarter
net interest margin of 4.17 percent. The increase in the
margin from the prior year second quarter resulted from the remix
of earning assets to higher yielding loans and the increased yields
on the loan portfolio which more than offset the increase in
funding costs. “The stable net interest margin reflects
discipline in loan pricing by each of the Bank divisions,” said Ron
Copher, Chief Financial Officer. “In addition, the Bank divisions
continue to focus on growing a low-cost core deposit base,
especially non-interest bearing deposits.”
Non-interest IncomeNon-interest income for the
current quarter totaled $30.8 million which was an increase of $2.4
million, or 8 percent, over the prior quarter and a decrease of
$994 thousand, or 3 percent, over the same quarter last year.
Service charges and other fees of $20.0 million for the current
quarter increased $2.0 million, or 11 percent, from the prior
quarter due primarily to seasonality. Service charges and
other fees for the current quarter increased $1.2 million, or 6
percent, from the prior year second quarter which was due to the
increased number of accounts driven by organic growth. Gain
on the sale of loans of $7.8 million, increased $2.0 million, or 34
percent, compared to the prior quarter as a result of
seasonality.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Jun 30, 2018 |
|
Mar 31, 2019 |
|
Jun 30, 2018 |
Compensation and employee
benefits |
$ |
51,973 |
|
|
52,728 |
|
|
49,023 |
|
|
(755 |
) |
|
2,950 |
|
Occupancy and equipment |
8,180 |
|
|
8,437 |
|
|
7,662 |
|
|
(257 |
) |
|
518 |
|
Advertising and promotions |
2,767 |
|
|
2,388 |
|
|
2,530 |
|
|
379 |
|
|
237 |
|
Data processing |
4,062 |
|
|
3,892 |
|
|
4,241 |
|
|
170 |
|
|
(179 |
) |
Other real estate owned |
191 |
|
|
139 |
|
|
211 |
|
|
52 |
|
|
(20 |
) |
Regulatory assessments and
insurance |
1,848 |
|
|
1,285 |
|
|
1,329 |
|
|
563 |
|
|
519 |
|
Core deposit intangibles
amortization |
1,865 |
|
|
1,694 |
|
|
1,748 |
|
|
171 |
|
|
117 |
|
Other expenses |
15,284 |
|
|
12,267 |
|
|
15,051 |
|
|
3,017 |
|
|
233 |
|
Total non-interest expense |
$ |
86,170 |
|
|
82,830 |
|
|
81,795 |
|
|
3,340 |
|
|
4,375 |
|
Total non-interest expense of $86.2 million for
the current quarter increased $3.3 million, or 4 percent, over the
prior quarter and increased $4.4 million, or 5 percent, over the
prior year second quarter. Compensation and employee benefits
increased by $2.9 million, or 6 percent, from the prior year second
quarter due to the acquisition and an increased number of employees
driven by organic growth. Occupancy and equipment expense
increased $518 thousand or 7 percent, over the prior year second
quarter as a result of the current year acquisition and general
cost increases. Other expenses of $15.3 million, increased
$3.0 million, or 25 percent, from the prior quarter and was
primarily attributable to acquisition-related expenses.
Acquisition-related expenses were $1.8 million during the current
quarter compared to $214 thousand in the prior quarter and $2.9
million in the prior year second quarter.
Federal and State Income Tax ExpenseTax expense
during the second quarter of 2019 was $12.6 million, an increase of
$901 thousand, or 8 percent, compared to the prior quarter and an
increase of $3.1 million, or 33 percent, from the prior year second
quarter. The effective tax rate in the current and prior
quarter was 19 percent which compares to 19 percent in the prior
quarter and 18 percent in the prior year second quarter.
Efficiency RatioThe current quarter efficiency
ratio was 54.50 percent, an 87 basis points improvement from the
prior quarter efficiency ratio of 55.37 percent and was driven by
controlling operating costs combined with the increase in net
interest income. The current quarter efficiency ratio
improved 94 basis points from the prior year second quarter
efficiency ratio of 55.44 percent and was driven by the increase in
net interest income that more than offset the increased operating
costs as a result of the Company’s growth.
Operating Results for Six Months Ended
June 30, 2019Compared to June 30,
2018
Income Summary
|
Six Months ended |
|
|
|
|
(Dollars in thousands) |
Jun 30, 2019 |
|
Jun 30, 2018 |
|
$ Change |
|
% Change |
Net interest income |
|
|
|
|
|
|
|
Interest income |
$ |
258,501 |
|
|
$ |
220,781 |
|
|
$ |
37,720 |
|
|
17 |
% |
Interest expense |
22,993 |
|
|
16,935 |
|
|
6,058 |
|
|
36 |
% |
Total net interest income |
235,508 |
|
|
203,846 |
|
|
31,662 |
|
|
16 |
% |
Non-interest income |
|
|
|
|
|
|
|
Service charges and other fees |
38,040 |
|
|
35,675 |
|
|
2,365 |
|
|
7 |
% |
Miscellaneous loan fees and charges |
2,159 |
|
|
3,720 |
|
|
(1,561 |
) |
|
(42 |
)% |
Gain on sale of loans |
13,560 |
|
|
14,239 |
|
|
(679 |
) |
|
(5 |
)% |
Loss on sale of investments |
347 |
|
|
(389 |
) |
|
736 |
|
|
(189 |
)% |
Other income |
5,202 |
|
|
4,669 |
|
|
533 |
|
|
11 |
% |
Total non-interest income |
59,308 |
|
|
57,914 |
|
|
1,394 |
|
|
2 |
% |
|
$ |
294,816 |
|
|
$ |
261,760 |
|
|
$ |
33,056 |
|
|
13 |
% |
Net interest margin
(tax-equivalent) |
4.33 |
% |
|
4.14 |
% |
|
|
|
|
Net Interest IncomeNet interest income for the
first six months of 2019 increased $31.7 million, or 16 percent,
from the first six months of 2018 and was primarily attributable to
a $30.2 million increase in interest income from commercial
loans. Interest expense of $23.0 million for the first half
of 2019 increased $6.1 million, or 36 percent over the prior year
same period as a result of increased deposits and borrowings
combined with interest rate increases. The total funding cost
(including non-interest bearing deposits) for 2019 was 44 basis
points compared to 36 basis points for 2018.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, for the first six months
of 2019 was 4.33 percent, a 19 basis points increase from the net
interest margin of 4.14 percent for the first half of 2018.
The increase in the margin was principally due to a shift in
earning assets to higher yielding loans along with an increase in
yields on the loan portfolio combined with relatively stable cost
of funds.
Non-interest IncomeNon-interest income of $59.3
million for the first six months of 2019 increased $1.4 million, or
2 percent, over the same period last year. Service charges
and other fees of $38.0 million for 2019 increased $2.4 million, or
7 percent, from the prior year as a result of an increased number
of deposit accounts from organic growth and acquisitions.
Non-interest Expense Summary
|
Six Months ended |
|
|
|
|
(Dollars in thousands) |
Jun 30, 2019 |
|
Jun 30, 2018 |
|
$ Change |
|
% Change |
Compensation and employee
benefits |
$ |
104,701 |
|
|
$ |
94,744 |
|
|
$ |
9,957 |
|
|
11 |
% |
Occupancy and equipment |
16,617 |
|
|
14,936 |
|
|
1,681 |
|
|
11 |
% |
Advertising and promotions |
5,155 |
|
|
4,700 |
|
|
455 |
|
|
10 |
% |
Data processing |
7,954 |
|
|
8,208 |
|
|
(254 |
) |
|
(3 |
)% |
Other real estate owned |
330 |
|
|
283 |
|
|
47 |
|
|
17 |
% |
Regulatory assessments and
insurance |
3,133 |
|
|
2,535 |
|
|
598 |
|
|
24 |
% |
Core deposit intangibles
amortization |
3,559 |
|
|
2,804 |
|
|
755 |
|
|
27 |
% |
Other expenses |
27,551 |
|
|
27,212 |
|
|
339 |
|
|
1 |
% |
Total non-interest expense |
$ |
169,000 |
|
|
$ |
155,422 |
|
|
$ |
13,578 |
|
|
9 |
% |
Total non-interest expense of $169 million for
the first half of 2019 increased $13.6 million, or 9 percent, over
the prior year first half. Compensation and employee benefits
for the first six months of 2019 increased $10.0 million, or 11
percent, from the same period last year due to the increased number
of employees from acquisitions and organic growth combined with
annual salary increases. Occupancy and equipment expense for the
first half of 2019 increased $1.7 million, or 11 percent from the
prior year as a result of increased cost from acquisitions and
general cost increases.
Provision for Loan LossesThe provision for loan
losses was $57 thousand for the first half of 2019, a decrease of
$4.7 million from the same period in the prior year. Net
charge-offs during the first half of 2019 were $2.2 million
compared to $3.5 million during the same period in 2018.
Federal and State Income Tax ExpenseTax expense
of $24.2 million in the first half of 2019 increased $6.4 million,
or 36 percent, over the prior year same period. The effective
tax rate year-to-date in 2019 was 19 percent compared to 18 percent
in the prior year same period.
Efficiency RatioThe efficiency ratio of 54.93
percent for the first six months of 2019 improved 161 basis points
from the prior year first six months efficiency ratio of 56.54
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
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;
- 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 Information
A conference call for investors is scheduled for
11:00 a.m. Eastern Time on Friday, July 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 7382835. To participate on the
webcast, log on to: https://edge.media-server.com/m6/p/g6hp4cea. 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 7382835 by August 2, 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 operating 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; The
Foothills Bank, Yuma, operating in Arizona; and First Community
Bank Utah, Layton, operating in Utah.
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Financial Condition
(Dollars in thousands, except
per share data) |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
June 30, 2018 |
Assets |
|
|
|
|
|
|
|
Cash on hand and in banks |
$ |
181,526 |
|
|
139,333 |
|
|
161,782 |
|
|
174,239 |
|
Federal funds sold |
— |
|
|
115 |
|
|
— |
|
|
— |
|
Interest bearing cash deposits |
49,683 |
|
|
63,079 |
|
|
42,008 |
|
|
193,893 |
|
Cash and cash equivalents |
231,209 |
|
|
202,527 |
|
|
203,790 |
|
|
368,132 |
|
Debt securities, available-for-sale |
2,470,634 |
|
|
2,522,322 |
|
|
2,571,663 |
|
|
2,177,352 |
|
Debt securities, held-to-maturity |
252,097 |
|
|
255,572 |
|
|
297,915 |
|
|
620,409 |
|
Total debt securities |
2,722,731 |
|
|
2,777,894 |
|
|
2,869,578 |
|
|
2,797,761 |
|
Loans held for sale, at fair value |
54,711 |
|
|
29,389 |
|
|
33,156 |
|
|
53,788 |
|
Loans receivable |
8,841,777 |
|
|
8,326,070 |
|
|
8,287,549 |
|
|
7,948,672 |
|
Allowance for loan and lease losses |
(129,054 |
) |
|
(129,786 |
) |
|
(131,239 |
) |
|
(131,564 |
) |
Loans receivable, net |
8,712,723 |
|
|
8,196,284 |
|
|
8,156,310 |
|
|
7,817,108 |
|
Premises and equipment, net |
296,915 |
|
|
277,619 |
|
|
241,528 |
|
|
240,373 |
|
Other real estate owned |
7,281 |
|
|
8,125 |
|
|
7,480 |
|
|
13,616 |
|
Accrued interest receivable |
58,567 |
|
|
57,367 |
|
|
54,408 |
|
|
55,973 |
|
Deferred tax asset |
3,371 |
|
|
12,554 |
|
|
23,564 |
|
|
34,211 |
|
Core deposit intangible, net |
54,646 |
|
|
47,548 |
|
|
49,242 |
|
|
52,708 |
|
Goodwill |
330,887 |
|
|
289,586 |
|
|
289,586 |
|
|
289,535 |
|
Non-marketable equity securities |
23,031 |
|
|
16,435 |
|
|
27,871 |
|
|
26,107 |
|
Bank-owned life insurance |
93,543 |
|
|
82,819 |
|
|
82,320 |
|
|
81,379 |
|
Other assets |
86,746 |
|
|
75,632 |
|
|
76,651 |
|
|
66,953 |
|
Total assets |
$ |
12,676,361 |
|
|
12,073,779 |
|
|
12,115,484 |
|
|
11,897,644 |
|
Liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,265,077 |
|
|
3,051,119 |
|
|
3,001,178 |
|
|
2,914,885 |
|
Interest bearing deposits |
6,589,798 |
|
|
6,536,996 |
|
|
6,492,589 |
|
|
6,508,690 |
|
Securities sold under agreements to repurchase |
494,651 |
|
|
489,620 |
|
|
396,151 |
|
|
361,515 |
|
FHLB advances |
319,996 |
|
|
154,683 |
|
|
440,175 |
|
|
395,037 |
|
Other borrowed funds |
14,765 |
|
|
14,738 |
|
|
14,708 |
|
|
9,917 |
|
Subordinated debentures |
139,912 |
|
|
134,048 |
|
|
134,051 |
|
|
134,058 |
|
Accrued interest payable |
5,091 |
|
|
4,709 |
|
|
4,252 |
|
|
3,952 |
|
Other liabilities |
159,695 |
|
|
137,016 |
|
|
116,526 |
|
|
95,598 |
|
Total liabilities |
10,988,985 |
|
|
10,522,929 |
|
|
10,599,630 |
|
|
10,423,652 |
|
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 |
866 |
|
|
846 |
|
|
845 |
|
|
845 |
|
Paid-in capital |
1,139,289 |
|
|
1,051,299 |
|
|
1,051,253 |
|
|
1,049,724 |
|
Retained earnings - substantially restricted |
503,773 |
|
|
474,818 |
|
|
473,183 |
|
|
443,705 |
|
Accumulated other comprehensive income (loss) |
43,448 |
|
|
23,887 |
|
|
(9,427 |
) |
|
(20,282 |
) |
Total stockholders’ equity |
1,687,376 |
|
|
1,550,850 |
|
|
1,515,854 |
|
|
1,473,992 |
|
Total liabilities and stockholders’ equity |
$ |
12,676,361 |
|
|
12,073,779 |
|
|
12,115,484 |
|
|
11,897,644 |
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
|
Three Months ended |
|
Six Months ended |
(Dollars in thousands, except
per share data) |
June 30, 2019 |
|
March 31, 2019 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
Interest
Income |
|
|
|
|
|
|
|
|
|
Debt securities |
$ |
21,892 |
|
|
21,351 |
|
|
22,370 |
|
|
43,243 |
|
|
42,512 |
|
Residential real estate loans |
11,410 |
|
|
10,779 |
|
|
10,149 |
|
|
22,189 |
|
|
18,934 |
|
Commercial loans |
88,043 |
|
|
83,539 |
|
|
75,824 |
|
|
171,582 |
|
|
141,339 |
|
Consumer and other loans |
11,040 |
|
|
10,447 |
|
|
9,372 |
|
|
21,487 |
|
|
17,996 |
|
Total interest income |
132,385 |
|
|
126,116 |
|
|
117,715 |
|
|
258,501 |
|
|
220,781 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Deposits |
5,624 |
|
|
5,341 |
|
|
4,617 |
|
|
10,965 |
|
|
8,533 |
|
Securities sold under agreements to repurchase |
886 |
|
|
802 |
|
|
486 |
|
|
1,688 |
|
|
971 |
|
Federal Home Loan Bank advances |
3,847 |
|
|
3,055 |
|
|
2,513 |
|
|
6,902 |
|
|
4,602 |
|
Other borrowed funds |
38 |
|
|
38 |
|
|
26 |
|
|
76 |
|
|
42 |
|
Subordinated debentures |
1,694 |
|
|
1,668 |
|
|
1,519 |
|
|
3,362 |
|
|
2,787 |
|
Total interest expense |
12,089 |
|
|
10,904 |
|
|
9,161 |
|
|
22,993 |
|
|
16,935 |
|
Net Interest
Income |
120,296 |
|
|
115,212 |
|
|
108,554 |
|
|
235,508 |
|
|
203,846 |
|
Provision for loan losses |
— |
|
|
57 |
|
|
4,718 |
|
|
57 |
|
|
5,513 |
|
Net interest income after provision for loan losses |
120,296 |
|
|
115,155 |
|
|
103,836 |
|
|
235,451 |
|
|
198,333 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
20,025 |
|
|
18,015 |
|
|
18,804 |
|
|
38,040 |
|
|
35,675 |
|
Miscellaneous loan fees and charges |
1,192 |
|
|
967 |
|
|
2,243 |
|
|
2,159 |
|
|
3,720 |
|
Gain on sale of loans |
7,762 |
|
|
5,798 |
|
|
8,142 |
|
|
13,560 |
|
|
14,239 |
|
Gain (loss) on sale of debt securities |
134 |
|
|
213 |
|
|
(56 |
) |
|
347 |
|
|
(389 |
) |
Other income |
1,721 |
|
|
3,481 |
|
|
2,695 |
|
|
5,202 |
|
|
4,669 |
|
Total non-interest income |
30,834 |
|
|
28,474 |
|
|
31,828 |
|
|
59,308 |
|
|
57,914 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
51,973 |
|
|
52,728 |
|
|
49,023 |
|
|
104,701 |
|
|
94,744 |
|
Occupancy and equipment |
8,180 |
|
|
8,437 |
|
|
7,662 |
|
|
16,617 |
|
|
14,936 |
|
Advertising and promotions |
2,767 |
|
|
2,388 |
|
|
2,530 |
|
|
5,155 |
|
|
4,700 |
|
Data processing |
4,062 |
|
|
3,892 |
|
|
4,241 |
|
|
7,954 |
|
|
8,208 |
|
Other real estate owned |
191 |
|
|
139 |
|
|
211 |
|
|
330 |
|
|
283 |
|
Regulatory assessments and insurance |
1,848 |
|
|
1,285 |
|
|
1,329 |
|
|
3,133 |
|
|
2,535 |
|
Core deposit intangibles amortization |
1,865 |
|
|
1,694 |
|
|
1,748 |
|
|
3,559 |
|
|
2,804 |
|
Other expenses |
15,284 |
|
|
12,267 |
|
|
15,051 |
|
|
27,551 |
|
|
27,212 |
|
Total non-interest expense |
86,170 |
|
|
82,830 |
|
|
81,795 |
|
|
169,000 |
|
|
155,422 |
|
Income Before Income
Taxes |
64,960 |
|
|
60,799 |
|
|
53,869 |
|
|
125,759 |
|
|
100,825 |
|
Federal and state income tax expense |
12,568 |
|
|
11,667 |
|
|
9,485 |
|
|
24,235 |
|
|
17,882 |
|
Net
Income |
$ |
52,392 |
|
|
49,132 |
|
|
44,384 |
|
|
101,524 |
|
|
82,943 |
|
Glacier Bancorp,
Inc.Average Balance Sheets
|
Three Months ended |
|
|
6/30/2019 |
|
3/31/2019 |
(Dollars in thousands) |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
938,467 |
|
|
$ |
11,410 |
|
|
4.86 |
% |
|
$ |
917,324 |
|
|
$ |
10,779 |
|
|
4.70 |
% |
Commercial loans 1 |
6,803,541 |
|
|
89,191 |
|
|
5.26 |
% |
|
6,524,190 |
|
|
84,613 |
|
|
5.26 |
% |
Consumer and other loans |
868,733 |
|
|
11,040 |
|
|
5.10 |
% |
|
839,011 |
|
|
10,447 |
|
|
5.05 |
% |
Total loans 2 |
8,610,741 |
|
|
111,641 |
|
|
5.20 |
% |
|
8,280,525 |
|
|
105,839 |
|
|
5.18 |
% |
Tax-exempt debt securities 3 |
957,177 |
|
|
9,982 |
|
|
4.17 |
% |
|
960,569 |
|
|
9,950 |
|
|
4.14 |
% |
Taxable debt securities 4 |
1,911,173 |
|
|
14,246 |
|
|
2.98 |
% |
|
1,845,677 |
|
|
13,729 |
|
|
2.98 |
% |
Total earning assets |
11,479,091 |
|
|
135,869 |
|
|
4.75 |
% |
|
11,086,771 |
|
|
129,518 |
|
|
4.74 |
% |
Goodwill and intangibles |
351,466 |
|
|
|
|
|
|
337,963 |
|
|
|
|
|
Non-earning assets |
584,459 |
|
|
|
|
|
|
520,353 |
|
|
|
|
|
Total assets |
$ |
12,415,016 |
|
|
|
|
|
|
$ |
11,945,087 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,084,404 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,943,770 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
2,394,505 |
|
|
985 |
|
|
0.17 |
% |
|
2,320,928 |
|
|
961 |
|
|
0.17 |
% |
Savings accounts |
1,389,548 |
|
|
253 |
|
|
0.07 |
% |
|
1,359,807 |
|
|
234 |
|
|
0.07 |
% |
Money market deposit accounts |
1,662,545 |
|
|
1,125 |
|
|
0.27 |
% |
|
1,690,305 |
|
|
1,010 |
|
|
0.24 |
% |
Certificate accounts |
902,134 |
|
|
2,222 |
|
|
0.99 |
% |
|
905,005 |
|
|
2,014 |
|
|
0.90 |
% |
Total core deposits |
9,433,136 |
|
|
4,585 |
|
|
0.19 |
% |
|
9,219,815 |
|
|
4,219 |
|
|
0.19 |
% |
Wholesale deposits 5 |
162,495 |
|
|
1,039 |
|
|
2.56 |
% |
|
169,361 |
|
|
1,122 |
|
|
2.69 |
% |
FHLB advances |
476,204 |
|
|
3,847 |
|
|
3.20 |
% |
|
352,773 |
|
|
3,055 |
|
|
3.46 |
% |
Repurchase agreements and other borrowed funds |
593,990 |
|
|
2,618 |
|
|
1.77 |
% |
|
556,325 |
|
|
2,508 |
|
|
1.83 |
% |
Total funding liabilities |
10,665,825 |
|
|
12,089 |
|
|
0.45 |
% |
|
10,298,274 |
|
|
10,904 |
|
|
0.43 |
% |
Other liabilities |
109,480 |
|
|
|
|
|
|
116,143 |
|
|
|
|
|
Total liabilities |
10,775,305 |
|
|
|
|
|
|
10,414,417 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
860 |
|
|
|
|
|
|
846 |
|
|
|
|
|
Paid-in capital |
1,110,138 |
|
|
|
|
|
|
1,051,261 |
|
|
|
|
|
Retained earnings |
500,015 |
|
|
|
|
|
|
471,626 |
|
|
|
|
|
Accumulated other comprehensive income |
28,698 |
|
|
|
|
|
|
6,937 |
|
|
|
|
|
Total stockholders’ equity |
1,639,711 |
|
|
|
|
|
|
1,530,670 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
12,415,016 |
|
|
|
|
|
|
$ |
11,945,087 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
123,780 |
|
|
|
|
|
|
$ |
118,614 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.30 |
% |
|
|
|
|
|
4.31 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.33 |
% |
|
|
|
|
|
4.34 |
% |
______________________________
1 Includes tax effect of $1.1
million on tax-exempt municipal loan and lease income for the three
months ended June 30, 2019 and March 31,
2019.2 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
$2.1 million and $2.0 million on tax-exempt debt securities income
for the three months ended June 30, 2019 and March 31,
2019, respectively.4 Includes tax effect of $294
thousand and $293 thousand on federal income tax credits for the
three months ended June 30, 2019 and March 31,
2019.5 Wholesale deposits include brokered
deposits classified as NOW, DDA, money market deposit and
certificate accounts.
Glacier Bancorp,
Inc.Average Balance Sheets
(continued)
|
Three Months ended |
|
|
6/30/2019 |
|
6/30/2018 |
(Dollars in thousands) |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
938,467 |
|
|
$ |
11,410 |
|
|
4.86 |
% |
|
$ |
874,839 |
|
|
$ |
10,149 |
|
|
4.64 |
% |
Commercial loans 1 |
6,803,541 |
|
|
89,191 |
|
|
5.26 |
% |
|
6,158,095 |
|
|
76,834 |
|
|
5.00 |
% |
Consumer and other loans |
868,733 |
|
|
11,040 |
|
|
5.10 |
% |
|
761,751 |
|
|
9,372 |
|
|
4.93 |
% |
Total loans 2 |
8,610,741 |
|
|
111,641 |
|
|
5.20 |
% |
|
7,794,685 |
|
|
96,355 |
|
|
4.96 |
% |
Tax-exempt debt securities 3 |
957,177 |
|
|
9,982 |
|
|
4.17 |
% |
|
1,085,520 |
|
|
12,634 |
|
|
4.66 |
% |
Taxable debt securities 4 |
1,911,173 |
|
|
14,246 |
|
|
2.98 |
% |
|
1,931,846 |
|
|
12,630 |
|
|
2.62 |
% |
Total earning assets |
11,479,091 |
|
|
135,869 |
|
|
4.75 |
% |
|
10,812,051 |
|
|
121,619 |
|
|
4.51 |
% |
Goodwill and intangibles |
351,466 |
|
|
|
|
|
|
343,201 |
|
|
|
|
|
Non-earning assets |
584,459 |
|
|
|
|
|
|
473,750 |
|
|
|
|
|
Total assets |
$ |
12,415,016 |
|
|
|
|
|
|
$ |
11,629,002 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,084,404 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,800,719 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
2,394,505 |
|
|
985 |
|
|
0.17 |
% |
|
2,316,927 |
|
|
1,009 |
|
|
0.17 |
% |
Savings accounts |
1,389,548 |
|
|
253 |
|
|
0.07 |
% |
|
1,319,966 |
|
|
231 |
|
|
0.07 |
% |
Money market deposit accounts |
1,662,545 |
|
|
1,125 |
|
|
0.27 |
% |
|
1,746,960 |
|
|
856 |
|
|
0.20 |
% |
Certificate accounts |
902,134 |
|
|
2,222 |
|
|
0.99 |
% |
|
941,099 |
|
|
1,592 |
|
|
0.68 |
% |
Total core deposits |
9,433,136 |
|
|
4,585 |
|
|
0.19 |
% |
|
9,125,671 |
|
|
3,688 |
|
|
0.16 |
% |
Wholesale deposits 5 |
162,495 |
|
|
1,039 |
|
|
2.56 |
% |
|
153,127 |
|
|
929 |
|
|
2.43 |
% |
FHLB advances |
476,204 |
|
|
3,847 |
|
|
3.20 |
% |
|
290,391 |
|
|
2,513 |
|
|
3.42 |
% |
Repurchase agreements and other borrowed funds |
593,990 |
|
|
2,618 |
|
|
1.77 |
% |
|
510,636 |
|
|
2,031 |
|
|
1.60 |
% |
Total funding liabilities |
10,665,825 |
|
|
12,089 |
|
|
0.45 |
% |
|
10,079,825 |
|
|
9,161 |
|
|
0.36 |
% |
Other liabilities |
109,480 |
|
|
|
|
|
|
74,600 |
|
|
|
|
|
Total liabilities |
10,775,305 |
|
|
|
|
|
|
10,154,425 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
860 |
|
|
|
|
|
|
845 |
|
|
|
|
|
Paid-in capital |
1,110,138 |
|
|
|
|
|
|
1,049,270 |
|
|
|
|
|
Retained earnings |
500,015 |
|
|
|
|
|
|
443,607 |
|
|
|
|
|
Accumulated other comprehensive income (loss) |
28,698 |
|
|
|
|
|
|
(19,145 |
) |
|
|
|
|
Total stockholders’ equity |
1,639,711 |
|
|
|
|
|
|
1,474,577 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
12,415,016 |
|
|
|
|
|
|
$ |
11,629,002 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
123,780 |
|
|
|
|
|
|
$ |
112,458 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.30 |
% |
|
|
|
|
|
4.15 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.33 |
% |
|
|
|
|
|
4.17 |
% |
______________________________
1 Includes tax effect of $1.1
million and $1.0 million on tax-exempt municipal loan and lease
income for the three months ended June 30, 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 June 30, 2019 and
2018, respectively.4 Includes tax effect of $294
thousand and $305 thousand on federal income tax credits for the
three months ended June 30, 2019 and 2018.5
Wholesale deposits include brokered deposits classified as NOW,
DDA, money market deposit and certificate accounts.
Glacier Bancorp,
Inc.Average Balance Sheets
(continued)
|
Six Months ended |
|
|
6/30/2019 |
|
6/30/2018 |
(Dollars in thousands) |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
|
Average Balance |
|
Interest & Dividends |
|
Average Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
927,953 |
|
|
$ |
22,189 |
|
|
4.78 |
% |
|
$ |
829,579 |
|
|
$ |
18,934 |
|
|
4.56 |
% |
Commercial loans 1 |
6,664,637 |
|
|
173,804 |
|
|
5.26 |
% |
|
5,856,533 |
|
|
143,308 |
|
|
4.93 |
% |
Consumer and other loans |
853,954 |
|
|
21,487 |
|
|
5.07 |
% |
|
740,569 |
|
|
17,996 |
|
|
4.90 |
% |
Total loans 2 |
8,446,544 |
|
|
217,480 |
|
|
5.19 |
% |
|
7,426,681 |
|
|
180,238 |
|
|
4.89 |
% |
Tax-exempt debt securities 3 |
958,864 |
|
|
19,932 |
|
|
4.16 |
% |
|
1,089,605 |
|
|
25,429 |
|
|
4.67 |
% |
Taxable debt securities 4 |
1,878,606 |
|
|
27,975 |
|
|
2.98 |
% |
|
1,793,849 |
|
|
22,902 |
|
|
2.55 |
% |
Total earning assets |
11,284,014 |
|
|
265,387 |
|
|
4.74 |
% |
|
10,310,135 |
|
|
228,569 |
|
|
4.47 |
% |
Goodwill and intangibles |
344,752 |
|
|
|
|
|
|
281,673 |
|
|
|
|
|
Non-earning assets |
552,583 |
|
|
|
|
|
|
432,533 |
|
|
|
|
|
Total assets |
$ |
12,181,349 |
|
|
|
|
|
|
$ |
11,024,341 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
3,014,476 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
2,637,342 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
2,357,920 |
|
|
1,946 |
|
|
0.17 |
% |
|
2,165,039 |
|
|
1,827 |
|
|
0.17 |
% |
Savings accounts |
1,374,759 |
|
|
487 |
|
|
0.07 |
% |
|
1,252,760 |
|
|
423 |
|
|
0.07 |
% |
Money market deposit accounts |
1,676,348 |
|
|
2,135 |
|
|
0.26 |
% |
|
1,689,730 |
|
|
1,576 |
|
|
0.19 |
% |
Certificate accounts |
903,562 |
|
|
4,236 |
|
|
0.95 |
% |
|
908,940 |
|
|
2,911 |
|
|
0.65 |
% |
Total core deposits |
9,327,065 |
|
|
8,804 |
|
|
0.19 |
% |
|
8,653,811 |
|
|
6,737 |
|
|
0.16 |
% |
Wholesale deposits 5 |
165,909 |
|
|
2,161 |
|
|
2.63 |
% |
|
151,362 |
|
|
1,796 |
|
|
2.39 |
% |
FHLB advances |
414,830 |
|
|
6,902 |
|
|
3.31 |
% |
|
257,800 |
|
|
4,602 |
|
|
3.55 |
% |
Repurchase agreements and other borrowed funds |
575,262 |
|
|
5,126 |
|
|
1.80 |
% |
|
516,108 |
|
|
3,800 |
|
|
1.48 |
% |
Total funding liabilities |
10,483,066 |
|
|
22,993 |
|
|
0.44 |
% |
|
9,579,081 |
|
|
16,935 |
|
|
0.36 |
% |
Other liabilities |
112,793 |
|
|
|
|
|
|
50,421 |
|
|
|
|
|
Total liabilities |
10,595,859 |
|
|
|
|
|
|
9,629,502 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
853 |
|
|
|
|
|
|
827 |
|
|
|
|
|
Paid-in capital |
1,080,861 |
|
|
|
|
|
|
978,046 |
|
|
|
|
|
Retained earnings |
485,898 |
|
|
|
|
|
|
432,143 |
|
|
|
|
|
Accumulated other comprehensive income (loss) |
17,878 |
|
|
|
|
|
|
(16,177 |
) |
|
|
|
|
Total stockholders’ equity |
1,585,490 |
|
|
|
|
|
|
1,394,839 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
12,181,349 |
|
|
|
|
|
|
$ |
11,024,341 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
242,394 |
|
|
|
|
|
|
$ |
211,634 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.30 |
% |
|
|
|
|
|
4.11 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.33 |
% |
|
|
|
|
|
4.14 |
% |
______________________________
1 Includes tax effect of $2.2
million and $2.0 million on tax-exempt municipal loan and lease
income for the six months ended June 30, 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 $4.1 million and $5.2 million on tax-exempt investment
securities income for the six months ended June 30, 2019 and
2018, respectively.4 Includes tax effect of $587
thousand and $609 thousand on federal income tax credits for the
six months ended June 30, 2019 and 2018,
respectively.5 Wholesale deposits include
brokered deposits classified as NOW, DDA, money market deposit and
certificate accounts.
Glacier Bancorp,
Inc.Loan Portfolio by Regulatory
Classification
|
Loans Receivable, by Loan Type |
|
% Change from |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
Custom and owner occupied
construction |
$ |
140,186 |
|
|
$ |
126,820 |
|
|
$ |
126,595 |
|
|
$ |
138,171 |
|
|
11 |
% |
|
11 |
% |
|
1 |
% |
Pre-sold and spec
construction |
171,464 |
|
|
135,137 |
|
|
121,938 |
|
|
96,008 |
|
|
27 |
% |
|
41 |
% |
|
79 |
% |
Total residential construction |
311,650 |
|
|
261,957 |
|
|
248,533 |
|
|
234,179 |
|
|
19 |
% |
|
25 |
% |
|
33 |
% |
Land development |
120,052 |
|
|
126,417 |
|
|
137,814 |
|
|
108,641 |
|
|
(5 |
)% |
|
(13 |
)% |
|
11 |
% |
Consumer land or lots |
128,544 |
|
|
125,818 |
|
|
127,775 |
|
|
110,846 |
|
|
2 |
% |
|
1 |
% |
|
16 |
% |
Unimproved land |
74,244 |
|
|
75,113 |
|
|
83,579 |
|
|
72,150 |
|
|
(1 |
)% |
|
(11 |
)% |
|
3 |
% |
Developed lots for operative
builders |
14,117 |
|
|
16,171 |
|
|
17,061 |
|
|
12,708 |
|
|
(13 |
)% |
|
(17 |
)% |
|
11 |
% |
Commercial lots |
57,447 |
|
|
35,511 |
|
|
34,096 |
|
|
27,661 |
|
|
62 |
% |
|
68 |
% |
|
108 |
% |
Other construction |
453,782 |
|
|
454,965 |
|
|
520,005 |
|
|
478,037 |
|
|
— |
% |
|
(13 |
)% |
|
(5 |
)% |
Total land, lot, and other construction |
848,186 |
|
|
833,995 |
|
|
920,330 |
|
|
810,043 |
|
|
2 |
% |
|
(8 |
)% |
|
5 |
% |
Owner occupied |
1,418,190 |
|
|
1,367,530 |
|
|
1,343,563 |
|
|
1,302,737 |
|
|
4 |
% |
|
6 |
% |
|
9 |
% |
Non-owner occupied |
1,780,988 |
|
|
1,662,390 |
|
|
1,605,960 |
|
|
1,495,532 |
|
|
7 |
% |
|
11 |
% |
|
19 |
% |
Total commercial real estate |
3,199,178 |
|
|
3,029,920 |
|
|
2,949,523 |
|
|
2,798,269 |
|
|
6 |
% |
|
8 |
% |
|
14 |
% |
Commercial and
industrial |
1,024,828 |
|
|
922,124 |
|
|
907,340 |
|
|
909,688 |
|
|
11 |
% |
|
13 |
% |
|
13 |
% |
Agriculture |
697,893 |
|
|
641,146 |
|
|
646,822 |
|
|
661,218 |
|
|
9 |
% |
|
8 |
% |
|
6 |
% |
1st lien |
1,154,221 |
|
|
1,102,920 |
|
|
1,108,227 |
|
|
1,072,917 |
|
|
5 |
% |
|
4 |
% |
|
8 |
% |
Junior lien |
53,055 |
|
|
54,964 |
|
|
56,689 |
|
|
64,821 |
|
|
(3 |
)% |
|
(6 |
)% |
|
(18 |
)% |
Total 1-4 family |
1,207,276 |
|
|
1,157,884 |
|
|
1,164,916 |
|
|
1,137,738 |
|
|
4 |
% |
|
4 |
% |
|
6 |
% |
Multifamily
residential |
278,539 |
|
|
268,156 |
|
|
247,457 |
|
|
218,061 |
|
|
4 |
% |
|
13 |
% |
|
28 |
% |
Home equity lines of
credit |
592,355 |
|
|
557,895 |
|
|
539,938 |
|
|
500,036 |
|
|
6 |
% |
|
10 |
% |
|
18 |
% |
Other consumer |
167,964 |
|
|
163,568 |
|
|
165,865 |
|
|
164,288 |
|
|
3 |
% |
|
1 |
% |
|
2 |
% |
Total consumer |
760,319 |
|
|
721,463 |
|
|
705,803 |
|
|
664,324 |
|
|
5 |
% |
|
8 |
% |
|
14 |
% |
States and political
subdivisions |
454,085 |
|
|
398,848 |
|
|
404,671 |
|
|
419,025 |
|
|
14 |
% |
|
12 |
% |
|
8 |
% |
Other |
114,534 |
|
|
119,966 |
|
|
125,310 |
|
|
149,915 |
|
|
(5 |
)% |
|
(9 |
)% |
|
(24 |
)% |
Total loans receivable, including loans held for sale |
8,896,488 |
|
|
8,355,459 |
|
|
8,320,705 |
|
|
8,002,460 |
|
|
6 |
% |
|
7 |
% |
|
11 |
% |
Less loans held for
sale 1 |
(54,711 |
) |
|
(29,389 |
) |
|
(33,156 |
) |
|
(53,788 |
) |
|
86 |
% |
|
65 |
% |
|
2 |
% |
Total loans receivable |
$ |
8,841,777 |
|
|
$ |
8,326,070 |
|
|
$ |
8,287,549 |
|
|
$ |
7,948,672 |
|
|
6 |
% |
|
7 |
% |
|
11 |
% |
______________________________
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) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
|
Jun 30, 2019 |
|
Jun 30, 2019 |
|
Jun 30, 2019 |
Custom and owner occupied
construction |
$ |
283 |
|
|
— |
|
|
— |
|
|
48 |
|
|
— |
|
|
283 |
|
|
— |
|
Pre-sold and spec
construction |
1,261 |
|
|
456 |
|
|
463 |
|
|
492 |
|
|
1,261 |
|
|
— |
|
|
— |
|
Total residential construction |
1,544 |
|
|
456 |
|
|
463 |
|
|
540 |
|
|
1,261 |
|
|
283 |
|
|
— |
|
Land development |
1,272 |
|
|
2,272 |
|
|
2,166 |
|
|
7,564 |
|
|
672 |
|
|
— |
|
|
600 |
|
Consumer land or lots |
1,075 |
|
|
1,126 |
|
|
1,428 |
|
|
1,593 |
|
|
615 |
|
|
— |
|
|
460 |
|
Unimproved land |
8,864 |
|
|
9,222 |
|
|
9,338 |
|
|
9,962 |
|
|
7,332 |
|
|
— |
|
|
1,532 |
|
Developed lots for operative
builders |
— |
|
|
67 |
|
|
68 |
|
|
126 |
|
|
— |
|
|
— |
|
|
— |
|
Commercial lots |
575 |
|
|
663 |
|
|
1,046 |
|
|
1,059 |
|
|
— |
|
|
— |
|
|
575 |
|
Other construction |
241 |
|
|
111 |
|
|
120 |
|
|
155 |
|
|
— |
|
|
131 |
|
|
110 |
|
Total land, lot and other construction |
12,027 |
|
|
13,461 |
|
|
14,166 |
|
|
20,459 |
|
|
8,619 |
|
|
131 |
|
|
3,277 |
|
Owner occupied |
6,998 |
|
|
7,229 |
|
|
5,940 |
|
|
12,891 |
|
|
5,207 |
|
|
219 |
|
|
1,572 |
|
Non-owner occupied |
7,198 |
|
|
7,368 |
|
|
10,567 |
|
|
15,337 |
|
|
7,198 |
|
|
— |
|
|
— |
|
Total commercial real estate |
14,196 |
|
|
14,597 |
|
|
16,507 |
|
|
28,228 |
|
|
12,405 |
|
|
219 |
|
|
1,572 |
|
Commercial and
industrial |
5,690 |
|
|
3,893 |
|
|
3,914 |
|
|
7,692 |
|
|
5,358 |
|
|
118 |
|
|
214 |
|
Agriculture |
4,228 |
|
|
4,488 |
|
|
7,040 |
|
|
10,497 |
|
|
3,192 |
|
|
886 |
|
|
150 |
|
1st lien |
10,211 |
|
|
10,279 |
|
|
10,290 |
|
|
9,725 |
|
|
7,077 |
|
|
1,383 |
|
|
1,751 |
|
Junior lien |
592 |
|
|
582 |
|
|
565 |
|
|
3,257 |
|
|
520 |
|
|
— |
|
|
72 |
|
Total 1-4 family |
10,803 |
|
|
10,861 |
|
|
10,855 |
|
|
12,982 |
|
|
7,597 |
|
|
1,383 |
|
|
1,823 |
|
Multifamily
residential |
— |
|
|
— |
|
|
— |
|
|
634 |
|
|
— |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
2,474 |
|
|
2,288 |
|
|
2,770 |
|
|
3,112 |
|
|
2,104 |
|
|
182 |
|
|
188 |
|
Other consumer |
597 |
|
|
453 |
|
|
456 |
|
|
393 |
|
|
352 |
|
|
188 |
|
|
57 |
|
Total consumer |
3,071 |
|
|
2,741 |
|
|
3,226 |
|
|
3,505 |
|
|
2,456 |
|
|
370 |
|
|
245 |
|
Other |
380 |
|
|
348 |
|
|
579 |
|
|
— |
|
|
307 |
|
|
73 |
|
|
— |
|
Total |
$ |
51,939 |
|
|
50,845 |
|
|
56,750 |
|
|
84,537 |
|
|
41,195 |
|
|
3,463 |
|
|
7,281 |
|
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
Custom and owner occupied
construction |
$ |
49 |
|
|
$ |
282 |
|
|
$ |
1,661 |
|
|
$ |
1,525 |
|
|
(83 |
)% |
|
(97 |
)% |
|
(97 |
)% |
Pre-sold and spec
construction |
219 |
|
|
553 |
|
|
887 |
|
|
721 |
|
|
(60 |
)% |
|
(75 |
)% |
|
(70 |
)% |
Total residential construction |
268 |
|
|
835 |
|
|
2,548 |
|
|
2,246 |
|
|
(68 |
)% |
|
(89 |
)% |
|
(88 |
)% |
Land development |
1,990 |
|
|
— |
|
|
228 |
|
|
728 |
|
|
n/m |
|
773 |
% |
|
173 |
% |
Consumer land or lots |
206 |
|
|
510 |
|
|
200 |
|
|
471 |
|
|
(60 |
)% |
|
3 |
% |
|
(56 |
)% |
Unimproved land |
658 |
|
|
685 |
|
|
579 |
|
|
1,450 |
|
|
(4 |
)% |
|
14 |
% |
|
(55 |
)% |
Developed lots for operative
builders |
— |
|
|
4 |
|
|
122 |
|
|
— |
|
|
(100 |
)% |
|
(100 |
)% |
|
n/m |
Commercial lots |
— |
|
|
331 |
|
|
203 |
|
|
— |
|
|
(100 |
)% |
|
(100 |
)% |
|
n/m |
Other construction |
— |
|
|
1,234 |
|
|
4,170 |
|
|
— |
|
|
(100 |
)% |
|
(100 |
)% |
|
n/m |
Total land, lot and other construction |
2,854 |
|
|
2,764 |
|
|
5,502 |
|
|
2,649 |
|
|
3 |
% |
|
(48 |
)% |
|
8 |
% |
Owner occupied |
5,322 |
|
|
4,463 |
|
|
2,981 |
|
|
3,571 |
|
|
19 |
% |
|
79 |
% |
|
49 |
% |
Non-owner occupied |
11,700 |
|
|
6,604 |
|
|
1,245 |
|
|
8,414 |
|
|
77 |
% |
|
840 |
% |
|
39 |
% |
Total commercial real estate |
17,022 |
|
|
11,067 |
|
|
4,226 |
|
|
11,985 |
|
|
54 |
% |
|
303 |
% |
|
42 |
% |
Commercial and
industrial |
3,006 |
|
|
4,070 |
|
|
3,374 |
|
|
5,745 |
|
|
(26 |
)% |
|
(11 |
)% |
|
(48 |
)% |
Agriculture |
3,125 |
|
|
5,709 |
|
|
6,455 |
|
|
5,288 |
|
|
(45 |
)% |
|
(52 |
)% |
|
(41 |
)% |
1st lien |
2,776 |
|
|
7,179 |
|
|
5,384 |
|
|
5,132 |
|
|
(61 |
)% |
|
(48 |
)% |
|
(46 |
)% |
Junior lien |
1,302 |
|
|
583 |
|
|
118 |
|
|
989 |
|
|
123 |
% |
|
1,003 |
% |
|
32 |
% |
Total 1-4 family |
4,078 |
|
|
7,762 |
|
|
5,502 |
|
|
6,121 |
|
|
(47 |
)% |
|
(26 |
)% |
|
(33 |
)% |
Multifamily
Residential |
1,598 |
|
|
— |
|
|
— |
|
|
— |
|
|
n/m |
|
n/m |
|
n/m |
Home equity lines of
credit |
3,931 |
|
|
2,925 |
|
|
3,562 |
|
|
3,940 |
|
|
34 |
% |
|
10 |
% |
|
— |
% |
Other consumer |
1,683 |
|
|
1,357 |
|
|
1,650 |
|
|
1,665 |
|
|
24 |
% |
|
2 |
% |
|
1 |
% |
Total consumer |
5,614 |
|
|
4,282 |
|
|
5,212 |
|
|
5,605 |
|
|
31 |
% |
|
8 |
% |
|
— |
% |
States and political
subdivisions |
— |
|
|
— |
|
|
229 |
|
|
— |
|
|
n/m |
|
(100 |
)% |
|
n/m |
Other |
372 |
|
|
405 |
|
|
519 |
|
|
11 |
|
|
(8 |
)% |
|
(28 |
)% |
|
3,282 |
% |
Total |
$ |
37,937 |
|
|
$ |
36,894 |
|
|
$ |
33,567 |
|
|
$ |
39,650 |
|
|
3 |
% |
|
13 |
% |
|
(4 |
)% |
______________________________
n/m - not measurable
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in thousands) |
Jun 30, 2019 |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Jun 30, 2018 |
|
Jun 30, 2019 |
|
Jun 30, 2019 |
Pre-sold and spec
construction |
$ |
(6 |
) |
|
(4 |
) |
|
(352 |
) |
|
(344 |
) |
|
— |
|
|
6 |
|
Land development |
15 |
|
|
23 |
|
|
(116 |
) |
|
(107 |
) |
|
42 |
|
|
27 |
|
Consumer land or lots |
(2 |
) |
|
(20 |
) |
|
(146 |
) |
|
(92 |
) |
|
37 |
|
|
39 |
|
Unimproved land |
(54 |
) |
|
(9 |
) |
|
(445 |
) |
|
(144 |
) |
|
— |
|
|
54 |
|
Developed lots for operative
builders |
(18 |
) |
|
— |
|
|
33 |
|
|
33 |
|
|
— |
|
|
18 |
|
Commercial lots |
(3 |
) |
|
(2 |
) |
|
1 |
|
|
4 |
|
|
— |
|
|
3 |
|
Other construction |
(32 |
) |
|
— |
|
|
(19 |
) |
|
— |
|
|
9 |
|
|
41 |
|
Total land, lot and other construction |
(94 |
) |
|
(8 |
) |
|
(692 |
) |
|
(306 |
) |
|
88 |
|
|
182 |
|
Owner occupied |
139 |
|
|
75 |
|
|
1,320 |
|
|
1,000 |
|
|
226 |
|
|
87 |
|
Non-owner occupied |
7 |
|
|
30 |
|
|
853 |
|
|
(4 |
) |
|
130 |
|
|
123 |
|
Total commercial real estate |
146 |
|
|
105 |
|
|
2,173 |
|
|
996 |
|
|
356 |
|
|
210 |
|
Commercial and
industrial |
37 |
|
|
(4 |
) |
|
2,449 |
|
|
1,471 |
|
|
555 |
|
|
518 |
|
Agriculture |
(32 |
) |
|
14 |
|
|
16 |
|
|
44 |
|
|
67 |
|
|
99 |
|
1st lien |
56 |
|
|
198 |
|
|
577 |
|
|
(193 |
) |
|
298 |
|
|
242 |
|
Junior lien |
(222 |
) |
|
(52 |
) |
|
(371 |
) |
|
(34 |
) |
|
29 |
|
|
251 |
|
Total 1-4 family |
(166 |
) |
|
146 |
|
|
206 |
|
|
(227 |
) |
|
327 |
|
|
493 |
|
Multifamily
residential |
— |
|
|
— |
|
|
(649 |
) |
|
(6 |
) |
|
— |
|
|
— |
|
Home equity lines of
credit |
(11 |
) |
|
(5 |
) |
|
(97 |
) |
|
(38 |
) |
|
13 |
|
|
24 |
|
Other consumer |
313 |
|
|
223 |
|
|
261 |
|
|
111 |
|
|
470 |
|
|
157 |
|
Total consumer |
302 |
|
|
218 |
|
|
164 |
|
|
73 |
|
|
483 |
|
|
181 |
|
Other |
2,055 |
|
|
1,043 |
|
|
4,967 |
|
|
1,816 |
|
|
4,324 |
|
|
2,269 |
|
Total |
$ |
2,242 |
|
|
1,510 |
|
|
8,282 |
|
|
3,517 |
|
|
6,200 |
|
|
3,958 |
|
Visit our website at www.glacierbancorp.com
|
CONTACT: Randall M. Chesler, CEO |
|
(406) 751-4722 |
|
Ron J. Copher, CFO |
|
(406) 751-7706 |
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